Tag Archives: GATA

Who Cares If The Central Banks Disclose Where Their Gold Is Held?

This article appeared on Zerohedge today and it struck me as being entirely irrelevant:  Central Bank Secrecy – Silence On Gold Storage.   Why does it matter if a Central Bank discloses where its gold is held?  They don’t allow any independent party inspections and audits so it is entirely irrelevant if we know the address of where any specific Central Bank’s gold vaults are located.

We know – or so we’re told – that the Federal Reserve stores some of its custodial in vaults in NYC (it also supposedly has a large portion of its gold in “deep storage” at West Point, but I don’t know anyone who believes that gold is really there in legal title to the U.S. Treasury or other rightful owners).   But just ask Germany what good that knowledge was for them.

Allegedly the Fed keeps German custodial gold in nine different vaults (for security purposes, wink wink).  But when German officials requested a visual inspection of the gold – roughly 1500 tonnes at the time – the Fed would allow the German party that had flown to NYC into only one of the alleged nine vaults.  The Fed permitted only a partial inspection.

ScrapingForGoldWe know how the rest of that story has played out.  An original 674 ton immediate repatriation request in 2013 was transformed into 300 tons over seven years.   To this date, we still don’t know how much or little gold in the last two years has made its way back to Germany. Although some  analysts go by the Fed’s reported vault numbers to infer that some amount less than 100 tons has been sent back to Germany, only a naive fool would trust those numbers.

Make no mistake about it:  the Fed has spent a considerable amount of money over the last 5 years – and hired Enron’s ex-lead lobbyist, Linda Robertson – see this link – in order to sabotage any audit legislation drafted by Congress.   This was specifically directed at quoshing legislation enabling Congress to audit the gold and the gold swap activities of the Fed.

Compiling a list of Central Banks who are willing or unwilling to disclose the location of their gold vaults is a pointless endeavor unless each CB is willing to undergo a completely independent audit of every bar of gold and the associated record-keeping activities connected with each bar.  We have a better chance of finding life on Pluto than getting any Central Bank willing to submit to a legitimate audit open to pubic inspection.

In fact, highlighting the fact that the Bank of England will disclose its vault location in contrast to the CB’s that refuse to disclose only serves the purpose of deceitfully “legitimizing” the BoE’s reported gold holdings.  It’s the exercise of setting up a strawman for the purpose of promoting fraudulent propaganda.

The Bank of England is no more willing to submit to the rigors of a legitimate independent audit than any other Central Bank.  Thus, unfortunately, any reported numbers representing any amount of gold held in these vaults is nothing more than vacuous “hearsay” evidence.  It’s analogous to believing that OJ Simpson was innocent.

SoT #48 – Bill Murphy: Violent And Breathtaking Moves Coming In Gold And Silver

One of my sources says the silver is the most explosive they’ve ever seen it in terms of what is coming down the pike. To get it in size is extremely difficult and they expect it to disappear sometime this fall where you just can’t get it – and they’re adamant about it.  – Bill Murphy, Shadow of Truth

It’s been four-plus years now since the gold and silver markets have been subjected to the complete criminal control of the western Central Banks and their agent bullion banks.

We have all these market where the big banks have been fined for criminality whether its energy, LIBOR, currencies and mortgages – with every other market they’ve found wrongdoing and they can’t find any wrongdoing in the gold/silver market? It’s a joke.  – Bill Murphy

The heart of the precious metals manipulation scheme is to legitimize the manipulation and control over every other major asset market which has been enabled by the Federal Reserve and U.S. Treasury printing presses – dollars and Treasury certificates, respectively. Both of these fraudulent forms of “money” are the mechanisms by which the elitists are sucking the wealth out of the U.S. economic system – a wealth transfer scheme of historically unprecedented size.

The dislocation between the current “price” of gold and the actual fundamental value of gold based on underlying fundamentals is probably the widest valuation dislocation of any asset market in the history of the universe.   It is truly stunning.

