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Gold suppression is public policy and public record, not 'conspiracy theory'

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MessageGold suppression is public policy and public record, not 'conspiracy theory'
par g.sandro Dim 8 Nov 2009 - 15:29

Gold suppression is public policy and public record, not 'conspiracy theory'

Voici une admirable synthèse qui devrait convaincre les éventuels dubitatifs...c'est un document très complet, à conserver et auquel il faudra penser à se référer, bref, une pépite...
Je vous le scinde en 2 parties, de crainte qu'il ne tienne pas sur un seul post.

Submitted by cpowell on 10:16AM ET Saturday, November 7, 2009. Section:
Daily Dispatches
Remarks by Chris Powell, Secretary/Treasurer
Anti-Trust Action Committee Inc.
International Precious Metals and
Commodities Show
Olympia Park, Munich, Germany
Saturday, November 7,

Thank you for coming to listen to me today. Please forgive my
inability to speak German. I'll be discussing many documents, some of them
fairly complicated, but don't worry if you miss something about them. They'll be
posted at GATA's Internet site with these remarks.

On Friday, September
25, Jim Rickards, director of market intelligence for the Omnis consulting firm
in McLean, Virginia., was interviewed on the cable television network CNBC in
the United States. Talking about the currency markets, Rickards remarked: "When
you own gold you're fighting every central bank in the world."

because gold is a currency that competes with government currencies and has a
powerful influence on interest rates and the price of government bonds. And
that's why central banks long have tried to suppress the price of gold. Gold is
the ticket out of the central banking system, the escape from coercive central
bank and government power.

As an independent currency, a currency to
which investors can resort when they are dissatisfied with government
currencies, gold carries the enormous power to discipline governments, to call
them to account for their inflation of the money supply and to warn the world
against it. Because gold is the vehicle of escape from the central bank system,
the manipulation of the gold market is the manipulation that makes possible all
other market manipulation by government.

Of course what Jim Rickards said
about gold was no surprise to my organization, the Gold Anti-Trust Action
Committee. To the contrary, what Rickards said has been our premise for most of
our 10 years, and we have documented it extensively. Rickards' assertion was
spectacular simply because he was allowed to make it in the mainstream financial
news media and was allowed to keep talking. While the gold price suppression
scheme is a hard fact of history, it is seldom mentioned in polite company in
the financial world. I have been asked to talk about it here. I am grateful for
this invitation and I will try to be polite.

How have central banks tried
to suppress the price of gold?

The gold price suppression scheme was
undertaken openly by governments for a long time prior to 1971.

what the gold standard was about -- governments fixing the price of gold to a
precise value in their currencies, a price at which governments would exchange
their currencies for gold, currencies that were backed by gold.

the gold standard was abandoned during World War I, restored briefly in the
1920s, and then abandoned again during the Great Depression, that was not the
end of government efforts to control the gold price. Throughout the 1960s the
United States and Great Britain attempted to hold the price at $35 in a public
arrangement of the dishoarding of U.S. gold reserves. This arrangement came to
be known as the London Gold Pool.

As monetary inflation rose sharply,
the London Gold Pool was overwhelmed by demand and was shut down abruptly in
April 1968. Three years later, in 1971, the United States repudiated the
remaining convertibility of the dollar into gold -- convertibility for
government treasuries that wanted to exchange dollars for gold. At that moment
currencies began to float against each other and against gold -- or so the world
was told.

For since 1971 the gold price suppression scheme has been
undertaken largely surreptitiously, seldom acknowledged officially. But
sometimes it has been acknowledged officially, and with a little detective work,
more about it can be discovered.

You may have heard GATA derided as a
"conspiracy theory" organization. We are not that at all. To the contrary, we
examine the public record, produce documentation, question public officials, and
publicize their most interesting answers, or their most interesting refusals to
answer. I'd like to review some of the public record with you.

