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'What happened to gold?' Here's what

Section: Daily Dispatches

3:37p ET Sunday, February 28, 2021

Dear Friend of GATA and Gold:

Michael Batnick of Ritholtz Wealth Management did a wonderful job with the Friday edition of his market letter, "The Irrelevant Investor," elaborating on the anomalous behavior of the gold price lately.

His analysis was headlined "What Happened to Gold?" and it can be found here:

Batnick writes:

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If you went into a laboratory to build a gold price optimizer, you would want a couple of things.

-- A falling dollar.

... Dispatch continues below ...


American Lithium Named
to TSX Venture Exchange Venture 50

Company Announcement
via Globe Newswire and Yahoo Finance
Wednesday, February 24, 2021

VANCOUVER, British Columbia, Canada -- American Lithium Corp. (TSX-V: LI, OTCQB: LIACF, Frankfurt: 5LA1) has been named to the 2021 TSX Venture 50, an annual ranking of top-performing listed companies on the TSX Venture Exchange.

The 2021 TSX Venture 50 is an annual ranking of the top-performing listed companies from five industry sectors: clean technology and life sciences, diversified industries, energy, mining, and technology. The selection is based on year-over-year performance across three equally weighted criteria: market capitalization growth, share price appreciation, and trading volume for the year ended December 31, 2020.

"We are very pleased to be recognized in the 2021 TSX Venture 50," said Michael Kobler, CEO of American Lithium. "The past year has seen American Lithium reach new highs as we continue to forge ahead on our large-scale TLC Lithium Project in Nevada and now that we have agreed to acquire Plateau Energy Metals to create a leading diversified lithium development company. On behalf of our Board of Directors, I thank our team at American Lithium for their hard work and our shareholders for their support along the way." ...

... For the remainder of the announcement:

-- Rising inflation expectations.

-- Money printing.

-- Central bank balance sheets expanding.

-- Fiscal deficits increasing.

-- Political turmoil.

All these things were in place over the last few months, and yet gold has done the opposite of what you expected it to do. It’s down 9% over the last 6 months, and it’s 15% below its highs in August.

Gold could rally on any one of the items I mentioned. All six were in place at the same time, and it couldn’t get out of its own way.

The dollar is sitting near multi-year lows, and gold can't rally. ...

I guess time will tell if gold is broken, or if it’s merely catching its breath. Either way, you can't help but notice how unusual this recent decline is given that gold didn't work when everything said it should.

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Unfortunately Batnick quickly curtails any curiosity, declining to look for any explanations, though seeking explanations might make his letter more relevant.

Batnick's lack of curiosity may not be surprising in light of his employment at Ritholtz Wealth Management. The firm's chairman and chief investment officer, Barry Ritholtz, who is also a columnist for Bloomberg News, long has derided complaints of government-instigated manipulation of the gold market and has refused to respond to perfectly cordial requests to examine the issue:

But maybe others will read Batnick's observations and respond with a little more curiosity than he and Ritholtz seem capable of.

An aid to such curiosity -- a comprehensive summary of government gold price suppression policy and methods, and the documents thereof -- is available at GATA's internet site here:

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

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Toast to a free gold market
with great GATA-label wine

Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.

Here's what the bottles look like:

Buyers can compose their case by choosing as many as four varietals from the list here:

GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?

To order a case of GATA-label wine, please e-mail Fay J Winery at

* * *

Support GATA by purchasing
Stuart Englert's "Rigged"

"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --

-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at

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