Gold Manipulation: It’s Much Bigger Than You Think

From Michael Edwards, editor of the Activist Post:   All of your work is outstanding, but this one goes beyond – wow, thank you very much for your analysis. This is one of those stories that can really open people’s minds on a broad scale that there truly are things called “conspiracies.”  Maybe if people can face the obvious, they will dig even deeper.

The gold price manipulation scheme will go down as the biggest financial market scandal in US history for numerous reasons. They include the destruction of the free market system in the United States. The manipulation of the gold and silver prices eventually led to the manipulation of US interest rates via the Fed, the stock market via the Plunge Protection Team, and to the currency markets.  – Bill Murphy, GATA.org

The gold manipulation scheme has taken on historic proportions.  It’s been going on for several decades – witness the London gold pools of the 1960’s which were implemented to prevent the price of gold from taking off because the U.S. was running out of gold with which to back the Treasury debt it had issued to foreign creditors who were redeeming their Treasury notes for gold per the Bretton Woods Agreement.

Ultimately this scheme failed when Charles de Gaulle famously began redeeming France’s Treasuries for gold because he had calculated that the U.S. had issued significantly more Treasuries than it had gold to back those Treasuries.  France pulled out of the London gold pool operation and a couple years later Nixon was forced close the gold window or, rather, end the convertibility of foreign-owned Treasuries into gold.

Frank Veneroso, who wrote the brilliant “Gold Book” in 1998, told Sprott’s John Embry and I many years ago that the gold price suppression scheme was “much bigger than you think.” Frank found out the US Government was taping his phone calls and ever since has shut up about what GATA has to say. Frank was the one who exposed the gold leasing scheme, which is how The Gold Cartel did their thing so many years ago. It is how GATA knows the central banks have well less than half the gold they say they have in their vaults. Frank got his information from a Bank of England source who has since died.  – Bill Murphy

Each new financial crisis (emerging market debt, Long Term Capital, tech bubble, housing/credit bubble, etc) was met with successively larger amounts of money printing and credit creation.   Print money to keep the banks and the markets from collapsing and create more credit to keep the giant Ponzi scheme going.  Once the gold bull market got underway in late 2000/early 2001, in order support the monetary intervention required to keep the U.S. systemic “shell game” going, the manipulation of the gold markets began to intensify.  It also started to become more obvious in nature to those where researching, trading and investing in the precious metals sector.  GATA was and is instrumental in exposing and reporting the facts about the manipulation of the gold market.

At the end of 2000, the Treasury had $5.6 trillion in debt outstanding.  The current amount is $18.15 trillion but there is a debt issuance ceiling in force now for which the Obama Government is circumventing by raiding Federal pension funds, the Social Security Trust, issuing IOU’s and other cash “reservoirs” that will soon run out.  The debt ceiling will have to be lifted again, like to $20 trillion.  That’s nearly a 400% increase in just Treasury debt since 2000.  At the end of 2000, the Treasury debt to GDP ratio was 54%.  Today it is 102.5% and this does not include the Treasury’s Fannie Mae and Freddie Mac guarantees.  In other words, the amount of Government debt has grown at twice the nominal rate of the U.S. economy in the same time period.  Note: the “wealth” produced by the U.S. is part of the theoretical backing of the dollar.

This is just Government on-balance-sheet debt.  Total Government contingent liabilities, i.e. on-balance-sheet plus off-balance-sheet, is now estimated by several different sources to be at least $200 trillion.  This would include pension, Social Security, and several other Government entitlement programs.  Recently it was estimated that State pension funds are now underfunded by at least $2 trillion.  Student loan debt  is now well over $1 trillion, of which 30%-40% in arrears or in outright/technical default,   Most private pension funds are at least underfunded by 50%.  

An “underfunded” liability is a socially correct term for “debt.”  When the stock and credit markets re-collapse, the underfunded status of most if not all pensions will likely approach more like 90%.  Some pensions will  be wiped out.

