Lots of talk about gold but only a hint about manipulation

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Lots of talk about gold but only a hint about manipulation by Chris Powell – GATA

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Dear Friend of GATA and Gold:

A tiny bit of progress in the struggle to expose gold market manipulation by central banks can be found today at Forbes, where asset manager and economist Nathan Lewis contemplates mechanisms for restoring a gold standard.

In an essay headlined “The Mythical Problem of Finding ‘The Right Gold Price'” —


— Lewis writes that in recent years “central banks have engaged in other kinds of macroeconomic manipulation (negative interest rates!) to a degree never before seen. Probably they have done some heavy-handed bullying of the gold market itself.”

But there’s nothing to be cheery about over at Barron’s, which, in a report headlined “Is It Time to Hold Gold?” —


— asks James Grant of Grant’s Interest Rate Observer to outline the reasons for gold as an investment and fund manager Daniel Wiener to outline the reasons against it.

Grant notes that as money without counterparty risk, gold may compare favorably with government currencies that pay little interest. But Grant offers no argument against Wiener’s observation that the gold price in recent years has not been keeping up with inflation.

Of course a response to that criticism is always available from GATA’s research —



— which details the constant and usually surreptitious intervention by central banks against gold, particularly through the creation of a vast imaginary supply of the monetary metal in the futures markets.

But this weekend it seems that no one will get closer to that point than Lewis’ timid hint at Forbes.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[email protected]

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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.