Chart usGOLD   Chart usSILVER  
 
Food for thought
Liberty means responsability. That is why most men dread it
G.B. Shaw  
Search for :
LATEST NEWS  :
MINING STOCKS  :
Subscribe
Write Us
Add to Google
Search on Ebay :
PRECIOUS METALS (US $)
Gold 1287.010.21
Silver 19.450.00
Platinum 1419.500.75
Palladium 899.20-2.55
WORLD MARKETS
DOWJONES 1709815
NASDAQ 458023
NIKKEI 15425-35
ASX 56253
CAC 40 438115
DAX 94708
HUI 2463
XAU 1021
CURRENCIES (€)
AUS $ 1.4062
CAN $ 1.4278
US $ 1.3133
GBP (£) 0.7912
Sw Fr 1.2060
YEN 136.6700
CURRENCIES ($)
AUS $ 1.0710
CAN $ 1.0877
Euro 0.7614
GBP (£) 0.6024
Sw Fr 0.9177
YEN 104.0000
RATIOS & INDEXES
Gold / Silver66.17
Gold / Oil13.41
Dowjones / Gold13.29
COMMODITIES
Copper 3.150.01
WTI Oil 95.961.29
Nat. Gas 4.070.04
Market Indices
Metal Prices
RSS
Precious Metals
Graph Generator
Statistics by Country
Statistics by Metals
Advertise on 24hGold
Projects on Google Earth
In the same category
Volcker confirms central bank need to…
Published : January 27th, 2012
282 words - Reading time : 0 - 1 minutes
( 0 vote, 0/5 ) Print article
 
    Comments    
Tweet

 

 

 

 

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.

 

 

Tweet
Rate :Average note :0 (0 vote)View Top rated
Previous article by
Chris Powell
All articles by
Chris Powell
Next article by
Chris Powell
Receive by mail the latest articles by this author  
Latest comment posted for this article
Be the first to comment
Add your comment
TOP ARTICLES
Editor's picks
RSS feed24hGold Mobile
Gold Data CenterGold & Silver Converter
Gold coins on eBaySilver coins on eBay
Technical AnalysisFundamental Analysis

Chris Powell

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.
Chris Powell ArchiveWebsiteSubscribe to his services
Most recent articles by Chris Powell
8/29/2014
8/29/2014
8/29/2014
8/28/2014
8/28/2014
All Articles
Comment this article
You must be logged in to comment an article8000 characters max.
 
Sign in
User : Password : Login
Sign In Forgot password?
 
Receive 24hGold's Daily Market Briefing in your inbox. Go here to subscribe or unsubscribe.
Disclaimer