Then there’s the derivatives…

The point here is that the fundamentals underpinning the precious metals market have strengthened cumulatively since the gold bull market began.  There has not been one point in time in the last 15 years, in fact, when these fundamentals have weakened.  What has changed is the degree of intervention engaged in by the Central Banks and U.S. Government as a means of preventing the price of gold from rising and signalling to the world that the U.S. political and economic system – the system which issues the world’s reserve currency – is increasingly corrupt, criminal and entirely fraudulent.

Yes, China has its issues as well but it has two things that the U.S. does not:  $3.4 trillion in foreign currency reserves backed by a big trade surplus and a massive amount of gold.  On the other hand, the U.S. foreign reserves are roughly $39 billion and it runs a $40 billion/month trade deficit.  It is highly unlikely that the U.S. Government possesses legal title to little if any gold.

In my opinion, the ability of the U.S. in conjunction with its European vassals and the BIS to keep the U.S. dollar fiat money system in motion is largely dependent on the ability to keep the price of gold suppressed.  In 2011, when silver threatened to take out $50 and gold was headed in the $2000’s, the U.S. elitists were staring into the abyss.  That’s when the gold market intervention took on a whole new dimension.  This is best visualized with this graphic:

FEDBALGOLD1

The dislocation in the correlation between the price of gold and the size of the  Fed balance sheet shown in the graph above is further supported by the manipulation activity reflected in these two graphs (inset chart on the right graph sourced from Zerohedge, with my edits) – click to enlarge image:

UntitledGOLD_Q1

The graph on the left shows the massive paper ambush on the gold futures market on Sunday evening July 19. An enormous amount of paper gold contracts were dumped into the Comex’s globex electronic trading system during one of the slowest trading periods at any point in time during the trading week. A bona fide seller trying to sell a big position at the best possible execution prices would never have dumped a position like this. The only explanation is that someone wanted to drive the price the price of gold lower and make a point of doing so. This particular occurrence in the gold market has been a recurring event over the life of the gold bull market. However, the frequency of the above trading pattern has significantly increased since 2011.

The graph on the right is the daily, year-to-date graph of the price of gold. As you can see, despite the continuous strengthening of the underlying fundamentals supporting the price of gold, including the heightened risk imposed on the global financial system by the probable financial collapse of Greece, the price of gold trended lower during Q1 2015. The inset graphic, however, shows the big spike in gold OTC derivatives issued and held by the big banks, JP Morgan being the largest issuer of OTC gold derivatives. There is a definitive correlation between the big spike in gold OTC derivatives and the downward pressure on the price of gold.

PaperGoldRatio

This graph on the right, prepared by the TFMetalsReport, shows the record level of the ratio of paper gold to physical gold on the Comex – 117x.  You can see the ratio exploded and went vertical starting mid-2013, which is right around the time Bernanke delivered his infamous “QE taper speech.”  This graph unequivocally reflects the sense of desperation by the Fed and the Treasury in its efforts to push the price of gold lower using the extremely fraudulent paper gold market.

Finally, since mid-December, when it seems some sort of derivatives bomb exploded – LINK –  the anti-gold propaganda from the media has significantly intensified.  This especially true since the July 19 ambush.  It’s not just anti-gold propaganda, however,  it’s a grotesque preponderance of insidious misinformation and disinformation.  The blatant manipulation of the gold market in conjunction with the rabid dissemination of anti-gold rhetoric from both the financial press and Wall Street reeks of desperation – desperation to keep a lid on the one market signal that would undermine the elitists’ perpetuation of the U.S. dollar-based systemic Ponzi scheme which enables them to loot and confiscate middle class wealth (“middle class” being defined as anyone not wealthy enough to buy their own politician or not in the privileged position to benefit from the wealth confiscation schemes).

The Shadow of Truth will be releasing a podcast in two-parts of a two hour conversation with Jim Willie sometime tomorrow.  In a portion of the podcast, Jim Willie lays out the elaborate scheme being used to keep interest rates low and to push the dollar higher in one last desperate attempt to maintain the reserve status of the U.S. dollar and global hegemony of the United States, both of which are being systematically dismantled. Keeping a lid on the price of gold is the nexus of the blueprint for implementing the extreme market intervention by the Federal Reserve and the Treasury’s Working Group on Financial markets.

