GATA (Gold Anti-Trust Action Committee) is about to enter a third wave up according to my models. For many years GATA has been sending me emails asking me to fight the gold manipulation, that I should be angry about it, that it's amoral to manipulate gold, blah blah blah.
About a decade ago I even sent Chris Powell (calls himself secretary/treasurer but is the only person in the organization IMO) an email asking him why he was so unhappy that others were keeping gold prices down. I told him I knew that money was gold, and nothing else, but that I was still in the middle of my working career, making dollars that I wanted to convert into gold at low prices. I asked him why I should want higher priced gold. So I could spend more accumulating it? I finished by saying I hope they continue to manipulated it for another 15 years so I can finish my retirement purchases of the metal.
He actually bothered to respond at that time repeating that it was just wrong. Manipulation is bad, bad should be punished, etc. I didn't bother to respond that it is human nature to manipulate whatever it is within our power to manipulate, even the weather if we can figure out how to do it. But I also know that it never ends well. All the manipulation is a temporary distortion in an actually unstoppable trend. Everything is manipulated including interest rates, real estate, laws, the supreme court trends, the stock market, everything. Manipulation is the norm.
And so all this time I have just quietly read all the emails they send out knowing that their day would come but not through their own hand. But I now believe that the chart models are nodding toward the next big gold bull market and that people will stop laughing at GATA soon enough. And so out of respect for that and also for his point today, I am reprinting today's email that he sent.
Predictably enough the Financial Times report
today that is appended here underplays the Indian government's unending war
against gold, while acknowledging that the government's paperization campaign
has failed so far.
But the report is delightful for its
presumption that gold is for the great unwashed while modern financial assets
are for more sophisticated people, people gaining "financial
literacy." You know -- people who don't mind that valuations can be changed
abruptly by government policy rather than market fundamentals, people who
aren't worried about central bank destruction of interest rates, people who are
sure that they couldn't possibly be scammed by financial houses, and people who
can be persuaded that assets can be hypothecated to infinity without anyone
ever realizing that they are oversubscribed.
That is, people who believe everything they
read the Financial Times.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Gold Anti-Trust Action Committee Inc.
Since the ad supported model is now dying (just like I said it eventually would, Financial Times might require you to pay them something to read the article. I suggest not to waste the time but to instead consider Chris's summary of the article which I suspect is accurate. India is trying to mind fuck its people into believing that if they turn their real gold into the government, the piece of paper they will receive in return is "as good as gold".
I'm quite sure that the Indian people are rolling their eyes politely at this latest attempt to scam people out of their physical gold. Since All the Indian people I know (and it's a pretty good number because I work in high tech) are farrrrrrrr too educated and polite (I guess that means I'm neither!) to say this in plain terms, I will do it for them: FUCK YOU, Indian government. You bunch of ass-munching con men. Nobody wants your worthless paper! You have lied and stolen and killed for so much less, how can anyone smarter than a cockroach believe you when you say you will be honest this time? Fuck off to Hell.
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