The gold
price suppression scheme became a matter of public record in January 1995, when
the general counsel of the U.S. Federal Reserve Board, J. Virgil Mattingly, told
the Federal Open Market Committee, according to the committee's minutes, that
the U.S. Treasury Department's Exchange Stabilization Fund had undertaken gold
swaps. Gold swaps are exchanges of gold allowing one central bank to intervene
in the gold market on behalf of another central bank, potentially giving
anonymity to the central bank that wants to undertake the intervention. The 1995
Federal Open Market Committee minutes in which Mattingly acknowledges gold swaps
are still posted at the Fed's Internet site:


gold price suppression scheme was a matter of public record in July 1998, six
months before GATA was formed, when Federal Reserve Chairman Alan Greenspan told
Congress: "Central banks stand ready to lease gold in increasing quantities
should the price rise." That is, Greenspan himself, supposedly the greatest
among the central bankers, contradicted the usual central bank explanation for
leasing gold -- which was supposedly to earn a little interest on a dead asset
-- and admitted that gold leasing is all about suppressing the price.
Greenspan's admission is still posted at the Fed's Internet site:


while we gold bugs love to cite Greenspan's testimony from 1998 because of its
reference to gold leasing, that testimony was mainly about something else, for
which it is far more important today. For with that testimony Greenspan
persuaded Congress not to regulate the sort of financial derivatives that lately
have devastated the world financial system.

The Washington Agreement on
Gold, made by the European central banks in 1999, was another admission -- no, a
proclamation that central banks were working together to control the gold price.
The central banks making the Washington Agreement claimed that, by restricting
their gold sales and leasing, they meant to prevent the gold price from falling
too hard. But even if you believed that explanation, it was still collusive
intervention in the gold market. You can find the Washington Agreement at the
World Gold Council's Internet site:


Gold, then the largest gold-mining company in the world, confessed to the gold
price suppression scheme in U.S. District Court in New Orleans on February 28,
2003. That is when Barrick filed a motion to dismiss Blanchard & Co.'s
anti-trust lawsuit against Barrick and its bullion banker, JPMorganChase, for
rigging the gold market.

Barrick's motion claimed that in borrowing gold
from central banks and selling it, the mining company had become the agent of
the central banks in the gold market, and, as the agent of the central banks,
Barrick should share their sovereign immunity and be exempt from suit. Barrick's
confession to the gold price suppression scheme is posted at GATA's Internet


Reserve Bank of Australia confessed to the gold price suppression scheme in its
annual report for 2003. "Foreign currency reserve assets and gold," the Reserve
Bank's report said, "are held primarily to support intervention in the foreign
exchange market." The bank's report is still posted at its Internet site:


the most brazen admission of the Western central bank scheme to suppress the
gold price was made by the head of the monetary and economic department of the
Bank for International Settlements, William S. White, in a speech to a BIS
conference in Basel, Switzerland, in June 2005.

There are five main
purposes of central bank cooperation, White announced, and one of them 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." White's speech is posted at GATA's Internet site:


In January this year a remarkable 16-page memorandum was discovered in
the archive of the late Federal Reserve Chairman William McChesney Martin. The
memorandum is dated April 5, 1961, and is titled "U.S. Foreign Exchange
Operations: Needs and Methods." It is a detailed plan of surreptitious
intervention to rig the currency and gold markets to support the dollar and to
conceal, obscure, or falsify U.S. government records and reports so that the
rigging might not be discovered. This document remains on the Internet site of
the Federal Reserve Bank of St. Louis:


In August this year the international journalist Max Keiser reported an
interview he had with the Bundesbank, Germany's central bank, in which he was
told that all of Germany's gold reserves were held in New York. That interview
is posted at the YouTube Internet site:


Some people saw the Bundesbank's admission as a suggestion that
Germany's gold had become the tool of the U.S. government. GATA consultant Rob
Kirby of Kirby Analytics in Toronto then pressed the Bundesbank for
clarification. On August 24 the Bundesbank replied to Kirby by e-mail with a
denial of Keiser's report, but the denial was actually pretty much a


Deutsche Bundesbank," the reply said, "keeps a large part of its gold holdings
in its own vaults in Germany, while some of its gold is also stored with the
central banks located at major gold trading centers. This," the Bundesbank
continued, "has historical and market-related reasons, the gold having been
transferred to the Bundesbank at these trading centers. Moreover, the Bundesbank
needs to hold gold at the various trading centers in order to conduct its gold

The Bundesbank did not specify those "gold activities" and
those "trading centers." But those "activities" can mean only that the
Bundesbank is or recently has been surreptitiously active in the gold market,
perhaps at the behest of others -- like the United States, the custodian of
German gold.

