Gold In Our Present World Economic Condition
Different factors affect our market today. And still a lot more issues are coming up that is really detrimental to our society. Yes, there are many options to solve all these, but all the officials and experts have to offer are bailouts and different shady laws that are so covered that it is hard to follow for a common man. They made these “laws” and “acts” so complicated. The word bailout itself connotes of something in the worst scenario and it doesn’t really offer up a solution.
Let Gold In Our Present World Economic Condition help you in your asset investment planning.
The following is a must read by Gold Seek for any investment market enthusiast.
Dear Friend of GATA and Gold:
GATA’s friend and researcher R.M. writes today from Europe:
“If the U.S. judiciary deemed protection of the nation’s currency or similar national interests (such as stable financial markets and oil prices) as justification not to prosecute a cartel’s war against gold by federal authorities, foreign governments, and their agents, could anti-trust law ever be brought to bear against such activity in our lifetimes?
“What I’m asking essentially is: What is the Achilles’ heel of gold market collusion that would provoke enforcement in a compromised judicial system?”
I have replied to R.M. as follows.
As I read the Gold Reserve Act of 1934 as amended, it authorizes the U.S. government to trade secretly not just in the gold market but in any market:
The Gold Reserve Act describes its objective as “an orderly system of exchange rates.” Any administration almost certainly would construe that objective as an exemption from anti-trust law and I doubt that any court would have the nerve to disagree.
This question came up more or less during the first lawsuit against gold market manipulation, the lawsuit brought by Reginald Howe with GATA’s support in U.S. District Court in Boston in 2001 against the Bank for International Settlements, the U.S. Federal Reserve and Treasury Department, and various bullion banks. For the details of that lawsuit, see the entry for “Gold Price Fixing Case” at Howe’s Internet site here:
There was only one public proceeding in that case, held in Boston on November 5, 2001, on the defendants’ motion for dismissal via “summary judgment.” “Summary judgment” is a determination by the court that even if everything in the plaintiff’s complaint is true, there is no remedy at law and nothing for the court to do about it. I attended that hearing. While I had to sit in the back of the courtoorm and the acoustics were not good, I heard an assistant U.S. attorney assert that the government, without admitting that it was doing what Howe complained of, very much claimed the power to do it. See my report on the hearing as posted at GATA’s old Internet site here:
Gold In Our Present World Economic Condition states the important points that plague our economy today. It gives us insight to all the angles which we, as a society, are being constantly barraged into submission. But most importantly, it also shows a more permanent recipe for a healthy financial future that none of the administration or bureaucrats can offer.
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