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Conspiracy Against Gold - dec - 2, 2006

The paranoids were right -- there WAS a conspiracy against gold

Submitted by cpowell on 05:15PM ET Thursday, November 30, 2006. Section: o:p>

Even Paranoids Have Enemies:
Is There a Gold Conspiracy?

By Robert Appel
Luxe Magazine

(A supplement to the National Post, Toronto)

Wednesday, November 29, 2006

In the early 1990s, I recall, there was a front-page story in Canada's Financial Post (progenitor to our present National Post) featuring interviews with professional traders from the international gold desks. All were of one view. "Unusual activity" was taking place; the gold market was not as it should have been. Something was up.

I wish I had kept that edition in a lock-vault. It would be as significant today to connoisseurs of financial conspiracy as Lee Harvey Oswald’s Cuban postcard collection is to presidential assassination buffs. Wait -- did I actually use the words "financial" and "conspiracy" in the same sentence? Indeed. And with good reason.

Long before he ever became chairman of the Federal Reserve, Alan Greenspan wrote a number of interesting papers pointing out that the only true "threat" to the ability of sovereign nations to print as much money as they liked, whenever they liked, was gold.

It is possibly no coincidence that, during Greenspan's own tenure at the helm of the Fed, bullion began to act just a little bit wacky. Instead of keeping pace with the Dow or even with inflation -- de minimis expectations based on decades of prior behavior -- bullion actually began to weaken as other markets and commodities surged ever higher. Some called this counterintuitive behavior. Others had an even catchier name for it -- "conspiracy"!

By the late 1990s several Western central banks and key international gold mining firms suddenly, and oddly, discovered common ground. The central banks, led by the United Kingdom, ostentatiously dumped gold onto the open market, protesting all the while that it was a "non-productive asset" taking up otherwise valuable space in their vaults.

Some of the world's largest mining firms simultaneously began to "sell forward" future supplies of gold at ever-lower prices -- that is, prices constantly being depressed by the forward-selling process itself. The firms claimed that they were altruistically concerned about the future price of gold and were merely introducing stability into their business models by forced forward-selling. To appreciate this argument, think of a baker concerned that the market for his bread and rolls might weaken, so he decides to ingest his entire inventory by himself.

Seem a tad counterintuitive? Good. You are starting to catch on.

Speaking of "catching on," one of the first groups to do so was an organization formed in 1999 called GATA, the Gold Anti-Trust Action Committee. They were considered complete crackpots by the traditional financial establishment.

Until this year, that is.

A new and spanking-fresh report from Credit Agncole, the largest commercial bank in France, not only seemed to validate everything GATA had ever said but specifically opined in writing that Britain's ill-conceived aggressive and subversive dumping of gold into a sodden market during the late 1990s likely caused a "current loss to UK taxpayers of about $2 billion."

So, gold conspiracy? Yea or nay?

Do the research and decide for yourself. If nay, at least offer Oliver Stone the screen rights. It's a gosh-darned interesting tale.

If yea, then seriously consider backing up the truck in 2007 for gold-related assets, because that pretty, perky yellow metal may yet have a whole lot of catching up to do.

* * *

at the
2007 Vancouver Resource Investment Conference
Vancouver Convention and Exhibition Centre
Sunday and Monday, January 21 and 22, 2007

Admission is free for those who register in advance. The conference has arranged discount rates at the Pan Pacific Hotel adjacent to the convention center.

* * *

Help Keep GATA Going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at GATA is grateful for financial contributions, which are federally tax-deductible in the United States.

Contact GATA

Gold Anti-Trust Action Committee
7 Villa Louisa Road
Manchester, Connecticut
06043-7541 USA

Recommended Sites

Recommended Internet sites for daily monitoring of gold and precious metals news and analysis.

Free sites:

(Korelin Business Report -- audio)

(In Spanish)

(In English)

Subscription sites:

Eagle Ranch discussion site:

Ted Butler silver commentary archive:

Recommended Gold & Bullion Dealers

Coin and precious metals dealers who have supported GATA
and been recommended by our members:

Blanchard & Co. Inc.
909 Poydras St., Suite 1900
New Orleans, Louisiana 70112

Centennial Precious Metals
Box 460009
Denver, Colorado 80246-0009
Michael Kosares, Proprietor

Colorado Gold
222 South 5th St.
Montrose, Colorado 81401
Don Stott, Proprietor

El Dorado Discount Gold
Box 11296
Glendale, Arizona 85316
Harvey Gordin, President
Office: 623-434-3322
Mobile: 602-228-8203

Gold & Silver Investments Ltd.
Mespil House
37 Adelaide Rd
Dublin 2
+353 1 2315260/6
Fax: +353 1 2315202

Investment Rarities Inc.
7850 Metro Parkway
Minneapolis, Minnesota 55425
Greg Westgaard, Sales Manager
1-800-328-1860, Ext. 8889

178 West Service Road
Champlain, N.Y. 12919
Toll Free:1-877-775-4826
Fax: 518-298-3457
620 Cathcart, Suite 900
Montreal, Quebec H3B 1M1
Fax: 514-875-6484

Lee Certified Coins
P.O. Box 1045
454 Daniel Webster Highway
Merrimack, New Hampshire 03054
Ed Lee, Proprietor

Lone Star Silver Exchange
Suite 635, 3521 Oak Lawn Ave.
Dallas, Texas 75219

MRCS Canada
12303-118 Ave. NW
Edmonton, Alberta T5L 2K2
Michael Riedel, Proprietor

Miles Franklin Ltd.
3015 Ottawa Ave. South
St. Louis Park, Minn. 55416
1-800-822-8080 / 952-929-1129
fax: 952-925-0143
Contacts: David Schectman,
Andy Schectman, and Bob Sichel

Missouri Coin Co.
11742 Manchester Road
St. Louis, MO 63131-4614

Resource Consultants Inc.
6139 South Rural Road
Suite 103
Tempe, Arizona 85283-2929
Pat Gorman, Proprietor
1-800-494-4149, 480-820-5877

Richard Nachbar Rare Coins
5820 Main St., Suite 601
Williamsville, N.Y. 14221-8232

Swiss America Trading Corp.
15018 North Tatum Blvd.
Phoenix, Arizona 85032
Dr. Fred I. Goldstein, Senior Broker

The Moneychanger
Box 178
Westpoint, Tennessee 38486
Franklin Sanders
1-888-218-9226, 931-766-6066


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