Why doesn't the monetary metals mining industry defend itself?

3:27p PT Sunday, January 19, 2014

Dear Friend of GATA and Gold:

Our friend T.Y. writes:

"I have been following your work for years. It astounds me that the big mining companies don't financially support you. I can only guess that they are beholden to these big banks and financial institutions. That is, if the big mining companies supported GATA, maybe they would be put on a blacklist where they would not get any funding for their projects or would be branded 'conspiracy nuts.' You're up against some of the most powerful, corrupt, and greedy people on the planet. Keep up the good work and be careful. Remember Harry Markopolos."

Yes, the mining business is the most capital-intensive and thus almost entirely reliant for financing on the big investment banks that are the agents of the central banks in the gold price suppression scheme particularly and the commodity price suppression scheme generally. And of course the mining business is also the most vulnerable to government control through the award and revocation of mining licenses, the imposition of royalty requirements, and enforcement of environmental regulations.

But few executives of companies that mine the monetary metals understand the monetary nature of their product. Fewer still understand the mechanisms by which the prices of their products are suppressed. And those who do understand are too scared to do anything about it or even acknowledge it.

Still, since it's dying now anyway, with the nominal price of its products driven below the cost of production by phony futures market paper trading, the monetary metals mining industry has little to lose by fighting back. It's a job that should be done by the industry's trade organizations, the World Gold Council and the Silver Institute, to take the burden off any particular company.

Unfortunately the World Gold Council and the Silver Institute exist only to make sure that there never is a world gold council or a silver institute, to make sure that the gold and silver mining industries are never represented and exert the influence they could have on behalf of free and transparent markets. The failure of those organizations to defend their industries is an essential part of the market rigging by which the money power exploits the whole world.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.