Dear Friend of GATA and Gold:
In his commentary a few hours ago at Investment Research Dynamics in Denver, Dave Kranzler wrote it’s unlikely that anyone either bought or sold real gold at the smashed prices reported on the New York Commodities Exchange Wednesday afternoon after the Federal Reserve made its latest announcement about the U.S. economy. The smash was entirely a matter of derivatives:
But then of course most gold trading in recent years has been a matter of derivatives, not actual metal, and derivatives have vastly inflated what the world considers the gold supply — and the world cooperates by continuing to give credence to derivative prices rather than prices for real metal in hand. This is the racket the world lives in.
Mainstream financial news organizations pretended to construe the Fed’s statement as being on the tough side because, while it acknowledged that inflation is high, it contemplated two increases in interest rates — two years from now!
In a free market less controlled by derivatives, such silliness from the Fed might have sent monetary metals prices soaring. Instead somebody heavily sold gold futures in New York and prices crashed.
Just who did all that selling?
Of course financial news organizations didn’t ask, but the sellers were almost certainly the major investment banks trading on behalf of the U.S. government, banks that are always short the metals, never long. — because they are not trading for themselves. The consistency of their position implies a practice not of seeking profit — nobody seeking to maximize profit sells all at once, as was done again today — but a practice of executing policy for an entity that needs monetary metals prices suppressed.
As Kranzler notes, GATA long has documented all this stuff, often with material from governments and central banks themselves. A recent summary of that documentation and the history of gold price suppression policy, noting some of its injustice, is here:
Of course on days like Wednesday, this work may seem useless — as useless as the World Gold Council and the mining companies it purports to represent. But Wednesday was actually a demonstration of the government’s weakness, not its strength. For Wednesday was another reminder that subtlety no longer works in gold price suppression — that the government is being forced into the open to keep the gold price down and no longer can afford not to be seen and thus no longer can keep from being exposed.
The challenge now is not so much one of exposure — that long has been accomplished — but one of making people care about the injustice being done. Understandably, even most people who know what is happening — including the journalists, newsletter writers, mining company executives, and the financial people — are still too scared to care.
But there will come a point when a few more people are inspired enough to care and find their courage, as in the great scene from “On the Waterfront,” where a dminuitive and aging stevedore decides he has had enough from his union’s gangster boss:
On what seem like bad days, the best advice may come from two very different and often adversarial but neverthless world-changing figures from history.
“The day may dawn,” Churchill said, “when fair play, love for one’s fellow men, and respect for justice and freedom will enable tormented generations to march forth serene and triumphant from the hideous epoch in which we have to dwell. Meanwhile, never flinch, never weary, never despair.”
And from Gandhi: “When I despair, I remember that all through history the way of truth and love has always won. There have been tyrants and murderers, and for a time they seem invincible, but in the end they always fall. Think of it — always.”
Yes, there’s still going to be a great day, and some of us may even live to see it:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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Toast to a free gold market
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