London metals trader Maguire and GATA consultant Organ discuss collapse of fractional-reserve gold banking system

London metals trader Maguire and GATA consultant Organ discuss collapse of fractional-reserve gold banking system by Chris Powell for GATA

Dear Friend of GATA and Gold:

The imminent collapse of the fractional-reserve gold banking system is the primary topic of a discussion between London metals trader and Kinesis Money founder Andrew Maguire and GATA consultant Harvey Organ, a student of the gold and silver markets for 50 years.

They review:

— Organ’s lifelong interest in the monetary metals.

— His association with U.S. Commodity Futures Trading Commission member Bart Chilton.

— His testimony to the commission’s 2010 hearing on gold and silver futures at which it was revealed that trading leverage approaches a ratio of 100 to 1.

— The mishandling of the gold and silver he was vaulting at Scotiabank in Toronto and his struggle to recover it.

— The unreliability of the exchange-traded silver fund SLV.

— The big recent changes in the gold and silver market, including the sudden transformation of the New York Commodities Exchange — the Comex — from a derivatives market to a physical market.

— What appears to have become a run on Comex gold and silver.

— And Organ’s expectation that only physical gold and silver markets will survive in the future.

The interview is nearly an hour long and can be viewed at You Tube here:

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 (, 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.