Our friend J.T. writes:
"I'm sure you know by now, probably from all
the e-mails and comments you've received from GATA members and other 'gold
bug' types, that many if not most of us are so 'up to here' with all the
information about gold market manipulation that at some level we don't even
want to hear it anymore.
"We believe it. We know it. We've watched it
for years. It's part of our DNA by now.
"But many if not most of us are way more than
ready for you or someone else to start the new project of what to do about
"I no longer find much information about the
manipulation to be of use. I can watch the manipulation myself. I don't need
to be told anymore. I want to know what else we can do. What else is anyone
"We know that the U.S. Commodity Futures
Trading Commission and the Securities and Exchange Commission won't do
anything. Congress won't do anything. So who will? Are we just waiting around
for something to happen, waiting for the 'delivery default' that will set off
the short squeeze that probably won't happen because of either a declaration
of 'force majeure' or some forced acceptance of fiat in exchange?
"Your comment about finding the right 'planet' to keep our monetary
metals on (http://www.gata.org/node/11223) isn't helpful, as I know you know. It sounds fairly fatalistic, as
though you've given up.
"There has to be more than 'physical trumps
paper' because in the end, if the system isn't changed and the evil overlords
are not removed from their positions of power, then 'power trumps physical'
and everything else for that matter, and who cares about paper? We need to
move toward freeing this country.
"Yes, knowing about the manipulation was
important, but it's now on every level and increasing, not decreasing, as
knowledge of it comes out. Knowledge alone has not ended the manipulation.
"Don't give up, please. GATA has the
connections to start something or ramp up something that can help us all move
to the next level of resistance. Others need to strap on the fatigues and
weapons of truth and move out of the foxhole and join the freedom movement
however we can. Knowledge is no longer enough. There must be a growing plan
of action for resistance against the evil, or the evil in power will crush us
and we'll find ourselves back in prison trying to console ourselves with the
fact that we were right, which will be no consolation at all.
"God bless you and yours.
* * *
Thanks for your thoughtful note.
Yes, we in GATA are as tired of the ever-more-brazen
manipulation of the markets as you are. And I agree that most people who
closely follow the gold and silver markets are convinced of the manipulation
or at least suspect it.
But these people are still a very tiny portion of
market participants -- even a very small portion of gold and silver market
participants. Otherwise nobody except government agents offering to sell
would be trading the gold and silver futures markets in the West; all
individual and institutional investors would have gotten out. I'm afraid that
we still have many people to inform.
And yet I also think that we have informed enough
people already to make a big difference in the markets. Almost certainly the
Russian and Chinese governments learned from GATA about the gold price
suppression scheme and the general rigging of the currency markets, and
probably some other governments did too, and governments and sovereign wealth
funds are having a big impact on the market.
The major acceleration of the gold price can be
dated to GATA's Gold Rush 21 conference in the Yukon in August 2005, just as
the major acceleration of the silver price can be dated to the presentations
made by GATA Chairman Bill Murphy and board member Adrian Douglas at the
hearing of the U.S. Commodity Futures Trading Commission on March 25, 2010.
The charts support this assertion and the evidence is that GATA's
distribution of information about the market rigging has been very productive
to investors in the monetary metals. We figure that more distribution of
information will productive too.
After all, look how obvious the Western central
banks have had to become in the last couple of years to keep the gold price
down. They used to accomplish it largely surreptitiously, but no more. The
last two big interventions -- amid the devaluation of the Swiss franc last
September and amid the great burst of European money printing on February 29
this year -- probably alerted more people to the scheme than GATA has, and
yet GATA's alerting the first batch of people and governments likely required
the market riggers to turn it up and risk exposing themselves if they were to
have further effect.
We agree that U.S. government regulatory agencies
won't do anything more -- can't do anything more against what is actually
surreptitious government policy. But because of one courageous commissioner
the CFTC did do something that proved crucial -- it held the March
2010 hearing and let GATA be heard -- heard, as it
turned out, around the world.
We agree that the underlying issue here is liberty
-- for Americans and for everyone else. Gold and silver are nothing to us as
inert natural elements, mere pieces of metal; we are not idolaters. But as
free-trading, independent, international currencies, they are essential means
of achieving liberty, and there is probably less understanding of this than
there is understanding of the price suppression
scheme. So we still have to spread the word in this respect as well -- and we
In addition to the daily dispatches broadcast from
GATA's Internet site, our representatives continue to speak at major
financial conferences around the world. Murphy will be speaking at the Las
Vegas conference in May. We both expect to be at the Vancouver conference in
early June. I'm planning to speak at three conferences in Asia later that
month, and maybe two or three more in Asia if it can be arranged. Asia is
especially promising territory for us, as investors and the news media there
both are more understanding of gold and less influenced by the Western
As GATA is a federally tax-exempt civil rights and
educational corporation, we can't get involved in politics directly or spend
any substantial resources advocating legislation; with good reason such
activities are against federal law for tax-exempt groups. But we hope that
our work will engender good citizenship not just among Americans but among
people everywhere -- and if Americans are looking for a political movement to
achieve free and transparent markets, particularly in the monetary metals, a
prominent presidential candidate already has made this one of his major
so inclined can join his
We'll keep doing what we can, even as people may
forget that we're really just a small, non-profit organization with no
full-time staff. As the World Gold Council has declined to acknowledge much
less resist government attacks on gold, it sometimes may seem that GATA has
primary responsibility for the gold price and the gold cause. As no one else
is upholding it, we can accept the latter responsibility for the time being,
but people have to understand that we're no stronger than they make us with
their contribution of funds, information, and agitation. The more support we
get -- particularly financial support -- the more we'll do.
We readily admit that we don't have a sure-fire plan
to liberate the world, that we don't know how things
will turn out, that they may turn out very badly, and that the power arrayed
against us is vast. But we'll keep fighting that power because it is based
entirely on lies and succeeds only through deception and thus is critically
vulnerable to exposure. For "ye shall know the truth, and the truth
shall make you free."
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Support GATA by purchasing DVDs of our London
conference in August 2011 or our Dawson City conference in August 2006:
Or by purchasing a colorful GATA T-shirt:
Or a colorful poster of GATA's full-page ad in The
Wall Street Journal on January 31, 2009:
Help keep GATA going
GATA is a civil rights and educational organization
based in the United States and tax-exempt under the U.S. Internal Revenue
Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit: