Dear Friend of GATA and Gold (and Silver):
Maybe this is a small indication of how far GATA has come and how far we still must go if the rigging of the monetary metals markets is ever to be overthrown for the reasons of justice, humanity, and economics we have tried to articulate for 20 years.
On Friday your secretary/treasurer got a most surprising e-mail. It was from a reporter for a major international financial news publication on whose electronic door GATA long has been knocking and who himself long has been sent GATA's more important findings.
Once a few years ago your secretary/treasurer actually got inside this publication's headquarters to plead GATA's' case for 45 minutes, and a few years before that he was invited to speak at a dinner attended by a top editor for the publication, to whom the major documents available at the time were handed personally.
So while this publication long has had copies of all the major documentation GATA has compiled about surreptitious government intervention against gold, it has remained impassive about the issue.
The reporter who wrote Friday was seeking comment about the plan of the Reddit/Wall Street Bets crowd to squeeze what it perceived as the huge short position in silver.
Delighted, your secretary/treasurer quickly replied:
"If Reddit-inspired investors think that some powerful elements, with the surreptitious support of governments and central banks, are shorting silver and silver mining company stocks in pursuit of suppressing the price of a monetary metal that potentially competes with government currencies and bonds, of course I agree with them.
"If they think they can defeat governments and central banks, creators of infinite money, as easily as they can defeat a hedge fund or two, I admire their courage and wish them the best of luck.
"I would encourage them to inquire into the use of the Central Bank Incentive Program sponsored by CME Group, operator of the major U.S. futures exchanges, which provides volume trading discounts to governments and central banks for their surreptitious trading in the commodity futures markets:
"http://gata.org/node/18925
"Such an inquiry might give them a hint about what they're up against."
The reporter pronounced this response "excellent" and expressed thanks for it.
Of course your secretary/treasurer did not expect his comment to be used by the publication. Indeed, when a silver story to which the reporter contributed was published Monday, predictably enough it quoted only a London bullion dealer who proclaimed that bullion banks were innocent of any wrongdoing in the silver market.
For surreptitious government intervention in the monetary metals markets and other especially sensitive markets remains a prohibited topic among mainstream financial news organizations. Maybe this particular reporter hadn't yet been informed of his publication's policy. Maybe he knows about it now. We're sorry if he was embarrassed when he found out. But we'll keep pounding on his electronic door anyway.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Powell@GATA.org
About the author
