Jeremy Wiseman, Vice President of Guildhall Wealth Management Inc. interviewed Chris Powell, Secretary/Treasurer and Director of GATA (The Gold Anti-Trust Action Committee) on July 30th’s episode discussing very important questions for bullion investors.
* Why does intervention in the gold market matter to every investor?
* What is the state of the gold market manipulation?
* Is there an overall loss of confidence in central banks regardless of gold price intervention?
* And lastly, why is owning physical precious metals so important to own over paper alternatives?
About Chris Powell:
Mr. Powell is also the managing editor of the Journal Inquirer, a daily newspaper in Manchester, where he has worked since graduating from high school in 1967. He writes a political column published in newspapers throughout Connecticut and the Providence Journal in Rhode Island. He is a member of the Board of Directors of the Connecticut Council on Freedom of Information and was its legislative chairman for many years. He is also a member of the Connecticut, Manchester, and Vernon historical societies and of the historic preservation group Connecticut Landmarks. He was the Republican nominee for state senator in Connecticut’s 4th Senate District in 1992.
The Gold Anti-Trust Action Committee Inc., a nonprofit organization that aims to expose and oppose the manipulation of the gold market and related markets by central banks. Organized in the fall of 1998 its purpose is to expose, oppose, and litigate against collusion to control the price and supply of gold and related financial instruments.
GATA financed the federal anti-trust lawsuit of its consultant, Reginald H. Howe — Howe vs. Bank for International Settlements et al. — which was pursued in U.S. District Court in Boston from 2000 to 2002. While the Howe suit was dismissed on a jurisdictional technicality, it yielded valuable information at a court hearing in November 2001 and became the model for Blanchard Coin and Bullion’s anti-trust lawsuit brought the following year against Barrick Gold and J.P. Morgan Chase & Co. in U.S. District Court in New Orleans, whose settlement appears to have included Barrick Gold’s decision to stop selling gold in advance.
Using the U.S. Freedom of Information Act, throughout 2008 and 2009 GATA sought access to the Federal Reserve’s gold-related records, eliciting an admission from the Fed that it has gold swap arrangements with foreign banks and insists on keeping them secret. To obtain the records at issue, in December 2009 GATA sued the Fed in U.S. District Court for the District of Columbia. In February 2011 the court ruled that most of the Fed’s gold records could remain secret but that one had to be disclosed: minutes of the April 1997 meeting of the G-10 Committee on Gold and Foreign Exchange. The minutes, released by the Fed two weeks after the court’s ruling, showed G-10 member treasury and central bank officials secretly discussing the coordination of their policies toward the gold market. The court ordered the Fed to pay court costs to GATA.
GATA’s website can be found at www.GATA.org.