Chris Powell: Covert Yield Curve Control Under Effect

we live in a fantasy world now reality has been destroyed this is the time that you really need to pay attention the probabilities are overwhelmingly on gold's side that is the best environment to see gold increase its value [Music] welcome to palisades gold radio i'm your host tom bodricks joining me today is chris powell secretary and treasurer of gatta the gold antitrust action committee thanks for joining me today chris oh thanks for having me tom so you have covered this subject extensively throughout your career so the question that i always get uh back and forth with listeners is why why is the gold price manipulated and who does it really serve chris gold is manipulated because it is a determinant of currency values it's a determinant of of interest rates and government bond prices uh and that really is is a fact of history going back uh uh you know many many decades there's central bank archive material uh about this uh governments want to control money they want to monopolize money the german finance minister made a statement on that a few weeks ago that we we published the governments are going to refuse to give up their monopoly on money well gold is potentially an independent international reserve currency that nobody necessarily can control or issue that makes it a an enormous danger to governments and central banks that want to insist on monopolizing money i mean it is a competitor with government currencies governments don't want anybody uh competing with their currencies it's a determinant of interest rates and government bond prices the governments want to determine the price of their bonds and they want to determine interest rates they don't want markets to determine prices so that's why central banks have have always in the last half century anyway uh been striving to uh to control the gold price so on on your guys's website gata.org um you wrote there's a a certain slide deck and in that slide deck there's there's a little bit of text here and it says that the world's financial crisis and real estate crisis will eventually produce a credit crisis gold is closely related to credit the implication from suppression the gold price lies not only in gold but more so in currencies and the trust behind the currencies so how is gold leasing in this context used and what does this tool allow the us to do well gold leasing uh has enabled central banks to uh create a vast imaginary supply of gold you know the the the virtue of gold it's often said is well you can't print gold but you can print gold if you're a central bank or or a government and they do print gold they've uh uh done swaps and and leases which gotta has documented for for for years uh so to the point that uh probably most of the gold that the investment world thinks that it owns it doesn't exist or is oversubscribed uh you can look at the uh i think it was a 1979 secret staff report of the international monetary fund uh that uh admitted that central banks have to conceal their their gold leases and their gold swaps because if the market knew what central banks were doing in the gold market all the values would change uh if there's uh you know if there's only a thousand ounces of gold in the world they're they're worth a lot if there's 10 billion ounces in people's minds uh thinking that they they own this but they they don't actually possess it well then the gold price becomes irrelevant if you create enough imaginary gold and and that's what central banks have been facilitating so is there any way to tell how much gold the us actually has and and does it even matter in reality because it's it's very likely leased out all over yeah i think you would take a few armored divisions and break into fort knox and uh and begin to count it and then audit it i mean i i am not among those who say there's no gold in fort knox i have no idea if there there's any gold in fort knox i think the the more important question is ownership is that gold over subscribed i've i've always wondered if uh uh on monday the secretary of the treasury takes the uh british ambassador to four not fort knox says hey look at your gold and on tuesday takes the french ambassador you know and on wednesday the german ambassador and you know thursday the spanish ambassador i mean as long as your gold is in the custody of somebody else how the hell do you know um you know i'm sure central banks have some gold but that secret staff report of the imf which we have on our internet site says that central banks are not going to let the world know the true disposition of their gold reserves because it would change the whole world financial system overnight if you knew how much gold central banks really had and how much they've lent out and how much of the gold the world thinks it has is really imaginary or oversubscribed that uh that information tom is a secret far more sensitive than the location and disposition of nuclear weapons nuclear weapons can only destroy the world but the control of gold is the control of all the values of capital labor goods and services in the world and you know that that assertion may sound wild to some people but uh that is uh us government policy it's in the u.s government archives and one of those documents is is still on the internet side of the historian of the state department so do we have any way of of conceptualizing how many times that this gold could be conceivably leased out yes we we do uh there was a hearing before the uh us commodity futures trading commission i think about 10 years ago i can go look it up where uh a uh metals uh market consultant jeff christian estimated that the uh leverage in the gold market uh approached a hundred to one that that is every ounce was being traded a hundred times in a very short period uh not long after that the reserve bank of india issued its own report estimating the leverage in