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Kitco lets fund manager Frank Holmes acknowledge gold rigging by central banks
3:48p ET Friday, May 14, 2021
Dear Friend of GATA and Gold:
Kitco News today takes another baby step toward reality and relevance as its correspondent David Lin prompts fund manager Frank Holmes of U.S. Global Investors to explain gold's poor performance this year, despite the explosion of inflation, as a matter of central bank efforts to "stabilize" the monetary metal's price via manipulation of the futures markets.
Apparently the elephant in the room is dropping so many stink bombs these days that even Kitco feels obliged to acknowledge the smell. But Kitco still seems light years away from actual journalism about the gold "market." Actual journalism would put critical questions about gold to central banks and their gold broker, the Bank for International Settlements.
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What's remarkable about the Lin's interview with Holmes is not what Holmes says but that Kitco permits him to say it.
In fairness to Kitco, it must be noted that even the Financial Times, Wall Street Journal, New York Times, and Bloomberg News don't dare do put critical questions to central banks about their market interventions. But then Kitco doesn't seem to be getting much advertising from primary dealers in U.S. government securities and other central bank agents, so Kitco's cowardice has less excuse.
Lin's interview with Holmes is 21minutes long and can be viewed here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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