When you own gold you're fighting every central bank in the world.

[Guest]

GATA co-founder Chris Powell delivered a great speech yesterday that documents the market-rigging by banksters and governments:

Gold price suppression purposes and proofs

[shikamaru]

Nice.

I would avoid any mention of the UCC.

AT LAW would have sufficed in a most effective way.
Let me know how it goes!

[stoneFree]

Oh, perhaps you're reading too much into that image. The coin doesn't relate to David's affidavit and signifies little, except that the coin was mine. I merely wanted to include a gold coin picture to highlight Chris Powell's speech & his work at GATA:

In September 2009 the geopolitical analyst James G. Rickards was interviewed about the currency markets on the cable television network CNBC. Rickards remarked: "When you own gold you're fighting every central bank in the world."

That's because gold is a currency that competes with government currencies and has a powerful influence on interest rates and the value of government bonds. This was documented in an academic study published in 1988 in the Journal of Political Economy by Lawrence Summers, then professor of economics at Harvard, future U.S. treasury secretary, and Robert Barsky, professor of economics at the University of Michigan -- a study titled "Gibson's Paradox and the Gold Standard." This study is posted at GATA’s Internet site:

http://www.gata.org/files/gibson.pdf

This close correlation among gold, interest rates, and government bond values is why central banks long have tried to control -- usually suppress -- the price of gold. Gold is the ticket out of the central banking system, the escape from coercive central bank and government power.

As an independent currency, a currency to which investors can resort when they are dissatisfied with government currencies, gold carries the enormous power to discipline governments, to call them to account for their inflation of the money supply and to warn the world against it. Because gold is the vehicle of escape from the central bank system, the manipulation of the gold market is the manipulation that makes possible all other market manipulation by government.

Of course what Rickards said about gold was no surprise to my organization, the Gold Anti-Trust Action Committee. To the contrary, what Rickards said has been our premise for most of our 12 years, and we have documented it extensively. But while the gold price suppression scheme is a hard fact of history, it is seldom mentioned in polite company in the financial world. The public records of the scheme are largely ignored.

That is, the gold price suppression scheme is not what it is sometimes disparaged as being, "conspiracy theory." Rather it is a matter of the most extensive public record -- at least for those who want to look at the record.

These records include:

-- Public statements by Federal Reserve officials, officials of other Western central banks, and the International Monetary Fund.

-- Declassified Central Intelligence Agency memoranda.

-- The minutes of the Federal Reserve's Federal Open Market Committee.

-- Filings and statements in three gold price suppression lawsuits in the United States; one brought by my committee's consultant, Reginald H. Howe, against central banks and bullion banks in U.S. District Court in Boston in 2001; another brought by Blanchard Coin and Bullion against Barrick Gold Corp. in U.S. District Court in New Orleans in 2003; and the third brought two years ago by my organization against the Federal Reserve in U.S. District Court for the District of Columbia.

-- These records also include declassified or leaked U.S. State Department cables.

-- The records include statistical studies done by market researchers like Adrian Douglas in the United States and Dimitri Speck in Germany.

-- And then there is testimony at the hearing about the precious metals markets that was held on March 25, 2010, by the U.S. Commodity Futures Trading Commission. The testimony there led to the filing of a massive silver price rigging lawsuit against J.P. Morgan Chase. The revised complaint against J.P. Morgan Chase, filed last month in U.S. District Court for the Southern District of New York, contains pages and pages of extraordinarily specific detail, identifying trades, traders, and dates.
..

On a related note, the October issue of Digital Gold Magazine just came out:

http://www.dgcmagazine.com/

[Freed Gerdes]

It is my understanding that gold could be purchased in exchange for FRN's during inflationary times, and then sold later, at a perhaps higher price, and if the proceeds from the sale were redeemed in lawful money, no tax would be associated with the transaction. Since managing your own assets is not 'commerce', this is the reasonable result.
GATA has done a public service by exposing the manipulation of the gold price in dollars, but the manipulation is being done by/for the US govt, thus will not be halted by the CFTC no matter how obvious it becomes. Last week JPMorgan sold $1.24 billion worth of (paper) gold in one minute; since everyone now knows that the price is manipulated, this forced sale dropped the price only about $10, and the market price recovered within one day - see: http://www.zerohedge.com/news/todays...instream-press. Longterm the gold price tracks the total debt perfectly.

Freed Gerdes

[shikamaru]

It is my understanding that gold could be purchased in exchange for FRN's during inflationary times, and then sold later, at a perhaps higher price, and if the proceeds from the sale were redeemed in lawful money, no tax would be associated with the transaction.

You are better off focusing on arbitrage between two or three metals rather than valuing metals in FRNs.

[Chex]

You are better off focusing on arbitrage between two or three metals rather than valuing metals in FRNs.

My question is why are they (they signed a pledge not to buy gold from) still mining if gold is not money?

And what of the No Dirty Gold campaign, in which more than 50 gold buyers and retailers, including Zale (ZLC), Wal-Mart (WMT), QVC (LINTAhttp://finance.yahoo.com/news/why-mi...143342651.html

[shikamaru]

My question is why are they (they signed a pledge not to buy gold from) still mining if gold is not money?

And what of the No Dirty Gold campaign, in which more than 50 gold buyers and retailers, including Zale (ZLC), Wal-Mart (WMT), QVC (LINTAhttp://finance.yahoo.com/news/why-mi...143342651.html

Gold does have industrial purposes.