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On gold, El-Erian contrives in the FT, Arends revels in willful ignorance at MarketWatch
8:19a ET Monday, August 3, 2015
Dear Friend of GATA and Gold:
In the Financial Times, Mohamed El-Erian, chief economic adviser to Allianz and chair of President Barack Obama's Global Development Council, contrives seven explanations for gold's unexpectedly poor performance lately, none of them involving surreptitious intervention in the gold market by central banks. His commentary is headlined "Why Gold Has Lost Its Shine for Investors" and can be found here:
Your secretary/treasurer has managed to post a comment on the El-Erian's analysis, calling attention to the extensive documentation of that intervention.
Over at MarketWatch, columnist Brett Arends asserts that he loves writing about gold because "nobody knows a damn thing" about it, acknowledges complaints about the possibility of market manipulation by central banks, and then runs away from the issue, as if the pursuit of relevant information has nothing to do with mainstream financial journalism.
Arends' commentary is headlined "Are You Brave Enough to Profit from a Collapse in Gold?" and is found at MarketWatch here:
Your secretary/treasurer has managed to post a brief reply there too, again calling attention to the documentation of surreptitious intervention by central banks.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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