GATA Official: 80 Percent Of Gold World Thinks It Owns Doesn’t Exist
A number of Federal Reserve Chairmen, dating back some generations- Arthur Burns, Volcker, Alan Greenspan- have been documented as acknowledging in so much that there has been manipulation of gold.
- CNBC TV news anchor Bernie Lo, on the June 21, 2012, installment of The Call
Over the years I’ve heard claims that the gold price is being manipulated by central banks and the powers-that-be. But the assertion of gold price manipulation that Chris Powell, Secretary/Treasurer of the Gold Anti-Trust Action Committee Inc. (GATA), made on the CNBC TV show The Call the other week is extraordinary. Powell told CNBC viewers:
We try to persuade investors, Bernie, that if they’re purchasing gold, they better get real gold. Metal. They should not get paper gold and keep it within the banking system. There’s a huge naked short position in gold around the world. My estimate is perhaps 75-80 percent of the gold the world thinks it owns doesn’t exist. It’s just a claim on a bullion bank that is underwritten basically by central banks.
If it’s not in your hand, or if it’s not in an allocated account in a vault that’s outside the banking system, you probably don’t really own gold…
I do wonder what the value of the price of gold will be if the world ever discovers that 80 percent of the gold it thinks it owns doesn’t exist. There may not be enough zeros in the world to put behind the gold price then.
(Editor’s note: Italics added for emphasis)
“Central Banks Manipulate Gold Markets”
CNBC Video
(Editor’s note: I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein)
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http://www.youtube.com/watch?v=XSh0h6zGEMI
Memo proofs Gold Price Manipulation by Federal Reserve!
Thanks for sharing that link treadstone144.