The central bank market rigging has been ongoing for years. Anyone who knows anything about the federal reserve will know that this entity exists solely to protect the central banks along with the gold cartel of common interest. They have been able to manipulate the market whichever way they want. GATA has been trying desperately to get an investigation with their research for consumer protection. This article below will clue you in to what the world knows, while our president and self-serving corporate media hope you just keep sleeping.
This article is more of a press release, but I feel it's a good synopsis, because this is what is travelling in "investor" circles, not "activist" circles. Bush knew full well we'd get here with his policies. His father has stakes in Barrick Gold, wich has/had ties to Adnan Kashoggi(still researching).
The PDF file of GATA research and a link to their site can be found at the end.
DALLAS--(BUSINESS WIRE)--March 3, 2005--A study published by a research
foundation in Dubai has endorsed the Gold Anti-Trust Action Committee's
findings that Western central and commercial banks have rigged the gold
market but have much less gold than they claim to have and so are vulnerable
to rising demand for gold. The study recommends that the oil-producing
countries of the Middle East diversify their ever-depreciating U.S. dollar
holdings into gold.
The study, "The Role of Gold in the Unified Gulf Cooperation Council
Currency," was written by Eckart Woertz, vice president of CFC Securities in
Dubai, for the Gulf Research Center. It quotes the work of GATA's
consultants, including Frank Veneroso, and predicts that the gold price
suppression scheme of the Western banks will fail just as their similar
scheme of the 1960s, the so-called London Gold Pool, failed when the drain
on Western gold reserves became too great. Once the scheme fails, the study
says, "it will be highly difficult and expensive to accumulate a gold
reserve. This is especially true for central banks that have low gold
reserves like those in the Gulf Cooperation Council countries."
The study concludes: "The paper dollar standard is a dead man walking. Its
debt, accumulated over the recent decades, is too high to be effectively
repaid. It will either default or be inflated to such an extent that it will
not 'hurt' to pay it back. Therefore, the accrued imbalances in global
finance and the inherent weakness of worldwide growth models that rely on a
continuance of U.S. deficit spending are likely to usher in a serious crisis
of currency systems in coming years.
"Gold will be a suitable means of asset protection and ultimate payment in
such a scenario. It will preserve the wealth of individuals and central
banks alike and will ensure important maneuverability for the latter."
GATA believes that the study is likely to have a profound influence on
governments, banks, and investors in the Middle East and may accomplish
there what the similar report by Sprott Asset Management of Toronto -- "Not
Free, Not Fair: The Long-Term Manipulation of the Gold Price" -- is
accomplishing in the West.
The Middle East's oil-producing countries are especially obliged to heed the
Gulf Research Center's study because their economies are based on a wasting
asset, oil, whose depletion will leave them with little more than sand if
the payment they receive is substantially depreciated or defaulted upon. In
exchanging a real asset for paper assets that represent only unpayable
debts, oil-producing countries are at imminent risk of massive
The study has been posted at the GATA Internet site here: