GATA versus the Gold Cartel

Hello everyone. I would like to extend a special greeting to those Gold Anti-Trust Action Committee supporters who have come from all over the world to attend this conference. Two years ago from this very podium, I presented evidence the gold market was manipulated by a cartel of bullion banks. Since then, GATA has secured massive amounts of additional evidence that confirms our original assessment. For those of you still not familiar with the staggering amount of price-fixing proof GATA has on the Gold Cartel, I suggest you go to http://www.gata.org/. GATA has laid out more evidence of a concerted effort to manipulate the gold price than the United States Government has publicly produced on Bin Laden's direct responsibility for the Terrorist attacks against America. America rightly declared WAR on the Muslim Terrorists. GATA rightly declared a war of our own against the Gold Terrorists. Three years ago my colleague, GATA Treasurer/Secretary Chris Powell, suggested we do something about the obvious price capping activities of the bullion banks. That is how The Gold Anti-Trust Action Committee came into being. Nothing we have discovered the past 3 years has contradicted our initial assertion. Over these ensuing years, not one person in the gold industry has told us where we are wrong or why our sobering evidence is faulty. NO ONE! That is not to say that there have not been highly visible individuals in the gold industry casting aspersions our way. For the first couple of years the executives of heavily hedged gold producers, Barrick and AngloGold, initiated some of their highly attended presentations by chortling at the "conspiracy nuts" - to elicit some "yucks" from the many sycophants in their audience. I don't think they will use that tactic anymore. If a bunch of crazed madmen living in the caves of Afghanistan can pull off a successful conspiracy via those awful Terrorist attacks on the U.S., do you not think it conceivable that the richest and most powerful people in the world could effectively conspire to manipulate the price of gold? Mocking the concept of conspiracies is all of sudden "out." The truth of the matter is corporate price-fixing conspiracies are very common. What is most uncommon with the gold conspiracy is the magnitude of this price-fixing case, the parties involved and the devastation it has wrought on so many unsuspecting victims. It was clear to GATA from the very beginning that bullion banks such as Goldman Sachs and Chase Bank were capping all gold price rallies. Every single gold spike, whether a minor or major one, has been simultaneously stuffed by these two banking institutions. I think it fair to say no market has ever traded like gold. Spike, smash. Spike smash. This occurs when a vigilant Gold Cartel is surprised by some announcement, or event, which brings on a surge of physical gold buying, leaving the cabal without enough physical on hand to slow down the price pops. However, calls go out, physical is mobilized, and before you know it, the price of gold is trashed right back down to where the spike began in the first place. This cartel is extremely well organized. What do you think the odds are the "official" price of gold would close out 1997, 1998 AND 1999 at EXACTLY $289 per ounce? I doubt the odds makers in Las Vegas would even touch that one. But, that is exactly what happened and will give you some idea how precise the cabal's work has been over the years. When Chris and I formed GATA, our goal was to expose this manipulation, fight for a free gold market and to win the day for so many GATA contributors who believed we could get the job done. We have given our best effort to do just that, as have so many in GATA's Army of supporters. The revelations of our findings present a most troubling picture: FIRST. The manipulation of the gold price goes way beyond certain bullion banks. It includes the controversial $40 billion Exchange Stabilization Fund (which operates solely under the auspices of the President and Treasury Secretary); the IMF, The Bank For International Settlements and our Federal Reserve Bank. SECOND. This manipulation has made a mockery of the notion that American financial markets are free trading. While government spokesmen preach that concept to an unsuspecting world, the banking and political elitists rig a market when it is in their best interest to do so. It is very sad to think of how many lives were lost fighting Communism, only to learn that our Government has stooped to its OWN Orwellian approach to the markets. THIRD. Fair play in America is slowly fading into oblivion. Many of us here to today have seen the decimation of our gold investments over the past half-decade. All the while, The Gold Cartel and their favored clients have borrowed gold at 1% interest rates, sold it in the physical market, and invested the p...

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