Our longtime supporter R.B. writes tonight in disgust if not quite despair over the increasing rigging of the gold market:
"A question I've asked myself a more than once is: Why a guy such as I continues to think he can beat these people and invests accordingly, time after time, the routine being, in each cycle, turning out to have been that he got stubborn when he should have bent, and bent when he should have been stubborn. It seems the problem has been that I thought conventional logic would work sooner or later. Maybe we can beat these people sooner or later, but today's sort of activity makes that even harder to believe."
Your secretary/treasurer is no investment adviser; he merely has a layman's hope that truth and justice will prevail, even if that hope is impugned a bit by the hope he also has for the lottery ticket he bought on the way home tonight. But there
is something to this hope.
The bad guys will be beaten, despite our not knowing at the moment exactly how or by whom, if only because the great lesson of history is that the bad guys always go too far and beat themselves. As for gold price suppression and surreptitious market rigging particularly, your secretary/treasurer suspects that circumstances are most likely to change overnight, as they did on March 14, 1968, when the London Gold Pool collapsed, having run out of gold for delivery:
http://en.wikipedia.org/wiki/London_Gold_Pool
Will any of us live to see the day? Of course many of our most expert and righteous colleagues died without seeing what they deserved to see. They deserved it more than we do. But the youngest among us might live to see it.
You just have to remember that with surreptitious intervention in the markets by central banks, institutions that lately have been authorized to create infinite money and operate largely in secret, which is essentially a license on infinite power, we are up against a totalitarianism far greater than the all the totalitarianism throughout history combined: the Nazis, the Commies, the fascists, the religious crazies, the kings and queens, and the lesser despots.
As a result this has taken a little time, and it may require a little more. But, as Gandhi said, "When I despair I remember that all through history the ways of truth and love have always won. There have been tyrants and murderers and for a time they can seem invincible, but in the end they always fall. Think of it -- always."
Now Gandhi and $1,200 or so will get you an ounce of gold tonight, which isn't terribly satisfying, but something is always being done at GATA's end. In addition to commiserating with R.B. tonight, your secretary/treasurer slogged through another disappointing and essentially irrelevant piece of journalism about gold, this time by David Milstead in the Toronto Globe & Mail --
http://www.theglobeandmail.com/globe-investor...as/gold-bull...
-- and then wrote to the author:
* * *
Dear Mr. Milstead:
Reading your report tonight in the Globe and Mail from the Denver gold conference, I was disappointed that apparently no one at the conference mentioned the most important determinant of gold prices: surreptitious intervention in the gold market by Western central banks, intervention that now seems to encompass all major futures markets.
While my organization, the Gold Anti-Trust Action Committee Inc., has documented this intervention for many years, we have not had much success in persuading financial news organizations to look at the documentation and to question central banks about it.
A summary of the documentation, with links to the most important documents, is posted at GATA's Internet site here:
http://www.gata.org/node/13644
An updating from a few months ago is here:
http://www.gata.org/node/13829
The documents disclosed recently confirming that central banks are surreptitiously trading all the major futures markets, documents on file with the U.S. Commodity Futures Trading Commission, are here:
http://www.gata.org/node/14385
http://www.gata.org/node/14411
http://www.gata.org/node/14421
None of this stuff is what it is often disparaged as being, mere "conspiracy theory." Rather it is all public record and includes admissions from many central bankers themselves.
The destruction of markets will continue until financial news organizations report about it and challenge it, so I'll be very grateful if you would look at the documentation.
Of course I'd be glad to provide more information.
With good wishes.
