Pakistan is the closest the NY Times will get to gold-rigging story

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Pakistan is the closest the NY Times will get to gold-rigging story by Chris Powell – GATA

Dear Friend of GATA and Gold:

Cast your bread upon the waters, the Bible says somewhere, and pray that something comes back besides overweight seagulls.

GATA does a lot of casting, usually without result, but you never know when and where someone will pick up on it, and this week a teacher and writer in Pakistan, Taha Ali, did. Ali, who writes for Pakistan’s national English-language newspaper, the Express-Tribune, cited GATA in a commentary about bitcoin to explain why the cryptocurrency rose so sharply in price amid an explosion in the world’s money supply while the gold price did not rise similarly.

“An oversupply of money tends to fundamentally distort markets, creates bubbles in domains such as real estate and technology, and triggers inflation,” Ali wrote. “Generally when central banks try such questionable experiments, sensible investors rush for predictable safe havens, such as precious metals, to protect their wealth. Gold prices indeed soared for a bit in the early years after the recession but have held remarkably steady since (in the $1,000-2,000 range), in no way comparable to bitcoin’s dramatic rise.

“However, watchdog bodies (such as the Gold Anti-Trust Action Committee) believe that gold prices have been consistently suppressed by big banks for the past several years, a view supported by research studies. Regulators have also investigated several big banks for price-fixing precious metals and penalized Barclays and Deutsche Bank with hefty fines.”

The Express-Tribune carries the international edition of The New York Times but with Ali’s commentary has vastly exceeded the Times’ truth telling about market rigging by governments and their agent investment banks, though GATA long has been directly providing the Times with all its major documentation while not providing anything directly to the Express-Tribune.

As the old Grateful Dead song goes:

Once in a while you get shown the light
In the strangest of places if you look at it right.

Ali’s commentary is headlined “Making Sense of Bitcoin” and it’s posted at the Express-Tribune’s internet site here:

https://tribune.com.pk/story/1613000/6-making-sense-bitcoin/

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org



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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.