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Q&A with Chris Powell GATA Founder, Secretary/ & Treasurer
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Chris Powell is political columnist for the Journal Inquirer, a daily newspaper in Manchester, Connecticut, USA, 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 2018.
His column is published in newspapers throughout Connecticut and he is a frequent guest on talk radio in the state. He is also secretary/treasurer of the Gold Anti-Trust Action Committee Inc., which he co-founded in 1999 to expose and oppose the rigging of the gold market by Western central banks and their investment bank agents.
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Table of Contents
Before we get into the Q&A let me explain how we got here in the first place….
Mining Investment Asia – Gold & Precious Metals 2023
Mining Investment Asia, now in its 8th year, is the largest strategic mining investment conference and exhibition in South East Asia, attracting over 300 attendees from 25+ countries. The event unites industry leaders, investors, and technology providers, fostering collaboration and addressing crucial topics in mining .
A key focus of the conference is critical minerals, which are essential for modern technologies, renewable energy systems, and defence applications. The event provides a platform for stakeholders to explore challenges and opportunities in securing a stable supply of these resources. Hydrogen, a promising clean energy source, is also discussed, with an emphasis on its role in the mining industry and potential to reduce greenhouse gas emissions.
Embracing technological innovations, the conference showcases cutting-edge solutions like automation, robotics, artificial intelligence, and data analytics that enable sustainable and efficient mining operations. Attendees have the opportunity to learn about the latest developments in these fields and assess their impact on the industry.
Gold & Precious Metals – Follow the Yellow Brick Road
The main part of the conference that enticed me was the Gold & Precious Metals talks on Day 1, the first being Why Gold Shines as an Attractive Asset inside an Investors Portfolio? & Precious Metals Outlook for 2023 and Beyond – Why Should investors Care about Precious Metals? That are both happening and 15.50pm and 12.10 to 16.30 respectively on the 10th of May.
To my dismay I realised I am in fact going to be in the UK at a family wedding, so when I heard Chris Powell Secretary/Treasurer of the Gold Anti-Trust Action Committee Inc. (GATA) was going to be here speaking I was even more disappointed.
So, I reached out to Chris and within less than 30 mins Chris has agreed to doing this Q&A with me which is the next best thing to meeting the legend himself in person!
Who are the Gold Anti Trust Action Committee?
The Gold Anti-Trust Action Committee (GATA) is a civil rights organization that aims to inform the public about the illegal collusion to control the supply and price of gold. They were founded to expose, oppose, and litigate against such collusion involving the price and supply of gold and related financial instruments. GATA has financed federal antitrust lawsuits, such as the one involving their consultant Reginald H. Howe. (Howe v. BIS et al.)
GATA’s Mission
According to their website, GATA’s mission is to expose, oppose, and litigate against any illegal or surreptitious efforts to control the price or supply of gold. The organization believes that the gold market should operate freely and without any government or financial institution intervention.
GATA’s primary goal is to provide a platform for people to share information about any interventions in the gold market. The organization’s research and analysis have provided valuable insights into the workings of the gold market and the influence that governments and financial institutions have on it.
GATA’s Conferences
GATA has sponsored four international conferences to discuss the gold market and the interventions that are taking place. The first conference was held in Durban, South Africa, in 2001, and was attended by industry experts and advocates of a free market in gold. The second conference was held in Dawson City, Yukon Territory, Canada, in 2006, and focused on the growing demand for gold and the potential impact on the market.
The third conference was held in Washington, D.C., in 2008, and was attended by industry experts, policymakers, and advocates. The conference focused on the global financial crisis and its potential impact on the gold market. And GATA’s fourth conference was a London conference called GATA Gold Rush 2011 which drew nearly 400 people from 38 countries back 2011.
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GATA’s Impact
GATA has been successful in bringing attention to the issue of gold market manipulation and has helped to raise public awareness about the interventions that are taking place. The organization’s research and analysis have been cited by numerous media outlets, and GATA‘s conferences have been attended by industry experts and policymakers from around the world.
GATA‘s efforts have also resulted in several lawsuits against the individuals and organizations that are involved in gold market manipulation. The organization’s advocacy has helped to bring about changes in the way that gold is traded and has contributed to the development of a more transparent and fair gold market.
Gold Bug
I personally started looking at and investing at Gold because of Doug Casey back in 2001 and that lead me to Bill Murphy of LeMetropole Café which led me to GATA. That was only the beginning of this rabbit hole journey it taken me on!
When we did the interview with Corey Keller in his follow up video with Ronan Manly of BullionStar fame Corey mentions GATA and me personally, it even got picked up in GATA website. OK enough of my sycophantic gold bug moments on with the interview!
