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

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 note :0 (0 vote)
>> Next article
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
America Too Broke to Fix Crumbling Infrastructure? “Bridges, Roads,...
20 Febmanfredhumphries3
If you stopped spending so much money on the deep state, military and wars that protect you from nothing and make the world hate America, and stopp...
Alan Greenspan renews gold advocacy, Part 2
20 Febdennyc
Believe it - Greenspan is as dumb as he looks. I'm slightly puzzled as to why the author would use Greenspan as a source for anything. Even a curso...
“That War You Ordered….”
20 FebRosscoe2
Nice comments James If Trump is as mad as everyone says he is , then anything is possible,but I doubt he is and being a tough hombre, he h...
“That War You Ordered….”
19 Febscipionasica3
How splendid to read a clear and lucid article. I am a British citizen living in France and I confirm to you that the illogical nonsense fed to yo...
Alan Greenspan renews gold advocacy, Part 1
18 Febstinger
STFU Greenspan, shut your lie-hole already. When you had a chance to make a difference you sold us out. Nobody gives a chit about...
“That War You Ordered….”
18 Febcomptel
Very good article, except for the unneeded bad language!
Trump Fan John Paulson Cuts GLD Gold Investment as Inflation Hits 5...
15 FebChrisR13
Paulson still owns 4.3 million shares but don't forget GLD allows its biggest holders to redeem for the underlying physical gold but everyone else ...
Yet Another Wall Street 'Witch's Brew'
15 FebDRGEORGE0
I'm not an American but if I had a vote I probably would have voted for DT as the alternative was much worse. My biggest concern about DTs policies...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS