Chart gbpGOLD   Chart gbpSILVER  
 
Food for thought
Gold is a currency when currencies are in a bear market
Jim Sinclair  
Search for :
LATEST NEWS  :
MINING STOCKS  :
Subscribe
Write Us
Add to Google
Search on Ebay :
PRECIOUS METALS (US $)
Gold 1242.471.47
Silver 17.200.06
Platinum 1261.956.85
Palladium 766.901.60
WORLD MARKETS
DOWJONES 16461-154
NASDAQ 4383-37
NIKKEI 15165-31
ASX 537361
CAC 40 410524
DAX 894053
HUI 185-6
XAU 76-3
CURRENCIES (€)
AUS $ 1.4425
CAN $ 1.4226
US $ 1.2638
GBP (£) 0.7875
Sw Fr 1.2063
YEN 135.5360
CURRENCIES ($)
AUS $ 1.1417
CAN $ 1.1256
Euro 0.7913
GBP (£) 0.6232
Sw Fr 0.9544
YEN 107.2570
RATIOS & INDEXES
Gold / Silver72.24
Gold / Oil15.23
Dowjones / Gold13.25
COMMODITIES
Copper 3.03-0.01
WTI Oil 81.58-0.38
Nat. Gas 3.69-0.02
Market Indices
Metal Prices
RSS
Precious Metals
Graph Generator
Statistics by Country
Statistics by Metals
Advertise on 24hGold
Projects on Google Earth
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
Gold
All articles by
Gold
Next article by
Gold
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
Most recent articles by Gold
9/29/2014
9/29/2014
9/27/2014
9/18/2014
9/5/2014
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