Financial Times only pretends to report on gold market

2:36p ET Saturday, March 7, 2009

Dear Friend of GATA and Gold:

Friday’s Financial Times story by Javier Blas about the prospects for renewal of the central bank gold sales agreement, appended here, seems to go out of its way to avoid reporting anything worthwhile, even after advertising the reporter’s connections to insiders.

Indeed, maybe those connections are why the story avoids doing any real journalism.

While the story purports to be about central bank gold sales, it undertakes no examination of why central banks would want to sell gold and whether such sales might be meant as intervention in various markets.

The story quotes unidentified “traders and officials familiar with central bank thinking” but doesn’t wonder why central banks should express their views only to certain traders and not others, as if this isn’t grotesque favoritism bordering on insider trading.

The story quotes without challenge another unidentified official as saying “no one wants to disrupt another market,” as if market intervention by central banks isn’t happening hourly now and is not, by definition, disruption.

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