Anybody Seen Our Gold?
The gold reserves of the United States have not been 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 lend 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, disclosing that the mining company was the agent 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 fi nancial 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 it and stop it.
Who are we?
We’re the Gold Anti-Trust Action Committee Inc., a non-profi t, 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 fi ve 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 fi nancial 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.
“GATA” by Alain Despert
GOLD ANTI-TRUST ACTION COMMITTEE INC.
7 Villa Louisa Road, Manchester, Connecticut 06043-7541 USA • CPowell@GATA.org
GATA welcomes fi nancial contributions, which are federally tax-exempt under Section 501-c-3 of the U.S. Internal Revenue Code.
GATA is not a registered investment adviser and this should not be considered investment advice or an offer to buy or sell securities.
William J.
Murphy III
Chairman
Proprietor of
the Internet site
of fi nancial
commentary,
LeMetropole-
Cafe.com in
Dallas, former
commodities
trader, and
former wide
receiver for the
Boston Patriots.
Chris
Powell
Secretary-
Treasurer
Managing
editor of the
Journal Inquirer
in Manchester,
Connecticut,
and legislative
chairman of
the Connecticut
Council on
Freedom of
Information.
Ed
Steer
Director
Edmonton,
Alberta-based
market analyst
for Casey
Research LLC.
Wistar
Holt
Director
Portfolio
manager for
Holt & Shapard
Capital
Management
LLC, St. Louis.
Catherine
Austin Fitts
Director
President of
Solari Inc. in
Hickory Valley,
Tennessee;
former managing
director of
Dillon, Read &
Co. Inc.; and
former assistant
secretary of the
U.S. Department
of Housing
and Urban
Development
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