Zero Hedge tonight mocks the purported search by mainstream financial news
organizations for the instigator of Sunday night's nuclear assault on the
gold market, and concludes that the trail will lead either to some Indian guy
trading out of the dingy basement of his parents' home in a London suburb or
to the luxurious offices of the Bank for International Settlements in Basel,
Switzerland, the central bank of the central banks. Of course mainstream
financial news organizations would sooner interview Kim Kardashian about the
gold market than ever have to direct a critical question about gold to the
BIS or any other central bank.
Zero Hedge's commentary is headlined "The Hunt for the 'Mystery' Gold
'Bear Raid' Leader Begins" and it's posted here:
http://www.zerohedge.com/news/2015-07-23/hunt...ear-raid-lea...
But anyone who wants to know about the BIS doesn't really have to question
it much at all, as the documentation of its involvement in the gold market
are on the public record already.
For at a BIS conference in Basel in June 2005, the director of the bank's monetary
and economic department, William R. White, declared that among the major
objectives of central bank cooperation is "the provision of
international credits and joint efforts to influence asset prices (especially
gold and foreign exchange) in circumstances where this might be thought
useful":
http://www.gata.org/node/4279
Every year, in its footnotes, the annual report of the BIS acknowledges
that it functions largely as the gold broker for its member central banks and
on their behalf deals in gold, gold futures, and gold swaps:
http://www.gata.org/node/12717
Its gold brokerage services for central banks, the BIS told a seminar for
prospective central bank members in June 2008, include surreptitious
interventions in the gold market:
http://www.gata.org/node/11012
In 1983 top officials of the BIS told the financial journalist Edward Jay
Epstein, writing for Harper's magazine, that secret interventions in the gold
market were a major part of the bank's work:
http://www.gata.org/node/8773
And in recent years CME Group, operator of the major futures exchanges in
the United States, has offered discounts to central banks for their secret
trading in all major futures contracts and has acknowledged that central
banks and governments are among the exchange operator's customers:
http://www.gata.org/node/14385
http://www.gata.org/node/14411
For journalistic purposes, all the basic research has been done and there
is nothing left to do but call the BIS and its member central banks and
routinely collect their refusals to comment about their secret trading in the
futures markets. No one will have to call the Banque de France, for its
director of market operations already has confirmed that the bank is trading
gold secretly for its own account and for the accounts of other central banks
and never explains what it's doing:
http://www.gata.org/node/13373
http://www.gata.org/node/14716
http://www.gata.org/node/14954
This is why all analysis of the gold market is simply disinformation if it
does not begin with four questions:
-- Are central banks in the gold market surreptitiously or not?
-- If central banks are in the gold market surreptitiously, is it
just for fun -- for example, to see which central bank's trading desk can
make the most money by cheating the most investors -- or is it for policy purposes?
-- If central banks are in the gold market for policy purposes, are
these the traditional purposes of defeating a potentially competitive world
reserve currency, or have these purposes expanded?
-- If central banks, creators of infinite money, are surreptitiously
trading a market, how can it be considered a market at all, and how can any
country or the world ever enjoy a market economy again?
Once again tonight this documentation will be sent to many major financial
news organizations around the world. Of course it has been sent to them many
times already and they have ignored it studiously. But if you are not yet
completely demoralized about living on a planet that is quickly succumbing to
totalitarianism, send this dispatch to some of them yourself and ask
cordially why the documentation cited is not worthy of their inquiry. You
just might shame somebody for the aspirations he had when he got into
journalism. If you receive a response from anyone, please forward it to me.
Maybe we can shame him some more.
Don't be discouraged. This is the only planet we have; we have nowhere
else to go. You can make a difference. Take it from James Russell Lowell:
We see dimly in the present what is small and what is great,
Slow of faith how weak an arm may turn the iron helm of fate.
We'll press on in the morning.
