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Congressman Keeps Pressing Fed, Treasury & CFTC About Gold Market Rigging

The refusal to answer the congressman’s questions promptly and fully is strong evidence that the U.S. government is…

by Chris Powell of the Gold Anti-Trust Action Committee (GATA)

Dear Friend of GATA and Gold:

U.S. Rep. Alex X. Mooney, R-West Virginia, is continuing his efforts to get answers from the U.S. Treasury Department, Federal Reserve, and Commodity Futures Trading Commission about surreptitious interventions by the U.S. government in the financial and commodity markets and particularly the gold and silver markets.

Mooney’s efforts began with letters sent to the Federal Reserve chairman and treasury secretary in April 2018:

http://www.gata.org/node/18210

In July 2018 the Fed and Treasury responded to Mooney but only incompletely, the Fed denying that it was trading in gold but refusing to say whether it is trading in other markets, the Treasury giving a partial denial of gold trading but failing to answer about the government’s policy toward gold:

http://www.gata.org/node/18407

In February this year Mooney asked the CFTC, as GATA already had done, if it has jurisdiction over manipulative trading undertaken by the U.S. government or brokers acting for the U.S. government, or if such manipulative trading is authorized by federal law:

http://www.gata.org/node/18832

The CFTC has never responded to GATA or to Mooney.

Summarizing the major questions that remain unanswered:

1) What is U.S. government policy toward gold? Is the policy still to drive gold out of the world financial system in favor of the U.S. dollar, as State Department records show the policy was in the 1970s?

2) Is the Treasury Department’s Exchange Stabilization Fund transacting in gold?

3) What markets are the Fed and Treasury trading in, through what mechanisms, and for what purposes?

4) Does the CFTC have jurisdiction over manipulative trading by the U.S. government or its agents?

5) Has the U.S. gold reserve ever been audited for any encumbrances? If so, what were the findings?

Mooney’s latest letter to Treasury Secretary Steven Mnuchin, sent last month, is here:

http://www.gata.org/files/MooneyToTreasury-08-19-2019.pdf

Mooney’s latest letter to the CFTC, also sent last month, is here:

http://www.gata.org/files/MooneyToCFTC-08-19-2019.pdf

Of course the refusal of the Fed, Treasury, and CFTC to answer the congressman’s questions promptly and fully is strong evidence that the U.S. government is deeply and comprehensively involved in market manipulation.

If only mainstream financial news organizations and financial market analysts had the courage and integrity to pose Mooney’s questions on their own behalf. Then the world might enjoy some actual financial journalism — and the market rigging and the imperialism the rigging represents might be defeated and free and transparent markets restored along with limited and accountable government.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[email protected]

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