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Purpose2012
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It Won’t Be Long Before The Gold/Silver Manipulation Scandal Goes Mainstream

- Bill Murphy - Le Metropole Café

Hi Bill

By way of caveat, I'd first like to say I totally appreciate the efforts of yourself & other members of GATA in attempting to expose the scandal that may in later times be called 'The Greatest Fraud On Earth'.

However I'm surprised you've quoted the Thomas Pascoe article, as many of the 'below-the-line' comments on the original have (fairly, I think) poured scorn on the main tenet, which is :

"One globally significant US bank in particular is understood to have been heavily short on two tonnes of gold, enough to call into question its solvency if redemption occurred at the prevailing price... Faced with the prospect of a global collapse in the banking system, the Chancellor took the decision to bail out the banks by dumping Britain's gold"

2 tonnes = 64,300 oz ; so at the early-1999 price of ~$300, that's a total value of only $19.3 million. Could a loss of that magnitude really have caused the collapse of a single bank, let alone "a global collapse in the banking system" ?

And if it were only 2 tonnes, why did Britain have to sell 400 tonnes to cover it ?

(I note also that, like most British media, the Telegraph is so Anglo-centric that it can assert, with a straight face, that *Britain* saved the world banking system on its own... and that Conservative commentators never mention the substantial amount of gold that was sold by *other* EU central banks from the late 90s onwards - they like to insinuate that Gordon Brown was the only chancellor that fell into that trap !)

I'd welcome your comments on whether there is something I'm missing, or if you agree that Pascoe's 'revelation' is (sadly) just a mirage.

Keep the cafetieres of wisdom flowing,

Jim

Commented 4443 days ago

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Beginning of the headline : Times are finally changing.It will never be at the speed the GATA camp expects, yet slowly but surely our time is coming.The GATA camp will be proven correct and it will evolve into one of the most grotesque scandals in history … dwarfing the Enron, Madoff, MF Global and Barclays scandals combined, in terms of its effects on financial markets around the world... Read More

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