the gold market at 92 to 1. now suppose the leverage in the gold market is only 50 to 1. i mean that means you know 98 of the world's gold is imaginary uh but you know if it's if it's held in brokerage accounts or uh in uh with bullion banks who've just issued certificates against it well who's gonna know uh and uh you know this is the system that central banks long have been facilitating with gold swaps and leases in order to to maintain this imaginary gold supply and take gold out of the safe haven picture who's gonna know until everybody comes clamoring for their gold right chris yeah well a a short squeeze you know could could trigger that uh bank run uh or you know people could uh could find out just because uh they get themselves familiar with the documentation that god has posted on its uh on its internet site i mean i i can't imagine why anyone right now would want to own gold and keep it with a bullion bank which is busily uh engaged in shorting the gold market i mean that's really what the gold exchange traded funds gld and slv uh do they short the metals market they are agents of the big shorts in the metals market i mean who's the custodian of of the slv silver it's jp morgan chase he's very active shorting the uh uh the silver market i mean who is who is the custodian of the gold of gld it's hsbc uh another big short i mean why would you buy gold and keep it with them uh well you know why why would you would you buy a pool uh account uh gold in uh with kitko or the perth mint or anything it's it's it's not allocated to you it's not any metal you can get your hands on right away but uh it's basically a derivative position and derivatives can be created to infinity presumably people buy gold and silver for investment purposes because they want to what they wanted to appreciate in value uh but if you don't get the right kind of gold and silver that is real gold and silver if you get only derivative gold and silver well they can create derivatives until the cows come home they can they can create those derivatives till the cows come home and they can also change the rules really on on changing it from unallocated or pooled to allocated and charge all kinds of fees um to to make that difficult right yeah you know if if you can't get your hands on it or if you don't have uh complete trust in in the company that is vaulting your metal uh you know you you've probably just shot yourself in the foot you've just thrown your money down the toilet because you have not really purchased real metal and you know you've not taken any real metal off the market so chris i want to go back to something you said you you were saying that uh for example gld uh or slv are the ones that are actually shorting the market um and there was a recent interview i'm forgetting the the gentleman's name um that was interviewed and there were a lot of people that were saying he misspoke so do you think that it's it's necessarily the etf itself that's shorting the metals or is it more the the custodian um as an indirect relationship that's shorting the medal the the fellow you're thinking of i think it was jeff curry of goldman sachs and you know he made this comment that uh slv as i recall was uh uh going short the uh the silver that it was purchasing for for investors now i don't know if that's exactly what's happening but i uh i do know that the uh the major exchange traded funds gld and slv are set up so that only what are called authorized participants can get their hands on on the real medal and trade it withdraw it uh put it in and you can become an authorized participant only if you're approved as one uh by the fund and if you're dealing in i think something like a hundred thousand ounces or contracts at a time it's a practical matter ordinary retail investors uh cannot make trades through that fund to get you know real real metal since these uh efts or etfs rather are are products of the big bullion banks and the big bullion banks of the agents of the central banks in the gold market i i don't think they have the uh the interests of retail investors at heart they have the interest of governments and central banks at heart they are part of the system uh that i think is is just is providing metal uh to hot spots when there's a shortage so that uh you know things don't get out of hand uh you know if you if you want to to to to work with with government agents in buying your metal or investing in what you think is metal you're you're just hurting yourself you're throwing your money away so chris tell us about how the the comex was basically explicitly created for the purpose of um really having a tool for these boolean banks to um use for the uh basically the purpose of manipulation well uh you know nixon closed the gold window in 1971 there was turmoil in the market again after uh in uh i believe 1974 the uh the gold futures market was created there's a very telling cable uh from uh the u.s embassy in london to the state department of washington uh back in the weeks just prior to the creation of the u.s gold futures market the the chief of mission i believe is the one who wrote the cable in london uh conveys that he has surveyed the bullion banks in london about the creation of a futures gold futures market in the united states and that the bullion banks had assured him that if the futures market and gold was created in the united states they would be able to inject such volatility into that futures market that it would likely scare retail investors away now now you know that doesn't exactly prove that the futures market was was created to scare retail investors away or to to control the price but it's a very powerful suggestion now that memo uh i believe it was one of the memos that wikileaks found may have come out another way i'd have to go look that up but that memo is uh from the from the u.s embassy in london to the state department of washington that is on