The NY Times Tries To Demonize Gold

Right now it is $1,390 an ounce, but before the events in New York and Washington it was $280 an ounce,” he wrote. He added, “If the price of gold reaches $1,500 or a little over before you get this message, it’s still all right to buy it.NY Times quoting Bin Laden

Some of you may remember back in like 2003 or 2004 when gold’s move up was starting to catch the eye of the mainstream media and CNBC’s Bob Pisani made the comment from his theatrical perch on the floor of the NYSE that “gold is the currency of terrorists.”

Enter the New York Times – where the truth goes to die.

The mainstream media has an obsession with demonizing gold.  It’s the metal of terrorists; it’s a pet rock; you can’t eat it;  it doesn’t pay interest…and now the NY Times is connecting the ownership of gold with Bin Laden.  Why even bring this up?   Bin Laden has been dead since 2002 (kidney failure) 2011.

Of course, the NY Times has morphed into little more than a propaganda mouthpiece for the elitist interests that control it.  In that regard, the NY Times article associating Bin Laden with gold ownership reflects the growing concern of the elitists over the slow but steadily growing interest in precious metals ownership by the public.

But the U.S. Government’s policy of eradicating the legitimacy of gold as currency goes back the 1970’s.  Discussion and education about gold as a currency was systematically eliminated from the educational system in the early 1970’s after Nixon removed any connection between fiat currency and gold.

As an economics major in undergrad (1981 – 1985), I took some financial economics courses.  Gold was never mentioned.  I studied financial theory at the U of Chicago B-school (1989 – 1991) from the same professors who wrote the finance textbooks I used in undergrad.  No mention of gold in any respect, not even for historical perspective.

Now that gold’s long term bull market is beginning to re-emerge, articles which disparage if not vilify gold are appearing in  “respectable” mainstream media publications like the NY Times and Wall Street Journal.

But if gold is no big deal, how come the Fed refuses to answer any inquiries about its dealings on gold:  “Smith then asked Dudley whether the Federal Reserve has swapped gold with the governments or central banks of other countries. Dudley replied:  “‘I can’t comment on individual customer kind of transactions.'”

Perhaps if the NY Times et al were interested in digging up real news about gold, these publications would looking into the dealings by the U.S. Treasury and the Federal Reserve with respect to the 8,100 tonnes of gold allegedly held in storage at Federal Reserve vaults. If gold is no more than a “pet rock” that “just sits there doing nothing” (Warren Buffet’s comment about gold) why is the Fed intentionally non-transparent with respect to its trading activities in gold?  After all, the Fed publishes daily disclosures about its trading activities in its U.S. dollar fiat currency.

These are of course rhetorical questions.  In fact I would suggest that the anti-gold propaganda will increase in direct correlation with the next leg up in the gold bull market, which began in mid-January.   After all, a properly informed and educated public is dangerous to the Government…

Would the New York Fed respond with such contempt to a similar inquiry from, say, The Wall Street Journal, New York Times, Reuters, Bloomberg News, or the Financial Times? The possibility of such critical and specific questioning about the Fed’s surreptitious intervention in the markets probably does not worry Fed officials in the slightest. At least such questioning has never happened before.  – GATA

12 thoughts on “The NY Times Tries To Demonize Gold

  1. If gold is a worthless pet rock, then a house is a way overpriced shack that makes YOU cough up interest leaving you little else to spend on yourself. Yet none of the “respectable” media outlets question the reckless gambling in the housing sector which benefits a few to the detriment of many. Timeless wisdom never gets old, so let me repeat the saying “fools buy houses, smart people live in them”. I have heard quote a few business people say thay buying a house is a dead investment and they would rather invest money saved by renting. If gold price goes up, it shouldn’t bother anyone because it is a just a pet rock right? Wrong. They dont want any money to go to a place other than the casino called the stock market or towards a home loan or auto loan payment. If people start to save up money and invest in gold, who is going to buy over priced junk? Who is going to perpetuate the need for bailouts?

  2. I suppose you might have missed Financial Times video posted at bottom of following link (sorry it’s embedded, don’t know how to post direct link to video or source from Financial Times)

    in which it is declared that:

    1. Gold is human waste, i.e. excrement
    2. Money MUST deteriorate for properly smooth functioning of society

  3. I think the US still has all the gold they claim they have in physical form. The problem is the multiple or rather endless leasing of it. An ounce of gold wrapped up in hundreds of little paper pieces. To untangle that kind of legal crap is probably near to impossible. But when the crunch comes they will not give a damn crap and just keep the gold – as they did with Germany.

    Gold is on the way up. No matter what the jokers on CNBS are saying.

  4. New York Times ? Today we use that as a punch line for telling
    wild stories. More like where the truth goes to die.
    Also speaking of bullshit rags to use as ass wipe how about
    “Thee Wall Street Journal” published their hit piece on gold
    on April 3rd. All the media is being paid to spew lies and propaganda.
    Is it any wonder that the populace could care less at this point?
    Let’s enjoy what we have while we have it. Times will be getting tough
    soon enough. Wall Shit Journal article attached, I’m out of here.

  5. While these asshole’s are allowed to sell gold they don’t have ….with imaginary money they dont have .gov allows them to pull out of their ass, this bullshit will continue.

    I contest actually takes centuries to accumulate….these assholes are destroying it with every key stroke….dark ages it will be..Krugmanites’ devolving into trogladites before your eyes’

  6. Dave, I’ve been following your blog for a while now and truly appreciate your insight and analysis. Thanks for all your hard work and perseverance in the face of the continual antagonistic BS shoved down our throats daily. You’ve said you’re an atheist as have many I know. When this thing finally blows, the churches will be full of people wondering what happened just like after 911. Sadly, it will be too late for them financially, but perhaps a new awakening as to who they can put their faith in. Not government, wall street, the media, or their financial advisor. Perhaps a higher authority. Not sure how this will play out but hopefully not as bad as you anticipate.

    1. Churches will be full but there will be lines at liquor stores. It’s not going to be pleasant for anyone, rich or poor.

  7. If gold is the money of terrorists wouldn’t by that logic (or lack thereof) mean that at least half of the population of India are terrorists?

    If gold is the money of terrorists wouldn’t by that logic (or lack thereof) mean that the US is a terrorist nation with 8,000 tons of gold?

    Idiot logic-the wisdumb of idiots preached to other idiots to make the idiot audience think they are smarter than the average idiot.

    A parting shot – On CNN (or as I like to call it ‘Clearly Not News’) after Sanders won the majority of the votes in Wisconsin, they had Clinton on and could hardly contain their bias towards her.
    This proves that the Main Stream Media is so far up Clinton’s backside that they deserve to all be called Hillaroids, only they are a pain in everyone’s you-know-what.

  8. Protocol 2:5 “Through the Press we have gained the power to influence while remaining ourselves in the shade; thanks to the Press we have got the GOLD in our hands, notwithstanding that we have had to gather it out of the oceans of blood and tears. But it has paid us, though we have sacrificed many of our people.”

    Protocol 19:22 “You are aware that the gold standard has been the ruin of the states which adopted it, for it has not been able to satisfy the demands for money, the more so that WE have removed gold from circulation [replaced with fiat] as far as possible. ”

    Protocol 22:2 “2. In our hands is the greatest power of our day – gold: in two days we can procure from our storehouses any quantity we may please. ”

    It’s not their fault. It’s their plan.

    An American citizen not US subject.

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