by Chris Powell, GATA:
Dear Friend of GATA and Gold:
Most financial journalism and most academic teaching maintain that gold is at best a quaint antique. I’m here to argue that gold not only remains money but may again be the best and most important money — to argue that, even more than this, gold is in fact the secret knowledge of the financial universe.
Gold already is so important that Western central banks — particularly the U.S. Treasury and its Exchange Stabilization Fund, the Federal Reserve, and allied central banks — rig the gold market every day, even hour by hour, to control and usually suppress gold’s price.
Why do Western central banks rig the gold market? It’s because gold is a powerful competitive international currency that, if allowed to function in a free market, will determine the value of other currencies, the level of interest rates, and the value of government bonds.
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