by Chris Powell
Dear Friend of GATA and Gold:
Today’s London Telegraph has a surprisingly if begrudgingly favorable commentary on gold by the newspaper’s assistant editor and economics columnist, Jeremy Warner. Those who follow GATA and gold may find his main point only obvious — that gold performs splendidly when government-issued money is being devalued — but then such devaluation is yet to be widely understood by the great mass of users of government money.
Those who do follow gold may be most interested by Warner’s acknowledgment that the British government’s gold sales that began in 1999 were meant to “rescue a number of banks from ruinous short positions in the metal.” This point was made at the time by gold price manipulation litigator and GATA consultant Reginald Howe —