goddard's internet site it's one of the dozens of of documents we've posted about uh gold market uh manipulation and you know i think it would uh certainly uh give uh reasonable people some suspicion about uh the purposes of the uh of the of the gold futures market so chris what do you think about the move uh of gold from west to east could this be also leading to a shift in power as well well many people think so i think that's a very plausible uh understanding of the situation uh one of the documents that we have that's among my favorites is the transcript of a conversation uh between uh u.s secretary of state henry kissinger in his office at the state department with one of his undersecretaries thomas o enders and it's about uh gold's role in the world financial system uh anders is explaining to kissinger why the united states has to discourage its european allies from making gold more important in their national foreign exchange reserves uh enders explains to kissinger that the europeans now collectively and this is in 1974 have more gold reserves than the united states and whoever has the most gold anders tells kissinger can revalue it from time to time control its value uh can reprice it and in doing so reprice all the currencies and other financial values in the world which is an enormous power and the power that the united states then was enjoying and which enders told kissinger we got to keep so we got to prevent the europeans from re-monetizing gold in any way because it will change all financial values including the value of the dollar now i think you know those circumstances have not really changed the united states has is always pushed for keeping gold out of the financial system in deference to to the dollar uh here's anders telling kissinger that you know this is our policy and it must remain our policy or the united states is going to lose a lot of power in the world well look we know that the chinese know this we know that the russians know this why do we know the chinese know know this because the wikileaks cables from the u.s embassy in beijing to the state department of washington contain uh the transcripts of chinese government controlled news organization reports about gold market rigging by the united states the chinese know that the united states has always tried to knock gold down to keep the dollar the world reserve currency uh this is explicit in these chinese news organization reports translated by the state department's embassy in beijing and and cabled back to the to to to washington at the state department well these cables show that not only does do the chinese know that gold is the controller of the financial system but the united states knows that china knows uh back uh i think uh where when when was it uh in 2004 the uh uh then the deputy chairman of the bank of russia oh like mskoff gave a speech to the summer meeting of the london bullion market association at the kampinsky hotel in moscow the only words in english he spoke were gold antitrust action committee that was very strange to us because when we found out about it we realized hey wait a minute we we never knowingly had any contact with anybody in russia or anybody who spoke russian we asked the we heard about this we asked the lbma for a copy of the speech the lbma refused to give it to us but i looked up the bank of russia on the internet and i saw that they were at 12 neglige street in moscow they had an english section of their internet site and they even listed a fax number so i i wrote a letter and i faxed it to ms cobb saying hey we heard you gave this speech to the lbma a few weeks ago and you mentioned the gold anti-trust action committee could you provide me a copy of that speech because the lbma won't give it to me and i told them uh that you know a a copy of the russian text would be just fine because i was a newspaper editor then and i had a russian-speaking graduate student on my staff i said we can translate it remarkably mizzaskoff got back to me within a day saying that he would be very glad to give give us a copy of his speech but he wanted to control the translation apparently it was very sensitive to him so he said he would have his friend the chairman of moscow and rodney back in london do the translation and a month went by and you know i did get the translation from from the guy in london and uh sure enough here's the uh deputy chairman of the bank of russia talking about the gold ant trust action committee in a speech to the bullying bankers who've come over from from london i think uh went uh ms goff was saying uh again this this text is on our internet site you can look it up i can find it for you but ms goff said to the effect that you know many of you have heard of the group of economists who came together to form the gold antitrust action committee well this is pretty funny because i'm a college dropout our chairman is a former football player and i'm not sure we could spell economist at the time but uh anyway jose scoff said that uh uh we had shown that uh the uh the movements of the price of of gold did not necessarily conform to the ordinary laws of supply and demand uh and that uh you know these there were some strange things going on here um i think this was the russians way of telling the london bullion bankers that russia was now on to them that russia now knew that london was the center of gold price suppression that you know their derivatives were for helping to keep the the gold price under control and sure enough simultaneously russia began withdrawing uh the gold it had deposited in london and brought it back uh to russia now we know the russians and the chinese know all about the gold price suppression scheme so that it's been western central bank policy for decades and we know that the united states knows that china and russia know all about this scheme um but the public doesn't understand it retail investors