Peter Schiff: Gold Not Priced Where It Is Because Of Manipulation But Investors Not Understanding

Peter wallows in “conspiracy theory” but never addresses the conspiracy fact…

by Chris Powell of the Gold Anti-Trust Action Committee (GATA)

Dear Friend of GATA and Gold:

Euro Pacific Capital’s Peter Schiff said last week that the recent indictments of three more traders at JPMorganChase on charges of manipulating the monetary metals market “do not vindicate all the conspiracy theories alleging that there has been a concerted effort by big banks to artificially suppress the price of gold in order to keep the fiat monetary system going.”

Of course the indictments don’t vindicate “all” the “conspiracy theories” — and who said they did?

The indictments¬†do¬†impugn the U.S. Commodity Futures Trading Commission’s competence in detecting market manipulation, insofar as the indictments cover the period during which the commission purported to be investigating manipulation of the silver market only to announce that it had discovered nothing actionable.

Since JPMorganChase is a primary dealer in U.S. Treasury securities and long has had an intimate relationship with the Treasury Department and Federal Reserve in executing various rescues on Wall Street, the indictments also might call that relationship into question by anyone who has a little more curiosity than Schiff.

But Schiff still dismisses as “conspiracy theory” complaints of surreptitious government and central bank intervention in the monetary metals markets even as GATA has been documenting such intervention for nearly 20 years.

The March 1999 staff report of the International Monetary Fund confirming that central banks conceal their gold swaps and leases to facilitate secret interventions in the gold and currency markets is not “conspiracy theory” but conspiracy fact:

The 2008 PowerPoint presentation of the Bank for International Settlements advertising to potential members that its services include secret interventions in the gold market is not “conspiracy theory” but conspiracy fact:

The 2005 speech by the head of the BIS’ monetary and economic department, William R. White, asserting that a primary purpose of international central bank cooperation is gold and foreign exchange market rigging is not “conspiracy theory” but conspiracy fact:

The transcript of U.S. Secretary of State Henry Kissinger’s conversation with his deputy, Thomas O. Enders, at the State Department in April 1974, in which they discussed U.S. policy to push gold out of the world financial system to sustain the dollar as the world reserve currency is not “conspiracy theory” but conspiracy fact:

The “Central Bank Incentive Program” operated by CME Group, proprietor of the major futures exchanges in the United States, under which governments and central banks get discounts for their secret trading of all major futures contracts is not “conspiracy theory” but conspiracy fact:

The refusal of the U.S. Treasury Department and Federal Reserve to answer a congressman’s questions about which markets they’re secretly trading in is not “conspiracy theory” but conspiracy fact. So is the refusal of the Commodity Futures Trading Commission to answer the congressman’s question as to whether the commission’s jurisdiction extends to manipulative trading done by or at the behest of the U.S. government or whether such trading is legal, authorized by the Gold Reserve Act of 1934:

We could go on and on but Schiff, like many other fund managers, analysts, and pundits, never addresses the documentation, even as he is a frequent guest on business-oriented television programs. Maybe he never addresses the documentation because never addressing it is a prerequisite of appearing on those programs.

Schiff’s article wallowing in “conspiracy theory” can be sourced at GATA, and accompanying RT interview is embedded below:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[email protected]

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