Of course it’s easier to tout gold mining shares if you don’t tell gold investors what they are up against…
Dear Friend of GATA and Gold:
Maybe it’s only what to expect from a stock-touting service, but today’s commentary by Alastair Ford, senior equities reporter for Proactive Investor in London, is disappointing all the same insofar as it comes from someone claiming 15 years of experience in the mining sector.
Ford was trying to say something nice about gold: That “given U.S. dollar strength, gold has considerably outperformed, which is another way of saying that over the past few months it has been broadly flat against a rising dollar.”
But then as a reason for gold’s respectable performance, Ford added:
“There’s no hot money in gold, and there are no central bankers monkeying with supply.”
“Central bankers monkeying with supply” has been the main influence on the gold price for decades now.
Has Ford never heard of the London Gold Pool, the International Monetary Fund’s gold sales, the surreptitious trading undertaken every month for its central bank members by the Bank for International Settlements, the bank’s actually advertising its secret interventions in the gold market, the Bank of England’s gold sales that were ridiculed as “Brown’s Bottom,” the March 1999 secret staff report of the International Monetary Fund explaining that central bank gold reserve accounting had to be camouflaged to conceal interventions, Federal Reserve Chairman Alan Greenspan’s admission in testimony to Congress in July 1998 that “central banks stand ready to lease gold in increasing quantities should the price rise,” and the incriminating public statements by a half dozen other central bankers?
GATA has summarized this documentation and more here —
— even as we’re sure we don’t know even half the substance of longstanding Western government gold price suppression policy.
Of course it’s easier to tout gold mining shares, as Proactive Investor does, if you don’t tell gold investors what they are up against. But telling them that central banks will not get in the way of their investments is aggressively dishonest and it hampers the exposure needed to liberate the gold market and realize full value from gold investments.
Ford’s commentary is headlined as erroneously as it could be — “Gold Proves Its Worth, Once Again, as the Only Asset Safe from the Meddling of Central Bankers” — and its posted at Proactive Investor here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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