Dear Friend of GATA and Gold:
What does Ross Norman, formerly chief executive officer of London bullion dealer Sharps Pixley, now CEO of Metals Daily, think about gold market manipulation?
Three years ago, in an interview with Grant Williams' Real Vision, Norman said "you betcha" when asked if central banks had an interest in manipulating the gold market, adding that while he didn't know if they were doing it, he thought they "probably" were:
But in commentary for Metals Daily three weeks ago, headlined "Gold Trapped in a Self-Reinforcing Delusion" --
-- Norman pulled a 180:
"That same narrow linear thinking in my view -- and this is where I disenfranchise many of you -- applies to those who maintain that the gold market is manipulated. My frustration is firstly that there is not only no evidence to support that view and less regard or critical thinking around the second-order effect of pushing the mantra. I have many personal friends who would not consider investing in gold because they believe the bullshit ... those morons pushing the line are working against their own interests, no matter the damage to the 'brand.'"
GATA cordially invites Norman to support his assertion by responding to the decades of documentation compiled here --
-- and comprehensively summarized just a few weeks ago here:
Some of this documentation is quite current, like the analysis provided by GATA consultant Robert Lambourne of the monthly account statements posted by the Bank for International Settlements, which show the bank intervening surreptitiously in the gold market every month and probably every day on behalf of its central bank clients.
But Norman is not unique with his assertion that complaints of gold market manipulation are driving investors away from gold and that GATA is most objectionable because such complaints are bad for the gold business.
That is, GATA indeed is resented in the gold business for not being a tout like most people in the business. GATA both explains why the massive uncoverable short position in gold that long has been underwritten by central banks makes the monetary metal astoundingly prospective and why governments and central banks will do whatever they can, fair and unfair, to prevent the monetary metal from competing with their ever-depreciating currencies and fraudulent bonds.
News organizations are supposed to provide the facts and tell the truth, even when doing so is inconvenient. In his new position as the chief executive of a news organization Norman seems to have reverted to a tout, as if the business doesn't already have enough of those.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.