Monetary Metals' Weiner responds but answers nothing
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1p ET Wednesday, March 14, 2018
Dear Friend of GATA and Gold:
Keith Weiner of Monetary Metals, whose recent commentary, "Super-Duper-Irrational Exuberance" was disputed by your secretary/treasurer yesterday --
-- today responds to the criticism but answers nothing about it.
In his "Open Letter to GATA," posted at GoldSeek here --
-- Weiner continues to ignore all the documentation GATA has collected over nearly 20 years to show that central banks intervene surreptitiously in the gold market to control the price of the monetary metal as part of a scheme to control the currency and interest-rate markets generally. As he has failed before, he fails to address even one piece of the extensive documentation detailed yesterday.
... Dispatch continues below ...
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Instead Weiner blithely asserts, without any authority: "The central banks are in the gold market to make money -- which all agree means dollars. They seek to earn fees on what would otherwise be an asset with a negative yield." Even former Fed Chairman Alan Greenspan is on the record in congressional testimony from 1998 contradicting Weiner's fantasy:
Greenspan testified: "Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over the counter, where central banks stand ready to lease gold in increasing quantities should the price rise."
With his testimony Greenspan was urging Congress not to try regulating financial derivatives, and among his arguments was that there was no need for Congress to worry about a corner in the gold market for central banks already controlled the price through gold leasing.
Weiner's assertion that central banks are in the gold market to make money through leasing is ridiculous on its face anyway, for central banks make money all by themselves. They are the manufacturers of money, empowered to create infinite amounts, and in the last decade they have done so with a vengeance. By comparison to the money they have created effortlessly, any money they have made through gold leasing wouldn't amount to the pocket change that has fallen behind their couch cushions.
As your secretary/treasurer noted yesterday, the desire and plan to control the gold price to protect the U.S. dollar's status as the world reserve currency was laid out in splendid detail in the minutes of a meeting in April 1974 in the office of U.S. Secretary of State Henry Kissinger. The secretary was told by his deputy, Thomas O. Enders, that control of the gold price was crucial to U.S. government policy because it conveys control of all world currency values and even control of the world financial system:
Weiner is welcome to his mathematical formulas for making money with gold, which he describes today in tediously distracting detail. His calculated distraction from the issue GATA long has been pressing is not welcome. It is dishonest.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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