Holter expresses his disappointment with the quality of the debate on gold manipulation at the New Orleans Investment Conference.
NEW ORLEANS – I attended the New Orleans Investment Conference this past week as the guest of Gold Anti-Trust Action Committee’s (GATA) Bill Murphy and Chris Powell for which I am highly grateful. There were many good and thoughtful speakers. I specifically wanted to attend this conference for two reasons; Alan Greenspan (Mr. Magoo) was a keynote speaker and I not so much wanted to hear what he had to say but, more importantly, how he answered audience questions.
What piqued my interest most about this conference, though, was the proposed debate between GATA’s Powell and Doug Casey of Casey Research. The topic was: “Is gold manipulated or not?” I had such high expectations for this but unfortunately was left disappointed.
The format was not much of a debate; each speaker was allowed seven minutes to lay out their case followed by a four minute rebuttal period each. The problem was, they did not interact nor did they debunk the other’s position. The debate, if you can call it that, was one-sided where Powell laid out documentation and fact while Casey gave us his opinion.
Powell started off and was pretty much 100% factual as he laid out printed documentation from the Federal Reserve and the BIS which confirms central bank activity in the gold market. Because of the time constraint he was only able to get through one quarter of his evidence.
He did, however, bring up the testimony of Alan Greenspan to congress in 1998 where he said: “The central banks stand ready to lease gold in unlimited quantities should the price of gold begin to rise.” All of the documentation can be found here: http://www.gata.org/node/14617
The way Powell approached the debate (in my opinion) was genius because he showed document after document and the only way to argue with it was to either say they were forgeries, fakes and don’t exist, or they don’t mean what they say and his interpretation of them is flawed.
If you disbelieve suppression of gold prices, please do yourself a favour and read through this documentation. It is clear to me personally that there are enough “pieces of the puzzle” to come to the conclusion, prices are and have been suppressed.
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