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From China: 'GATA is not wrong'
3:23p ET Tuesday, December 18, 2018
Dear Friend of GATA and Gold:
Thanks to C.C., our new friend in Shanghai, China, for alerting us to Chinese-language commentary published in August in the Hong Kong Economic Journal that cited GATA extensively, even taking for illustration the GATA painting by Alain Despert:
https://www1.hkej.com/dailynews/investment/article/1914231/
Your secretary/treasurer today has had some fun attempting a translation using a couple of internet translator sites and attempting a little editing for clarity while hoping to avoid any change in meaning and any stumbling badly over Chinese idioms. For example, "gold permabulls" translates literally into Chinese as "gold eternal cattle." (This may be close enough, since many of us who maintain our interest in gold spend most of our days sitting in front of our computers and could afford to lose some weight.)
... Dispatch continues below ...
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That attempted translation is appended, and clumsy as it may be, a few conclusions fairly may be drawn from it:
-- China continues to know all about the Western gold price suppression scheme and even about GATA and there is more to China's knowledge than was relayed by the cables sent from the U.S. embassy in Beijing to the State Department in Washington some years ago, cables that were revealed by Wikileaks:
http://www.gata.org/node/10380
http://www.gata.org/node/10416
-- The author of the Hong Kong Economic Journal commentary appended is following GATA's work closely and his concluding observation, about silver, implies that he also follows the work of silver market analyst and market-rigging whistleblower Ted Butler.
-- Complaints about gold and silver market manipulation can't get into mainstream Western news organizations despite the most ardent agitation. But such complaints can get into Chinese news organizations quite by themselves. In this respect the news organizations of a nominally communist country are freer than those of what is nominally the Land of the Free.
-- And the British poet and humanitarian Arthur Hugh Clough, whose poem "Say Not the Struggle Naught Availeth" was beloved by Winston Churchill in the darkest hours of World War II, may have been right, even with his compass points reversed:
And not by eastern windows only,
When daylight comes, comes in the light.
In front the sun climbs slow, how slowly,
But westward, look, the land is bright.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
* * *
Gold Permabulls Aren't Wrong
By Shi Lin Shu
Hong Kong Economic Journal
Monday, August 13, 2018
https://www1.hkej.com/dailynews/investment/article/1914231/
This newspaper's main writer, Bi Laolin, mentioned me in the headline of his Investor Diary diary column Friday. I was flattered but also so dissatisfied with it.
Bi Laolin wrote that some internet blogs are loyal to gold. This is true. Any time you look at the media or internet, opinions about gold are often in the majority. This is human nature. People are optimistic about the things they like, and the editor of an internet site or news organization intentionally or unintentionally caters to his audience's psychology. The result of this tendency is that analytical observations are not entirely objective and neutral.
Gold permabulls are not entirely motivated by emotional bias but also by belief that government's gold policy is flawed -- that the authorities and their agents often manipulate the gold and silver market, which is very unfair to the public and investors.
The most iconic of these permabulls is a civil-rights organization called the Gold Anti-Trust Action Committee (GATA), whose symbol is a figure like Don Quixote riding on a horse, holding the GATA banner, leading a crowd to the Federal Reserve headquarters. [Actually, the building in the painting is the U.S. Treasury Department, but no matter.]
GATA took action against a number of large investment banks that manipulate the gold and silver markets and has achieved some success, with a number of large banks being fined, but the market is far from being as fair as GATA hopes.
Bi Laolin praised the spirit of GATA's Don Quixote but I have previously reminded readers that our identity is that of a general investor or analyst, not that of gold and silver market revolutionists, if, to participate in the market game, you have to face reality and the unspoken rules.
GATA and the gold permabulls are not wrong. The gold market is indeed a long process of repeated climbing, and gold prices are often artificially depressed. ... The long haul for gold may be too long for people, but if we see clearly and grasp the main direction of the long trend, gold is valuable. ...
[The commentary then does some technical analysis of gold and silver prices before concluding:]
JPMorgan Chase will stop a large number of silver shorting activities, but the data shows that the short-selling by eight traders led by the bank is still equal to 200 days of world silver production, only one day less than a month ago. It seems that the GATA revolution has not yet succeeded and must continue to work.
* * *
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