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Sprott report will be a turning point for the gold market
... He'll just never ask the central bankers
about it.
* * *
8:35p ET Thursday, August 26, 2004
Dear Friend of GATA and Gold:
MineWeb has posted the text of Tim Wood's
August 24 Internet radio interview with Sprott
Asset Management President John Embry:
http://www.mineweb.net/sections/gold_silver/embryradio.htm
But the interview may be more interesting
for the remarkable attitude expressed by Wood,
the interviewer, in one of his questions:
"TIM WOOD: Obviously, then, that comes to the
heart of this free market issue. I would say most
people start from the premise that there's no such
thing as a free market. The minute we have a
central bank involved, you've got someone
essentially who is operating interest rates and
monetary aggregates according to certain goals.
So is it realistic to believe that gold should be
any freer than anything else?"
Wood long has disparaged GATA generally and
our chairman, Bill Murphy, particularly, as
conspiracy nuts. But in his interview with Embry,
Wood TAKES FOR GRANTED that central banks
manipulate markets, including, probably, the
gold market.
Putting aside whatever prompts Wood to
disparage GATA and Murphy while accepting
their central premise, all one really needs is
Embry's reply about whether it is realistic to
believe that gold "should be any freer than
anything else":
"JOHN EMBRY: Well, it is if people are trading
on the premise that it is free."
Yes, what are most objectionable here are the
deceit and surreptitiousness of the agencies
of supposedly democratic governments, their
operating through intermediaries who have
special knowledge of secret government policy
and who, as their reward for helping to
implement it surreptitiously, can profit at
the expense of the great mass of investors
and the participants in the mining industry
who don't know what's going on. And of course
people don't know what's going on because
those who call themselves journalists are too
cynical and jaded to carry the burden of truth
into their work when it would require
confronting the powerful.
If Fed Chairman Alan Greenspan got from
these supposed journalists even one critical
question for every hundred sneers they have
directed at GATA, he would be in jail by now,
or at least in a retirement home, and the
price of gold would be ... well, where a
free market would take it.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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