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Ed Steer: Gold manipulation -- the 'London bias' -- 1970-2014
11:45a ET Monday, March 9, 2015
Dear Friend of GATA and Gold:
GATA board member Ed Steer, editor of Casey Research's Gold and Silver Daily letter, today publishes a detailed report on the suppression of gold prices in the London market for most years from 1970 through last year even as world gold prices were rising generally.
After presenting a chart of the price suppression, Steer writes:
"The overt market price suppression of the 1960s during the days of the London Gold Pool turned into the covert price-suppression scheme you see here. For those looking for the proverbial smoking gun of the gold price management scheme, it's staring them in the face in this one chart.
"And without doubt, it was -- and still is -- being carried out by the covert and collusive actions of organizations such as the Bank for International Settlements, the Federal Reserve, the Exchange Stabilization Fund, and the U.S. Treasury Department. I'm sure it would be safe to include, at times, the central banks of England, France, Germany, and perhaps Switzerland. In recent years it may also have come to include the People's Bank of China."
Steer's report is headlined "Gold Manipulation: The 'London Bias,' 1970-2014" and it's posted at Casey Research here:
And in PDF format here:
CHRIS POWELL, Secretary/Treasurer
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