don't understand it hedge funds probably don't understand it um china could could pull the plug on this at any moment your question was about power well china knows that gold is control over the world financial system china apparently is not ready yet to pull the plug on it by announcing it has you know 10 20 000 tons of gold and it's going to make the the u.n convertible to go well i don't know exactly what they're going to do but your question was is gold uh uh power is this this movement of gold from the west to the east uh a symbol of a shift of power uh i i'd say if you read the uh you know the us government archive uh on this you'd have to say yes it is i don't know what the end game is here i i know a couple of us economists paul brodsky and lee acquaintance i think eight years ago 2013 wrote a paper uh not claiming that it was anything beyond speculation but brodsky acquaintance hypothesized that the the the real plan of the central banks worldwide was to redistribute world gold reserves among them so that countries that were overweight u.s dollars in their foreign exchange reserves would be hedged with gold upon the inevitable devaluation of the dollar i always thought that was a very very plausible uh hypothesis for what's going on here brodsky acquaintance thought that the central banks wanted to keep the gold price under control in these years when they were redistributing the reserves because if it got out of hand now the gold wouldn't get to where they wanted to put it in time uh i suspect what is going to happen is something what along the lines of what brodsky acquaintance hypothesized that when the central banks get the gold where they want it to be where they think it's relatively fairly redistributed they will revalue gold upward as part of an international currency revaluation and in doing so uh devalue their own currencies especially the dollar and uh they will come out ahead because the increased value of gold will compensate for whatever that they've they've lost um a scottish economist peter miller uh wrote something fairly similar i think a couple years before brodsky and acquaintance uh he he said that uh the the nature of a fiat currency system you know built on debt required that system to revalue the monetary metals upwards from time to time in order to devalue the debt and to prevent the debt from consuming uh the the the natural economy uh if interest goes exponential as it does eventually as a mathematical progression uh then all of a sudden you've got no economy left you're just paying interest uh the uh the scottish guy miller uh wrote that uh you know every few generations you've got to have a jubilee of sorts so you've got to devalue the debt and start all over again and the central banks indeed had done that by devaluing their currencies by up valuing the gold i mean look that's what president roosevelt did in 1933 and 1934 he devalued the the dollar and did it by up valuing gold just unfortunately for many gold holders he did it after he took their gold away i want to go back to something you said there chris about china pulling the plug is this in your opinion do they just have to announce how much gold they have or would they also be let's say taking delivery physical delivery from the comex or or another source well i i think even an announcement that their gold reserves were much higher than they've officially reported to the imf would have an enormous impact now i would be surprised if china or any government goes to uh direct convertibility of their currency to gold at a fixed rate governments don't want that uh you know that the gold is a uh is a very strict restraint on on governments uh but they could use it to support their currencies they could they could they could do it by trading currency by trading gold for currency in the open uh at a price that they were controlling and as enders told kissinger in april 1974 at the state department uh that kind of open uh gold trading uh would change all financial valuations in the world and the united states had to prevent it uh so uh you know china probably does not want to pull the plug on the system right now because it has far more us dollars and treasuries in its foreign exchange reserves than uh that it has gold at least at current job valuations even if they have a lot more gold than they they say they have uh i i don't think china yet could revalue gold upward without also devaluing its u.s dollar and treasury reserves you know any country that has a fairly substantial foreign exchange reserve uh could sabotage the system tomorrow by selling treasuries and buying gold that would explode explode the system that's that's that's why i i tend to believe the brodsky acquaintance hypothesis that all the central banks are in on this right now and eventually we will have a an international uh rearrangement to the financial system maybe it will involve the special drawing rights of the international monetary fund that incorporates gold and a new basket of currencies that make up the sdrs i i don't know but i'm i'm pretty confident that uh that all the major central banks are are in on the gold price control scheme right now um i just you know i just think it's a it's a it's a deceptive deceitful totalitarian system because it it it requires the the the the fooling of investors it requires the deception of of investors uh it's undemocratic you know if you believe in democracy if you you you believe in in free markets as the the engine of human progress then you know letting central banks determine uh the the values of all capital labor goods and services in the world undemocratically secretly uh without any accountability to anybody that's that's a totalitarian system chris i want to go back to another thing that you mentioned there um towards the end and you were talking about the the gold confiscation confiscation so in 2007 you wrote the confiscation has