Loading ...Here is a link to an excellent compilation of Gold Price Suppression evidence put together by GATA. http://www.gata.org/node/17296
I have snipped Chris Powell’s conclusion and his plea for action below.
I am not an attorney, but my thought is this – Legal action against the big boys like the Fed; CFTC; LBMA etc. has been proven to go nowhere. However, PM mining companies are a different story. If they have knowledge of wrong doing, which they most certainly do – they are complicit in the crime because they have a fiduciary responsibility to their shareholders to receive the best possible price for their product.
Therefore, I believe legal action against individual mining companies for damages would be the most effective means to end the Central Bank suppression of Precious Metals pricing.
Any thoughts?
Chris Powell: Why invest in gold miners if they won’t defend themselves?
http://www.gata.org/node/17296
[snip]……… But thanks to GATA’s freedom-of-information litigation against the Federal Reserve in U.S. District Court for the District of Columbia in 2009, we obtained the answer to the gold swaps question from a member of the Fed’s Board of Governors, Kevin M. Warsh. Handling GATA’s formal request for information on gold swaps, Warsh replied, in writing to GATA’s lawyer, that the Fed possesses and refuses to disclose “information relating to swap arrangements with foreign banks on behalf of the Federal Reserve System.” Gold swap information, Warsh explained, “is not the type of information that is customarily disclosed to the public.” Gold swap information, Warsh explained, “is not the type of information that is customarily disclosed to the public.”
Can anyone wonder why this information is concealed? As the secret IMF staff report of March 1999 says, it is concealed to facilitate secret market interventions by governments and central banks.
Perhaps most remarkably, in January this year a major gold mining company executive acknowledged on video that he believes that governments are rigging the gold market. Here is Canadian billionaire Frank Giustra, a confidant of former President Bill Clinton, being interviewed by money manager Marin Katusa at the Vancouver Resource Investment Conference in January. Katusa asks Giustra why the gold price doesn’t match the political and financial turmoil in the world.
http://www.gata.org/node/17223
The gold price is lower than it should be, Giustra said, because governments have “managed” it. This raises questions that Katusa failed to put to Giustra:
First, if governments are suppressing the gold price, why should anyone invest in gold mining companies?
And second, if governments are suppressing the gold price and you’re an executive of and big investor in gold mining companies, are you going to try to do anything about it, or are you just going to sit there and quietly accept it?
Suppression of the gold price supports government-issued currencies, helps suppress all commodity prices, and thereby destroys markets everywhere and expropriates the developing world. Gold price suppression thereby constitutes the primary mechanism of imperialism — a mechanism more effective than armies, since it is surreptitious and not generally understood.
So I would put two questions to all of you here, since you’re all involved in the commodity business one way or another. Can you at least acknowledge, as Giustra finally has done, that the governments of developed countries are waging war not only against your businesses but also against the developing world? And if you can acknowledge this, will you try to do anything about it?
If you would like to try doing something about it, GATA can make some suggestions and provide more information.
I will be glad to hear from you by e-mail at CPowell@GATA.org.
Thanks for your kind attention.
Chris Powell