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Another ignorant 'expert' dismisses complaints of gold market rigging

By: Chris Powell, GATA

 -- Published: Tuesday, 30 June 2020 | Print  | Disqus 

Dear Friend of GATA and Gold:

In an essay posted today at FX Empire, "Gold Market Manipulation and the Federal Reserve," financial planner Kelsey Williams both admits and dismisses complaints of manipulation of the gold market.

Williams doesn't identify the people he purports to be rebutting, but his characterization of them doesn't fit GATA, even though he seems to think it does.

"Some gold bulls," Williams writes, "have bought in heavily to the argument that gold price suppression has been an ongoing activity for years, even decades. Supposedly, trading in the gold market is manipulated in ways that depress the market price for gold.

"Assertions are made that the manipulation takes place in a shroud of secrecy; and the unexpected lower prices for gold, or prices that don’t meet wildly bullish expectations, are cited as evidence of conspiratorial activity. The claim is made that the price of gold would be much higher if this manipulative trading activity were exposed, acknowledged, and prohibited. But ... all markets are manipulated."

The sneer about complaints of "conspiratorial activity" is easily refuted. After all, has Williams ever tried attending a meeting of the Federal Reserve's Open Market Committee, the Treasury Department's Exchange Stabilization Fund, the G-10 Gold and Foreign Exchange Committee, or the board of the Bank for International Settlements?

Of course Williams wouldn't be allowed in.

If Williams had been around in the 1960s, he also would have been prohibited from attending the deliberations of the London Gold Pool --

-- whose demise 52 years ago refutes Williams' skepticism that gold market manipulation has been happening for decades.

GATA has documented how all those entities are or were heavily involved in the gold market --

-- and all of them function or functioned in secret. That's the definition of "conspiracy."

By "all markets are manipulated," Williams suggests that manipulation of the gold market is less important than the manipulation of other markets. But he contradicts his suggestion at the conclusion of his essay, when he writes: "Gold is the original measure of value for all other goods and services."

Indeed, the manipulation of the gold market is the prerequisite for the manipulation of all other markets.

"Gold and silver bulls are one-sided in their arguments against manipulation and its presumed effect on prices," Williams writes. "When prices don’t meet expectations on the high side, or an 'unexpected' drop in price occurs, finger-pointing at shadow figures is heightened."

But these are not "shadow figures" at all. They are government agencies very well specified by GATA, like the BIS, whose surreptitious intervention in the gold market on behalf of its central bank members reached a three-year high in May:

Exactly what is the BIS doing in gold and for whom? GATA asked the bank a few years ago and promptly received a "no comment":

Like most others who purport to analyze the gold market, Williams should try putting a few critical questions to the BIS and major central banks and then ponder the meaning of their refusals to answer.

Williams continues: "Long-side investors in all assets, including precious metals, 'benefited' from the manipulative efforts of the Federal Reserve 12 years ago and again just recently. The recent recovery in prices for stocks, bonds, oil, gold, and silver has been almost unbelievable. It is literally jaw-dropping, but nobody is complaining. Nobody cries foul when markets are manipulated for the purpose of driving prices higher."


GATA has been complaining about gold market manipulation since 1999, through rising prices as well as falling prices, because our bigger objectives are free and transparent markets and limited and accountable government, objectives that cannot be achieved without a free market in the monetary metals.

GATA also often has called attention to the ability of central banks to use market intervention to push the gold price up so as to devalue their currencies and the debts owed in them -- at central banking's convenience, of course:

Discussion of gold market manipulation is no good without specifics. Williams pontificates while addressing none:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

Toast to a free gold market
with great GATA-label wine

Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.

Here's what the bottles look like:

Buyers can compose their case by choosing as many as four varietals from the list here:

GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?

To order a case of GATA-label wine, please e-mail Fay J Winery at

* * *

Support GATA by purchasing
Stuart Englert's "Rigged"

"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --

-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

To contribute to GATA, please visit:

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