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The Emperor Wears No Clothes But Who Else Dares to Say So?

by Chris Powell, Gold Seek:

Dear Friend of GATA and Gold:

Somebody smashed the gold price out of the blue today, with no particular news developments to explain it:

http://www.chartseeker.com/images/AU-24HR-LG.png?r=463917316745.4918

Zero Hedge asserts that the smash was accomplished by the dumping of $5 billion in paper gold:

http://www.zerohedge.com/news/2016-08-12/european-close-sparks-selling-p…

King World News charges that it was done by the Bank for International Settlements —


http://kingworldnews.com/alert-bis-intervened-in-the-gold-market-to-assi…

— and while KWN offers no particular evidence for its charge, that the BIS is intervening surreptitiously in the gold market nearly every day on behalf of its client central banks long has been documented well enough by the bank’s annual reports —

http://www.gata.org/node/12717

— by statements by BIS officers —

http://www.gata.org/node/4279

http://www.gata.org/node/11304

— and by the BIS’ own advertising:

http://www.gata.org/node/11012

Putting it all together best today may have been market analysts John Brimelow and James McShirley, who contribute frequently to GATA Chairman Bill Murphy’s daily “Midas” commentary on the gold market at LeMetropoleCafe.com.

Brimelow, editor of the John Brimelow Gold Jottings letter, today reminisced about the failure in the 1990s of the 200-day moving average as a market indicator:

“Gold veterans will remember that it was in the mid-90s that the Frank Veneroso school judged there to be persistent central bank intervention in gold and began to wonder how far it extended into other markets. This concept is less controversial now than it was 20 years ago.”

McShirley wrote:

“The last two months have been a microcosm of the past five years. Gold is being mugged in plain sight, right in front of the cops, with no media bothering to report the crime. It sounds like a broken record but clearly this rigging is untenable. Epic rallies come from markets that have become distorted. Gold and silver aren’t merely being distorted; they are being suppressed to small fractions of their true net worth. Tsunamis come to mind when predicting the outcome.”

For years GATA’s premise has been that this market rigging could be defeated if it was documented, exposed, and publicized well enough. But while many people in the monetary metals industry have come to understand what is happening, few have acknowledged it in public. And while the documentation has been presented and explained to many financial news organizations, none in the mainstream have dared to pursue it seriously.

Even some mainstream financial news organizations that have approached GATA professing an interest in the subject have dropped it quickly and fled upon realizing how sensitive governments are about it.

Yet at least two major governments, those of Russia and China, have acknowledged knowing all about gold price suppression and even about GATA’s work particularly:

Read More @ GoldSeek.com

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1 comment to The Emperor Wears No Clothes But Who Else Dares to Say So?

  • rich

    Latest bond rally eye sore: one for the price of two

    The Bank of England’s recent stimulus splurge, including a move to buy corporate paper, has driven the market prices for several sterling corporate bonds up to more than two times their initial face value, even for those unlikely to qualify for the central bank’s shopping list, writes Joel Lewin.

    The price of US industrial conglomerate General Electric’s 2039 sterling bond, for example, has rocketed to a record high of 215.5 pence on the pound. That’s up from 165p at the start of the year and 100p when it was issued in 2009.

    The yield has plunged from more than 10 per cent in 2009 to a low of 1.805 per cent.

    Coupons aside, paying £215.50 today to be repaid £100 in 2039 amounts to a capital loss of 5 per cent every year for the next 23 years. Tasty.

    “It’s another sign of how far central banks have pushed things,” says Luke Hickmore, a senior investment manager at Aberdeen Asset Management.

    http://www.ft.com/fastft/2016/08/15/latest-bond-rally-eye-sore-one-for-the-price-of-two/

    they go hand in hand……………..

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