Date: Sat, 18 Nov 2006 10:41:15 -0600
From: LePatron@LeMetropoleCafe.com
Mime-version: 1.0
Subject: (GATA) Gartman flees argument with Veneroso on gold price suppression
Le Metropole Members,
Gartman flees argument with Veneroso on gold price suppression
Submitted by cpowell on 05:09PM ET Friday, November 17, 2006. Section: Daily Dispatches
7p CT Friday, November 17, 2006
Dear Friend of GATA and Gold:
>From GATA's point of view, the most interesting part of
the 2006 New Orleans Investment Conference so far was
today's exchange between GATA consultant Frank Veneroso
of Veneroso Associates and Dennis Gartman, editor of the
Gartman Letter. They had been invited to discuss, among
other things, whether the gold market is manipulated.
Veneroso remarked that "managed" might be a better word than "manipulated," even as his smile indicated that
those on the receiving end of the "management" might not
be able to tell the difference.
The manipulation of the gold price isn't done by
financial houses dealing in gold but by the central
banks, Veneroso said, adding that it is done "in a
formal way." He noted the June 2005 speech of William
R. White, head of the monetary and economic department
of the Bank for International Settlements, who
admitted that central banks intervene in the currency
and gold markets:
http://www.gata.org/node/4279
Veneroso also cited the comment made in 1999 by the
governor of the Bank of England, Edward A.J. George,
to Nicholas J. Morrell, chief executive of mining house
Lonmin PLC, confirming that there was aggressive
intervention by central banks to suppress the gold
price following the price spike after the first Washington Agreement on Gold that year:
http://www.goldensextant.com/Complaint.html
Veneroso said he had received from an official of
a major central bank complete confirmation of this
surreptitious intervention against gold.
Gartman's response to Veneroso and the gold price
suppression issue was simply to default. "Who cares?"
Gartman said. "The damn stuff is going up." He added
that he was "in awe" of Veneroso's research and that
done by GATA Chairman Bill Murphy but considered it
all "a waste of time."
Unfortunately a fire alarm went off soon after Gartman's
made these remark and the conference had to be evacuated
briefly before anyone had the chance to explain to
Gartman, if he really didn't know already, that anyone
invested in something that might be valued at a much higher price
but for surreptitious government intervention
in a supposedly free market might have PLENTY of reason to care.
The exchange between Veneroso and Gartman suggested
again that the gold price suppression issue simply
can't be discussed honestly with most people who would
be part of the world's financial establishment, the
evidence of that suppression having become not only so overwhelming but also so dangerous to the establishment.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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