RE: RE: OK RATTLED BRAINRattle – The onus should not be on GATA to produces substantiated evidence relating to gold manipulation; it should be the responsibility of Central Bankers to be open regarding their activities, via bullion banks, in the gold market. Nevertheless, GATA has produced such overwhelming circumstantial evidence that the bullion market is being rigged (as Adrian Douglas said in one of his articles, the AM and PM Gold fixes should be renamed as the AM & PM gold rigs!). The “maestro” Alan Greenspan is on record as saying that CB’s are ready and willing to lease more gold if the price rises. However, it is clear that such activity cannot be conducted to perpetuity, without unlimited supplies of physical bullion.
I believe that you are mistaken with regard to your references to the Chinese “gorilla”, for the following reasons:-
- China looks after China’s best interests – period. Any market purchases of gold would be made by them at the most favourable period in the 24 hour clock. China has no benefit in raising gold prices until they have emptied the coffers of the westerns CB’s.
- The “normal” gold activity after the pm fix does follow the secular trend upwards.
- The “abnormal” gold activity after the am fix does not follow the secular trend in gold price – it has almost never done so! Why ….. or do you believe that the Chinese gorilla is irrationally selling the gold they bought after the pm fix?? It is inconceivable that, during control by the LBMA and COMEX, that the gold price persistently trends counter to the 10 year secular trend.
- The reported increase in China’s gold reserves from about 600 tons to about 1100 tons over about 5 years is relatively small. Bear in mind that the EU central banks have been selling up to 500 tons per year (until now) and, as a CB “Club member”, China would be provided with an allocation, if requested, particularly to keep them out of the “normal” gold supply / demand market.
- China is the largest gold producer in the world at nearly 300 tons. It is most likely that the vast majority of this is used for internal consumption. The Chinese population are now free to buy gold. However, I suspect, that, as with Russia, a significant proportion of this gold production is clandestinely retained to enable the Chinese govt to declare a gold convertible currency, when the time is right for them. The Russians have openly espoused this intention and are not releasing all their gold production to the market.
Rattle – it seems that you were surprised that one of the UK’s premier universities would produce Adrian Douglas, with his “blinkered” GATA views. Apart from being an academic university of excellence, Cambridge has produced graduates with other qualities. In the 1930’s Cambridge was infamous in producing a soviet spy ring of such enormity (Philby, Burgess, Maclean, Blunt & Cairncross), that one of these Soviet double agents, Kim Philby, also served as director of anti-soviet counterintelligence for British Intelligence from 1944 to 1946! Also, in 1949, he was stationed in Washington DC as part of an Anglo-American intelligence cooperative operation. Therefore, it could not be argued that Cambridge graduates would be unfamiliar with conspiracies and political subterfuge.
On the subject of academic knowledge, I rate Professor Antale Fekete as one of the giants in exposing CB and govt abuse of gold in the monetary system. I would even suggest that Alan Greenspan writings, before his political ambitions came to the fore, were soundly based.