My good friends at GATA are questioning my views on gold-market manipulation.

January 25, 2021

Dear Fellow Investor,

Last week I wrote about an amazing development in the gold market: The price was smashed down at the beginning of New York trading, as usual, but it then rallied strongly as investors around the world rushed in to buy.

We were well on our way to a duplicate performance this morning, until the rally was smacked right back down.

Right now, it’s a hard-fought battle between the bulls and bears, with the gold price right about even for the day.

But what I’m writing about today has to do with a comment I received after sending last week’s issue. To set the stage, here’s what I wrote last week about the uncanny pattern of early-morning gold sell-offs:

My admission of a belief in some form of manipulation in gold wasn’t enough for my good friends at GATA (the Gold Anti-Trust Action Committee), in particular secretary-treasurer Chris Powell, who has done more than anyone else in advocating for a free gold market since the group’s founding in 1998.

Now, my history with GATA goes back to the very beginning of this “movement,” as our organization was the first to publicize the eye-opening research of Frank Veneroso. His “Gold Book” back then (which I painstakingly edited word for word) detailed Frank’s research into how the bullion banks loaned, then immediately sold, central bank gold reserves — a massive scam that not only depressed gold prices but mislead millions around the world about the security of their national gold reserves.

So I can sympathize, and to a great extent agree, with the views of Chris and GATA’s chairman, Bill Murphy, regarding gold manipulation.

Thus, when Chris emailed me right after last week’s issue, I stood to attention.

Chris pointed me to a recent post on GATA’s site by Bob Lambourne, a retired business executive in the United Kingdom who consults with GATA about the involvement of the Bank for International Settlements in the gold market.

Bob issued a report on the rising level of gold swaps by the Bank for International Settlements, to new record levels.

It’s a fascinating report and you can read it here.

As Chris wrote to me, “If the data is correct and correctly interpreted, it signifies that central banks are intervening in the market every day after all.”

This is a complicated subject, and there’s room for varying shades of interpretation.

The important thing to remember is that we’re all in this together. Every investor in the world today — in fact, every saver and every citizen — is being robbed of their futures by the fiat money schemes now in place.

Gold investors are opting out of this rigged system, and seeking to leverage these secular trends of massive debt and currency creation.

While we all agree that these trends are hurtling toward an historic reckoning wherein any and all manipulations are blown up, we can and will have disagreements over the precise path toward that endgame.

In the meantime, I urge you to frequent GATA’s site and to get on their mailing list. Their network produces incredibly valuable and insightful research that I rely on every day.

All the best,

Brien Lundin
Editor, Gold Newsletter
CEO, the New Orleans Investment Conference