Dear Friend of GATA and Gold:
Cast your bread upon the waters, the Bible says somewhere, and pray that something comes back besides overweight seagulls.
GATA does a lot of casting, usually without result, but you never know when and where someone will pick up on it, and this week a teacher and writer in Pakistan, Taha Ali, did. Ali, who writes for Pakistan's national English-language newspaper, the Express-Tribune, cited GATA in a commentary about bitcoin to explain why the cryptocurrency rose so sharply in price amid an explosion in the world's money supply while the gold price did not rise similarly.
"An oversupply of money tends to fundamentally distort markets, creates bubbles in domains such as real estate and technology, and triggers inflation," Ali wrote. "Generally when central banks try such questionable experiments, sensible investors rush for predictable safe havens, such as precious metals, to protect their wealth. Gold prices indeed soared for a bit in the early years after the recession but have held remarkably steady since (in the $1,000-2,000 range), in no way comparable to bitcoin's dramatic rise.
"However, watchdog bodies (such as the Gold Anti-Trust Action Committee) believe that gold prices have been consistently suppressed by big banks for the past several years, a view supported by research studies. Regulators have also investigated several big banks for price-fixing precious metals and penalized Barclays and Deutsche Bank with hefty fines."
The Express-Tribune carries the international edition of The New York Times but with Ali's commentary has vastly exceeded the Times' truth telling about market rigging by governments and their agent investment banks, though GATA long has been directly providing the Times with all its major documentation while not providing anything directly to the Express-Tribune.
As the old Grateful Dead song goes:
Once in a while you get shown the lightIn the strangest of places if you look at it right.
Ali's commentary is headlined "Making Sense of Bitcoin" and it's posted at the Express-Tribune's internet site here:
https://tribune.com.pk/story/1613000/6-making-sense-bitcoin/
CHRIS POWELL, Secretary/TreasurerGold Anti-Trust Action Committee Inc.CPowell@GATA.org* * *
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