Half of US gold reserves gone?

[Gordo]

Half of gold reserves
in central banks gone?

U.S. central banks may have less than half the gold they claim to possess in their vaults, charges a watchdog group in an ad scheduled for publication in the Wall Street Journal this week.

Watchdog in Wall Street Journal full-page ad:
'We want to expose and stop the manipulation'

[metalman]

Re: Half of US gold reserves gone?

Half of gold reserves
in central banks gone?

U.S. central banks may have less than half the gold they claim to possess in their vaults, charges a watchdog group in an ad scheduled for publication in the Wall Street Journal this week.

Watchdog in Wall Street Journal full-page ad:
'We want to expose and stop the manipulation'

the whirlednetdaily nut jobs are not the most reliable source but you never know. sometimes the tin hat foil crowd is right... by accident.

[Gordo]

Re: Half of US gold reserves gone?

the whirlednetdaily nut jobs are not the most reliable source but you never know. sometimes the tin hat foil crowd is right... by accident.

I don't vouch for it, just posted it. I had never heard of the world net daily and there are a bunch of these "news" services on the internet. If they can afford a WSJ ad, they may have some credibility. Even the classifieds are expensive on the WSJ.

[bart]

Re: Half of US gold reserves gone?

The GATA article:
http://www.gata.org/node/5941


The ad itself (2 MB pdf):
http://www.gata.org/files/GATA-AD-01-14-2008.pdf


Most of the text from the ad:



Anybody
Seen Our
Gold?


The gold reserves of the United States have not been 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 Reserve’s general counsel, J. Virgil Mattingly, acknowledged as much when he told the Federal Open Market Committee on January 31, 1995, that the Treasury Department’s 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 lend gold in increasing quantities should the price rise.”

Barrick Gold Corp. acknowledged as much in a filing in U.S. District Court in New Orleans on February 28, 2003, disclosing that the mining company was the agent of the central banks in shorting the gold market.

The Bank for International Settlements acknowledged as much on June 27, 2005, when the head of its monetary and economic department, William S. White, declared at a convention of central bankers in Basel, Switzerland, that a major purpose of international central bank cooperation is “the provision of international credits and joint efforts to infl uence asset prices — especially gold
and foreign exchange.”

Since last May the U.S. Treasury Department’s weekly report of the government’s 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 world’s reserve currency. But to suppress the price of gold is to disable the barometer of the international fi nancial 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.

Gold’s recent rise toward $900 per ounce shows that the price suppression scheme is faltering. When it is widely understood how central banks have been suppressing gold, its price may rise to $3,000 or $5,000 or more.

Surreptitious market manipulation by government is leading the world to disaster. We want to expose it and stop it.

Who are we?
We’re the Gold Anti-Trust Action Committee Inc., a non-profi t, federally tax-exempt civil rights and educational organization formed by people who recognize the necessity of free markets in the monetary metals. In May 2001 we gathered representatives of fi ve gold-producing African countries in Durban, South Africa, at the GATA African Gold Summit. In August 2005 we brought gold market experts and investors
from around the world to the Gold Rush 21 conference in Dawson City, Yukon Territory, Canada, excerpts of which you can watch on the Internet here:

www.GoldRush21.com

Now GATA is marching on the Treasury Department to demand, via the Freedom of Information Act, that the U.S. government come clean about its gold reserves — to disclose how much gold is left and how much has been compromised by leases, swaps, and other encumbrances
undertaken for surreptitious market intervention.

So that we may explain how the unfolding world fi nancial disaster can be mitigated and why free markets in the monetary metals are essential to free markets everywhere, we invite you to join us at our next conference — “GATA Goes to Washington: Anybody Seen
Our Gold?” — to be held Thursday through Saturday, April 17-19.

For information about that conference and GATA, visit www.GATA.org.

[metalman]

Re: Half of US gold reserves gone?

If they can afford a WSJ ad, they may have some credibility

you're kidding, right?

[grapejelly]

Re: Half of US gold reserves gone?

it doesn't matter anyway. The CBs supply/demand may have temporary influence on gold prices but it doesn't amount to a hill of beans

Gold is influenced by large scale macro economics, mainly the value of paper and financial instruments, value being determined by confidence levels.

Sentiment follows price. With lower sentiment on paper, you get higher values for gold.

[*T*]

Re: Half of US gold reserves gone?

So central banks are suppressing the the normal market price?

GOOD!

All the cheaper to buy!

I am quite happy to trade against such a non-profit driven counterparty.

[Gordo]

Re: Half of US gold reserves gone?

Gordo said; "If they can afford a WSJ ad, they may have some credibility."

you're kidding, right?

Cost of a full-page advertisement in the Wall Street Journal: $180,000. ...

Write your own editorial - Part 2

[metalman]

Re: Half of US gold reserves gone?

Gordo said; "If they can afford a WSJ ad, they may have some credibility."



Cost of a full-page advertisement in the Wall Street Journal: $180,000. ...

Write your own editorial - Part 2

didn't mean they don't have money, was questioning the assertion $$$ = credibility. stealing from idiots is a tried and true way to get rich. just as the us government. but it don't prove credibility.

[Gordo]

Re: Half of US gold reserves gone?

didn't mean they don't have money, was questioning the assertion $$$ = credibility. stealing from idiots is a tried and true way to get rich. just as the us government. but it don't prove credibility.

True, Metalman, poor people have credibility in a lot of areas (ex. Mother Theresa, Thoreau, etc) but money is not one of them. The maxim, "Never take financial advice from a poor man" is true IMHO. You're right though, the maxim applies to many rich people, too. Behind every great fortune, a great crime.