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Bron Suchecki: Straining at gold gnats while swallowing central bank camels

Section: Daily Dispatches

3:51p ET Thursday, January 15, 2014

Dear Friend of GATA and Gold:

The Perth Mint's Bron Suchecki today replies to your secretary/treasurer's criticism yesterday of his suggestion that production of gold by marginal mines is keeping the gold price down. (See Your secretary/treasurer argued that production by marginal mines is an awfully insignificant factor in gold pricing compared to the production of imaginary gold -- paper gold or gold credits -- by central banks, an issue that respectable market analysts refuse to address.

Suchecki writes today that he's well aware of the influence of central banks in the gold market and has written about it quite a bit over the years. He also writes that he doubts that he would be considered respectable by the mainstream financial news media, insofar as his employer is in the business of selling gold and benefits from a higher gold price.

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Maybe, but to GATA Suchecki long has seemed respectable enough -- that is, intelligent, incisive, and informed -- always to be required reading. In any case as long as central banks create so much more "supply" than marginal mines do, his observation about those mines will strike us as trivial and a distraction, which was the point of the criticism.

And we'll bet that nobody at a financial conference or in a financial news publication ever disparaged him as a mere "conspiracy theorist" for pointing out that central banks often meet and communicate secretly to plan and undertake secret interventions in the gold market and other markets, conduct that nevertheless matches exactly the definition of "conspiracy":

Suchecki's commentary is headlined "Straining at Gold Gnats While Swallowing Central Bank Camels" and it's posted at his Internet site, Gold Chat, here:

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

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