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At Least the Big Intervention Smash Humiliated the World Gold Council

Dear Friend of GATA and Gold:

Painful as this week's government intervention against gold was for gold investors, at least it may have demolished what was left of the credibility of the World Gold Council.

The council's "chief market strategist," John Reade, tiptoed up to the intervention and then ran away, writing: 

"Could the sell-off have been a 'fat finger' or something malicious? Either are possible":

A "fat finger"? More like a fat sledgehammer with something like $4 billion in gold futures dumped on the market in a few minutes during its most illiquid hours.

And what exactly was meant by "something malicious"? Was that a timid acknowledgment that the gold market is manipulated by largely unseen powers that the gold council dares not name?

How pathetic and humiliating.

Let's see: Money creation has exploded around the world in the last year and a half, most real interest rates are heavily negative, inflation and commodity prices are soaring along with the major cryptocurrency, stock market valuations are at record highs, and the World Gold Council presides quietly over a steadily falling gold price, meekly advising investors that gold is a wonderful "diversifier" for a portfolio -- if they happen to need some losses to offset their fantastic capital gains elsewhere.

Great work for an organization with a budget in the tens of millions of dollars, financed by mining companies that in exchange get billions cut from their capitalization.

The World Gold Council calls itself "the market development organization for the gold industry," adding, "Our purpose is to stimulate and sustain demand for gold, provide industry leadership, and be the global authority on the gold market."

In fact the World Gold Council's purpose is to ensure that there never is a world gold council and that gold never again gets in the way of central banking's destruction of markets. That is, the council is a wholly owned subsidiary of the London Bullion Market Association, custodian of the world's gold short position.

Really, gold mining companies, why do you pay dues to this sham? And really, gold investors, why do you invest in companies that belong to the World Gold Council?:

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

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