Rick Rule turned up this week in some loathsome demagoguery, and Chris Powell breaks down two problems with it…
Dear Friend of GATA and Gold:
Rick Rule, president and CEO of Sprott U.S. Holdings, turned up this week in some loathsome demagoguery.
It appears in an expanded excerpt from Real Vision’s year-old report, “Gold Manipulation: Fact or Fiction?,” whose original excerpt, posted at YouTube in February last year, was less than five minutes long and did not include Rule’s comments:
“Long-term manipulation requires a conspiracy of a size that I don’t think is possible. The idea, as an example, that the U.S. government, the Trilateral Commission, and the international Jewish conspiracy, whoever they are, could come together and do a three-decade-long manipulation in gold forgets that the U.S. government can’t educate the kids, it can’t deliver the mail, it lost the war on drugs, it lost the war on poverty, it lost the war in Vietnam, and it lost the war in Afghanistan. How on earth could they organize a broad-scale manipulation when they can’t even manage their own campaigns?”
There are two problems here.
First, while there are crazies and haters nearly everywhere, one will be hard-pressed to find anyone attributing manipulation of the gold market to the Trilateral Commission or anything Jewish. Since GATA, almost alone, has been documenting central bank gold price suppression policy for 20 years, Rule’s implicitly associating us with religious bigotry is much resented.
Second, rigging the price of gold is a lot easier than running schools, delivering the mail (nearly all of which is delivered on time, despite Rule’s sneer), transforming social conditions, and waging war. The gold price was rigged by governments for decades under the gold standard and then the London Gold Pool. The computerization of markets and the expansion of futures markets have made market rigging by central banks even easier. If Rule doesn’t think a large financial conspiracy is possible in regard to gold, he should try to break into the closed monthly meetings of the directors of Bank for International Settlements, whose members include most major governments and whose daily interventions in the gold market on behalf of those members have been regularly documented by GATA.
Indeed, the BIS is the very definition of large financial conspiracy.
So GATA invites Rule to suspend his demagoguery for a few hours to review and address the documentation of gold price suppression policy summarized by GATA here —
— and the updating of the last year’s developments here:
Exactly which of those documents have been forged, falsified, or misconstrued?
We invite Rule to contact the U.S. Treasury Department and Federal Reserve and pose the questions posed a year ago by U.S. Rep. Alex Mooney, R-West Virginia, as to which markets the Treasury and Fed are secretly trading in, questions the Fed and Treasury refuse to answer:
We further invite Rule to contact the U.S. Commodity Futures Trading Commission to ask, as both GATA and Mooney have asked without result, whether manipulative trading by the U.S. government and its agents is subject to the commission’s jurisdiction or is legal under the Gold Reserve Act of 1934:
Indeed, anyone touting shares of stock in mining companies as Rule does would seem obliged to know all about this stuff and to share it with the people to whom he would sell those shares so that they might understand what they’re up against. For as fund manager and author James G. Rickards told CNBC 10 years ago, “When you own gold you’re fighting every central bank in the world.”
Rule’s calling people Jew haters answers none of this. It is vile.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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