AUDIO - Exclusive Interview with Chris Powell of the Gold Anti-Trust Action Committee: Evidence of Alarming Government Manipulation In The Gold Market
We’ve seen unprecedented US government and Federal Reserve intervention in virtually all asset markets in the past decade, and all of them are pretty much out in the open…whether it be buying bonds, buying stocks, bailing out industries, and so forth. The US government even buys oil in the open market to fill the Strategic Petroleum Reserve, something we could see happening again soon given the dramatic fall in oil prices recently and the negative impact on domestic producers. But while these other interventions are freely disclosed to the public, no one in government seems willing to admit to interventions in the gold and silver markets. Why the secrecy, and why don’t the “powers that be” want to see a free gold market?
Chris Powell from GATA believes that some of the interventions are
acknowledged. He thinks the interventions go far beyond what has been
acknowledged so far, but gold is most sensitive to the central banks
because gold is itself a currency, an international currency with no
central bank behind it, something that free people can resort to
whenever they are dissatisfied with government currencies. It’s a
competitive currency whose valuation, in turn, sets the valuation of
government currencies.
Gold price manipulation has been going on for quite some time. It isn’t
just a recent phenomenon of the last couple years. Chris Powell explains
that the gold standard itself was a market-rigging mechanism. It was a
pretty clumsy one, but it did tie the price of gold to a particular unit
of currency. When the world got away from the gold standard, the
Western central banks undertook, in the 1960s, what was known as the
London Gold Pool, which was a very public, candid scheme of just
hoarding of Western central bank gold reserves to hold the gold price to
$35 an ounce.
This is elementary journalism. Really any first-year journalism student
could do it, but the mainstream financial press refuses to do it,
largely because it is so sensitive to governments. Governments don’t
want this done, but anybody can do it. You can get an idea of what’s
going on simply by putting your own questions to your own central bank,
and if they are specific enough about gold, you will be told to drop
dead if you get any answer at all. But the first rule of mainstream
financial journalism in the West is that no central bank can ever be
questioned critically and specifically about gold and really that no
central bank could ever be questioned critically and specifically about
anything it does.
Read this Exclusive Interview here (AUDIO)