never seemed tagata to be a serious or imminent threat has your feeling on that changed recently no i i don't think so tom i i had some fairly extensive correspondence with the treasury department a few years ago trying to uh get out from them what what is the treasury department's policy on on confiscation um i had to enlist my congressman eventually to prompt them to to answer me but uh i got a a letter back eventually i think for the uh the undersecretary uh of uh i think it was a treasury for foreign assets control and basically told me that under the trading with the enemy act of 1917 and the emergency economic powers act of i think 1977. as amended um the uh uh treasury department claimed the power upon proclamation of the of an emergency by the president united states uh to seize or freeze gold and silver related assets but he told me not to worry too much because under the same two statutes for the proclamation of emergency by the president treasury department claims the power to seize or freeze any goddamn thing it wants to so i i uh you know that's kind of a totalitarian system too where it's it's it's it's ready to go i don't think uh i don't think seizing or freezing gold and and silver the monetary metals just for their own sakes would work because central banks i think are going to to use gold as they've used it in previous years for a currency revaluation and a debt devaluation and that wouldn't work if central banks and governments were the only ones who had metal gold and silver can do that job only if they're exchangeable with corporations and and the public if if central banks and governments take gold and silver completely out of the system well then they're really not much use to the governments themselves unless they're just going to trade them among each other but eventually uh values are are assigned and wealth is created by populations at work and you'd have to exchange that metal with the people who are doing the real world work to keep the world uh rolling on its uh on its axis so i i i i'm not terribly scared about uh about confiscation uh uh you know it could happen again in the united states uh but i i think the the rest of the world would would laugh at it uh the the rest of the world is not thrilled with the dollar these days the the rest of the world fully understands that the dollar is a is the primary mechanism of u.s imperialism in the world today the u.s dollar is controlling all all prices and currency values right now uh the world uh understands uh that's not a fair or democratic system either if the united states uh tried to neutralize gold uh i think the rest of the world would only take it up more it's it's the way out of the current system it's it's the uh you know it's the the the mechanism that you you can use to develop another world reserve currency so in that chris you also mentioned uh silver do you don't you think that just be simply because of the logistical uh considerations around silver that that would make it much harder to to confiscate as well yeah well silver is you know much more uh an industrial metal i mean uh central banks probably have still some gold left and gold is primarily hoarded as uh as money uh silver is industrial it's always being consumed um but i think it still retains its its monetary functions as well uh it's it's not all kept in one place uh or as many places it's uh uh i mean in as few places it's it's distributed more more widely around the world um i i think it's a fairly good substitute for uh for gold uh right now and so far it's it's tangible it's rare uh it has all those qualities of uh of good money that who was at aristotle one of the ancient greeks spelled out um and you know there's a lot of people on our side tom who who think that silver is central banking's kryptonite that it is harder for them to control than gold because they haven't had as much about as much of it as gold back when president johnson signed the coinage act of 1965 and this statement is is on got his internet site as well uh johnson uh warned uh i think what he called speculators that just because the silver was being taken out of the u.s currency it wasn't going to go up in value because the u.s had a had a strategic still silver stock file from which the president said the u.s government would dishward as necessary to keep the price down uh now that stockpile has been exhausted since 1965 but uh that statement i think is is so profound for establishing uh that silver is monetary and that governments have a powerful interest in controlling the price of silver it's only speculation on my part but i long have thought that the silver horde that jp morgan has amassed in recent years is uh has been has been amassed at the behest of the u.s government to recreate a u.s government silver reserve precisely for intervention purposes as imagined by johnson in 1965. uh jamie dimon the ceo of uh jpmorgan chase and and his former uh commodity desk chief blight masters uh made some comments a few years ago uh saying that insisting that uh jp morgan uh uh was not uh uh trading the uh the monetary medals for its own accounts but uh was doing it for clients uh unfortunately of course no financial news organization asked diamond and masters uh do those clients include the us government um you know all you have to do is you know i wish i could find one financial news organization mainstream organization who was willing to put a few simple critical questions to governments and central banks i mean i tried doing it the other day with the bank of england i i sent them a note saying hey have you you guys been leasing gold or swapping it uh in the last year or have you been calling in gold leases or swaps and i did get an answer they have they do answer me from time to time saying that no we don't have anything to say on this point so i mean what do you want i mean you know this is conspiracy theory you want to