The Economist does its part to mislead about gold
by Chris Powell, GATA.org Dear Friend of GATA and Gold: Disinformation and information suppression about gold have intensified in recent weeks, and as might be expected, The Economist is doing its part, this time with commentary in its May 2 edition headlined “Gold Prices: Buried — Russia Is Buying Gold But Few Others Are.” The commentary ignores that vast increase in gold imports by China and India, along with the purchases by central banks apart from Russia’s that have turned central banks from net sellers to net buyers. While gold’s counterintuitive price performance is mentioned, The Economist attributes this only to a supposed proliferation of investment options, as if investors haven’t always had alternatives to government currencies and the monetary metals. The Great Unmentionable, of course, is surreptitious central bank selling of gold and gold derivatives, which, while fully documented by GATA here — http://www.gata.org/node/14839 — must be ignored as The Economist upholds the first rule of mainstream financial journalism: Never put a critical question to a central bank, especially a critical question about gold. The Economist’s commentary is posted here: http://www.economist.com/news/finance-and-economics/21650189-russia-buyi… CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc.