The price of gold has been heavily suppressed by the U.S. government, Wall Street financial houses, and the banking system, according to billionaire Canadian mining and movie entrepreneur Frank Giustra, a confidant and philanthropy associate of former President Bill Clinton.
Giustra's remarks were made in late January at the Vancouver Resource Investment Conference during an interview with Marin Katusa of Katusa Research and were publicized today by GATA Board of Directors member Ed Steer's Gold & Silver Daily newsletter (http://www.edsteergoldandsilver.com).
Video of the interview, posted by Katusa Research, shows Giustra identifying gold as the asset with the most potential for appreciation and describing the financial and political turmoil in the world. Then Katusa asks Giustra why the gold price hasn't reached $5,000 per ounce.
Giustra replies: "I'm not into conspiracy theories but I think gold is managed, and I think the West -- specifically the United States -- goes out of its way to downplay the value of gold from a historical perspective, and I think that they've done a very good job -- Wall Street, the banking system, the government. Every government wants to own gold. They don't want their citizens to own gold because that undermines the confidence in the real economy, and in a situation where you have such fragility in the system, the worst thing that any government would want to see is a spike in the price of gold."
To which GATA may reply ruefully: Better late than never. For nine years ago a mutual friend introduced GATA to Giustra in the belief that he could be immensely helpful to the cause of liberating the monetary metals markets. Your secretary/treasurer sent him a summary of GATA's documentation of the purposes and mechanisms of the gold price suppression scheme, a summary whose most recent edition is posted here:
http://www.gata.org/node/14839
Weeks passed and eventually Giustra was prodded into resentfully acknowledging receipt of the summary while adding that he had not yet had time to review it -- and that was the end of it.
Of course GATA does not expect people of great wealth to pursue the public interest or a social good when this involves challenging governmental and financial power far greater than their own. That kind of philanthropy could put their wealth, businesses, reputations, and even their lives at risk. But such people always could help indirectly and through intermediaries or groups. (Imagine what might be done by the World Gold Council, an organization of gold mining companies, if it ever wanted to function as a world gold council and not just as a facilitator of the fractional-reserve gold banking system.)
Now that Giustra admits knowledge of the Western gold price suppression scheme, will he do anything about it except passively wait for it to disintegrate, vindicate the value of his investments, and liberate not just the monetary metals markets but the world's markets generally? Is putting himself at risk in pursuit of justice that cosmic still out of the question?
Belated as it would be, GATA still could use and would be grateful for his help, which can be arranged here:
http://www.gata.org/node/16
Giustra's interview with Katusa is posted at the Vimeo video site here --
https://vimeo.com/202302922
-- and his remarks about gold price suppression begin at the 1:30 mark.
