Commodity markets look like a complete con game

Rigging of the commodity markets long has been a government operation…

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

Dear Friend of GATA and Gold:

Robert Kientz, proprietor of, last week gave a detailed, sober, pointed, and highly effective interview to Tom Bodrovics of Palisade Radio about the obfuscation the New York Commodities Exchange does about its gold and silver futures markets.

Kientz notes that traders on the exchange are running a huge naked short position in the metals and cites indications that a run on the exchange has been underway for many weeks now with buyers rushing to take delivery of metal.

Kietnz adds that the same criticism can be made about the exchange’s operation of other futures markets.

In the end the interview can’t help but remind veterans of the struggle against gold and silver price manipulation of the 2001 essay by the British economist Peter Warburton, who hypothesized that governments and central banks were using derivatives like futures contracts to suppress commodity prices and divert the vast inflation they were creating away from items measured by consumer price indexes and into financial assets. Warburton’s essay, “The Debasement of World Currency — It Is Inflation But Not as We Know It,” can be found at GATA’s internet site here:

Kientz wonders why he can’t get answers from the exchange to ordinary questions of basic auditing.

The explanation is probably similar to the explanation of why GATA and even U.S. Rep. Alex X. Mooney, R-West Virginia, can’t get the U.S. Commodity Futures Trading Commission to answer whether commodity market manipulation undertaken by the U.S. government or its agents is subject to the commission’s jurisdiction or is legal, authorized by the Gold Reserve Act of 1934 and successive legislation establishing the authority of the Treasury Department’s Exchange Stabilization Fund.

That is, the surreptitious rigging of the commodity markets long has been a government operation and is considered a matter of national security, a primary support of the dollar’s role as world reserve currency.

Kientz’s interview is headlined “Commodity Markets — A Complete Con Game?” and it can be heard at Palisade Radio here:…

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

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New Orleans Investment Conference
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Toast to a free gold market
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Support GATA by purchasing
Stuart Englert’s “Rigged”

“Rigged” is a concise explanation of government’s currency market rigging policy and extensively credits GATA’s work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon —…

— or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at [email protected].

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