You are here
The questions CFTC and Fed won't answer expose gold price suppression policy
9:44p ET Wednesday, February 28, 2024
Dear Friend of GATA and Gold:
If mainstream financial news organizations ever work up the courage to report honestly about monetary gold, the commanding heights of the issue will have been mapped out for them by U.S. Rep. Alex X. Mooney, R-West Virginia.
After all, where can investigative journalism start better than with questions that already have been shown to be too politically sensitive for the highest government officials to answer, even when a member of Congress is asking?
Thanks to Mooney, in 2020 the U.S. Commodity Futures Trading Commission was shown refusing to answer whether it has jurisdiction over manipulative trading in the commodity futures markets when such trading is undertaken by or at the behest of the U.S. government:
https://www.gata.org/node/19917
... Dispatch continues below ...
... ADVERTISEMENT ...
USA Gold: Coins and Bullion Since 1973
USAGold, well known for its internet site, USAGold.com, offers contemporary bullion coins and bullion-related historic gold coins for delivery to private investors in the United States, Europe, Canada, Australia, and New Zealand. It is one of the oldest and most respected names in the gold industry, with thousands of clients and an approach to investment that emphasizes guidance and individual needs over high-pressure sales tactics. The firm's zero-complaint record at the Better Business Bureau makes it an ideal match for the conservative, long-term investor looking for a reliable contact in the gold business.
Please call 1-800-869-5115x100 and ask for the trading desk, or visit:
USAGold: Great prices, quick delivery -- all the time.
And now, also thanks to Mooney, Federal Reserve Chairman Jerome Powell has been shown refusing to answer questions about the repatriation of gold vaulted by other nations at the Federal Reserve Bank of New York, repatriation being something that would signify foreign loss of faith in the Fed, the U.S. government, and the dollar.
In December Mooney wrote to Powell to ask:
"Has the Federal Reserve or the Federal Reserve Bank of New York repatriated any gold to foreign nations this year? If so, to which countries and how much?
And:
"How much gold is the Federal Reserve vaulting for foreign nations now and how does this compare to the amount vaulted at the end of 2022?"
Mooney's letter to Powell is posted here:
https://www.gata.org/sites/default/files/MooneyLetterToFedChairman-12-14-2023%20%281%29.pdf
Powell replied to Mooney last week without even acknowledging the congressman's questions:
"Thank you for your letter of December 14, 2023, regarding the gold market. The Federal Reserve Bank of New York provides gold custody on behalf of certain official-sector account holders, which include the U.S. government, foreign governments, other central banks, and official international organizations. The Federal Reserve Bank of New York does not own any of the gold it holds as custodian, and no other part of the Federal Reserve System owns gold."
The Fed chairman's reply to Mooney is here:
https://www.gata.org/sites/default/files/FedChairPowell-Reply-to-Mooney-02-23-2024.pdf
In not even acknowledging Mooney's questions, Powell was arrogant and insolent, especially insofar as the Federal Reserve in previous years has disclosed the tonnage of custodial gold vaulted at the New York Fed and the number of countries vaulting gold there. Indeed, even now the New York Fed's internet site claims that it is vaulting 6,331 tonnes of gold for foreign nations:
https://www.newyorkfed.org/aboutthefed/goldvault.html
Is that data no longer accurate? The Fed chairman's refusal to acknowledge the congressman's questions suggests as much.
But Powell's refusal to acknowledge Mooney's questions also demonstrated absolute confidence that his arrogance and insolence would never be noted and challenged by mainstream financial news organizations, which seem to understand the Fed's position that gold price suppression is crucial to maintenance of the dollar as the world reserve currency, that it is the foremost weapon of U.S. imperialism and economic exploitation of the rest of the world, and thus is "the elephant in the room" -- something that must never be discussed.
In turn the cowardice or collaboration of mainstream financial news organizations, their refusal to press critical questions to central banks, is central banking's greatest advantage -- an advantage greater even than central banking's power to create and allocate infinite money.
Mooney's latest exposure of the Federal Reserve's unaccountability has been added to GATA's extensive file of documentation of gold price suppression policy --
https://www.gata.org/taxonomy/term/21
-- whose history is summarized (if at length) here:
https://www.gata.org/node/20925
If you know any financial journalists with integrity and courage, please forward this dispatch to them as an invitation to start trying to do their job of speaking truth to power instead of being afraid of power.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
* * *
Toast to a free gold market
with great GATA-label wine
Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
Here's what the bottles look like:
http://www.gata.org/files/GATA-4-wine-bottles.jpg
Buyers can compose their case by choosing as many as four varietals from the list here:
http://www.gata.org/files/FayJWineryVarietals.jpg
GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?
To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com.
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
| Attachment | Size |
|---|---|
 FedChairPowell-Reply-to-Mooney-02-23-2024.pdf | 211.27 KB |
