I heard that...
Posted on 01/29/2008 3:56:47 AM PST by Man50D
U.S. central banks may have less than half the gold they claim to possess in their vaults, charges a watchdog group in an ad scheduled for publication in the Wall Street Journal this week.
As WND reported, the Gold Anti-Trust Action Committee, or GATA, claims the Federal Reserve and the U.S. Treasury are surreptitiously manipulating the country's gold reserves by participating in undisclosed leases, according to an advance copy WND obtained of the ad running in Thursday's edition of the Journal.
GATA believes much of the borrowed gold out on lease will never be returned to the central banks.
"With the demand for gold so strong worldwide, it has become impossible to return much of the leased gold without driving the price to the moon," said GATA's chairman, William J. Murphy III.
"Most observers calculate central bank reserves are supposed to have about 30,000 tons of gold worldwide in their vaults, but we believe the amount of gold actually there may be more like 15,000 tons," Murphy said. "The rest of the gold is gone."
The U.S. Treasury denies the claim, insisting the stock is accounted for regularly.
"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.
(Excerpt) Read more at worldnetdaily.com ...
Crap. Time to short the dollar...
You mean the government would lie to us? /s
Some one call Howard Ruff or channel Ludwig Von Misses!
I thought our dollar wasn’t backed by gold and that WAS the problem. Now there’s concern because the gold we do have is being secreted away?
Two people I DON’T trust; 1) bankers, 2) people trying to sell me gold
Yep, I believe it. The Central banks all over the world must be run by the dumbest people in the world.
I remember buying a bunch of mint European gold coins 3-4 years ago. They were 100 years old or more. They were selling slightly above melt value back then when gold was around $400 per ounce. And the Central banks of Europe were selling these gold coins like hotcakes.
Apparently, even a yo-yo like me could see a bullish commodity trend and these Central Bankers couldn't...
Be careful, the dollar might rally. Reason being is that ALL Central banks are trashing their currencies... Not just us.
even when gold bugs are making money they’re still crazy
Let’s see, the nut-cakes at WorldNutDaily quote the nut-cakes at GATA.
The same nut-cakes who claimed when gold was at $250 that the evil central bankers were manipulating the price and who now claim, with gold over $900 that the evil central bankers are manipulating the price.
Perfect!
It’s gonna be funny one day when we find out there’s really nothing but a mop and a bucket in Fort Knox.
Been keeping my eye on it. The current trending dollar slide started in earnest back around September, IIRC.
Jan 29, 2008 07:23 NY Time
Bid/Ask 928.00 - 928.90
Low/High 920.60 - 934.00
Change +1.10 +0.12%
30daychg +89.20 +10.63%
1yearchg +285.40 +44.41%
The *Powers that Be* are once again creating crisis and trying to impose this crisis on countries with exploding economies.
The ol’ if you can’t beat um, cut them down to size.
Good buy. I did basically the same thing when I first joined the world of poor working slobs. It was almost 10 years ago and to say the least I am very pleased with my investment.
Gold, who needs gold? I have mutual funds!
Dont forget the Iraqi currency one too.
Should we add WND to the list as well?
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