GATA’s Powell On Gold Manipulation & How 90% Of World’s Investment Gold May Not Exist
HardAssetsInvestor: Would you briefly tell us about your organization, the Gold Anti-Trust Action Committee (GATA)? Why was it formed and what does it hope to accomplish?
Chris Powell: GATA was incorporated in January 1999 to expose, oppose and litigate against manipulation of the gold market. It has documented that manipulation and shown that it is mainly a matter of longstanding Western central bank policy conducted largely in secret.
The documentation GATA has compiled can be found here.
A recent summary of that documentation, along with an explanation and history of the gold price suppression scheme, can be found here.
For some reason, critics of GATA and others who dismiss complaints of gold market manipulation, like CPM Group's Jeffrey Christian, recently interviewed by HardAssetsInvestor, never address any of this documentation piece by piece. Is a document forged? Is it misconstrued? Why won't they say?
HAI: I’ve been hearing the name Andrew Maguire a lot whenever the topic of gold manipulation comes up. What is his relevance to all this?
Powell: Maguire is a metals trader in London who complained independently and through GATA of manipulation of the monetary metals markets in London.
HAI: Who is manipulating gold and silver prices, and how are they doing it?
Powell: The manipulation is done largely by or at the behest of Western central banks, operating through the Bank for International Settlements and major investment banks. The futures market is a primary mechanism of price suppression.