Is World Gold Council's CEO angling for a tin-foil hat?

9:41a ET Saturday, September 20, 2014

Dear Friend of GATA and Gold:

MineWeb's Lawrence Williams reports today an interesting comment by the World Gold Council's chief executive, Aram Shishmanian, about the opening of the international subsidiary of the Shanghai Gold Exchange

"The growth of the Shanghai Gold Exchange to become the world's largest physical gold exchange provides compelling evidence that the future for gold is physical," Shishmanian said. "As the market shifts from west to east, the expansion of strong gold trading hubs in Asia will improve price discovery, liquidity, transparency, and efficiency, all of which will transform the landscape of the global gold market."

So, then, does the World Gold Council believe after all that the present gold market is not really physical and transparent at all but rather shadowy and highly manipulated by derivatives and that, as a result, price discovery needs to be improved?

That kind of talk could sound like an application for a tin-foil hat. Williams should ask Shishmanian whether he wants one. We here at GATA's tin-foil hat factory would be delighted to oblige.

Williams' commentary is headlined "The Future for Gold Is Physical" and it's posted at MineWeb here:

http://www.mineweb.com/mineweb/content/en/mineweb-gold-news?oid=253679&s...

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