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Here's why gold and silver miners seldom stand up for themselves and their investors
12:43p ET Wednesday, April 17, 2024
Dear Friend of GATA and Gold (and Silver):
In a brilliant essay GATA called to your attention yesterday, Money Metals Exchange CEO Stefan Gleason asked the compelling question: "When will gold and silver miners start believing in their product?"
Gleason wrote: "These businesses quite literally mine real money. But like nearly every other business or individual, they still seem to be stuck in the fiat currency paradigm."
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Most gold and silver miners, Gleason noted, don't even reserve part of their production in their cash balances, preferring instead to sell their production for government currency almost as fast as they get it out of the ground.
GATA long has seen this phenomenon in a slightly different light, lamenting that few gold and silver mining companies acknowledge and agitate against government's constant if largely surreptitious market intervention to suppress monetary metals prices, intervention that supports government currencies against competition, intervention extensively documented by GATA here:
https://www.gata.org/node/20925
-- and here:
https://www.gata.org/taxonomy/term/21
But GATA understands this negligence of the monetary metals mining industry.
That is, the miners are too scared of their governments and their banks to acknowledge that they are competing with them in the money business.
Government can shut down a mine quickly on many pretexts -- environmental regulations, royalty rights, sovereignty claims, and such. And most mines are so expensive to build and operate that they require financing from the biggest banks, most of which are the partners of government in market rigging.
So the World Gold Council, an international trade association, should be running interference for the miners in the war waged by government against them. But the council itself seems to be an accomplice of government and big banks, operating as if its main purpose is to make sure there never is a world gold council.
As a result little GATA has been stuck doing the work the World Gold Council should be doing, exposing the government policies and operations that aim to prevent the monetary metals from being fairly valued, to prevent the miners from making money, and to prevent the world from enjoying free and transparent markets and limited and accountable government.
The World Gold Council has an annual budget of many millions of dollars, drawn from dues paid by its approximately 32 member mining companies:
https://www.gold.org/about-us/our-members
In contrast, GATA's annual budget is small and irregular. But who has accomplished more for the cause?
If you think it's GATA, please consider helping us --
-- and consider urging any mining company in which you have invested to help us as well
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
* * *
Join GATA here:
Mining Investment Asia
Wednesday-Thursday, May 15-16, 2024
Marriott Tang Plaza Hotel, Singapore
https://www.mininginvestmentasia.com/
* * *
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:
http://www.gata.org/files/GATA-4-wine-bottles.jpg
Buyers can compose their case by choosing as many as four varietals from the list here:
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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: bagman1236@aol.com
* * *
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 srenglert@comcast.net.
* * *
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