In September this year a New York financial market
professional and student of history named Geoffrey Batt posted at the Zero Hedge
Internet site three declassified U.S. government documents involving the gold

The first was a long cable dated March 6, 1968, from someone
named Deming at the U.S. Embassy in Paris to the State Department in Washington.
It is posted at the Zero Hedge Internet site:


cable described the strains on the London Gold Pool, the
mechanism established by the U.S. Treasury and the Bank of England to hold the
gold price to the official price of $35 per ounce. The London Gold Pool was to
last only six months longer.

The cable is a detailed speculation on what
would have to be done to control the gold price and particularly to convince
investors "that there is no point any more in speculating on an increase in the
price of gold" and "to establish beyond doubt" that the world financial system
"is immune to gold losses" by central banks.

The cable recommends
creation of a "new reserve asset" with "gold-like qualities" to replace gold and
prevent gold from gaining value. To accomplish this, the cable proposes "monthly
or quarterly reshuffles" of gold reserves among central banks -- what the cable
calls a "reshuffle club" that would apply gold where market intervention seemed
most necessary.

These "reshuffles" sound like the central bank gold swaps
of recent years.

The idea, the cable says, is for the central banks "to
remain the masters of gold."

Also in September this year Zero Hedge's
Geoffrey Batt disclosed a memorandum from the Central Intelligence Agency dated
December 4, 1968, several months after the collapse of the London Gold Pool.
This too is posted at the Zero Hedge Internet site:


CIA memo said that to keep the dollar strong and prevent "a major outflow of
gold," U.S. strategy would be:

" -- To isolate official from private gold
markets by obtaining a pledge from central banks that they will neither buy nor
sell gold except to each other."


"-- To bring South Africa
to sell its current production of gold in the private market, and thus keep the
private price down."

The third declassified U.S. government document
published by Geoffrey Batt at Zero Hedge, also in September this year, may be
the most interesting, because it was written on June 3, 1975, four years after
the last bit of official fixed convertibility of the dollar and gold had been
eliminated and the world had been told that currencies henceforth would float
against each other and gold and gold would be free trading.

The document
is a seven-page memorandum from Federal Reserve Board Chairman Arthur Burns to
President Gerald Ford. It is all about controlling the gold price through
foreign policy and defeating any free market for gold. It is posted at the Zero
Hedge Internet site as well:


tells the president: "I have a secret understanding in writing with the
Bundesbank, concurred in by Mr. Schmidt" -- that's Helmut Schmidt, West
Germany's chancellor at the time -- "that Germany will not buy gold, either from
the market or from another government, at a price above the official price of
$42.22 per ounce."

Burns adds, "I am convinced that by far the best
position for us to take at this time is to resist arrangements that provide wide
latitude for central banks and governments to purchase gold at a market-related

While the Burns memo is consistent with the long-established
interest of central banks in controlling the gold price, it was still 34 years
ago. But now at last there has been a contemporaneous admission of U.S.
government intervention in the gold market. It has come out of GATA's long
Freedom of Information Act struggle with the U.S. Treasury Department and
Federal Reserve for information about the U.S. gold reserves and gold swaps,
information that has been denied to GATA on the grounds that it would compromise
certain private proprietary interests. (Of course such a
denial, a denial
based on proprietary interests, is in itself a suggestion that the U.S. gold
reserve has been placed, at least partly, in private hands.)

to President Obama's declaration, soon after his inauguration, that the federal
government would be more open, GATA renewed its informational requests to the
Fed and the Treasury. These requests concentrated on gold swaps. Of course both
requests were denied again. But through its Washington lawyer, William J. Olson
http://www.lawandfreedom.com --
GATA brought an appeal of the Fed's denial, and this appeal was directed to a
full member of the Fed's Board of Governors, Kevin M. Warsh, formerly a member
of the President's Working Group on Financial Markets, nicknamed the Plunge
Protection Team. Warsh denied GATA's appeal but in his letter to our lawyer he
let slip some stunning information:


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MessageSuite et fin:
par g.sandro Dim 8 Nov 2009 - 15:30

wrote: "In connection with your appeal, I have confirmed that the
information withheld under Exemption 4" -- that's Exemption 4 of the
Freedom of Information Act -- "consists of confidential commercial or
financial information relating to the operations of the Federal Reserve Banks
that was obtained within the meaning of Exemption 4. This includes information
relating to swap arrangements with foreign banks on behalf of the Federal
Reserve System and is not the type of information that is customarily disclosed
to the public. This information was properly withheld from you."