When the intervention in the gold market fails, which it inevitably will as have all other market interventions in history, it will have the systemic affect of delivering a massive blow from a 2 x 4 on the back of the heads of the unsuspecting public in this country.  In other words, be prepared for life to become very uncomfortable in every respect.  My personal view is that will be the case even for those of us who have taken steps to prepare for this inevitability.

Anti-Gold Propaganda Reaches Bubble Proportions

The anti-gold propaganda spewing forth from all corners of the media is greater and more intense than I’ve ever seen any investment propaganda.  Every time I turn on Bloomberg, FoxBiz or CNBC there’s a discussion of how useless gold is.  It’s beyond surreal – it’s criminal.  – Investment Research Dynamics

There’s a new bubble in town.  It’s anti-gold propaganda.  I prefer to reference it as “anti-gold terrorism.”  It’s to the point at which it’s become silly – outright preposterous.  This Orwellian-derived antagonism toward gold reached its apex – at least I so thought – with the “gold is a pet rock” article in the Wall Street Journal:  Let’s Be Honest About Gold:  It’s A Pet Rock.

The article and analysis – or poor excuse for “analysis” contained therein reads like the work of a drunk five-year old.  Shame on Jason  Zweig for attaching his name to it. He can no longer be taken seriously in any regard as a journalist.  Shame on the Wall Street Journal for publishing that fermented piece of scatology.  If Jackson Pollack had produced a painting using fecal matter which lampooned the anti-gold terrorism coming from the media, that’s what it would have looked like.

Perhaps today the absurdity has reached the apex of its crescendo with this utterly ridiculous “letter to gold bug” published by Marketwatch:   It’s time to surrender and let the yellow metal fall to its bear market low

Seriously?  Here’s an open question to Howard Gold:   How can any market be said to be in a “bear” market when the forces driving it lower are Central Banks and Governments who wake up in fear every day over the possibility that gold might exploded higher and reveal the truth about the size of the lie our entire system has become.  Including YOU, Howie.

There are no markets anymore, only interventions (Chris Powell, Treasurer of GATA). Definitionally, the trading of gold can not be termed “a market” because it is not allowed to trade in a legitimate bid/ask exchange.  The “ask” side is nothing but fraudulent paper.  Therefore, it is completely invalid to reference gold as being in “a bear market.”  How about that, Howie, your “letter” is completely invalid – by definition.

What is it that the elitists fear so much that they have resorted to flooding the airwaves and internet with thoroughly foolish propaganda and lies?   I think anyone reading this knows the answer to that rhetorical question.

It’s far worse to be disappointed than pissed off.  I’m no longer pissed off about the unfettered criminality that has engulfed our system.  I’m disappointed by it.  These people have rendered useless and meaningless the efforts of anyone who attempts to conduct their affairs legally and morally.  If the elitists running the system are above the law, why should the masses abide?

The gloves are off.  I would urge everyone who reads this to “tweet” it at Howie:  @howardrgold.   He’s too much of a coward to list an email address on Marketwatch.com.

Of course, all of these so-called “experts” on the gold market in reality know nothing about it.  In fact, the propaganda will likely be for naught.  India a couple weeks away from it’s strongest seasonal period for importing gold.  The country has already imported significantly more gold YTD than 2014, contrary to the fraudulent media reports from Reuters and the UBS research department.

And then there’s China.  China is currently importing gold at a run-rate that exceeds the annual amount of gold produced by mines globally.  It too is getting geared up for another strong seasonal buying period.  It’s interesting that an “object” into which China is converting billions of dollars into has been summarily dismissed as “a pet rock” by Jason Zweig, Rupert Murdoch and the puppets who publish the Wall St. Journal…

The Fed Bailed Out The Comex With Hypothecated Gold

I’m not the only one who’s noticed a significant increase in the amount of anti-gold propaganda flooding the financial media.  Here’s a perfect example published by Bloomberg News just today:   Gold’s Technical/Fundamental Trend Is Down

Of course, nothing could be further from the truth.  You tell me, does this chart look “bearish:”

GOLD

This graph does not reflect today’s spike higher in gold. The U.S. financial media has become disinformational in proportions that would make George Orwell or Joseph Goebbels blush with embarrassment.

