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Dear
Friend of GATA and Gold (and Silver):
In
reply to Thunder Road Report editor Paul Mylchreest's new study of the gold
market (http://www.gata.org/node/7906), which concluded that the market is either
terribly short real metal or is laundering fantastic amounts of improperly
obtained gold, perhaps the fabled "Yamashita's gold" of Japanese
plunder from World War II, our friend B.B. writes:
"Given
that the silver market has similar characteristics to the gold market in
terms of lopsided shorting and daily trading charts that are often nearly
identical, should we conclude that there is also a huge stash of 'Yamashita's
silver'? Also, since it has been reported that a recent call for delivery of
a significant tonnage of gold resulted in some bizarre shenanigans to cover
the delivery, does it not seem likely that maybe the 'Yamashita's gold' story
is being trotted out to replace the threadbare story of the sale of
International Monetary Fund gold?"
Actually,
the "Yamashita's gold" story has been around as long as the threat
of IMF gold sales, and even in the paranoid atmosphere of the gold universe
it may be a little hard to believe that this story has been underwritten by
increasingly desperate central banks.
The
evidence is that even if some hoard of plundered gold was secretly seized
from the Japanese military at the end of the war, it already has been
liquidated one way or another and has left official hands. Otherwise the gold
price would not have quadrupled in 10 years, and Western central banks would
still be selling gold in large amounts with public flourishes and not just
threatening over and over to sell gold that the IMF probably doesn't have.
Further, those central banks would not have resorted so irresponsibly to
derivatives, swaps, and other mechanisms of fractional reserve gold banking
for price suppression. They'd just be dumping gold all over the place in
pursuit of their greatest desire: to make it worthless.
Indeed,
if "Yamashita's gold" really ever existed and was still around,
we'd be finding gold coins as the mystery prizes in Crackerjack boxes. To the
contrary, today we find that gold has gained another remarkable physical
property -- in addition to being the most lustrous and malleable of metals,
in the hands of central banks, bullion banks, and exchange-traded funds gold
now becomes invisible as well.
General
Yamashita was hanged 63 years ago. When the world realizes how they have
rigged markets to enslave and expropriate it, Western central bankers will be
lucky not to follow him.
Chris Powell
Secretary / Treasurer
Gold Anti-Trust Action
Committee
www.GATA.org
How to
Help GATA
Also
by Chris Powell
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