Didn’t Fed attend other G-10 gold committee meetings?

GATA

6:24p ET Tuesday, March 1, 2011

Dear Friend of GATA and Gold:

After 12 years of collecting and publishing government documents confirming or implying the Western central bank gold price suppression scheme, and collecting and publishing the many evasions of central banks and their refusals to answer simple questions about their gold policy, GATA sometimes feels as if it is engaged in a never-ending struggle to prove that the sun rises in the east.

But here’s still another potential proof for you, stemming from the Federal Reserve’s release to GATA two weeks ago, at federal court order, of the minutes of the secret meeting held on April 7, 1997, by the G-10 Gold and Foreign Exchange Committee, at which the committee discussed at great length how member nations might coordinate their gold policies and how this coordination might affect gold’s price:

http://www.gata.org/node/9623

In GATA’s lawsuit, brought under the federal Freedom of Information Act in U.S. District Court for the District of Columbia, the Fed insisted that it could not find any more documents dealing substantively with gold than the dozen or so it produced for the court’s private review. The record of the G-10 committee meeting was the only document the court ordered the Fed to disclose, such minutes, the court ruled, falling outside the law’s several exemptions.

To make sense of any of this, one has to believe some of the following things:

1) The Fed has no other records of the G-10′s Gold and Foreign Exchange Committee because the committee has met only on April 7, 1997, and neither before nor since.

2) The committee has met more than that once but the Fed has no records of any other committee meetings because the Fed was represented only at the meeting on April 7, 1997.

3) The committee has met more than that once and the Fed was represented at those other meetings, but the Fed’s representatives failed to report in writing about those other meetings, even as they reported at such length about the April 7, 1997, meeting.

4) The Fed did have records of those other committee meetings but they were discarded, misfiled, or, when GATA started asking questions, hurriedly transferred to the office of the Exchange Stabilization Fund over at the Treasury Department, the ESF being exempted by law from any accountability to Congress, the public, and the courts.

If, after reflecting on the strange singularity of the minutes of the April 7, 1997, meeting of the G-10 Gold and Foreign Exchange Committee, you still don’t think the Fed is hiding a lot about its involvement with the gold market, you may be qualified to write daily gold market commentary at Kitco.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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