know what's going on in the in the monetary metals markets don't ask me ask the goddamn central banks yeah it seems like their their answer is more telling than anything right well of course it is but you know i can't even get a mainstream financial news organization to to note that you know after a few years of effort a few years ago we finally got the wall street journal uh to do a story about our complaints that uh the federal reserve was involved in gold leasing uh took a year and a half i got very tired of dealing with the reporter and i kept telling him look don't ask me call the fed call the treasury ask them what they're doing in the gold market i i can give you these documents that that show that they've been involved but ask them uh well they they finally did a story and they they quoted four or five goddess supporters to whom i had introduced the the journals reporter they put it on the front page of the wall street journal two or three years ago and uh raised the question is you know the the the fed leasing gold uh but they they didn't do something they refused to ask the fed what are you doing are you leasing gold you're involved in the gold market or at least there is nothing in the wall street journal story about a comment from the federal reserve or the treasury department you know the first rule of journalism i've been in it for 50 years i've heard of it anyways if you accuse somebody of doing something or you repeat an accusation against somebody uh you go to that somebody and ask him for a response the wall street journal puts the story on the front page reporting accusations that the fed is is diddling in the gold market and the story doesn't say whether the journal ever asked the fed for comment well uh doesn't that tell you something that this this issue is a little too sensitive for ordinary journalism um now maybe the journal did ask the fed about this and somebody at the new york fed said gee you know if you really want to press this question we're not going to invite you to our christmas party anymore and you know we we might talk to our friends at jp morgan and goldman sachs and morgan stanley and citibank uh about all the advertising they're doing in your paper so you know don't think that there's any special integrity in mainstream financial news organizations they will violate the first rule of journalism in order to protect government intervention secret intervention and the gold market so chris in in that same article that that you wrote about about confiscation and and your considerations around it you also mentioned capital controls may be imposed in the us in the next currency crisis so what could these look like in your opinion well you can't wire money out of the country you can't do foreign exchange transactions without the government uh approval um you can uh be very restricted in the in in the banking you can do internally in the country uh it's really uh uh one reason why i i don't think that uh uh to uh stifle bitcoin governments would have to shut the internet down no they wouldn't i would just have to uh uh control the bank transactions uh between bitcoin and and any local fiat currency uh if uh until you're you're going to be you know buying things uh directly with bitcoin and we're not at that point yet uh you need to convert your bitcoin into your uh local you know domestic government currency and and and do your commerce and the the government currency well if the governments uh tell uh the banking system no you can't process bitcoin transactions anymore or say there's a we're going to put a 50 tax on them or something like that bitcoin is very easily controlled but since gold has a has a tangible presence uh a reality a physical reality like silver it's much harder to to control the real metal people can carry it and engage in in financial transactions face to face as they used to do with the monetary medals so i still think gold and silver are much greater uh competitors to uh government currencies than than bitcoin will be at least until uh everybody can convert somehow uh bitcoin into a a low local tradable mechanism at uh stop and shop so it seems at times the the manipulation of the metals is used to counteract news we're speaking today on on tuesday april 13th and we saw the medals get smashed yesterday down seemingly on no news so what is it they could possibly be trying to counteract right now well i i wrote a dispatch uh this morning uh speculating that uh for an answer to the question people were asking yesterday gee why why is why are gold and silver being knocked down so hard today there's no real news relative to them but i think it was it was obvious even yesterday and the day before there were mainstream financial news organization reports saying that uh uh this week's inflation report was going to be horrible uh because it was going to be uh comparing the prices from from this march against prices from last march when everything was going down the toilet because of the epidemic uh so the prices were very depressed a year ago but now they're coming back and the the disparity is going to be emphasized uh by what the epidemic did a year ago these stories were in the news for you know the last 72 hours there was a story on bloomberg yesterday that i dispatched to to to our list saying that the inflation report is is going to be terrible that was yesterday and yesterday they smashed gold and silver uh well it occurred to me today well of course that's why they did it yesterday if they did it today simultaneously with the explosion and inflation the uh you know the the anomaly uh the counterintuitiveness would been off the charts somebody might have asked how can gold and silver go down today when inflation is exploding to 12 annual rate somebody would have asked a question but anticipating uh the terrible inflation report yesterday okay we'll smash it yesterday uh so that when it recovers