"You can read more about the BIS and the gold market at the website of the similarly conspiratorial Gold Anti-Trust Action Committee."
"I have no idea whether this explanation is true -- in fact I doubt it seriously -- but I do think the market action is strange. All the signs are pointing to higher and higher gold prices, except maybe speculator positioning, which is already at a record high.
"But as that GATA piece points out, no one takes profits by dumping $3 billion on the market all at once. You would sell slowly and gradually, trying not to impact the market price. So the explanation of profit-taking on these record-high longs doesn't cut it either."
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Call us anything you want, just not late for dinner, since, politically incorrect as GATA is, we're glad of almost any attention. Indeed, GATA is honored to be mentioned in the same breath as Zero Hedge, whose audience is a million times larger than ours, just as we're delighted that the head of investment research at a Swiss currency trading house apparently has taken some notice of our work.
But GATA always cordially invites those who call us "conspiratorial" to examine the documentation behind our work. We present it assiduously, even tediously. After all, the dispatch to which Gittler refers today cited six important documents that cast suspicion on the BIS for constantly intervening surreptitiously in the gold market, including records from the BIS itself.
Since the BIS is an organization of central banks, holds its meetings in secret, and implements largely in secret the courses of action decided at those meetings, the bank is the very embodiment of conspiracy -- that is, as one dictionary defines it, "a combination of persons for a secret, unlawful, or evil purpose."
Really, Mr. Gittler, while there are indeed too many conspiracy theories, there are also conspiracy facts. And since the office of BD Swiss is in Zug, Switzerland, just 70 miles from BIS headquarters in Basel, in pursuit of investment research you might take a day trip over there to ask the central bankers about their activities in the gold market and exactly for whom and what objectives they are undertaken.
GATA has tried that already --
-- so here's some cordial advice: When you ask the BIS what it's doing in the gold market, why, and for whom, don't stand too close to the door, lest a conspiracy fact smash your glasses and break your nose.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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Toast to a free gold market
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