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Au_Seeker
01:09:34 Sat
Jan 2 2010

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GATA sues Fed to disclose gold market intervention records

Gata (Gold Anti-Trust Action Committee) has 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.

Hmmmmm, I'm very interested in the outcome of this, but I afraid that we may already know the answer!

http://www.gata.org/node/8192


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Geo_Jim
19:42:02 Mon
Jan 4 2010

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Re: GATA sues Fed to disclose gold market intervention records

I think the Fed will be doing some big time stonewalling. Perhaps they can even do it legally. Their legal basis is based in this quote from the article, "The Fed claims that its gold swap records involve "trade secrets" exempt from disclosure under the U.S. Freedom of Information Act."

We know that 'trade secrets" refers to secret formulas for concoctions such as WD-40. However if the Fed has been trading gold with other central banks, then this is another issue which is more like trading secrets. Obviously the Fed and other central banks have been buying and selling gold at certain low (below market price) in order to hold down gold's price, so that the price does not rise. People flocking to gold for safety would make the dollar, euro, and all currencies look to be bad investments and hurt economic growth. So gold always looks like a shakey investment strategy.

It really makes you feel like a pawn in the great chess game of the world and it would seem we are too.
Geo Jim

  

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