Another critical fundamental variable ignored by the financial media – and even Koos Jansen for that matter – is deliveries onto the Shanghai Gold Exchange. Yes, withdrawals are the ultimate barometer of Chinese demand for gold – minus the PBoC’s demand, of course – and Koos has done brilliant work on that. But gold can not be withdrawn if it is not first delivered! As it turns out, just this week alone delivery volume onto the SGE has totaled 115.4 tonnes. John Brimelow of JB Gold Jottings describes this volume as “impressive.” Especially considering that the financial media and dolts like Scott Bauer would have us believe that seasonal demand in China is low. Clearly utter disinformation.

Avery Goodman has written a piece for Seeking Alpha that describes why it appears as it the Fed – via JP Morgan – bailed out the Comex from defaulting on gold deliveries under the June contract. I believe Avery’s article is 100% accurate based on my 15 years of researching, trading and analyzing precious metals trading on the Comex:

In an article dated June 1, 2015, I pointed out that COMEX clearing members had gotten themselves to the edge of a widespread default on physical gold delivery obligations. They faced net claims of 550,000 troy ounces against only 370,000 registered ounces left at the COMEX warehouses. That left a deficiency of 170,000 ounces, or 5.29 tons of gold.

That same day, JPMorgan Chase (NYSE:JPM) transferred 177,402 troy ounces of gold into COMEX registered gold stockpiles – just enough to cover the shortfall at maturity, plus some extra to cover the additional buying that always happens during an average delivery month. All this raises a question: Did JPMorgan Chase just engage in a bailout similar to John Pierpont Morgan’s 1907 bailout of the New York City banks?

You can read his entire article here – every assertion he makes is 100% accurate and verifiable:  The Fed Bailed Out The Comex

I wrote during the period just before first notice of deliveries that the open interest standing for delivery was unusually high.  I also suggested that the bullion banks would attack gold and coerce as many of those longs to sell as possible.  I also suggested that the Comex would find a way to avoid delivery default.   Both of my predictions were fulfilled.  Avery’s article explains how delivery default was avoided.

SoT Ep 26 – Chris Powell: “Gold Is The Deadly Threat To All Governments”

We open this podcast with Charlie Chaplin’s speech from “The Dictator.“ It is one of the most powerful speeches ever given. It ranks with the likes of Dr. King’s “I have a Dream” and a handful of other truly great speeches that were designed to uplift the spirit, free the mind and announce to the world we are all sovereign human beings created to do great things with our lives.

For over 15 years, Chris Powell – the co-founder of GATA – has been in the trenches exposing the corruption deeply embedded in our financial and political system. Chris has been a staunch promoter of free markets and reduced Government power. The cornerstone of democracy and true freedom begins with honest money. Gold stands alone a honest because it does not rely and counterparty risk and it can not be printed and devalued.

Because of this inherent nature in the use of gold as currency, gold stands as threat to a Government’s ability to dictate.

Gold is the deadly threat to all governments, including the Chinese government. Gold is a free market independent currency and puts all government currency at risk. Is China really working in the gold market for free markets and democracy and individual liberty around the world? No, I don’t think so. China, I think, is mainly working to hedge it’s stupid U.S. dollar exposure. – Chris Powell, Shadow of Truth

The gold community, in general, is very excited about the prospects of China and the new gold fix that will be launched sometime in 2015. Most of the speculation is around the September timeframe, but most assuredly before years end. After speaking with Chris about China and this seemingly important change in the global pricing mechanism, our optimism is waning. Let’s just say there has been a dose of reality served up.

