Dear Friend of GATA and Gold:
For years GATA banged on the door of the Financial Times, including a
meeting in London with the newspaper's commodities reporter a year and a half
ago, trying to get some attention for the international central bank gold
price suppression scheme. The clamor went without result until this weekend,
when the FT published a long story about gold by the paper's personal finance
reporter, Ellen Kelleher, which was also in large part about GATA's work. The
interview with GATA Chairman Bill Murphy that was cited in the story took
place more than three months ago, indicating perhaps the sensitivity of the
issue to this organ of the financial establishment.
Of course GATA is grateful for the FT story, for a few reasons:
-- It called GATA and the gold price suppression scheme to the
attention of a large and influential audience, though perhaps much of the
most influential part of that audience already had its own suspicions about
the gold market.
-- It showed that GATA has some respectable and important support,
citing the British investment banker Adam Fleming, U.S. Rep. Ron Paul, and
market analyst Paul Mylchreest.
-- It disparaged the gold dishoarding begun by the British government
in 1999, at the bottom of the gold market.
-- It raised doubt about the competence of the government agencies in
charge of the international financial system.
-- And it was able to find only the weakest criticism of GATA's work,
quoting Martin Murenbeeld of Dundee Wealth
Economics: "'It's bunk. ... It's a massive
conceit on the part of gold people to think that gold is so important that
the Federal Reserve and the president of the United States are out there
manipulating the gold price."
Of course to GATA this is not a "massive
conceit" at all but a close examination of public record, which is
exactly what technical analysts like Murenbeeld
arrogantly refuse to undertake. For starters, at least four chairmen of the
Federal Reserve Board have publicly implicated the Fed in the gold price
suppression scheme:
http://www.gata.org/node/8962
Before ridiculing gold price suppression as "bunk" and a
"massive conceit," did Murenbeeld ever
try to put any critical questions about gold policy to the Fed, the Treasury
Department, or other central banks? Has Murenbeeld
ever gotten and published a clear denial of their surreptitious involvement
in the gold market? Has he reviewed all central bank correspondence and other
communication with investment banks in regard to the gold market, like the
communication the Fed insists on keeping secret as GATA sues the Fed in U.S.
District Court for the District of Columbia under the Freedom of Information
Act? Has Murenbeeld seen the gold swap agreements
the Fed acknowledges having with foreign banks, agreements the Fed says are
"properly withheld" from the public?
Of course not. Just as in establishment journalism, in technical
analysis of the gold market, seeking answers from the primary sources just
isn't done. Despite citing GATA so prominently, the FT's weekend story
about gold didn't go to the primary sources either -- not once. This
is still considered bad manners. But it's more than that with technical
analysts like Murenbeeld. For going to the primary
sources risks exposing their work, their entire careers, as meaningless. The
"massive conceit" is actually technical analysis of manipulated
markets.
As KAM LP fund manager Michael Kreiger wrote
Friday in his essay "The Elites Have Lost the Right to Rule,"
posted at Zero Hedge (http://www.zerohedge.com/article/elites-have-lost-right-rule), "... the markets
are a hologram put in front of you by the magicians at the Fed." That
is, more than the gold market is an illusion, surreptitious central bank
market intervention having become so pervasive over the last few years.
Your secretary/treasurer put it this way at GATA's Washington
conference in April 2008 (http://www.gata.org/node/6242):
"One market intervention encourages another and another and
increases the political pressure to keep intervening to benefit special
interests rather than the general interest -- to benefit especially the
financial interests, the banking and investment banking industries. These
interventions, subsidies to special interests, increasingly are needed to
prevent the previous imbalances from imploding. And so we have come to an era
of daily market interventions by central banks -- so much so that the main
purpose of central banking now is to prevent ordinary markets from happening
at all."
A year and a half ago and again this year GATA presented the Financial
Times with its complete file of public record documenting the gold price
suppression scheme:
http://www.gata.org/taxonomy/term/21
As far as GATA knows, this file is yet to be quoted from or presented
to central bankers by respectable journalistic publications seeking an
explanation. But the weekend's FT story is a first step. Perhaps in time
journalists for other publications or even the FT itself will try demanding
answers from the primary source, the way it used to be done in
journalism. If GATA now can be at least mentioned even in the Financial
Times, real journalism can't be far away -- along with the end of the gold
price suppression scheme.
Chris
Powell
Secretary / Treasurer
Gold Anti-Trust Action Committee
www.GATA.org
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