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Gold price suppression: Nothing new under the sun

Section: Daily Dispatches

3p ET Sunday, January 31, 2010

Dear Friend of GATA and Gold:

The anonymous blogger FOFOA -- Friend of Friend of Another, a name referring to the famous "Another" postings at the old Forum ( -- yesterday posted a wonderful account of the London Gold Pool of the 1960s.

It shows how gold dishoarding by central banks used to be frankly acknowledged as currency market manipulation.

It shows how those holding a short position in a rising market can still make vast amounts when they know in advance the moments of government intervention, circumstances that apply today to the London bullion market and the gold futures market at the New York Commodity Exchange.

It credits GATA for documenting the more recent developments in Western central banking's war on gold.

And it may prompt a little amazement that some supposed market analysts still disparage suggestions that the gold market does not trade freely but rather is the playground of large official forces that are actually terrified that it someday might trade freely, terrified even that the market someday might simply be talked and reported about candidly.

After all, to get a little biblical about it:

The thing that hath been, it is that which shall be; and that which is done is that which shall be done: and there is no new thing under the sun.

Well, a little candor in the Financial Times, The New York Times, The Economist, and a few other mainstream publications might be new enough.

FOFOA's essay is headlined "Living in a Powder Keg and Giving Off Sparks" and you can find it at his blog here:

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

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