Bloomberg News column perpetrates more disinformation about gold

Section:

11:06a ET Saturday, August 10, 2019

Dear Friend of GATA and Gold:

Mainstream financial news organizations continue pereptrating disinformation about gold, as Bloomberg News did yesterday with a commentary by its columnist Lionel Laurent headlined "Bitcoin and Gold Are Monuments to Irrationality."

Your secretary/treasurer rebutted Laurent in a comment appended to his essay and in e-mail to him and his editor.

... Dispatch continues below ...



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For starters, Laurent repeated the old mistake about the economist John Maynard Keynes' remark about gold -- that Keynes called gold a "barbarous relic." In fact Keynes used that term about the gold standard that was in operation during his time, not about gold itself.

More important, Laurent quoted the economist Robert Mundell's remark that gold "can't be printed," when in fact central banks long have printed enormous amounts of imaginary gold through their leasing and swapping of gold reserves and their surreptitious interventions in the gold futures markets.

Further, Laurant disparaged gold as an investment because of the volatility of its price, when that volatility is an objective and the result of that central bank intervention.

Your secretary/treasurer noted that GATA long has provided Bloomberg News with extensive documentation of these central bank interventions and the policies behind them but Bloomberg has failed to pursue the story. Indeed, the foremost principle of Bloomberg News and other mainstream financial news organizations often seems to be never to put a critical question to a central bank.

Your secretary/treasurer's e-mail to Laurent and his editor was civil and serious but as might be expected they have provided no response or even routine acknowledgment.

See for yourself. Laurent's commentary is posted at Bloomberg here:

https://www.bloomberg.com/opinion/articles/2019-08-09/bitcoin-and-gold-a...

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

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