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GATA - Gold Anti-Trust Action Committee
Manchester, Conn.

The Gold Anti-Trust Action Committee was organized in January 1999 to advocate and undertake litigation against illegal collusion to control the price and supply of gold and related financial securities. The committee arose from essays by Bill Murphy, a financial commentator, and by Chris Powell, a newspaper editor in Connecticut, published at Murphy’s Internet site, www.lemetropolecafe.com.

GATA - Gold Anti-Trust Action Committee is not verified as a 501(c)3 organization.

Latest News

Jun 19, 2018

By Gabriel T. Rubin
The Wall Street Journal
Monday, June 18, 2018

WASHINGTON -- JPMorgan Chase & Co. agreed to pay a $65 million fine to settle claims that it tried to manipulate a global interest rate benchmark, the latest fine levied by U.S. regulators to punish crisis-era manipulation schemes by large banks.

The Commodity Futures Trading Commission said JPMorgan employees between 2007 and 2012 made false reports and attempted to manipulate the U.S. Dollar International Swaps and Derivatives Association Fix, a benchmark that is referenced in many derivatives products.

... Dispatch continues below ...



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The regulator found that during that five-year period, JPMorgan employees would attempt to manipulate the reference rate by “bidding, offering, and executing transactions in targeted interest rate products” around the time of day when the reference rate was fixed.

The settlement with the CFTC makes JPMorgan just the latest major bank to settle charges of alleged interest-rate manipulation in recent years, as the CFTC noted in its announcement of the settlement. ...

... For the remainder of the report:

https://www.wsj.com/articles/jpmorgan-to-pay-65-million-fine-for-dollar-...

* * *

Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Thursday-Sunday, November 1-4, 2018
https://neworleansconference.com/

* * *

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:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Jun 18, 2018

By Mary Price
Charlotte (North Carolina) Observer
Sunday, June 17, 2018

Divers recovering artifacts off the steamship Pulaski have made an eerie find that gives credence to eyewitness accounts of the night the ship sank in 1838, taking some of the nation's richest people to the bottom of the Atlantic.

A mysterious "grapefruit-sized" encrustation found at the site off North Carolina's coast turned out to be a heavily decorated solid gold pocket watch attached to a gold chain.

However, what has historians buzzing is that the watch's hands are frozen at 11:05.

That's 5 minutes after the time witnesses say the ship's boilers exploded on the night of June 14, 1838. The dramatic sinking, often referred to as "the Titanic of its time," occurred 180 years ago this month. ...

The divers have found items valued in the hundreds of thousands of dollars, including 150 gold and silver coins dating back to 1759. ...

... For the remainder of the report:

https://www.charlotteobserver.com/news/local/article213337689.html


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Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Thursday-Sunday, November 1-4, 2018
https://neworleansconference.com/

* * *

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:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Jun 18, 2018

10:40p ET Sunday, June 17, 2018

Dear Friend of GATA and Gold:

Dave Kranzler of Investment Research Dynamics notes that far more paper gold was sold Friday on the New York Commodity Exchange than real metal was available at the exchange for delivery, and that the smashdown occurred after the Chinese and Indian markets were closed. His analysis is headlined "Was Gold Actually Dumped Friday?" and it's posted at IRD here:

http://investmentresearchdynamics.com/was-gold-actually-dumped-friday/

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



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Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Thursday-Sunday, November 1-4, 2018
https://neworleansconference.com/

* * *

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:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Jun 18, 2018

By Edward Robison
Bloomberg News
Sunday, June 17, 2018

The Bank for International Settlements just told the cryptocurrency world it's not ready for prime time -- and as far as mainstream financial services go, may never be.

In a withering 24-page article released Sunday as part of its annual economic report, the BIS said Bitcoin and its ilk suffered from "a range of shortcomings” that would prevent cryptocurrencies from ever fulfilling the lofty expectations that prompted an explosion of interest -- and investment -- in the would-be asset class.

... Dispatch continues below ...



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The BIS, an 88-year-old institution in Basel, Switzerland, that serves as a central bank for other central banks, said cryptocurrencies are too unstable, consume too much electricity, and are subject to too much manipulation and fraud to ever serve as bona fide mediums of exchange in the global economy. It cited the decentralized nature of cryptocurrencies -- Bitcoin and its imitators are created, transacted, and accounted for on a distributed network of computers -- as a fundamental flaw rather than a key strength.

In one of its most poignant findings, the BIS analyzed what it would take for the blockchain software underpinning Bitcoin to process the digital retail transactions currently handled by national payment systems. As the size of so many ledgers swell, the researchers found, it would eventually overwhelm everything from individual smartphones to servers.

"The associated communication volumes could bring the Internet to a halt," the report said. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2018-06-17/bitcoin-could-break-t...

