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Dennis Gartman insists that there are no conspiracies in gold

Section: Daily Dispatches

10:51p ET Wednesday, July 24, 2013

Dear Friend of GATA and Gold:

Today's "Talking Numbers" program by CNBC and Yahoo Finance concocted a silly pillow fight between two talking heads, commodity letter writer Dennis Gartman and UBS and CNBC analyst Art Cashin, over "gold conspiracy theories," Cashin having remarked this week, if a bit incoherently, that something seems to be wrong in the gold market.

Gartman disagreed today, insisting that there are no conspiracies in gold. So apparently Gartman would have investors believe, just for starters:

1) The Federal Reserve has no secret gold swap arrangements with foreign banks, since such undertakings among two or more entities would define conspiracy, and Fed Governor Kevin M. Warsh was lying when he admitted such secret arrangements:

2) The Bank for International Settlements is not constantly and secretly trading gold, gold futures, gold options, and other gold-related derivatives on behalf of its members, which are exclusively central banks -- again, action undertaken secretly in concert by two or more entities, or conspiracy -- and that admissions of such trading, including the BIS' own annual reports and Power Point presentations, are lies or forgeries:


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3) The Washington Agreement on Gold did not unify the gold market policies of 15 European central banks, was not negotiated in secret by them before it was announced on September 26, 1999, and never really happened at all:

4) There is no G-10 Gold and Foreign Exchange Committee, it does not consist of central bank and treasury officials from G-10 member countries, it does not meet secretly to discuss the gold policies of its members, and the document released by the Federal Reserve to GATA in February 2011 at the order of the U.S. District Court for the District of Columbia, purporting to be the minutes of the committee's secret meeting in April 1997, is a forgery concocted by the Fed to deceive the court:

5) William R. White, head of the monetary and economic department of the Bank for International Settlements, was lying when he told a BIS conference in Basel, Switzerland, in June 2005 that a primary purpose of central bank cooperation is "the provision of international credits and joint efforts [emphasis added] to influence asset prices (especially gold [emphasis added again] and foreign exchange) in circumstances where this might be thought useful":

On today's "Talking Numbers" program Gartman says again that the world would be better off if "gold bugs" spent more time trying to cure cancer and less trying to prove conspiracies related to the gold market. But surreptitious market rigging is a sort of cancer in itself, insofar as it facilitates the exploitation of countries that don't issue the world reserve currency and destroys free markets everywhere, including the markets of the country issuing the reserve currency, markets Gartman's letter purports to analyze even when, manipulated, they become mere holograms.

GATA is not a "conspiracy theory" organization or advocate. GATA documents the age-old if overlooked conspiracy of central banks against gold particularly and against free markets generally. This is actually fairly easy work, as the documentation is all over the place and central banks are sitting ducks for specific questions about their gold policy; they can seldom answer without incriminating themselves:

The central banks' only effective defense in regard to gold is the refusal of the mainstream financial news media and financial letter writers like Gartman to dare to commit actual journalism.

The hard part of GATA's work is that while you can lead a financial journalist to the documentation, such as the documentation above and the additional documentation in GATA's archive here --

-- you can't make him grow a backbone, which seems to be the only thing established by that "Talking Numbers" program with Gartman today. Thankfully it's less than six minutes long and can be found at Yahoo Finance here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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