Thursday, March 31, 2011

World Gold Council An Acronym For JP Morgue?

Yes, you read that headline correctly.  The World Gold Council, the world's largest gold advocacy organization, has submitted comments to the CFTC in OPPOSITION to proposed position limits in gold and silver.  Their comments state that the WGC is concerned position limits in the gold market "could reduce or impair liquidity and trade in the gold market".  This sounds like Mr. Dimon or Blythe penned this comment and signed it WGC.  Looks like GATA has been correct in their call of the WGC being involved in gold and silver suppression.

From Road To Roota

For years my friends over at the Gold Anti-Trust Action Committee (GATA) have been claiming that the World Gold Council (WGC) is a puppet organization funded by the very banking cabal that suppresses the price of gold. In the early days of this 10 year old gold bull run most people brushed off GATA's comments as coming from people who wore "tin foil hats" and saw conspiracies in everything. 

But nobody really gave a good explanation as to why the industry's largest gold advocate organization, the World Gold Council, was always touting the virtues of Gold Jewelry over and above the monetary purposes of gold in all their marketing campaigns. Millions of advertising dollars were spent glorifying the virtue of gold necklaces to enhance a woman's skin tones and how the gift of a gold bracelet was sure to lead to a lifetime of romance.
While the WGC was promoting gold via jewelry sales, the GATA Army was scouring government documents, writing letter to their elected officials, uncovering incriminating evidence and suing the guilty parties for their involvement in a vast conspiracy by banks and governments to serendipitously suppress the price of gold.
In a nutshell, the World Gold Council has stayed silent while the obvious market manipulations suppressed the price of the ONLY thing they were supposed to support...GOLD! All the while GATA has been busy freeing gold from the clutches of the rich and powerful that control the price on a daily basis.
The really twisted part of it is that where the World Gold Council has an operating budget in the multi-millions of dollars funded by donations from gold miners and banks, the folks at GATA operate on a shoe string budget funded by paltry donations from individual investors that are tired of being robbed by the bullion banks. Even given these facts the amazing truth is that...
So where does the World Gold Council stand now on supporting the price of gold? Clearly they have benefited from the monumental rise in the price of Gold so wouldn't you think they would go all out in support of Gold market issues that may help gold gain a stronger foothold in investment portfolios, support a higher price and stop the rampant market manipulation?
If there is one tool that is used most in the price suppression of Gold it is the concentrated paper gold selling that takes place on a daily basis on the COMEX and LME. As our good friend Jeffrey Christian of the CPM Group so eloquently put it... paper gold trades in multiples of 100 times the amount of physical gold. So when the CFTC presented the world with the opportunity to voice their opinion on whether this concentrated paper manipulation should be curbed or stopped which side do you think the largest Gold advocacy group came out on?
If you don't believe me just read the comment they posted on the CFTC website:
Here are some highlights:
"the World Gold Council is concerned that the Proposed Rule extends beyond the legislative intent of the Act and, if implemented, could reduce or impair liquidity and trade in the gold market"
"the World Gold Council requests that the CFTC withdraw the Proposed Rule until after the CFTC is able to determine whether position limits are, in fact, necessary with respect to each of the Referenced Contracts and their economic equivalents."
"The World Gold Council encourages the CFTC to update the proposed definition of deliverable supply to reflect the more flexible settlement options for physically-settled commodity transactions, and thereby expanding the definition of deliverable supply"
"The World Gold Council also requests that any of the proposed regulatory and recordkeeping requirements associated with position limits and bona fide hedgers be delayed and phased in to the market."
As you can tell the World Gold Council is pulling out all the stops to try and destroy the CFTC position limits rule which would help free the price of gold from the market manipulators.
The big question: WHY is the WGC so against the implementation of Position Limits? The answer can be found in the "Investment Partners" portion on their website:
The World Gold Council is partners in the other powerful tool for gold market manipulation...the Gold ETF's and especially the KING of gold market rigging operations GLD!
For those who have not made the connection between Gold ETF's, the COMEX shorts and the price manipulators I ask you to read an article I wrote a few years back:
Who's The Little Man Behind The Curtain?
There has also been many articles about JP Morgan being both the Custodian of the largest Silver ETF (SLV) while at the same time the suspected huge COMEX silver short. As analyzed in the above article it is clear to me that the physical metal in the ETF's is being used to justify the large concentrated short positions that are used to rig the prices of gold and silver.
Interesting enough this same issue is highlighted in the letter written to the CFTC by Senator Carl Levin in support of Position Limits.
"The proposed rule would help put an end to excessive speculation and market manipulation in U.S commodity prices by creating the regulatory infrastructure needed to establish position limits across U.S. commodity trading venues, including futures and related derivatives markets, and across a variety of commodity related trades in agriculture, metals, and energy markets."
"the proposed rule must make it clear that the new position limits will apply to derivative dealers and speculative traders that buy or sell commodity-related instruments, including index traders who trade commodity-related index swaps, and financial firms that sponsor commodity-related Exchange Traded Funds (ETF's) or Exchange Traded Notes (ETN's). These commodity-related financial instruments are designed to allow investors to profit from changes in commodity prices without having to purchase the actual commodities or manage a portfolio of commodity investments; they are inherently speculative and, in the aggregate, can have a significant effect on commodity prices."
These are some pretty big words aimed at our totally corrupt markets! And don't think for a minute that this came from some Congressional lackey that doesn't know what he's talking about or have any real power. Senator Carl Levin is the Chairman of the Permanent Subcommittee on Investigations for the United States Senate. Basically, he's one of the leaders in the battle to take down the Banking Cabal!
I could go on for days about all the comments I read regarding the Position Limits Rule that were posted on the CFTC website as the true "Good Guys" and "Bad Guys" have come out of the wood work on this one. As the crooks at BlackRock commented..."The Commission's position limit proposal may well have the most profound impact on our clients, our business and the markets we use of any Dodd-Frank proposal the Commission has issued".
Make no mistake...the end of market manipulation means the end of un-backed fiat money as history has shown again and again that no un-backed currency can survive on it's own without controlling the prices of gold and silver.
The only question left is WHEN will the final ruling come down. Will it be implemented before the global market chaos hits or will is come after?
Either way something wicked this way comes so be ready.
And by the way...You can right a mighty industry injustice while at the same time helping to end the gold manipulation scam by donating to GATA here:
So send them a few bucks...they DESERVE it!