* * *

Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Thursday-Sunday, November 1-4, 2018
https://neworleansconference.com/

* * *

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:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Jun 17, 2018

9:58p ET Saturday, June 16, 2018

Dear Friend of GATA and Gold:

GATA board member Ed Steer's commentary for today in his Gold and Silver Daily letter, headlined "'Da Boyz' Drop the Hammer," covers Friday's smashing of gold and silver futures prices and is posted in the clear at GoldSeek here:

http://news.goldseek.com/GoldSeek/1529238120.php

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



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Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Thursday-Sunday, November 1-4, 2018
https://neworleansconference.com/

* * *

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:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Jun 16, 2018

Hedge Funds Pick the Wrong Time to Go Big on Gold as Prices Drop

By Luzi-Ann Javier
Bloomberg News
Friday, June 15, 2018

Hedge funds just mistimed their gold bets.

Money managers as of Tuesday pushed their wagers on a bullion rally to the highest in seven weeks. The next day, Federal Reserve policy makers signaled more interest-rate increases this year than earlier projected. Gold ended up posting a weekly loss as the dollar rallied.

... Dispatch continues below ...



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Bullion has been stuck in the doldrums for most of this year as the outlook for higher borrowing costs dimmed prospects for the metal, which doesn't pay interest. [ GATA EDITOR'S NOTE: Gold doesn't pay interest except when it does -- when an owner leases it.]

Even rising trade tensions between the U.S. and China that sent equities and bond yields tumbling Friday weren't enough to boost gold's haven appeal as the metal fell the most in 18 months. Geopolitical risks that previously supported prices are also fading after President Donald Trump met with North Korean leader Kim Jong Un. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2018-06-15/hedge-funds-pick-the-...

* * *

Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Thursday-Sunday, November 1-4, 2018
https://neworleansconference.com/

* * *

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:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Jun 16, 2018

From Russia Today, Moscow
Saturday, June 16, 2018

Russia has held a major selloff of U.S. Treasury bonds, dumping some $47 billion worth of papers and momentarily dropping six places on a list of major foreign holders of U.S. securities, recently released statistics for April have shown.

In just one month Russia proceeded to sell $47.4 billion out of the $96.1 billion the country had in U.S. Treasury bonds in March. The latest statistics released by the U.S. Treasury Department on Friday showed that, in April, Russia had only $48.7 billion in American assets, occupying 22nd place on the list of "major foreign holders of Treasury securities."

... Dispatch continues below ...



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China, which holds the most U.S. Treasury bonds, also sold off some $7 billion worth of its American assets, from March to April, and now has $1.18 trillion invested in securities.

Japan, which is positioned second on the list, in the same timeframe sold off some $12 billion, leaving just over a trillion dollars in U.S. bonds.

Ireland, which had $300.4 billion in April also managed to ditch over $17 billion in U.S. assets. ...

... For the remainder of the report:

https://www.rt.com/business/429931-russia-sells-us-treasuries/

* * *

Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Thursday-Sunday, November 1-4, 2018
https://neworleansconference.com/

* * *

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:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Jun 16, 2018

9:22a ET Saturday, June 16, 2018

Dear Friend of GATA and Gold:

Interviewed this week by Craig Hemke of the TF Metals Report for Sprott Money News, financial commentator Doug Casey charges that complaints of gold market manipulation by governments are "ridiculous" and "laughable" because governments "don't care" about gold. Casey adds that while GATA's officers are "nice" and "sincere" people, "they really wear tinfoil hats when they start talking about this stuff."

Yet just a few seconds earlier Casey acknowledges that governments do care about gold.

"Of course governments want a low gold price," Casey says, "because that would indicate that there's no inflation and that there's nothing to worry about economically or financially."

"But," Casey continues, "are they suppressing the price of gold? They want a lower gold price but they're not doing anything about it."

... Dispatch continues below ...



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Such a bold assertion implies detailed knowledge of everything governments and central banks do all the time, and while Casey may be a smart guy, is he really omniscient? In his interview he cites no authority for his conclusion.

The gold price, Casey notes, has risen from $35 in 1971 to nearly $1,300 today. He asks: "Is that successful gold price suppression?"

Yet the common disparagement about gold is that its price has not kept up with inflation as other assets have done, nor with the world's monetary base. So yes, even a rise of nearly more than $1,200 in nearly 50 years might be considered successful suppression. If suppression had been any more successful, supply of the metal might have ceased, exposing and exploding the suppression scheme.

Governments "couldn't even suppress the price of gold at $35 per ounce" when that was the official price, Casey says. "How can they do it now? ... It's impossible."

Yet since modern central banking began early in the last century, the United States and its allies have frozen the gold price for long periods at various levels, including $35, and have done so in the open as well as surreptitiously. Omniscient as Casey seems to consider himself, he should have heard of the London Gold Pool, the public mechanism of Western central bank intervention that, with dishoarding of central bank reserves, froze the gold price at $35 during the 1960s before being overwhelmed March 1968. It wasn't "impossible" at all; it worked for eight years:

https://en.wikipedia.org/wiki/London_Gold_Pool

How, Casey asks with incredulity, can governments suppress the gold price now?