So there it is: The Federal Reserve today -- right now -- has gold swap
arrangements with "foreign banks."

Eight years ago Fed Chairman Alan Greenspan and the general counsel of the
Federal Open Market Committee, Virgil Mattingly, vigorously denied to GATA,
through two U.S. senators who had inquired of the Fed on our behalf, that the
Fed had gold swap arrangements, even though FOMC minutes from 1995 quote
Mattingly as saying the U.S. has engaged in gold swaps:


But now the Fed admits such arrangements.

Of course Fed Governor Warsh did not say that the Fed has actually swapped any
gold lately, only that it has arrangements to do so -- and, just as important,
that the Fed does not want the public and the markets to know about those
arrangements, does not want the public and the markets to know about the
disposition of United States gold reserves.

GATA is preparing to sue the Fed in federal court to compel disclosure of these
gold swap arrangements.

There is a reason for the Fed's insistence that the public and the markets must
not know what the Fed is doing in the gold market.

It is because, as the documents compiled and publicized by GATA suggest,
suppressing the gold price is part of the general surreptitious rigging of the
currency, bond, and commodity markets by the U.S. and allied governments,
because this market rigging is the foremost objective of U.S. foreign and
economic policy, and because this rigging cannot work if it is exposed and the
markets realize that they are not really markets at all.

And the rigging increasingly is being exposed and understood.

In complaining about the manipulation of the gold market, GATA has not been
called "conspiracy nuts" by everyone. We have gained a good deal of
institutional support over the years.

First came Sprott Asset Management in Toronto, which in 2004 issued a
comprehensive report supporting GATA. The report was written by Sprott's chief
investment strategist, John Embry, and his assistant, Andrew Hepburn, and was
titled "Not Free, Not Fair -- the Long-Term Manipulation of the Gold Price."
It remains available at the Sprott Internet site:


Then in 2006 the Cheuvreux brokerage house of Credit Agricole, the major French
bank, issued its own report confirming GATA's findings of manipulation in the
gold market. The Cheuvreux report was titled "Remonetization of Gold:
Start Hoarding," and you can find it at GATA's Internet site:


And in 2007 Citigroup -- yes, Citigroup, a pillar of the American financial
establishment -- joined the supposed conspiracy nuts. It published a report titled
"Gold: Riding the Reflationary Rescue," written by its analysts John
H. Hill and Graham Wark, declaring: "Gold undoubtedly faced headwinds this
year from resurgent central bank selling, which was clearly timed to cap the
gold price." You can find the Citigroup report at GATA's Internet site:


Even those authorities who do not want to run afoul of government institutions
that with a few computer keystrokes can create virtually infinite amounts of
money may have to admit the opportunity for central banks to manipulate the
gold market. For it is widely acknowledged that annual world gold production is
about 2,400 tonnes, that annual net world gold demand is about 3,400 tonnes,
that gold production has been falling as demand has been rising, and that the
thousand-tonne gap between production and net demand has been filled mainly by
central bank dishoarding and leasing.

What do you suppose the gold price would be if central banks were not supplying
more than a quarter of annual demand?

That dishoarding was not all innocent management of a foreign exchange reserve
portfolio. Much of it was meant as market intervention -- and after all, market
intervention is exactly why central banking was invented.

Intervening in markets is what central banks do. They have no other purpose.

Central banks admit intervening often in the currency markets, buying and
selling their own currencies and those of other governments to maintain
exchange rates at what they consider politically desirable levels. Central
banks admit doing the same in the government bond markets. There is even
evidence that the Federal Reserve and Treasury Department have been intervening
frequently in the U.S. stock markets since the crash of 1987.

You do not have to settle for rumors about the "Plunge Protection
Team," also known as the President's Working Group on Financial Markets. Again
you can just look at the public record.

