Rickards details the 'paper gold' fraud and speculates on its demise

7:39p ET Tuesday, August 16, 2016

Dear Friend of GATA and Gold:

In a new promotional video for his financial letter Strategic Intelligence, fund manager and geopolitical strategist James G. Rickards wonderfully exposes the fraud of "paper gold" and "paper silver" and speculates on the circumstances that will cause their demise and the explosion in the price of real metal.

More than 90 percent of gold and silver investments are not backed by real metal, Rickards says, and their owners won't have metal when they most want it.

In the video Rickards interviews someone he says is an expert in the Swiss gold refinery business who concurs about the paper gold hoax and whose identity is withheld and whose face is obscured by fuzzing of the video. What the supposed expert asserts is only what GATA has been telling people for years, but the effect is theatrical and dramatic.

While GATA has followed a policy of strict attribution and has abjured anonymous sources in the belief that this is necessary for credibility, a high principle of honest journalism, maybe GATA Chairman Bill Murphy and your secretary/treasurer would have been more persuasive all this time if we had put paper bags over our heads. (We'd probably have had more luck in dating anyway.)

But anything that truthfully impugns what Rickards calls the great gold hoax is perfectly jake, so while it's a commercial promotion, his video is still a great service. It's about a half hour long and can be watched at the Agora Financial Internet site here:

http://pro.agorafinancial.com/AWN_goldhoax_0816/EAWNS8CK

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org