The Phaserl


Why invest in a company so disdainful of its own product?

by Chris Powell, GATA:

Dear Friend of GATA and Gold:

Today’s commentary by David Olive of the Toronto Star about Barrick Gold and its board chairman, Peter Munk, appended here, hauls out all the usual red herrings used against gold investment to suggest that gold’s adherents are just doomsday cult members. Meanwhile Olive refuses to acknowledge the threat gold poses to central bank control of the world financial system and the enormous but largely surreptitious efforts central banks make to suppress gold’s price. Anyone might safely bet his life that, as a certified mainstream financial journalist, Olive has taken an oath never, ever to put a question to a central bank, particularly about gold. Polite company doesn’t do that. But then polite company is never journalism.

Rather, Olive’s commentary is interesting for conveying the disdain Barrick’s chairman always has had and continues to have for his company’s own product. Of course, as Olive’s commentary briefly suggests, years ago Barrick was not only disdaining its own product but was a primary intermediary in the Western central bank scheme to hold gold prices down through gold leasing, so much so that the company even claimed in federal court in New Orleans that, as the agent of central banks, it should share their sovereign immunity against lawsuit.

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