IMF report vindicates claims of gold market manipulation by central banks: Powell

Precious metals journalist Chris Powell claims an IMF report dated from March 1999 is "as authoritative (an admission) as we are likely ever going to get that central banks are actively involved, in secret, in the gold market."

In an interview with King World News Powell says the report addressed to the IMF's executive report indicates that central banks "panicked" when IMF staff proposed accountability for gold loans and gold swaps on the grounds that it would entail the disclosure of "highly market-sensitive" information.

In Powell's view this reaction was "an acknowledgement that the Western central banks are actively involved in the gold market every day with their gold loans and swaps," and that "the purpose of this gold trading is market manipulation."

For Powell the fresh revelation is simply the most authoritative addition to a broad array of evidence pointing to manipulation of gold markets by central banks:

Four former Chairmen of the Federal Reserve have admitted, in one form or another, that central banks rig the gold price. We have an admission from a former Dutch central banker that the gold market is rigged at the behest of the United States. So I’m not surprised these general points should come out.

This is as authoritative (an admission) as we are likely ever going to get that central banks are actively involved, in secret, in the gold market, and conceal their gold data because disclosure, accountability, would bust up their whole market rigging schemes.

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