today on the inflation report it's only right back where it was last week no damage done now that's just speculation but again if you don't want to believe me you know call the new york fed call call the treasury department call the bank for international settlements call call the bank of england and ask them you know could we see your your transactions in gold over the last few months you mentioned um the government really trying to control interest rates earlier in the conversation so what what do you think the difference is between explicit and let's say covert yield curve control well we have covert yields or yield curve control right now i mean that's what gold price suppression is gold price suppression uh is uh is aimed largely at controlling interest rates there's a historic inverse relation between the gold price and real interest rates if real interest rates are high ordinarily in a free market uh the gold price is low if real interest rates are low ordinarily in a free market gold prices are high um there was a paper written by uh larry summers who was professor at harvard before he became treasury secretary and uh another uh economics uh uh professor uh um written jesus i don't know 30 years ago about the relationship between uh gold and interest rates it was called gibson's paradox and the and the gold standard it it seemed to imply that you know you could have your you know nirvana of perpetual low interest rates if you could get control of the gold price uh because that's what the relationship between gold and interest rates had been uh throughout history in indeed uh when uh the uh uh the gold carry trade was uh uh invented uh during the uh the clinton administration uh that was a a matter of interest rate control what happened central banks began leasing gold into the market uh bullion banks took the leases and sold the gold drove the uh the gold price down and simultaneously with the proceeds of the lease gold the bullion banks bought uh government bonds u.s treasuries so what did gold leasing do in the gold carry trade it depressed the gold price and it raised government bonds prices and and reduced interest rates it was a it was a lovely profit-making sure thing for for for the big banks until they ran out of metal until the central bank stopped leasing gold and or suddenly realized gee we've all been doing this and there isn't all that much gold left and that's really why the bank of england uh announced the sale of its uh it's gold back what was it 99 or so to bail out the the bullion banks but the gold carry trade was was a mechanism of yield curve control sell gold buy treasuries uh knocks the gold price down knocks interest rates down um drives government bond prices up um you know this this is this is a very old game chris how far do you think we are from seeing let's say explicit yield curve control i don't know if they need to be explicit uh you know maybe if they ever go explicit it's between it's really because the market is getting away from them uh and you know for the last year there's there have been many strange events in the gold market suggesting that uh there's great strain on the market uh i mean the the disparity now between uh retail coin and bar prices with with futures prices is as is as extreme as i can uh recall it um ordinarily now those disparities reduce over time when the central banks get things back in in hand again but it's taken them a long time this has been going on for really a year now um i i i don't know tom you know there there are uh strange events that can happen i mean uh if if china is mad at the united states right now well you know it could it could pull something in the gold market in order to to yank the us government's chain uh some government some central bank could defect from the price control scheme um uh you know they could they could just run out of gold i mean there's uh indications that uh uh metal is short both gold and silver at the the comex i mean there's big physical deliveries coming out of the comex in the last few months that never happened before comex was always a paper market now it's becoming a physical market i don't think that's their idea of a good time they don't want to see you know metal uh leaving the financial system into into into private hands out outside the system um i don't know um i i may not live to see the day i know a lot of brilliant people who are on the gold side who saw what was going on and and wrote about it and uh expected that this couldn't go on forever and it it went on longer than they you know then they lived um so you know i don't know i try not to make predictions it's hard enough for me uh to to persuade people to look at the documentation uh which is as long as your arm um and to to put you know even a simple question to the people who know and it is very hard because really anybody almost everybody in on this planet tom who has any power has been bought off and of course chris you have uh exactly as you're saying there's a ton of documentation on your guys's website gada.org um tell us a couple of the let's say documents on there that are maybe worth worth highlighting for somebody that's going to your site for the first time well we have uh statements by various uh central bankers through the years who uh acknowledge the gold price suppression scheme uh one of my favorites is speech given by william r white when he was head of the monetary and economic department at the bank for international settlements in in basel uh switzerland uh he gave a speech on uh uh i guess i think he called the the the five main purposes of international central bank uh cooperation and uh you know one of these was the uh to influence gold and asset prices when this was in circumstances when this is thought to be useful um another great bis document we have on our internet site is a powerpoint presentation that the bis gave at a meeting at its