I don’t kid myself that China is working for the benefit of us goldbugs here in the West. I think China is working for power for the Chinese government. Now, does the Chinese government want a higher gold price or a lower gold price or does the Chinese government just want to control the gold price as much as Western governments want to control it for different reasons? In 1974 Kissinger and his Deputy Secretary Thomas Enders discussed how the United States must persuade the European countries to keep moving gold out of the world financial system because whoever has the most gold controls it’s valuation and whoever controls golds valuation controls the valuation of government currencies. – Chris Powell, Shadow of Truth

This is an incredible interview with Chris Powell. Dare we say that he was “on fire.”

I’d say almost all the major ones (mainstream media) in the United States and Europe. Every major financial news organization in the West has all this documentation (regarding gold market manipulation) It just can not be acknowledged as an issue. Any journalist that picked up the gold price suppression issue would be fired.

***

I don’t think the power of Central Banks to create infinite money is their greatest advantage right now. I think their greatest advantage right now is either their control of the mainstream financial news media or the timidity of the mainstream financial news media. This story is just the Emperors New Clothes.
There is very likely an arrangement, an understanding, among the world’s major Central Banks that is redistributing the worlds gold, right now, the debtor nations to the creditor nations to allow the creditor nations to hedge themselves against an evadible devaluation of the dollar.

He (Jim Rickards) has said, over the last year, a number of times. That from his meetings with government officials, Central Bank officials, elected officials, officials of the International Monetary Fund that there is, some, more or less formal arrangement, understanding between the United States and China. Whereby, China agrees not to dump it’s Treasuries while the United States agrees facilitate the flow of gold into China at a discounted price.

Rickards has been on record, on several occasions, stating that gold would be revalued to approximately $9,000 per ounce. According to Millars report, there is already in place, a plan to revalue gold by 7 to 10 times. Gold is currently, approximately, $1,200 per ounce, multiply that by 7 and you get $8,400 per ounce. A multiple of 10 and you have $12,000 per ounce.

LBMA CEO Admits The Gold Market Is Rigged By Central Banks

GATA has produced a stunning disclosure by the LBMA CEO, Ruth Crowell:

Central bank involvement may prevent the London gold market from ever becoming really transparent, the chief executive of the London Bullion Market Association has told a Bank of England study group–  GATA.org link

The disclosure was posted on the LBMA’s website. In fact, here is the direct statement from Ms. Crowell, taken in context and directly from the text:

However, it is worth noting, that the role of the central banks in the bullion market may preclude ‘total’transparencyFair And Effective Market Review

When I first read the GATA report, I was not surprised.  But I am quite stunned by the LBMA CEO’s admissions after reading through the actual LBMA disclosure, posted on the Bank of England’s website (link above).

Ms. Crowell directly acknowledges that Central  Banks use “tools” such as gold leasing, gold loans and gold swaps  in order to “manage” gold market liquidity.  This is nothing but Orwell-speak for “manipulate the gold market as an essential ingredient to manipulate all currencies and markets.”

In fact, it is highly probable that the Federal Reserve hired Enron’s former chief lobbyist, Linda Robinson, and has spent a small fortune in order to fight the move by Congress to audit the Fed specifically to avoid revealing the extent to which the Fed has used U.S. Treasury gold bars (i.e. Taxpayer gold) in order execute the manipulation of the gold market in conjunction with the Bank of England and the ECB.

In this regard, GATA got ahold of a confidential IMF report which specifically advised Central Banks to hide gold loans and swaps which are used for market manipulation:  GATA link.

The truth is that the gold market may be the most manipulated market in history.   Governments and Central Banks based on fiat paper currencies which can be freely printed have no choice but to manipulate the world’s oldest true currency.   At some point the particular law of economics/nature known as “prisoner’s dilemma” will grip those who are manipulating the gold market.   One of the guilty parties will “blink” and the scheme will fall apart.

I would actually suggest, based on China’s enormous accumulation of physical gold – documented and undocumented – over the last 20 years, that China has blinked and we are drawing near an end to the criminal-based western financial system.