Chris Powell – Gold Anti Trust Action Committee Founder Question Time…
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1. I realised you have told this story umpteen times but for the people in Asia Pacific that might have been living under a rock that don’t know the story can you tell us about your background and how you became involved with the Gold Anti-Trust Action Committee (GATA)?
I have been in the newspaper business in Connecticut, U.S.A., since 1967 and was a managing editor and columnist for 44 years. I retired as M.E. in 2018 and am just a columnist now. In the late 1990s I happened to take a small interest in the gold market and began following the commentaries of Bill ‘Midas” Murphy at LeMetropoleCafe.com. Bill, a former futures trader, spotted evidence of gold market manipulation and often wrote about it.
From my newspaper work and college study I had some experience with anti-trust law and told Bill that someone should do something about the manipulation he had discovered – that it was likely against U.S. law. So Bill and I founded GATA in 1999 and began compiling the evidence of gold market manipulation.
Originally we thought the manipulation was the work of bullion banks. But after a few years of research we determined that most of the manipulation was a matter of longstanding government policy often implemented through intermediaries.
So, we began making a fuss about this and filing freedom-of-information complaints and lawsuits.
2. How does GATA gather information and evidence of gold market manipulation by Western central banks and their investment bank agents?
We closely follow financial news reports and try to put critical questions to government agencies. When the questions are evaded, we know we’re onto something.
3. In your opinion, what are the most significant interventions that have been made in the gold market by these institutions?
The most significant interventions have been the sale of gold futures contracts by governments and their agents, gold leasing by governments, and gold swaps and leases undertaken by the Bank for International Settlements. These interventions have suppressed gold prices by creating a vast imaginary supply of “paper gold.”
4. How does GATA differentiate between legitimate market movements and manipulations (elaborate on spoofing versus market manipulation), taking those 3am gold market sell offs as one example?
We don’t have access to trading data that shows exactly who has placed any particular trade. But there are many gold futures trades that constitute mass dumping of contracts by entities that plainly are trying to drive the price down rather than profit from a long position. Such dumps are almost surely government interventions.
5. Can you provide any examples of lawsuits that GATA has filed against individuals or organizations involved in gold market manipulation and are there any still ongoing?
We sued the BIS, Treasury Department, Federal Reserve, and bullion banks and got an admission from the government that it claimed the legal authority to manipulate the gold market exactly as our lawsuit complaint. We also sued the Fed under the U.S. Freedom of Information Act and got an admission that the Fed has secret gold swap arrangements with foreign banks.
6. How does GATA see the role of governments and financial institutions in the gold market?
GATA’s opinion is that surreptitiously controlling the gold price is a primary objective of modern central banking.
7. How do you think the gold market will evolve in the coming years?
Nations that resent U.S. dollar imperialism are moving toward restoring gold as the world reserve currency or as a major part of an alternative reserve currency.
8. Can you discuss any challenges that GATA has faced in its mission to expose and oppose gold market manipulation and how you felt when JP Morgan admitted to gold market manipulation (paying USD920m in fines)?
Central banking has the huge advantage of the power of infinite money creation. But its biggest power lies in the cowardice of financial news organizations – their refusal to investigate market rigging by central banks. The market rigging recently prosecuted in the United States – “spoofing” by bullion bank traders, like those at JP Morgan Chase – is disgraceful and corrupt but small compared to central bank intervention.
9. Despite the big fines and limited amount of bankers actually being jailed for their crimes, do you believe the same banks are still up to old tricks?
I have to suspect that less “spoofing” is happening now, since much of it has been prosecuted.
10. How does GATA work with other organizations or individuals who share its mission?
I’m not sure that there are any such organizations. The World Gold Council purports to represent gold miners and investors but avoids the issues of official intervention and manipulation.
11. The gold rally of late has been a tremendous boost to the bullion market but what do you envisage for the latter part of 2023?
I think it will be mainly a matter of how much the market is pressured by demand by central banks moving away from the U.S. orbit. Retail investment demand may have some influence, but I think this will be very much secondary.
12. What advice would you give to someone who is new to investing in gold?
Be prepared to be disparaged and mocked by people generally and to be cheated at every opportunity by your own government.
How can people connect and follow Chris Powell and the gang at GATA?
We distribute a (usually) daily e-mail newsletter, the GATA Dispatch, to keep our friends informed of developments affecting the monetary metals. Subscriptions are free and people can join our dispatch list by using the mechanism at the top of the right column of our internet site’s home page or on Twitter:
Website: https://www.gata.org/
Twitter: https://twitter.com/Gold_AntiTrust
GATA Contact Details
Gold Anti-Trust Action Committee Inc.
7 Villa Louisa Road
Manchester, Connecticut 06043-7541
USA
Email: Info@GATA.org
