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Back to Quack Off
Quack Off
by
Free Market
Duck
Anybody Seen
Our Gold?
(Feb 10,
2008)
From GATA's ad
in the Wall Street Journal on Thursday, Jan 31, 2008
Washington,
DC – The gold reserves of the United States have not been fully and
independently audited for half a century. Now there is proof
that those gold reserves and those of other Western nations are being used
for the surreptitious manipulation of the international currency, commodity,
equity, and bond markets.
The Federal
Reserve's general counsel, J. Virgil Mattingly, acknowledged as much when he
told the Federal Open Market Committee on January 31, 1995, that the
Treasury Department's Exchange Stabilization Fund had undertaken gold swaps.
Federal Reserve
Chairman Alan Greenspan acknowledged as much in testimony to Congress on
July 24, 1998, when he said that "central banks stand ready to lease gold in
increasing quantities should the price rise."
Barrick Gold Corp.
acknowledged as much in a filing in U.S. District Court in New Orleans on
February 28, 2003, asserting that the mining company was the instrument of
the central banks in shorting the gold market.
The Bank for
International Settlements acknowledged as much on June 27, 2005, when the
head of its monetary and economic department, William S. White, declared at
a convention of central bankers in Basel, Switzerland, that a major purpose
of international central bank cooperation is "the provision of international
credits and joint efforts to influence asset prices -- especially gold and
foreign exchange."
Since last May the
U.S. Treasury Department's weekly report of the government's international
reserve position has cited loans and swaps from the U.S. gold reserves.
Since 2004 four
major international investment houses -- Sprott Asset Management, Cheuvreux,
Citigroup, and Redburn Partners -- have issued reports stating that Western
central banks have been manipulating the gold market.
The objective
of this manipulation is to conceal the mismanagement of the U.S. dollar so
that it might retain its function as the world's reserve currency. But
to suppress the price of gold is to disable the barometer of the
international financial system so that all markets may be more easily
manipulated. This manipulation has been a primary cause of the
catastrophic excesses in the markets that now threaten the whole world.
Gold's recent rise
toward $900 per ounce shows that the price suppression scheme is faltering.
When it is widely understood how central banks have been suppressing gold,
its price may rise to $3,000 or $5,000 or more.
Surreptitious
market manipulation by government is leading the world to disaster. We
want to expose and stop it.
Who are we?
We're the Gold
Anti-Trust Action Committee Inc., a non-profit, federally tax-exempt civil
rights and educational organization formed by people who recognize the
necessity of free markets in the monetary metals. In May 2001 we
gathered representatives of five gold-producing African countries in Durban,
South Africa, at the GATA African Gold Summit. In August 2005 we
brought gold market experts and investors from around the world to the Gold
Rush 21 conference in Dawson City, Yukon Territory, Canada, excerpts of
which you can watch on the Internet here:
www.GoldRush21.com.
Now GATA is
marching on the Treasury Department to demand, via the Freedom of
Information Act, that the U.S. government come clean about its gold reserves
-- to disclose how much gold is left and how much has been compromised by
leases, swaps, and other encumbrances undertaken for surreptitious market
intervention.
So that we may
explain how the unfolding world financial disaster can be mitigated and why
free markets in the monetary metals are essential to free markets
everywhere, we invite you to join us at our next conference -- "GATA Goes
to Washington: Anybody Seen Our Gold?" -- to be held Thursday
through Saturday, April 17-19.
For information
about that conference and GATA, visit
www.GATA.org. -- FM Duck
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