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Jim Sinclair: Gold does not need you or me
12:26p ET Thursday, December 13, 2012
Dear Friend of GATA and Gold:
Jim Sinclair writes today that gold price suppression via the U.S. Federal Reserve, Exchange Stabilization Fund, and their agent, investment house Goldman Sachs, has been blatant "for months." He adds: "They were so obvious between $1,775 and $1,800 that Petunia can call the strategy. ...
"Right now the geniuses in charge of the ESF are driving gold via the paper market directly into Eastern hands. There is much speculation about the amount of gold the United States holds and about its deliverability, as much gold and silver were used in the Manhattan Project and no audit has ever been carried out."
... Dispatch continues below ...
Opinion Around the World Is Changing
in Favor of Gold -- Find Out Why
When Deutschebank calls gold "good money" and paper "bad money". ...
http://www.gata.org/node/11765
When the president of the German central bank, the Bundesbank, pays tribute to gold as "a timeless classic". ...
http://www.forbes.com/sites/ralphbenko/2012/09/24/signs-of-the-gold-stan...
When a leading member of the policy committee of the People's Bank of China calls the gold standard "an excellent monetary system". ...
http://www.forbes.com/sites/ralphbenko/2012/10/01/signs-of-the-gold-stan...
When a CNN reporter writes in The China Post that the "gold commission" plank in the 2012 Republican platform will "reverberate around the world". ...
http://www.thegoldstandardnow.org/key-blogs/1563-china-post-the-gop-gold...
When the Subcommittee on Domestic Monetary Policy of the U.S. House of Representatives twice called on economist, historian, and gold standard advocate Lewis E. Lehrman to testify. ...
World opinion is changing in favor of gold.
How can you learn why and what it will mean to you?
Read the newly updated and expanded edition of Lehrman's book, "The True Gold Standard."
Financial journalist James Grant says of "The True Gold Standard": "If you have ever wondered how the world can get from here to there -- from the chaos of depreciating paper to a convertible currency worthy of our children and our grandchildren -- wonder no more. The answer, brilliantly expounded, is between these covers. America has long needed a modern Alexander Hamilton. In Lewis E. Lehrman she has finally found him."
To buy a copy of "The True Gold Standard," please visit:
http://www.thegoldstandardnow.com/publications/the-true-gold-standard
Sinclair encourages reading of the law establishing the ESF. It can be found here:
http://www.law.cornell.edu/uscode/text/31/5302
The agency's purported purpose is to maintain "orderly exchange arrangements and a stable system of exchange rates," which is a polite way of describing market rigging. As GATA often has noted, the law says the ESF "may deal in gold, foreign exchange, and other instruments of credit and securities the secretary [of the treasury] considers necessary" -- that is, to trade in anything, including silver, and to do so in secret, as "decisions of the secretary are final and may not be reviewed by another officer or employee of the government."
Other countries have similar market-rigging funds, like the United Kingdom's Exchange Equalization Account.
But these days their primary power, as Cheviot Asset Management's investment director, Ned Naylor-Leyland, told the TV journalist Max Keiser the other day --
http://www.gata.org/node/11998
-- is the agreement of mainstream financial journalism not to report about government intervention in the markets. That agreement surely covers even the most comprehensive documentary admissions of market rigging, such as those in the confidential report of the International Monetary Fund, disclosed by GATA this week, to the effect that Western central banks conceal their gold loans and swaps to facilitate secret market intervention:
http://www.gata.org/node/12016
Sinclair's commentary today is headlined "Gold Does Not Need You or Me" and it's posted at JSMineSet here:
http://www.jsmineset.com/2012/12/13/gold-does-not-need-you-or-me/
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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Sunday-Monday, January 20 and 21, 2013
Vancouver Convention Centre West
Vancouver, British Columbia, Canada
http://www.cambridgehouse.com/event/vancouver-resource-investment-confer...
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