The Federal Reserve injects billions of dollars into the stock and bond markets
every week, on the public record, through the major New York financial houses,
its so-called primary dealers in federal government bonds, using what are
called repurchase agreements and the Fed's Primary Dealer Credit Facility. The
financial houses thus have become the Fed's agents in directing that money into
the markets. The recent rise in the U.S. stock market matches almost exactly
the money funneled by the Fed to the New York financial houses through
repurchase agreements and the Primary Dealer Credit Facility.

Meanwhile, for years the International Monetary Fund, the central bank of the
central banks, has been openly intervening in the gold market by threatening to
sell gold. The IMF said its intent in selling gold was to raise money to lend
to poor nations. This explanation was ridiculous on its face, though the IMF
has never been challenged about it in the financial press. No, the financial
press has been happy to tell the world that central banks that lately have
effortlessly conjured into existence fantastic amounts of money in many
currencies could find a little money to help poor countries only by selling

Of course the intent of the IMF and its member central banks was not to help
poor countries but to intimidate the gold market and control the gold price.

That the IMF intimidated the gold market so long with this threat of gold sales
was all the more remarkable because the IMF probably has never had any gold to
sell in the first place.

In April 2008 I wrote to the managing director of the IMF, Dominque
Strauss-Kahn, with five questions about the IMF's gold. I copied the letter to
the IMF's press office by e-mail, and quickly began to get some answers from
one of its press officers, Conny Lotze.

My first question to the IMF was: "Your Internet site says the IMF holds
3,217 metric tons of gold 'at designated depositories.' Which depositories are

Conny Lotze of the IMF replied, but not specifically. She wrote: "The
fund's gold is distributed across a number of official depositories." She
noted that the IMF's rules designate the United States, Britain, France, and
India as IMF depositories.

My second question was: "If you would prefer not to identify the
depositories for security reasons, could you at least identify the national and
private custodians of the IMF's gold and the amounts of IMF gold held by

Conny Lotze replied, again not very specifically: "All of the designated
depositories are official."

My third question was: "Is the IMF's gold at these depositories allocated
-- that is, specifically identified as belonging to the IMF -- or is it merged
with other gold in storage at these depositories?"

Conny Lotze replied, still not very specifically: "The fund's gold is
properly accounted for at all its depositories."

My fourth question was: "Do the IMF's member countries count the IMF's
gold as part of their own national reserves, or do they count and identify the
IMF's gold separately?"

Conny Lotze replied a bit ambiguously: "Members do not include IMF gold
within their reserves because it is an asset of the IMF. Members include their
reserve position in the fund in their international reserves."

This sounded to me as if the IMF members were still counting as their own the
gold that supposedly belongs to the IMF -- that the IMF members were just
listing the gold assets in another column on their own books.

My fifth question to the IMF was: "Does the IMF have assurances from the
depositories that its gold is not leased or swapped or otherwise encumbered? If
so, what are these assurances?"

Conny Lotze replied: "Under the fund's Articles of Agreement it is not
authorized to engage in these transactions in gold."

But I had not asked if the IMF itself was swapping or leasing gold. I had asked
whether the custodians of the IMF's gold were swapping or leasing it.

This prompted me to raise one more question for Conny Lotze. I wrote her:
"Is there any audit of the IMF's gold that is available to the public? I
ask because, if the amount of IMF gold held by each depository nation is not
public information, there does not seem to be much documentation for the IMF's
gold, nor any documentation for the assurance that its custody is just fine. Without
any details or documentation, the IMF's answer seems to be simply that it
should be trusted -- that it has the gold it says it has, somewhere."

And that was the last I heard from Conny Lotze. She didn't answer me again. I
had spoken a word that is increasingly unspeakable in the gold section of
central banking: audit.

This week the IMF at last announced the disposal of some of the 400 tonnes of
gold it long had been threatening to sell. Two hundred tonnes have been
purchased by the Reserve Bank of India. This may or may not be a real
transaction, a real transfer of gold from an IMF vault to a vault of the
Reserve Bank of India. More likely this transaction is only a bookkeeping entry
among IMF member central banks. But in any case it seems likely that the gold
with which the IMF has been threatening the market for years is never going to
hit the market, if it even exists. Rather, this gold will remain in the
mysterious possession of central banks.