 

Shadow of Truth Ep 14 – Bill Murphy: The Man Banned From CNBC For Telling The Truth

Anyone who denies that gold and silver are manipulated either has not spent time examining the evidence or is financially incentivized to refute all allegations.   In other words, they are either ignorant or willfully corrupt. This includes the entire universe of politically corrupt western Central Bankers and professionally criminal Wall Street bankers. But first and foremost it includes all three branches of Government.

The manipulation is seeded by the U.S. Treausry’s Exchange Stabilization Fund, which was first established in 1934 as a currency “stabiliaztion” mechanism. Well guess what? Back then gold and silver were used as a currency. The Commodities and Futures Trading Commission was set up to enforce the rules in place to prevent futures manipulation.  For some reason, the CFTC has discovered and prosecuted manipulation in just about every  futures market except gold and silver, despite an inexhaustible effort by many organizations and individuals,  which have flooded the CFTC with compelling evidence.

One such organization is GATA – the Gold Anti-Trust Action committee, founded by Bill Murphy and Chris Powell. They founded GATA in 1998 in order to expose the massive gold manipulation scheme by the western Central Banks. The goal was to not just to bring about regulatory change but to compel enforcement of the laws which already exist. If you have not done so, spend some time perusing the GATA archives (GATA.org Articles), which contain countless irrefutable studies proving  that the gold and silver markets are rigged to an astonishing degree of repetition and blatancy.

Unfortunately, as we have all discovered, any effort in Congress to audit the Fed, all attempts make Freedom Of Information Act inquiries about the Fed’s gold trading activities and all initiatives to hold the Fed accountable for the gold it reports to be in its vaults have been denied by the impentrable wall of corruption and fraud that separates Washington DC and Wall Street from truth and justice.

Rory and I hosted GATA co-founder Bill Murphy for a very lively and information discussion about GATA and its efforts to shine the light of truth of the world’s oldest currency and only true form of honest money.

Podcast Download (right-click on link and hit “save as”)

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Anti-Gold Propaganda In The West At An All-Time High

I’ve been involved in every aspect of the precious metals market since late 2001 and I’ve never heard of Rick Spooner or CMC markets…Rick Spooner?  Why not just drag out Pee Wee Herman and have him read off a teleprompter?

CNBC, Ansuya Arjani and anti-gold terrorism

With gold under the most intense market manipulation effort in history from the western Central Banks, leave it to none other than CNBC to amplify the media’s anti-gold propaganda effort.   Little bit of history.  CNBC has been anti-gold since the nascence of gold’s bull market.  GATA’s Bill “Midas” Murphy was interviewed on CNBC in February 1999, right around the time the Bank of England was starting to drop 400 tonnes – half of England’s gold – onto the market.   Bill told the truth about the gold manipulation and was banned from appearing on CNBC ever since.

This morning I wake up and see this headline from CNBC post on Yahoo.com:  “Stay Clear, Gold Sell-Off Could Get Uglier” (LINK).   CNBC dragged out none other than Rick Spooner of CMC Markets?  Who?  I’ve been involved in every aspect of the precious metals market since late 2001 and I’ve never heard of Rick Spooner or CMC markets.  I looked up CMC Markets and I find that it’s a retail online forex bucket shop business (Goldman owns 10%) based in London.    Rick Spooner?  Why not just drag out Pee Wee Herman and have him read off a teleprompter?

The anti-gold propaganda is starting to boil over because everyone knows that the fiat currency Ponzi scheme global financial system is collapsing.   It becomes more obvious to more people everyday.  For CNBC to drag out someone like this reflects a new level of desperation by the western financial elitists in their effort to disarm gold’s alarm signal.

On the other hand, China, India and Russia have all collectively stepped up their efforts at accumulating all the physical gold being used to by the western bullion banks to hold down the price of gold.  According to the Shanghai Gold Exchange website, delivery volume of gold last week totaled a monster 261.234 tonnes.   This means withdrawals will likely amplify as well.

 Instead of seeing Friday’s obvious attack on gold – and today’s anti-gold propaganda attack – as a sign of a market that’s in trouble, perhaps these blatant attacks on gold should be seen as the west’s last gasp of breath in its effort to keep a dying system from collapsing.