The Gold Price-fixing Conspiracy

[mlk_man]

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[FONT=times new roman, times]THE GOLD PRICE-FIXING CONSPIRACY
[/FONT][FONT=times new roman, times]by Doug Casey[/FONT][FONT=times new roman, times]
[/FONT][FONT=tahoma,verdana,arial]Chairman,[/FONT][FONT=tahoma,verdana,arial]CaseyResearch.com
January 25, 2007[/FONT]​

[FONT=arial,helvetica,verdana]For many years now, a number of people in the financial arena have been alleging that there is an active conspiracy to suppress the price of gold. Some see it as a sinister backroom affair. Others claim that it’s just the way the world works, and that it happens right out in the open, if only you know where to look.[/FONT]
[FONT=arial,helvetica,verdana]Among the latter is the Gold Anti-Trust Action Committee (GATA), the source of much of the material that has been written on the subject in recent years. In order to get their take, we sent our own Doug Hornig to interview Chris Powell, co-founder and secretary/treasurer of GATA.[/FONT]

[FONT=arial,helvetica,verdana]Doug Casey
[/FONT][FONT=arial,helvetica,verdana]International Speculator[/FONT]​

[FONT=arial,helvetica,verdana]GATA’s interest, Chris says, is in “public policy with regard to the rigging—or ‘regulation,’ if you prefer to be polite—of the currency markets, and specifically gold, by the central banks.[/FONT]
[FONT=arial,helvetica,verdana]“And we don’t have to speculate on what they’re doing, because they’ve confessed in several ways. Of course, it’s not like they’ve gone out of their way to let people know what they’re up to. They don’t go around to the major news organizations and ask them to understand it. But if you look reasonably carefully, you can find these confessions in the public record in various places.”[/FONT]
[FONT=arial,helvetica,verdana]We asked Chris to define specifically who they are.[/FONT]
[FONT=arial,helvetica,verdana]“The central banks and their agents, the bullion banks,” he replied. “The central banks include the ECB [European Central Bank], as well as those of virtually all the European countries, including Britain, along with the Federal Reserve and Treasury Department in this country. Any of the big Western holders of gold. All of whom communicate directly with each other and also through the BIS, the Bank for International Settlements [the subject of an article—‘The Most Powerful Bank You’ve Never Heard Of’—in the March 7, 2006 issue of What We Now Know].”[/FONT]
[FONT=arial,helvetica,verdana]The world of international money movement can sometimes be confusing, even for those of us who follow it on a regular basis, so we wondered if the central banks are bullion banks, as well. Chris notes that they can be, but the definition is broader than that.[/FONT]
[FONT=arial,helvetica,verdana]“A bullion bank is any investment house that deals in the gold market, buys or sells, borrows or lends gold. It need not be a ‘bank’ per se. It could be a big brokerage house like Goldman Sachs.”[/FONT]
[FONT=arial,helvetica,verdana]That addressed who might be manipulating the market. But it raised more questions than it answered: What are they doing? How are they doing it? And why do they bother? Chris took the first one first.

Read on: http://www.financialsense.com/editorials/casey/2007/0125.html
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