Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in
In the same category

Volcker confirms central bank need to…

IMG Auteur
Published : January 27th, 2012
282 words - Reading time : 0 - 1 minutes
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...

 

 

 

 

Former Federal Reserve Chairman Paul Volcker today defended government intervention in the gold market to counter "exchange rate instability at a critical point."


Volcker's comments came in response to inquiry from the German freelance journalist Lars Schall, who noted GATA's reference to Volcker's expression of regret, recorded in his memoirs, about the failure of Western central banks to intervene to suppress gold prices during a currency revaluation in 1973. Volcker's support of gold price suppression was cited by your secretary/treasurer in his address to the Vancouver Resource Investment Conference last Saturday:


http://www.gata.org/node/10909


In his comments to Schall today, Volcker added that, "to the best of my knowledge," the United States has not intervened in the gold market for more than 40 years.


Nevertheless, the former Fed chairman confirmed the profound interest central banks have in the price of gold because of its effect on the currency markets, an interest that may justify intervention at any "critical point."


This contradicts oft-repeated assertions by certain gold market analysts, like Kitco's Jon Nadler, that central banks have no interest in manipulating the gold market:


http://www.gata.org/node/8717


Schall's initiative demonstrates what is so lacking in the mainstream financial media. He tracked down a central banker, put the gold price manipulation question to him, and got a noteworthy answer on the record -- a feat not yet attempted by, for example, the Financial Times, The Wall Street Journal, The New York Times, Reuters, Bloomberg News, the Associated Press, and on and on.


Imagine the news that might result from persistent questioning of central bankers in public about market intervention. Of course that's exactly why it's seldom done or permitted.


Schall's account of his search for Volcker is appended.

 

 

<< Previous article
Rate :Average :0 (0 vote)
>> Next article
Chris Powell is the secretary of the Gold Anti-Trust Action Committee (GATA) which has been organized to advocate and undertake litigation against illegal collusion to control the price and supply of gold and related financial securities.
WebsiteSubscribe to his services
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Mining Company News
Golden Band Res.(Au)GBN.V
Reports Results For The Third Quarter Ended January 31, 2015
CA$ 0.00+0.00%Trend Power :
Corporate news
Cameco(Ag-Au-Cu)CCO.TO
Provides Date for Q1 Results and Conference Call
CA$ 18.49-1.96%Trend Power :
Corporate news
Franco Nevada(Cu-Ni-Zn)FNV.TO
-Nevada Files Year-End Disclosure Documents
CA$ 61.92-0.55%Trend Power :
Corporate news
Visible Gold Mines(Au)VGD.V
announces exercise of warrants for proceeds of $1.46 million
CA$ 0.14+0.00%Trend Power :
Corporate news
Intl. Tower Hill(Au-Ag-Gems)ITH.TO
International Tower Hill Mines Appoints Karl Hanneman as Chief Operating Officer
CA$ 0.45-2.69%Trend Power :
Corporate news
Talon Metals(Au)TLO.TO
announces unsecured loan provided by Kennecott Exploration Company
CA$ 0.17-5.56%Trend Power :
Corporate news
OutokumpuOUTA.F
Outokumpu Board decisions at their first meeting
€UR 7.67-2.54%Trend Power :
Corporate news
Canada Strategic Metals(Ni-Ngas-Co)CJC.V
Announces First Closing of $125,000
CA$ 0.09+0.00%Trend Power :
Corporate news
TOTAL(Oil)FP.PA
Yemen shuts major ports due to conflict -sources
€UR 46.59+0.17%Trend Power :
Corporate news
AlstomALO.PA
Alstom promotes qualification courses to customers in the hydro generation area
€UR 29.04-0.62%Trend Power :
Corporate news
Comments closed
Subscribe to 24hGold’s daily market briefing
  • Prices and data of precious metals in 119 currencies and world mining companies
  • Daily analysis of the economy, markets and more
  • Free, daily and indispensable
Stay informed, subscribe now !
* Your email will never be shared.