by Chris Powell of the Gold Anti-Trust Action Committee (GATA)
Dear Friend of GATA and Gold:
Bullion Star researcher Ronan Manly surmises tonight that the investment banks that have just agreed to pay a cumulative $152 million to settle the claims of a U.S. class-action lawsuit that they rigged the gold market through the daily London gold price fix made far more money from the rigging than they now are disgorging to settle the case.
Manly well may be right. But the settlement provides a broader benefit to all gold investors and indeed to all adherents of free and transparent markets. That is, the settlement may be construed as an admission by some of the gold market’s most important participants that the market at its very center in London has been heavily manipulated for decades, quite apart from the manipulation committed by central banks.
Maybe that is why no major financial news organization has yet reported the settlement, though it is a week old and most major news organizations were informed of it promptly by GATA. For the settlement also impugns most news coverage of the gold market, financial news organizations having resolutely ignored appeals from GATA and others to help expose this corruption, which contaminates not only the gold market but also the many markets that take cues from the price of gold.
In the face of the settlement the silence of the gold mining industry and its purported representative, the World Gold Council, illuminates that industry’s corruption as well.
But the truth keeps trickling out, and it soon may become a mighty stream despite the continuing efforts to suppress it.
Manly’s analysis is headlined “Bullion Banksters Pay $50 Million to Get Out of Jail Free” and it’s posted at Bullion Star here:
www.bullionstar.com/blogs/ronan-manly/bullion-banksters-pay-50-million-to-get-out-of-jail-free/
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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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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