Another Day, Another Attack On The Monetary Metals – GATA’s Chris Powell Surveys The Landscape

TND Guest Contributor:  Chris Powell | 

Another day, another attack on the monetary metals in the futures markets, another commentary by London metals trader Andrew Maguire at King World News that the price decline has prompted huge offtake of real metal –

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/10/31_M…

– another commentary by the TF Metals Report’s Turd Ferguson about strange movements of metal in the Comex warehouses –

http://www.tfmetalsreport.com/blog/6272/information-deemed-be-reliable

– speculation by Colorado securities lawyer Avery Goodman and others that the attack is another coordinated central bank operation, this time to discourage support for the referendum campaign that would require Switzerland to commit more of its foreign exchange reserves to gold –

http://seekingalpha.com/instablog/337451-avery-goodman/3393985-what-lies…

– and more anguished calls to your secretary/treasurer from people seeking investment advice, wondering whether there’s any point in sticking around the monetary metals sector, calls that are silly not just because your secretary/treasurer is not an investment adviser but a mere scribe and archivist but also because ever since he appeared at the New Orleans Investment Conference last Saturday former Federal Reserve Chairman Alan Greenspan, supposedly a renowned authority, has been recommending gold:

http://www.merkinvestments.com/insights/2014/2014-10-29.php

http://www.washingtonpost.com/blogs/wonkblog/wp/2014/10/30/wonkbook-gree…

For whatever it may be worth your secretary/treasurer knows only this:

1) That for the time being central banks and the governments they control remain in charge of the gold price and most prices through the rigging mechanisms of gold reserve leasing and swapping and the futures markets, where they are able to deploy infinite money in secret.

2) That as the world’s economy continues to weaken, with wealth being transferred from the masses to the elites, central banks and the governments they control will resort to still more totalitarian methods to maintain their control.

3) That questions about these methods, such as those specified with supporting documents here –

http://www.gata.org/node/14606

– should be directed to central banks and the governments they control as well as to financial news organizations, though of course financial news organizations, especially in the West, remain unlikely ever to commit actual journalism in regard to gold particularly and central bank interventions generally.

4) That the World Gold Council, nominally the representative of the gold mining industry and gold investors, will continue to publish erroneous and misleading data about gold’s function in the international monetary system and obtuse and irrelevant reports like this one –

http://www.gold.org/news-and-events/press-releases/report-highlights-res…

– so that the council might seem busy while central banks wage uncontested war against the monetary metal.

5) That most gold and silver mining industry executives will continue to have no idea about the monetary nature of their product and the surreptitious mechanisms of its pricing and will remain silent and incurious even as the prices of their products sink well below the cost of production and the share prices of their companies fall to zero.

6) That, nevertheless, GATA will press on in pursuit of a constituency for free and transparent markets, limited and accountable government, and fair dealing among nations and peoples.

7) And that someday, some year, some decade, some century we shall know the truth and if it doesn’t make us free it at least will give us a clue about becoming so.

# # # #

About Chris Powell:

Mr. Powell has been managing editor of the Journal Inquirer, a daily newspaper in Manchester, Connecticut, since 1974. He serves as the secretary/treasurer and a director of the Gold Anti-Trust Action Committee (GATA). Mr. Powell publishes GATA “dispatches” on stories relevant to the precious metals community: click here to access them and the GATA website. For additional information about precious metals, financial markets and the economy a 2 week free trial to GATA chairman Bill Murphy’s subscription service is available by clicking here.   This article is reprinted on The News Doctors with permission.

Source: http://thenewsdoctors.com/another-day-another-attack-on-the-monetary-metals-gatas-chris-powell-surveys-the-landscape/