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Finance Ministry in Netherlands denies what its central bank president admitted
10:03a ET Friday, February 14, 2014
Dear Friend of GATA and Gold:
GATA's expedition this month to Suriname is causing some uncomfortable prodding for the South American country's former colonial ruler, the Netherlands.
Suriname's largest newspaper, De Ware Tijd, reports today that the Netherlands Ministry of Finance is affecting ignorance of the price-suppressive purpose of the Dutch government's longstanding role in the gold market, a purpose acknowledged in the memoirs of the former president of the Netherlands Central Bank, Jelle Zijlstra, who was simultaneously president of another central bank intimately involved in gold price suppression, the Bank for International Settlements:
http://www.gata.org/node/11304
The Netherlands was a participant in the London Gold Pool, a mechanism established by the United States, United Kingdom, and six other European countries to control the gold price in the 1960s:
http://en.wikipedia.org/wiki/London_Gold_Pool
Zijlstra recorded in his memoirs that "gold is artificially kept at a far too low price" at the behest of the U.S. government, which sought support for the dollar against gold and other currencies.
An English translation of today's report from De Ware Tijd is appended.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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Netherlands Denies Involvement in Gold Price Conspiracy
By Ivan Cairo
De Ware Tijd
Paramaribo, Suriname
Friday, February 14, 2014
http://www.dwtonline.com/laatste-nieuws/2014/02/14/nederland-ontkent-bet...
PARAMARIBO -- The Dutch government has denied being involved in keeping the international gold price artificially low in the 1960s. The government's gold policy aimed to keep the international monetary situation stable, the Netherlands Ministry of Finance said in response to questions from the Netherlands edition of De Ware Tijd.
... Dispatch continues below ...
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This followed allegations of the Gold Anti-Trust Action Committee (GATA). According to GATA representative Chris Powell, the Dutch Central Bank at the time, along with the United States, the International Monetary Fund, and other Western central banks, conspired to hold the international gold price low in favor of the U.S. dollar.
Are these claims true?
The Dutch government "does not recognize itself in this interpretation of the policy objectives then," said Michel Reijns, spokesman for the Ministry of Finance. The government's monetary policy in the 1960s focused on the stability of the international monetary system, Reijns said. Gold was then linked to the U.S. dollar.
"This link was intended to provide a stable base to cope with the global system of fixed exchange rates," Reijns said. The link was supported by the guaranteed convertibility of the dollar into gold at US$35 per ounce. This structure provided stability while global trust existed in the value of the dollar.
"Then in the 1960s tension gradually built up in the system that was attempting to stabilize the value of the dollar versus gold," Reijns said. Eventually, he said, the system fell apart in 1971 and the value of the dollar fell sharply not only against gold but also, for example, against the German mark.
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