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Chris Marcus: What the London Gold Pool offers about the current gold market
10:22a ET Thursday, May 31, 2018
Dear Friend of GATA and Gold:
Writing for bullion dealer Miles Franklin, financial analyst Chris Marcus calls attention to a couple of fascinating reports about the London Gold Pool of the 1960s by John Paul Koning. They were published in 2009 at the Mises Institute's internet site.
The London Gold Pool, an operation by Western central banks that sought to hold the gold price at the $35-per-ounce level set by the Bretton Woods agreement of 1944, required a sustained campaign of public and surreptitious government intervention in the financial markets and foreign relations to facilitate the U.S. government's reckless inflation of the money supply. The pool lasted eight years before collapsing from France's withdrawal.
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Marcus notes the surreptitious intervention in the gold market by central banks since then, credits GATA for helping to expose it, and writes: "Given the recent actions of China and others that continue to build financial infrastructure to eliminate any dependence on or involvement with the petrodollar system, there's ample reason to believe that it won't be too much longer before a nation pulls the cord on the current scheme."
Marcus' commentary is headlined "What the London Gold Pool Offers about the Current Gold Market" and it's posted at Miles Franklin's internet site here:
https://www.milesfranklin.com/what-the-london-gold-pool-offers-about-the...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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