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Casey has been given the evidence of gold market rigging but won't respond to it
9:55p ET Monday, May 20, 2013
Dear Friend of GATA and Gold:
Interviewed yesterday by The Daily Bell, Casey Research Chairman Doug Casey once again dismissed complaints of gold market manipulation.
"I don't doubt that the powers-that-be would prefer to have the price of gold lower," Casey says, "just like they would prefer to have the price of wheat and copper and lumber and everything else lower. But there's no evidence that I've ever been shown other than, frankly, just assertions."
This is distressing but maybe, to get Clintonistic, it depends on the meaning of "shown." Though GATA has sent to Casey -- and once even handed to him face to face -- all sorts of documentation of gold market manipulation, if he has not looked at it, has he ever been "shown"? But then the question becomes whether he wants to look at it, though one might hope that anyone might want to look at the evidence before commenting on an issue.
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Among the evidence delivered to Casey by GATA, in some cases face to face, are these items:
-- Confessions or imcriminating statements made by, among others, four Federal Reserve chairmen -- William McChesney Martin, Arthur Burns, Paul Volcker, and Alan Greenspan, and a chairman of the Netherlands central bank who was also president of the Bank for International Settlements, Jelle Zijlstra:
http://www.gata.org/node/10909
http://www.gata.org/node/11304
-- The statement made in 2009 by Fed Governor Kevin M. Warsh during GATA's freedom-of-information litigation against the Fed seeking access to its gold records. Warsh disclosed that the Fed has secret gold swap arrangements with foreign banks:
http://www.gata.org/files/GATAFedResponse-09-17-2009.pdf
-- The confidential March 1999 report of the International Monetary Fund confirming that Western central banks conceal their gold swaps and leases to facilitate surreptitious intervention in the currency markets:
http://www.gata.org/node/12016
-- A U.S. diplomatic cable from 1974, three years after gold was fully demonetized officially, reporting that Western European central banks were contemplating rigging the gold market by creating "some kind of an intermediary through which market interventions might be channeled -- possibly in the form of a buffer stock":
http://www.gata.org/node/12551
-- The Bank for International Settlements' actual advertisement of its services rigging the gold market for its central bank members, an advertisement given to prospective BIS members in 2008:
http://www.gata.org/node/11012
There's a lot more documentation of the gold price suppression scheme in GATA's documentation archive here:
http://www.gata.org/taxonomy/term/21
It would have been nice if The Daily Bell's interviewer had been familiar with some of this documentation and had asked Casey about it specifically, item by item, so that the interview might have had more meaning. Since The Daily Bell has reported about complaints of gold market manipulation before, this unfamiliarity during the Casey interview borders on negligence.
For example, is that secret March 1999 IMF report a forgery? Has anyone asked the IMF about it?
Has anyone asked those central bankers if they were misquoted?
Is the Power Point presentation attributed to the BIS a concoction too? Even if someone says so, it probably won't be denied that the BIS trades in gold and gold derivatives every day on behalf of its member central banks, since that trading is confirmed by the BIS' annual reports (unless they too are forgeries). So anyone could always ask the BIS just what it's doing in the gold market and why and for whom.
Pursuit of these questions might be considered research -- as in Casey Research, which, without such research, might better be named Casey Pontifications.
So why won't anyone who doubts gold market manipulation ever discuss these specifics?
One can understand why another gold market analyst frequently quoted by the mainstream financial news media, Jeff Christian of CPM Group, refuses. Christian has acknowledged that most major central banks are clients of his firm. Telling the truth when it might hurt one's business is terribly difficult.
But what's Casey's disqualifying angle?
Since Casey so misleadingly affects to be unaware of the specifics that have been delivered to him so often, a little speculation about him becomes fair. Maybe he refuses to look at, discuss, or debate the documentation because of his commitment to free-market libertarian principles and particularly because of his oft-stated belief that nothing is bigger than the market.
If only it were so. But the power of infinite money creation, particularly infinite money creation in the world reserve currency, is far bigger than any market -- and that is precisely what gold price suppression is about.
In his interview with The Daily Bell, Casey acknowledges the likely motive of central banks in wanting gold and commodity prices lower. But he refuses to acknowledge their opportunity along with the evidence lest faith in markets be shaken.
GATA believes in markets as much as anyone could. Indeed, gold price suppression is a catastrophe for the world precisely because it is the prerequisite for the destruction of all markets, the mechanism by which a few unelected grandees strive to control the price of all capital, labor, goods, and services in the world, resulting in their worldwide misallocation.
Markets won't be restored by pretending that they are invincable. In fact, like democracy itself, markets always need protection against totalitarianism, and Casey's libertarian indifference and his belief that if he doesn't know it already it can't be happening are no help in that struggle.
The Daily Bell's interview with Casey is headlined "Doug Casey on Conspiracies, Gold, and the Continuing 'Greater Depression' of the World's Economies" and it's posted here:
http://www.thedailybell.com/30653/Doug-Casey-on-Conspiracies-Gold-and-th...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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