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Bloomberg evokes an old fairy tale to mock fair suspicion about the U.S. gold reserve
6:58p ET Wednesday, March 26, 2025
Dear Friend of GATA and Gold:
To get an idea of the hopeless venality and propagandizing of mainstream U.S. news organizations, check out the commentary posted by Bloomberg News on Monday written by a history professor at the University of Georgia, Stephen Mihm. It's headlined "What's Fueling America's Gold Bar Conspiracy" and can be found at Bloomberg here --
https://www.bloomberg.com/opinion/articles/2025-03-24/gold-conspiracy-at-fort-knox-what-s-fueling-it
-- and, in the clear, at the Advisor Perspectives internet site here:
https://www.advisorperspectives.com/articles/2025/03/26/fueling-americas-gold-conspiracy
Mihm asserts that skepticism about the gold claimed to be held at Fort Knox in Kentucky arises from a wild conspiracy-laden book published in 1973, "The Conspiracy Against the Dollar," written by Peter Beter.
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The theme of the book is that the removal of convertibility of the dollar to gold was orchestrated by the Rockefeller family, which instigated the U.S. Army to take the gold from Fort Knox to Mexico and then to Switzerland, where the Rockefellers would sell it back to Americans when they were allowed to own gold again.
That was 57 years ago. A year later Congress and President Gerald Ford changed the law to allow Americans to own monetary gold again. They didn't have to ask the Rockefellers for it. It's doubtful that anyone involved with the monetary metals today has ever heard of Peter Beter or his conspiracy theory that time quickly disproved.
No, today's concerns about the integrity of the U.S. gold reserves at Fort Knox and elsewhere involve evidence that the United States has been swapping and leasing gold and using derivatives and intermediaries to create a vast imaginary supply of the monetary metal to be used to suppress its price, thereby protecting the dollar against competition from the once and future world reserve currency.
Of course the documentation, including admissions from central bankers, is all laid out at GATA's internet site here --
https://www.gata.org/node/20925
-- with some updating here:
https://www.gata.org/node/23489
https://www.gata.org/node/23687
GATA long has been sending this documentation to Bloomberg and many other mainstream news organizations without much result. Instead of putting questions about the documentation to government officials, Bloomberg has produced Stephen Mihm and Peter Beter to evoke a fairy tale of the last century.
This is as dishonest as journalism can be. Even the Financial Times hasn't yet resorted to fairy tales to disparage complaints about gold price suppression policy and market manipulation.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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