Daily Dispatches

By Richard Bernstein
Financial Times, London
Tuesday, May 10, 2022

Former NFL coach Bill Parcells famously said, "You are what your record says you are." A team's coach might try to rationalise a losing record by highlighting good planning, unfortunate injuries, or players' small miscues but the stark reality is a team with a losing record is a poor one.

The Federal Reserve claims to be fighting inflation, but before one proclaims the central bank "hawkish," it seems appropriate to paraphrase Parcells: You are what your real fed funds rate says you are.

Despite their longstanding heroic work, even the Martenses haven't yet realized that market manipulation conducted by or at the behest of the U.S. government is fully authorized by the Gold Reserve Act of 1934 as amended since then. The law gives market-rigging power to the U.S. Treasury Department's Exchange Stabilization Fund, which can use the New York Fed or any investment house as its broker.

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By Pam Martens and Russ Martens
Wall Street on Parade
Monday, May 9, 2022

9:52p ET Sunday, May 8, 2022

Dear Friend of GATA and Gold:

Being the only forms of money without counterparty risk, at least when held directly by their owners, gold and silver are often seen as the foundation of a sound investment portfolio. 

In 2006, when Canada sold the last of its official gold reserves, the gold price was fluctuating between US$1,140 and US$1,380. Today gold is at US$1,883. Since 2006 it has been as high as US$2,000 and has never been lower than it was in 2006. In recent years central banks have turned from net sellers to net buyers of gold.