by Chris Powell of the Gold Anti-Trust Action Committee (GATA)
Dear Friend of GATA and Gold:
Painful as this week’s government intervention against gold was for gold investors, at least it may have demolished what was left of the credibility of the World Gold Council.
The council’s “chief market strategist,” John Reade, tiptoed up to the intervention and then ran away, writing:
“Could the sell-off have been a ‘fat finger’ or something malicious? Either are possible”:
www.gold.org/goldhub/gold-focus/2021/08/twitter-golds-recent-movements
A “fat finger”? More like a fat sledgehammer with something like $4 billion in gold futures dumped on the market in a few minutes during its most illiquid hours.
And what exactly was meant by “something malicious”? Was that a timid acknowledgment that the gold market is manipulated by largely unseen powers that the gold council dares not name?
How pathetic and humiliating.
Let’s see: Money creation has exploded around the world in the last year and a half, most real interest rates are heavily negative, inflation and commodity prices are soaring along with the major cryptocurrency, stock market valuations are at record highs, and the World Gold Council presides quietly over a steadily falling gold price, meekly advising investors that gold is a wonderful “diversifier” for a portfolio — if they happen to need some losses to offset their fantastic capital gains elsewhere.
Great work for an organization with a budget in the tens of millions of dollars, financed by mining companies that in exchange get billions cut from their capitalization.
The World Gold Council calls itself “the market development organization for the gold industry,” adding, “Our purpose is to stimulate and sustain demand for gold, provide industry leadership, and be the global authority on the gold market.”
In fact the World Gold Council’s purpose is to ensure that there never is a world gold council and that gold never again gets in the way of central banking’s destruction of markets. That is, the council is a wholly owned subsidiary of the London Bullion Market Association, custodian of the world’s gold short position.
Really, gold mining companies, why do you pay dues to this sham? And really, gold investors, why do you invest in companies that belong to the World Gold Council?:
www.gold.org/who-we-are/our-members
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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Join GATA here:
New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
2 Poydras St., New Orleans, Louisiana
Tuesday-Friday, October 19-22, 2021
https//neworleansconference.com/wp-content/uploads/2021/08/NOIC2021_Powell.html
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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:
www.gata.org/files/GATA-4-wine-bottles.jpg
Buyers can compose their case by choosing as many as four varietals from the list here:
www.gata.org/files/FayJWineryVarietals.jpg
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: bagman1236@aol.com
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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 srenglert@comcast.net.
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