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Another mainstream journalist purports to explain the gold price without reference to central banks
Thursday, March 25, 2021
Brett Arends
MarketWatch.com
1211 6th Ave
New York, N.Y. 10036
Dear Mr. Arends:
Regarding your commentary at MarketWatch today, "What's Up -- Or Down -- With Gold?" --
https://www.marketwatch.com/story/whats-upor-down-with-gold-11616618248
-- I was disappointed that you did not address the constant and even daily but largely surreptitious intervention in the gold market by governments and central banks, which long has been documented by my organization, the Gold Anti-Trust Action Committee Inc.
... Dispatch continues below ...
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Company Announcement
via Newswire.ca
Tuesday, March 23, 2021
ROUYN NORANDA, Quebec, Canada -- Granada Gold Mine Inc. (TSXV: GGM) is pleased to announce the significant discovery of scandium, rubidium, and cesium on the Big Claim of the Granada Gold Mine property in Quebec, Canada.
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-- 13.5 ppm Cs, 101.8 ppm Rb, 21 ppm Sc over 12 meters from 351 meters to 363 meters.
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-- 1.1 ppm Cs, 42.1 ppm Rb, 12.2 ppm Sc over 15 meters from 573 meters to 588 meters. ...
... For the remainder of the announcement:
https://www.newswire.ca/news-
For example, just this week GATA reported that the Bank of England refuses to answer whether it has resumed leasing gold:
Of course Federal Reserve Chairman Alan Greenspan acknowledged to Congress in 1998 that the objective of gold leasing by central banks is to suppress the price of the monetary metal:
https://www.federalreserve.gov/boarddocs/testimony/1998/19980724.htm
GATA reports every month about the gold swaps and leases undertaken surreptitiously by the Bank for International Settlements in its role as gold broker for its member central banks. Our report for February concluded that this intervention in the gold market by the BIS had reached its highest level in history, precisely as the gold price was falling sharply:
In recent weeks the investigative financial journalists Pam and Russ Martens have reported about the huge increase -- hundreds of billions of dollars -- in the money held by the U.S. Treasury's Exchange Stabilization Fund, which since 1934 has been authorized by U.S. law to intervene secretly in the gold market and other markets throughout the world without having to account for it even to Congress:
Would so much money have been transferred to the Exchange Stabilization Fund without some plan to use it?
Surreptitious intervention in the gold market by governments and central banks is longstanding international policy documented and summarized by GATA here:
So we question how anyone can purport to explain the gold price without accounting for intervention by governments and central banks and putting critical questions to them.
Of course I would be glad to help you review the documentation if you ever wanted to address the gold price issue seriously.
With good wishes.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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