GATA Sues the Fed for Proof of "Gold Market Intervention"
I almost put that headline as "gold market manipulation" but we'll give the Fed the benefit of the doubt here and call them innocent until proven guilty. Oh wtf, why am I being so nice? Because I want to see the Fed grow a pair and prove it is, in fact, innocent.
So we'll save "gold manipulation". Besides, JDA already accused the Fed of that and still laughs every time she reads "Foreign Central Banks" on Treasury auction results.
Right Side News:
The Gold Anti-Trust Action Committee Inc. today (Dec. 30th, 2009) brought suit against the U.S. Federal Reserve Board, seeking a court order for disclosure of the central bank's records of its surreptitious market intervention to suppress the monetary metal's price.
The suit was filed in U.S. District Court for the District of Columbia and targets Fed records involving gold swaps, exchanges of gold with foreign financial institutions. In a letter dated September 17 this year to GATA's law firm, William J. Olson P.C. of Vienna, Virginia, (http://www.lawandfreedom.com/) Fed Board of Governors member Kevin M. Warsh acknowledged that the Fed has gold swap agreements with foreign banks but insisted that such documents remain secret. To read the Fed response, click here.
If anyone knows gold manipulation when they see it, it's GATA so I'm 100% behind this and applaud them for having the legal fortitude to get up the Fed's ass. It's about time.
The Fed's response is hilarious. "Trade secrets" works as a "we can't tell you" excuse if you are a publicly-traded corporation worried competitors might take your game. When you're playing with the dollars we all get paid in, it's time to start telling us what exactly is going on. And here you thought those "audit the Fed" folks were wacky? Audit the gold!
GATA also seems to believe that the Fed is throwing the Treasury under the bus and with Tim Geithner supporting an "examination" of Fed governance despite being Fed alumni himself, it's not all that shocking of a claim. This should get really interesting:
I think this new correspondence suggests that the Fed is trying to push onto the Treasury Department all responsibility for the scheme to suppress the gold price and to cover up the traces of the Fed's own awareness of the scheme.
There's all kinds of cool stuff going on in gold these days. I hope you've got a front row seat and some of the yellow stuff yourself.
I'm partial to my November 25th 2009 Fort Knox: The Real Knock-Off Capital of the World? Or, Alternatively, SERIOUSLY WTF Gold OMG!!!!! if for no other reason than the picture is priceless. But that's just me.
SERIOUSLY WTF Gold OMG! Don't look away. It's going to get better.