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Expert: the world’s Central banks to manipulate the price of gold

Эксперт: мировые ЦБ манипулируют ценами на золото

According to Chris Powell, one of the heads of the Antimonopoly Committee on gold, reputable non-profit organization in the gold market, Central banks of different countries are taking deliberate steps to lowering the cost of precious metal.

The co-founder of the Antimonopoly Committee of gold (Gold Anti-Trust Action Committee, GATA), Secretary and Treasurer of the organization, said in an interview with CNBC.

“The Central banks of different countries take coordinated action to artificially suppressed price of gold. In my opinion today this trend is strong as never before.

Thus, representatives of the Central Bank themselves say about it then, when they feel that nobody listens to them. Here is an example: in October 2015, one of the senior managers of the National Bank of Austria on the sidelines of the conference in Vienna, which was conducted by the Association of the London gold market, commented on the real role of gold in the structure of Central Bank reserves.

He noted that many Central banks of Asian countries buying up gold, along with the increase in the share of gold in their reserves actively participate in containing growth of quotations of gold. They do it on purpose.

Gold, in fact, is a separate currency that competes with national currencies. That is why governments are interested in controlling the price of gold. I would say more: one of the main tasks of Central banks is the implementation of a price control on gold. They need this control to protect their national currencies, to maintain bond prices and to support the value of other valuable assets. On the role of gold in Central Bank reserves there are many scientific papers and it is all still very relevant.

There is another rather interesting testimony on this subject: we are talking about the transcript of the meeting Secretary of state Henry Kissinger with his Deputy, Thomas O. Enders. This meeting took place over 40 years ago, in April 1974.

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Enders to Kissinger explains that suppressing the gold price and, in fact, “bumped” gold outside of the financial market is, de facto, the policy of the United States. Enders notes that countries with large reserves of gold – and at that time it was the European countries can control the price of gold and unlimitedly increase their cash reserves, changing their value expressed in gold.

Transcript of the meeting of the Secretary of state with the assistants in which it was stated that in the interests of the United States push gold outside of the financial market and to restrain the growth of prices published on the website of the U.S. state Department.

People need to realize that for now there is no markets as such. The price of the assets is not determined by any “free market mechanisms”. The main role of the Central banks ‘ intervention in the markets.

Another example: two years ago the head of research firm Nanex Eric Hunsader published documents on the website of the Commission on trade commodity futures, as well as the Commission on securities and stock exchanges of the USA, which indicate that the Chicago Mercantile exchange (CME Group), which is the operator of the major futures exchanges in the U.S., offers discounts on trades in all futures contracts in the U.S. to governments and Central banks. It’s not just about contracts on financial assets, but also on the raw material.

It’s public knowledge – the Central banks of the world are actively involved in trading financial and commodity assets. But we all understand that officially is a forbidden topic for discussion in the United States.”

It should be noted that official comments from the Central Bank of Austria, which in an interview with CNBC said the expert from GATA were indeed made on the sidelines of the forum in Vienna last year.

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20 October 2015 Executive Director of the national Bank of Austria Peter Mooslechner (Peter Mooslechner), in an interview to the business portal Kitco who specializes in covering the precious metals market, said that “the Asian Central banks actively play and spend their interventions in the gold market”.

Transcript of the meeting of U.S. Secretary of state Henry Kissinger with his assistants, in which are discussed the prices of gold and interest from the United States, is also really published in the archives of the U.S. state Department.

In addition, the document on the programme for the provision of discounts to Central banks to trade futures on the Chicago Mercantile exchange is really published on the website of the Commission on trade commodity futures (Commodity Futures Trading Commission, CFTC).


I should add that in recent years have revealed many facts of numerous manipulations and frauds by private banks with interbank interest rates, mortgage-backed and other securities, including precious metals. In many countries, continued investigation of manipulation by private banks in commodity markets.

The subject of active intervention by the Central Bank of the world in the process of forming the value of certain assets and in particular gold, is gradually emerging from a plane “another conspiracy theory” may be new, the next step in the process of detecting manipulations as an integral part of modern financial markets – unless, of course, the authorities in different countries (especially in USA) will be seriously ready to initiate the proceedings of such scale.

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