BIS refuses to answer questions about its activity in the gold market

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BIS refuses to answer questions about its activity in the gold market by Chris Powell – GATA

Dear Friend of GATA and Gold:

The Bank for International Settlements today refused to answer questions from the Gold Anti-Trust Anti-Trust Action Committee about the bank’s activity in the gold market.

On Monday your secretary/treasurer wrote to the bank’s public information office calling attention to GATA consultant Robert Lambourne’s latest analysis of the bank’s October statement of account involving gold, which Lambourne construed to show a substantial increase in the bank’s use of gold swaps.

Your secretary/treasurer wrote:

“Dear BIS Press Office:

“On November 12 the Gold Anti-Trust Action Committee Inc. published an analysis by its consultant, Robert Lambourne, of the recent increase in gold swaps undertaken by the Bank for International Settlements:

http://www.gata.org/node/17790

“Could you please tell me whether this analysis is correct or, if it is in error in any way, how so?

“Could you also please tell me the BIS’ purpose and objectives with these gold swaps and with the bank’s involvement in the gold and gold derivatives markets generally?

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Chris Powell

The Gold Anti-Trust Action Committee was organized in the fall of 1998 to expose, oppose, and litigate against collusion to control the price and supply of gold and related financial instruments. The committee arose from essays by Bill Murphy, a financial commentator on the Internet (LeMetropoleCafe.com), and by Chris Powell, a newspaper editor in Connecticut. Murphy's essays reported evidence of collusion among financial institutions to suppress the price of gold. Powell, whose newspaper had been involved in antitrust litigation, replied with an essay proposing that gold mining and investor interests should act on Murphy's essays by bringing antitrust lawsuits against financial institutions involved in the collusion against gold. The response to these essays was so favorable that the committee was formed and formally incorporated in Delaware in January 1999. Murphy became chairman and Powell secretary and treasurer.