GATA Sues Federal Reserve to Disclose Gold Market Intervention Records

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locklimitdown's picture
locklimitdown
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Posts: 46
GATA Sues Federal Reserve to Disclose Gold Market Intervention Records

GATA Sues Federal Reserve to Disclose Gold Market Intervention Records

 

MANCHESTER, Connecticut--(BUSINESS WIRE)--The Gold Anti-Trust Action Committee Inc. today 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:

http://www.gata.org/files/GATAFedResponse-09-17-2009.pdf

The lawsuit follows two years of GATA's efforts to obtain from the Federal Reserve and the U.S. Treasury Department a candid accounting of the U.S. government's involvement in the gold market. These efforts parallel those of U.S. Rep. Ron Paul, R-Texas, who long has been proposing legislation to audit the Fed. The Fed has been criticized for secrecy in its massive intervention in the markets over the last year, and Paul's legislation recently was approved by the U.S. House of Representatives.

In correspondence with GATA's lawyers, the Fed has claimed that its gold swap records involve "trade secrets" exempt from disclosure under the U.S. Freedom of Information Act......more

 

http://www.businesswire.com/portal/site/home/permalink/?ndmViewId=news_v...

pinecarr's picture
pinecarr
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Posts: 2244
Re: GATA Sues Federal Reserve to Disclose Gold Market ...

first thought: cool!

second thought: I wonder how long it will take the Fed and Treasury Dept. to swat down this annoying mosquito (if they haven't already with their claim at "trade secrets" exemption from disclosure)?

Regardless, you go GATA!

locklimitdown's picture
locklimitdown
Status: Bronze Member (Offline)
Joined: Mar 15 2008
Posts: 46
Re: GATA Sues Federal Reserve to Disclose Gold Market ...

There is little doubt this latest  GATA attempt to expose fed manipulation in the precious metals """markets""" will be no more than a pebble in the shoe down at the Eccles building. While there is little chance of a GATA victory, there is hope the story will be picked up by the media bringing the publics gold suppression awareness levels off the floor.

Less than one percent of the investing population are aware decades old precious metal suppression has been, and is, central banker policy. GATAs action will help educate the public and bring an end to blatant price fixing now running amok at the Comex exchange. Last week saw 4 consecutive attacks on gold and silver on and after the Comex open. GATA is doing the country a great service in attempting to bring justice to a situation which IMHO, is out of control.

rowmat's picture
rowmat
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Re: "trade secrets" exemption from disclosure

Audit the Fed? Why sure!

That's what they'll tell us.

But then anything connected with the Fed's operations that anyone attempts to audit will be regarded as a 'trade secret' and exempt from disclosure.

locklimitdown's picture
locklimitdown
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Posts: 46
Re: GATA Sues Federal Reserve to Disclose Gold Market ...

Just received this from GATA

Dear Friend of GATA and Gold:

Reginald H. Howe, partner in Golden Sextant Advisors and litigator in the first gold price-fixing case, Howe vs. Bank for International Settlements, has just analyzed the latest precious metals derivatives report from the BIS and finds that they exploded in the six months ending last June 30. The gold and silver derivatives, Howe remarks, have lost any relation to possible gold production and again raise the question of whether real metal can be delivered against the claims that have been sold. Howe's commentary is headlined "Precious Metals Derivatives: Louder Music, Fewer Chairs," and you can find it at the Golden Sextant Internet site here:

http://www.goldensextant.com/commentary35.html#anchor17538

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

Doug's picture
Doug
Status: Diamond Member (Offline)
Joined: Oct 1 2008
Posts: 3157
Re: GATA Sues Federal Reserve to Disclose Gold Market ...

I found a link to this on the GATA site:

http://www.marketwatch.com/story/time-for-fed-to-disprove-ppt-conspiracy-theory-2010-01-05

Quote:

Charles Biderman, chief executive of TrimTabs Investment Research, is the latest and most credible person to charge that the Federal Reserve and the Treasury (in league with top Wall Street firms) is rigging the stock market on a daily basis....

The only logical explanation for the extent of the rally, he suggested, is secret buying by a government committee known colloquially as the Plunge Protection Team. It's like the dark matter that astrophysicists conjecture must be there, even if we can't detect it.

I'm shocked, I tell you, shocked!!

Although not about gold, it certainly adds a little perspective about markets generally.  Be afraid, be very afraid.

Doug

pinecarr's picture
pinecarr
Status: Diamond Member (Offline)
Joined: Apr 13 2008
Posts: 2244
Re: GATA Sues Federal Reserve to Disclose Gold Market ...

Good article!  I love that last line you quoted, Doug, about the secret buying on the stock market by the Plunge Protection Team:

"It's like the dark matter that astrophysicists conjecture must be there, even if we can't detect it."

Too precious!

But it certainly does seem like the MSM is nosing around and "sniffing" this idea more and more, trying to decide if they like it or want to (continue to) pee on it (thanks to Dogs for THAT analogy and picture in my head:...I'll have to tell you the story about what our dog did to the fire-ball (hot hard candy) he begged for someday....).  But getting back to the topic at hand, my thought, for those of us here, is that this may be an indicator that the time-advantage we have had in being aware of what is going on before  most others, which has made it easier for us to prepare, may be growing short. Not sure, just a consideration.  Get those most important preps done!

-pinecarr 

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