Someone of Casey's omniscience also might have heard of gold swaps, leases, and derivatives, like those maintained by the agent of all major governments and central banks, the Bank for International Settlements, which, according to its own financial reports, intervenes secretly in the gold market every month on behalf of its members and refuses to explain the purpose of its interventions:

http://www.gata.org/node/18228

http://www.gata.org/node/17793

The British economist Peter Warburton observed in 2001 that by using derivatives central banks easily and inexpensively could control not only gold prices but the prices of all major commodities traded on futures exchanges:

http://www.gata.org/node/8303

The director of market operations for the Banque de France, Alexandre Gautier, answered the "how" question at a meeting of the London Bullion Market Association in Rome in September 2013. Gautier said the French central bank trades gold for its own account "nearly on a daily basis" and is "active in the gold market for other central banks and official institutions":

http://www.gata.org/node/13373

Asked about this intervention a couple of years later, Gautier, like the BIS, refused to explain it, adding that the French central bank seldom gives interviews:

http://www.gata.org/node/14954

If, as Casey pontificates, governments "don't care" about gold, why such secrecy about their activity in the market?

Indeed, the supposed indifference of governments to gold is further disproved by the discounts given to them for their secret trading in the monetary metals futures markets operated by CME Group, discounts of 15 percent. Confirming Warburton's thesis, CME Group gives governments and central banks discounts for secretly trading all commodity and financial futures contracts:

http://www.gata.org/node/17976

Continuing his exoneration of governments in the gold market, Casey asks: "Why would they want to suppress it, if they could, because the Russian and Chinese governments have been buying huge amounts of gold for years? Should the U.S. be suppressing the price of gold so that the Russians and Chinese get a bargain in buying it?"

Casey seems unaware that his merely rhetorical question actually frames a primary suspicion about U.S. government policy in the gold market, a suspicion recently expressed by a financial expert who has had U.S. government security clearance, James G. Rickards. Having spoken confidentially with officials around the world, Rickards maintains that the U.S. government indeed has been providing Russia and China with bargain prices in gold to forestall their dumping U.S. Treasury bonds from their foreign exchange reserves, gold being a hedge against the dollar's eventual devaluation:

http://www.gata.org/node/18235

Two American economists, Paul Brodsky and Lee Quaintance, came to a similar conclusion in a paper published six years ago:

http://www.gata.org/node/11373

GATA's documentation file contains much more official acknowledgment of the largely surreptitious involvement of governments and central banks in the gold market and related markets in recent decades and continuing to the present.

For example, a former member of the Federal Reserve Board of Governors, Kevin M. Warsh, writing in The Wall Street Journal in December 2011, just months after he resigned from the board, confirmed market rigging by central banks.

Warsh wrote: "Policy makers are finding their authority, credibility, and firepower being tested. In turn they are finding it tempting to pursue 'financial repression' -- suppressing market prices that they don't like. But this is bad policy, not least because it signals diminished faith in the market economy itself."

Warsh's essay can be found here:

http://www.gata.org/node/10839

The material GATA has compiled and published is not mere "conspiracy theory" but official public record from government archives and public statements and memoirs from central bankers, even if those statements were made and memoirs were written when central bankers thought only their colleagues were listening:

http://www.gata.org/taxonomy/term/21

Those central bankers may have been confident that someone who considers himself as omniscient as Casey does would never notice anything they said or put in writing, much less anything they did.

At the New Orleans Investment Conference in October 2014 your secretary/treasurer was assigned to debate Casey about gold price suppression. Your secretary/treasurer wanted to review in detail the documentation of the suppression policy and came with a PowerPoint presentation showing some of the documents that GATA had compiled. He hoped to discuss them with Casey one by one:

http://www.gata.org/node/14617

But Casey declined to address them. Casey didn't just contend that governments don't care about gold; he contended that central banks themselves don't matter. That refusal to address the evidence precluded any real debate.

Casey describes himself as an "anarcho-capitalist" but governments and central banks can't be wished away by mere ideology. The free markets of Casey's ideology may win eventually but we live in the present and eventually may be a long way off, when most of those alive now are dead. Government agencies empowered to create infinite money and bestow it secretly as central banks are empowered are the actual rulers of the world, since they control the value of all capital, labor, goods, and services.

Just holding major governments and central banks accountable for what they do is terribly hard and is yet to be accomplished anywhere, not even in nominally democratic countries. GATA does what it can but in refusing to examine the evidence and instead whitewashing central banking, Casey protects the totalitarianism he purports to oppose.

Casey's comments on gold price suppression run from the 12:50 mark to the 15:24 mark at the Sprott Money internet site here:

https://www.sprottmoney.com/Blog/ask-the-expert-doug-casey-june-2018.htm...

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

* * *

Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Thursday-Sunday, November 1-4, 2018
https://neworleansconference.com/

* * *

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:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16