headquarters in basel a few years ago uh trying to recruit new central bank members for the bis and it listed the services of uh of the bis to its uh central bank members and the powerpoint presentation shows that one of its services to its central bank members is is secret interventions in the old market uh i mean what would you want i mean here look here's the bis powerpoint for christ's sake um you know it's it's it's stuff like that there's the memoirs by central bankers uh paul volcker's uh autobiography uh both the early edition and the late edition note that when he was deputy treasury secretary uh he wanted intervention in in gold to be undertaken in order to uh support a general currency evaluation that was not done the german financial journalist lars shaw uh got a hold of a volcker a few years ago before he died and uh and and asked if he thought that central banks should intervene in the gold market and volcker told them that well in emergencies they have to uh the former president to the bis and the president of the dutch central bank jill zilstra and his memoirs he wrote that the gold price was always suppressed by western central banks at the behest of the united states this is this has been out there for for for many years uh uh got the french central bank official admitting that they're secretly trading gold for their own account and other central bank accounts uh virtually every day i mean um i would just urge people go to gata.org in the top left column there's a page called the basics you open that up and at the top of the basics page is a a very long summary of gold price suppression uh history and and objectives that i recently updated for a conference in nigeria uh many of the major documents are are contained in in that presentation we have links to them um also in the in the left column of the got internet site there's the general documentation file people can go into that and and and just scroll through it to open up what uh is uh of interest to them um but you know why anybody calls this conspiracy theory i mean it's just it's just just disrespectful it's it's the meaning it's it's it's deceptive uh uh you know government operates largely in secret uh and when when people get together to uh decide on a course of action and then implement it in secret that's the definition of conspiracy well so there's there's not just conspiracy theory there's conspiracy fact and there's a reason why you and i are not invited to the monthly meeting of the directors of the bank for international settlements in basel and we weren't going to be invited there even before the epidemic got in the way of travel and there's a reason why we're not invited to the monthly meetings of the federal open market committee in washington and and why the transcripts of those meetings are not available immediately uh the reason is they are doing things in secret they don't want the markets to know about they are doing things to deceive investors they are doing things to undermine democracy and you know to to to label conspiracy theory any criticism of these ways of doing business it's just contemptible excellent chris well i think that's a great place to wrap up do you have any final thoughts as we um as we conclude here well um yeah i i encourage people to go to our internet site and i think in the right column you can enroll for our free daily dispatches that are of interest to people in the monetary metals sector there's no charge for it you can subscribe and unsubscribe on your own there we like to stay in touch with people that way we are a 501 c 3 organization under the u.s internal revenue code which means we're federally tax exempt and it means that we can receive contributions from people who can claim tax deductions for them you can go to the how to help page on our internet site and if you're so inclined to see how you can uh you can support our work uh with a credit card donation or mailing a check we even take uh bitcoin now uh we got a a a a really a business partner uh in in texas he runs a uh uh a winery he is selling for us uh these this gotta labeled wine uh he's always bugging me to promote it and i keep forgetting to do it so so there it is you can buy a case i've got a labeled wine from uh from him and we get commissions off that and i encourage people to buy a bottle and let's toast to a free gold market that was actually on my list of of things to to wrap with chris thanks for uh thanks for beating me to it uh can you kill me if i didn't do it well it looks it looks like some good stuff chris thanks so much for your time today really appreciate it oh thank you tom for your interest this podcast is for general informational purposes only nothing on this podcast should be taken as investment advice guests on this show are not compensated for their appearance listeners are urged to educate themselves and make their own decisions do not base any investment decisions on the information contained to view our full disclaimer please visit our website

Channel: Palisades Gold Radio

Views: 21,930

Rating: 4.9512691 out of 5

Keywords: Palisade Radio, Collin Kettell, buy, sell, invest, gold, silver, precious metals investment, QE, QE4, QE5, Stock, Market Crash, low, high, best, worst, trump, central, banks, freedom, bitcoin, blockchain, uranium, potash, expert, alpha, beta, fortune, billionaire, ounce, pound, mining, energy, independence, freefall, rise, fall, outlook, private placement, warrant, decline, increase, value, price, Monthly Report, Update, millionaire

Id: fO_dEMHF2YA

Length: 55min 44sec (3344 seconds)

Published: Fri Apr 16 2021

Reddit Comments

[u/Jimbohiho]

Chris Powell. A real hero and a gentleman. Was at the Savoy in London 2011 for GATA conference. Mr Powell moderated. Wonderful couple of days. Old school stackers. Likewise for Eric Sprott. Just a solid approachable gent. These folk have real integrity, values and honor.