Gold leasing and price suppression getting harder for central banks, Rickards says

6:53a HKT Tuesday, March 25, 2014

Dear Friend of GATA and Gold:

Please accept a summary of items of interest today rather than more detailed explanations, as there's much other work for your secretary/treasurer to do today.

Venezuela is enduring still another devaluation:

http://in.reuters.com/article/2014/03/24/us-venezuela-currency-idINBREA2...

Capital is leaving Russia amid the confrontation over Ukraine and capital controls are feared:

http://www.telegraph.co.uk/finance/economics/10720226/Capital-controls-f...

A company in Singapore is counting on the de-facto remonetization of silver and is opening a commercial vault for 600 tonnes:

http://www.bloomberg.com/news/2014-03-23/silver-vault-for-600-tons-start...

King World News has several interviews and commentaries bearing on gold.

The Portola Group's Robert Fitzwilson:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/3/24_Mo...

Sprott Asset Management's John Embry:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/3/24_As...

And Ronald-Peter Stoferle of Incrementum AG in Liechtenstein:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/3/24_Fi...

And perhaps most interesting, fund manager, geopolitical strategist, and author James G. Rickards, who seems to be everywhere these days and who today is to speak at the Mines and Money conference in Hong Kong along with your secretary/treasurer, gives an interview to Mexican financial journalist Guillermo Barba in which he gets more explicit than ever about gold price suppression by central banks and sounds very much like GATA. Rickards says:

"Central banks still have the ability to manipulate gold prices through gold leasing to commercial banks, which then use the leased gold to sell unallocated gold to customers using leverage. But the demand for physical gold by China and others is making leasing and paper gold transactions more difficult because there is less physical to support the trading and greater risk of default by a market participant who suddenly finds itself unable to obtain physical gold to satisfy some paper contract. All manipulation breaks down eventually because market participants begin to pile on the other side of the trade to test the will and resources of the manipulators. When the current manipulation breaks down, probably in the next year or two, gold will surge higher based on fundamental supply and demand. In that environment prices of $3,000 per ounce would not be surprising, although gold may eventually go to $9,000 per ounce or more if needed to restore lost confidence in the international monetary system."

Rickards' interview with Barba is posted at the latter's Internet site, Inteligencia Financiera Global, here:

http://inteligenciafinancieraglobal.blogspot.mx/2014/03/jim-rickards-chi...

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