Lately central bankers often have complained about what they call
"imbalances" in the world financial system. That is, certain
countries, particularly in Asia, run big trade surpluses, while other
countries, especially the United States, run big trade deficits and consume far
more than they produce, living off the rest of the world. These complaints by
the central bankers about "imbalances" are brazenly hypocritical,
since these imbalances have been caused by the central banks themselves, caused
by their constant interventions in the currency, bond, and commodity markets to
prevent those markets from coming into balance through ordinary market action
lest certain political interests be disturbed.

Yes, when markets balance themselves they often do it brutally, causing great
damage to many of their participants. The United States enacted a central
banking system in 1913 because for the almost 150 years before then the country
went through a catastrophic deflation every decade or so. Central banking was
created in the name of preventing those catastrophic deflations.

The problem with central banking has been mainly the old problem of power ---
it corrupts.

Central bankers are supposed to be more capable of restraint than ordinary
politicians, and maybe some are, but they are not always or even often capable
of the necessary restraint. 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.

By manipulating the value of money, central banking controls the value of all
labor, services, and real goods, and yet it is conducted almost entirely in
secret -- because, in choosing winners and losers in the economy, advancing
infinite amounts of money to some participants in the markets but not to
others, administering the ultimate patronage, central banking cannot survive

Yet the secrecy of central banking now is taken for granted even in nominally
democratic countries.

Maybe the Federal Reserve's intervention to rescue Bear Stearns through the
Fed's de-facto subsidiary, JPMorganChase, will cause some devastating public
inquiries by Congress and the news media. But what a hundred years ago in the
United States was called the Money Power is so ascendant today that it
sometimes even boasts of its privilege. What other agency of a democratic
government could get away with the principle that was articulated on national
television in the United States in 1994 by the vice chairman of the Federal
Reserve, Alan Blinder? Blinder declared: "The last duty of a central
banker is to tell the public the truth."

The truth as GATA sees it is this:

First, gold is the secret knowledge of the financial universe, but it is
becoming an open secret. That is GATA's work -- to break the secret open, to
show how the gold price has been suppressed by central bank creation of
imaginary gold in amounts to match and thus help conceal the vast inflation of
the world's money supply. We will continue to use freedom-of-information law
against the Fed and the Treasury Department about their policies toward gold
and the disposition of the U.S. gold reserve. Of course central banks can no
more afford to account fully for their gold reserves than the Fed and
JPMorganChase can afford to disclose details of their negotiations for the
rescue of Bear Stearns. Indeed, as my correspondence with the IMF suggests, the
disposition of Western central bank gold reserves is a secret more closely
guarded than the blueprints for the manufacture of nuclear weapons.

Why can't the public and the markets be permitted to know exactly where central
bank gold reserves are? Because in the hands of governments gold is a deadly
weapon -- as the Reserve Bank of Australia acknowledges, the main weapon of
currency market intervention.

Second, all technical analysis of markets now is faulty if it fails to account
for pervasive government intervention.

And third, the intervention against gold is failing because of overuse,
exposure, exhaustion of Western central bank gold reserves -- we estimate that
the Western central banks have in their vaults only about half the 32,000
tonnes they claim to have -- and the resentment of the developing world, which
is starting to figure out how it has been expropriated by the dollar system, a
system in which people do real work and create real goods and send them to the
United States in exchange for mere colored paper and electrons.

For years now the Western central banks have been attempting a controlled
retreat with gold, bleeding out their reserves with sales, leases, and
derivatives so that gold's ascent and the dollar's inevitable decline may be
less shocking. Central bankers often convey part of this strategy in code; they
warn against what they call a "disorderly decline" in the dollar, as
if an "orderly" decline is all right.

The rise in the gold price over the last decade is just the other side of that
coin -- an "orderly" rise, 15 percent or so per year, a rise
carefully modulated by surreptitious central bank intervention.

But GATA believes that the central banks may have to retreat farther with gold
than anyone dreams, and far more abruptly than they have retreated so far. We
believe that when the central banks are overrun in the gold market, as they
were overrun in 1968, and the market begins to reflect the ratio between, on
one hand, the supply of real gold, actual metal, not the voluminous paper
promises of metal, and, on the other hand, the explosion of the world money
supply of the last few decades -- as the market begins to perceive the
difference between the real and the unreal -- there may not be enough zeroes to
put behind the gold price.

