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For years your secretary/treasurer has been
alerting the London Telegraph to documentation of the gold price suppression
scheme and begging the newspaper to report it.
While the newspaper's brilliant international
business editor, Ambrose Evans-Pritchard, has declined to get into the issue,
he has acknowledged it from time to time. And another financial writer at the
paper, Thomas Pascoe, has gotten into it in detail several times in
recent years:
http://blogs.telegraph.co.uk/finance/thomaspascoe/100024081/the-gold-pri...
http://blogs.telegraph.co.uk/finance/thomaspascoe/100018574/the-price-of...
http://blogs.telegraph.co.uk/finance/thomaspascoe/100018367/revealed-why...
So it is disappointing that another Telegraph
financial writer, Emma Simon, would assert in commentary published Saturday
that "there is not one piece of evidence" that the gold market is
rigged:
http://www.telegraph.co.uk/finance/personalfinance/investing/gold/100191...
Your secretary/treasurer wrote to her
yesterday in protest, remarking, in part:
"My organization, the Gold Anti-Trust
Action Committee, has been collecting and publishing such evidence for many
years and I would be glad to describe it to you in detail.
"Perhaps most
telling is this secret report from the International Monetary Fund, written
in March 1999, confirming that Western central banks conceal their gold swaps
and leases lest disclosure impair their surreptitious interventions in the
currency and gold markets:
http://www.gata.org/node/12016
"The Bank for International Settlements,
which trades gold secretly on behalf of its member central banks, even
advertises secret interventions in the gold market among its services to
members:
http://www.gata.org/node/11012
"There is so much more, including
admissions from former U.S. and European central bankers, in our general
documentation archive:
http://www.gata.org/taxonomy/term/21
"Please follow up here. Your assertion
that there is no evidence of gold market rigging is terribly mistaken, unfair
to readers, and damaging to GATA."
Any acknowledgment of this protest will be
reported to you, but please don't expect anything. A couple of weeks ago your
secretary/treasurer wrote to the two reporters and the editor responsible in
this Bloomberg News story --
http://www.bloomberg.com/news/2013-04-17/central-banks-find-stimulus-gli...
-- for contriving rationalizations for the
gold price smash while omitting central bank intervention, asking if they
would be interested in receiving documentation of that intervention and
asking, if they were not interested, for a statement from them to that
effect. Of course there has been no reply.
But we'll keep at it. Progress is slow but as
was indicated by today's newspaper commentary from South Africa --
http://www.gata.org/node/12521
-- the more distant a
news organization is from London and New York, the more financial journalism
can be honest about the gold market.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
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