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Anybody Seen Our Gold?
Key Excerpts from Article on Website of Full Page Ad in Wall Street Journal
Posted: April 27th, 2008
http://www.gata.org/node/wallstreetjournal
The gold reserves of the United States have not been fully and independently audited for half a century. Now there is proof that those gold reserves and those of other Western nations are being used for the surreptitious manipulation of the international currency, commodity, equity, and bond markets. The Federal Reserves general counsel, J. Virgil Mattingly, acknowledged as much when he told the Federal Open Market Committee on January 31, 1995, that the Treasury Departments Exchange Stabilization Fund had undertaken gold swaps. Federal Reserve Chairman Alan Greenspan acknowledged as much in testimony to Congress on July 24, 1998, when he said that central banks stand ready to lease gold in increasing quantities should the price rise. Since last May the U.S. Treasury Departments weekly report of the governments international reserve position has cited loans and swaps from the U.S. gold reserves. Since 2004 four major international investment houses Sprott Asset Management, Cheuvreux, Citigroup, and Redburn Partners have issued reports stating that Western central banks have been manipulating the gold market. The objective of this manipulation is to conceal the mismanagement of the U.S. dollar so that it might retain its function as the worlds reserve currency. But to suppress the price of gold is to disable the barometer of the international financial system so that all markets may be more easily manipulated. This manipulation has been a primary cause of the catastrophic excesses in the markets that now threaten the whole world.
Note: Did you notice that for the first time in history gold passed the $1,000 per ounce mark on March 13, 2008? Why did the major media practically ignore this huge milestone? Gold rose 32% in 2007 and continues to rise, yet the media is giving very little attention to this. Some newspapers which regularly listed the price of gold in their business section are no longer doing so. Why? For more, click here.
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