A century ago Rudyard Kipling wrote a poem that foresaw the decline of the
empire of his country, Great Britain. Kipling's poem attributed this decline to
the loss of the old virtues, the virtues that were listed at the top of the
pages in the special notebooks, called "copybooks," that were given
to British schoolchildren at that time -- virtues like honesty, fair dealing,
Ten Commandments stuff. The title of Kipling's poem is "The Gods of the
Copybook Headings," and its conclusion is a warning to the empire that
succeeded the one he was living in:

Then the Gods of the Market tumbled,
And their smooth-tongued wizards withdrew
And the hearts of the meanest were humbled
And began to believe it was true
That All is not Gold that Glitters,
And Two and Two make Four,
And the Gods of the Copybook Headings
Limped up to explain it once more.
As it will be in the future,
It was at the birth of Man.
There are only four things certain
Since Social Progress began:
That the Dog returns to his Vomit
And the Sow returns to her Mire,
And the burnt Fool's bandaged finger
Goes wabbling back to the Fire;
And that after this is accomplished,
And the brave new world begins,
When all men are paid for existing
And no man must pay for his sins,
As surely as Water will wet us,
As surely as Fire will burn,
The Gods of the Copybook Headings
With terror and slaughter return.

The gold price suppression story is important despite this week's dramatic rise
in the gold price. For even as the price of gold has been rising, we really
don't yet know what a fair price, a free-market price, for gold is, since gold
has not traded in a free market for many years and is not trading in a free
market now.

Indeed, since central bank intervention in the currency, bond, equities, and
commodity markets has exploded over the last year, we don't really know what
the market price of anything is anymore. Thus the gold price suppression story
is a story about the valuation of all capital and labor in the world -- and
whether those values will be set openly in free markets, the democratic way, or
secretly by governments, the totalitarian way.

The specifics of the gold price suppression operation are complicated, but you
don't have to remember them all if you know what they mean.

They mean that there is a currency war going on between countries and their
central banks. There has been such a war for many years, only the victims were
not really fighting back. Now some of them are. Signs of this war are now
everywhere -- like the story published a month ago by the British newspaper The
Independent that described an international plan to replace the dollar in oil


Gold and silver have been and remain currencies and will be remonetized by
markets eventually if not by central banks as well, because gold and silver are
the only neutral currencies, the only currencies that are not the liabilities
of any particular country.

But when you invest in currencies like gold and silver, you risk getting caught
in the crossfire of the currency war. As in any war, truth is the first
casualty in the currency war, even as secrecy is always the first principle of
central banking.

Meanwhile, not asking the right questions of the right people seems to be the
first principle of most mainstream financial journalists and even the first
principle of some gold and silver market analysts. These journalists and
analysts take government secrecy in central banking for granted, even as the
evidence of market intervention and manipulation explodes all around them. This
acceptance of secrecy reminds me of the bumbling police detective played by
Leslie Nielsen in the "Naked Gun" movies, particularly his
performance in this scene:


Well, there is something to see here.

The precious metals promise great rewards to investors, but to get the necessary
information you have to do a lot more work than other investors.

And you have to remember the remarkable properties of gold and silver. It's not
just that gold is the most malleable and lustrous of metals, or that silver is
the most conductive and reflective, but also that, once they get into the hands
of central banks, bullion banks, and exchange-traded funds, gold and silver can
become invisible.

* * *

Join GATA here:

Vancouver Resource Investment Conference
Sunday and Monday, January 17 and 18, 2010
Hyatt and Fairmont Conference Hotels
Vancouver, British Columbia, Canada

* * *

Support GATA by purchasing a colorful GATA T-shirt:


Or a colorful poster of GATA's full-page ad in The Wall Street Journal on
January 31, 2009:


Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon:


* * *

Help keep GATA going

GATA is a civil rights and educational organization based in the United States
and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are
free, and you can subscribe at:


To contribute to GATA, please visit:

Contact GATA

Gold Anti-Trust Action Committee
7 Villa Louisa Road
Manchester, Connecticut
06043-7541 USA

Silver is king, Go Gold !
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