Central Bank Gold Price Rigging Is No Conspiracy!

Chris Powell, Dr. Quinton Hennigh and Michael Oliver return as guests on this week’s program.

On August 15, 1971 President Nixon detached gold from the world’s monetary system and declared “We are all Keynesians now.” By so doing he set the stage for massive amounts of inflation not only in consumer prices but in stock and bond prices that served to siphon wealth from the middle class to the billionaire class to an extent even greater than the Robber Baron period of the 1920s. To con the world into using an intrinsically worthless dollar after 1971, the Nixon administration used the U.S. military to protect the power of the Saudi Arabian royal family in exchange for requiring oil sold globally by OPEC to be priced in U.S. dollars. But even with a dollar propped up by oil and the U.S. military, during times of market tumult investors instinctively opted to exchange their dollars for gold which posed a threat to dollar hegemony. Hence, the BIS and major central banks have arranged for member banks to suppress the price of gold using the futures markets and various other mechanisms during times of market chaos.

Chris of the Gold Anti-Trust committee explains the latest revelations and he will discuss the overall market damage caused by the anti-free market activities of central banks. Of course, the natural laws of economics can be suppressed only so long and there is evidence we may be at or very close to the lows for gold. That would be good news for the amazingly high-grade Lion Ones Tuvatu gold mine that is soon to enter production in Fiji. Quinton updates us on that story and Michael provides his latest analysis on gold and other key markets.  

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Chris Powell is a columnist for the Journal Inquirer, a daily newspaper in Manchester, Connecticut, where he has worked since graduating from high school in 1967. He was managing editor of the newspaper from 1974 until retiring from that position in February this year. His column is published in newspapers throughout Connecticut. He is also secretary/treasurer of the Gold Anti-Trust Action Committee Inc., a nonprofit organization that aims to expose and oppose the manipulation of the gold market and related markets by central banks. He is a member of the Board of Directors of the Connecticut Council on Freedom of Information and was its legislative chairman for many years. He is also a member of the Connecticut, Manchester, and Vernon historical societies and of the historic preservation group Connecticut Landmarks. He was the Republican nominee for state senator in the 4th Senate District in 1992.

Quinton Hennigh is a member of the Crescat Capital management team and a director. He serves Crescat as the firm’s geologic and technical advisor. He is a globally renowned exploration geologist with 30+ years of precious metals mining experience. Dr. Hennigh began his career in gold exploration after obtaining his PhD in Geology/Geochemistry from the Colorado School of Mines. Early in his career he worked for major gold mining companies including Homestake Mining (now Barrick Gold Corp.), Newcrest Mining, and Newmont Corp. Later, Dr. Hennigh founded Novo Resources Corp (TSXV: NVO), acting as its CEO and currently serving as Non-Executive Co-Chairman. He has played a key role in major global discoveries such as Novo’s Pilbara assets in Western Australia, First Mining Gold’s Springpole gold deposit in Ontario, Kirkland Lake Gold’s Fostervillegold mine in Australia, the Rattlesnake Hills gold deposit in Wyoming, and Lion One’s Tuvatu gold project in Fiji, among many others.

Michael Oliver entered the financial services industry in 1975 on the Futures side, joining E.F. Hutton’s International Commodity Division, NYC. He studied under David Johnson, head of Hutton’s Commodity Division and Chairman of the COMEX.

In the 1980’s Oliver began to develop his own momentum-based method of technical analysis. In 1987 Oliver, along with his futures client accounts (Oliver had trading POA) technically anticipated and captured the Crash. Oliver began to realize that his emergent momentum-structural-based tools should be further developed into a full analytic methodology.

In 1992 he was asked by the Financial VP and head of Wachovia Bank’s Trust Department to provide soft dollar research to Wachovia. Within a year Oliver shifted from brokerage to full-time technical research. MSA has provided its proprietary technical research services to financial and asset management clients continually since 1992. Oliver is the author of The New Libertarianism: Anarcho-Capitalism. 

About Jay Taylor

Jay Taylor is editor of J Taylor's Gold, Energy & Tech Stocks newsletter. His interest in the role gold has played in U.S. monetary history led him to research gold and into analyzing and investing in junior gold shares. Currently he also hosts his own one-hour weekly radio show Turning Hard Times Into Good Times,” which features high profile guests who discuss leading economic issues of our day. The show also discusses investment opportunities primarily in the precious metals mining sector. He has been a guest on CNBC, Fox, Bloomberg and BNN and many mining conferences.