Dear Friend of GATA and Gold:
Today's edition of The Wall Street Journal published another clueless report about what it called gold's failure to function as a safe haven amid financial turmoil.
Your secretary/treasurer replied to the reporter as shown below, not because of any expectation that actual journalism about gold will ever be undertaken by any mainstream financial news organization but because ... well, because it's your secretary/treasurer's job.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
* * *
Will Horner, Reporter
The Wall Street Journal
New York, New York
Friday, November 6, 2020
Dear Mr. Horner:
Your report today, "Gold Hasn't Behaved Like a Haven Recently" --
https://www.wsj.com/articles/gold-hasnt-behaved-like-a-haven-recently-11...
-- might have been more illuminating if it had taken into account the daily intervention of central banks in the gold market.
My organization, the Gold Anti-Trust Action Committee Inc., has been documenting this intervention for 20 years. A summary of that intervention, including links to much documentation, can be found here:
A recent update can be found here:
A recent report on the record-high level of gold market intervention by the Bank for International Settlements is here:
What you pose as the mystery of gold's poor performance can be solved by putting a few critical questions to the BIS, Federal Reserve, Treasury Department, and Commodity Futures Trading Commission.
The Wall Street Journal very tentatively approached this issue via a report on its front page in 2017, with which I assisted the newspaper's reporter, Katy Burne:
But remarkably Burne never asked the Federal Reserve Bank of New York for comment about what it was being accused of. This may not have been her fault. Her editors may have directed her to violate the first rule of journalism. But the key questions seem to remain unasked of the government officials who know the answers.
I understand that you probably would not be allowed by your editors to get any closer to the gold story than Burne did. But I would be glad to provide more information to you if the Journal's policy on the gold question has changed.
At least I will be glad to have gotten on the record that all this documentation has been provided to the Journal once again.
With good wishes.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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