For anyone who has studied the issue in-depth, there’s no question that Governments and Central Banks interfere in the gold market (and silver). The motive is undeniable. Removing price discovery from the gold market enables the Central Banks to sustain the illusion that paper fiat currency is real money.
In addition to all of the evidence gathered and presented to the public over the years (see GATA’s article archive back to 2000), why does the Fed and the Treasury go out of their way to avoid public scrutiny of their gold trading and accounting activities?
The Fed spent millions lobbying Congress and feeding former House Rep Barney Frank’s retirement fund in order to prevent Ron Paul’s audit the Fed legislation from ever getting out of Frank’s House Committee on Financial Services. This included hiring Enron’s former chief lobbyist, Linda Robinson. While Congressman Paul wanted an independent audit of the Fed’s entire operations, he specifically was interested in seeing the files on gold trading, leasing and swaps. To this day, the Fed refuses any outside inspections of its gold vaults. This includes German Government officials who wanted to see the gold the Fed allegedly “safekeeps” on its behalf. Why?
U.S. Rep Alex X. Mooney has taken over efforts to get to the truth from the U.S. Treasury and the CFTC about its activities in the financial and commodities markets, particularly in the gold and silver markets. Most of Mooney’s questions on two occasions went unanswered.
GATA has compiled an accounting of Mooney’s fact-finding mission and the refusal of the U.S. Government to respond fully: “Of course the refusal of the Fed, Treasury, and CFTC to answer the congressman’s questions promptly and fully is strong evidence that the U.S. government is deeply and comprehensively involved in market manipulation.”
You can read entire GATA dispatch with supporting documentation here: Congressman keeps pressing Treasury, CFTC about gold market rigging.