Re: Thoughts..
in response to
by
posted on
Aug 19, 2008 07:38AM
Creating shareholder wealth by advancing gold projects through the exploration and mine development cycle.
I guess I am not the only one that thinks that way..
Google........ US gold Reserves
It will make you shudder..
Here is something I found..
Even the GA(General accounting) arm of the Government can't get a straight answer from the Fed..
Shocking..
"We want to expose and stop the manipulation of the gold market by the United States Treasury and Federal Reserve right now," Murphy said.
"The purpose of this ad is to wake people up in the investment world as to what is going on behind the scenes in the U.S. gold and financial markets," Murphy told WND.
He explained GATA has decided to pay the Wall Street Journal $264,000 for a one-time placement of the full page ad in the national edition because the financial press has not covered the story.
"We have had two major international conferences since 2001; the mainstream financial press has blackballed our message," Murphy explained.
"Anybody Seen Our Gold?" the ad is titled, charging U.S. gold reserves held at depositories such as Fort Knox or West Point may have been seriously depleted as they are shipped overseas to settle complex transactions utilized by the Federal Reserve and the U.S. Treasury to suppress prices.
GATA further charges the U.S. government strategy to manipulate the price of gold has begun to fail.
"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," the ad copy reads.
"Gold's recent rise toward $900 per ounce shows that the price suppression scheme is faltering," GATA says. "When it is widely understood how central banks have been suppressing gold, its price may rise to $3,000 or $5,000 an ounce or more."
As evidence of gold price manipulation by the U.S. Treasury and the Federal Reserve, GATA cites Treasury's weekly report of the government's international reserve position that since May has listed gold loans and swaps as a line item in accounting for U.S. gold reserves.
The ad also cites a July 24, 1998, statement by then-Federal Reserve Chairman Alan Greenspan, who told Congress "central banks stand ready to lease gold in increasing quantities should the price rise."
The most recent U.S. Treasury statement of the U.S. international reserve position, released Jan. 24, lists the total U.S. foreign currency reserves as $71.515 billion, of which $11.041 billion is listed as gold (including gold deposits and, if appropriate, gold swapped).
The Bank of International Settlements reports the gold derivatives market hit a peak of $640 billion dollars in December 2006.
Murphy emphasizes that tracing the derivatives back to central bank gold transactions and determining precisely the degree to which the Federal Reserve and the U.S. Treasury are involved is not possible now, given the lack of public accountability and transparency built into the gold derivatives financial system worldwide.
What a mess...