TFMR Podcast #38 - Chris Powell of GATA


Earlier today, I had the pleasure of visiting with Chris Powell, who along with Bill Murphy, founded the Gold Anti-Trust Action Committee back in 1998. With all of the news this week surrounding The Bundesbank and their gold repatriation plans, I figured that Chris would be able to add some additional context to the story.

Please keep in mind that GATA is a non-profit organization and it relies upon voluntary donations for its funding. If you can spare a few, U.S. tax-deductible dollars, please support their efforts at

Additionally, one of the topics Chris and I cover is the ongoing leasing and price suppression activities of the Bank of International Settlements (BIS). Samples of the great research that GATA has done on this subject can be found here: here: and here:

I'm confident that you'll enjoy this informative podcast.



El Gordo
Jan 18, 2013 - 3:23pm


Could it be? There's a first time for everything I guess.

Jan 18, 2013 - 3:24pm


ribbet, ribbet. kneedeep!

El Gordo
Jan 18, 2013 - 3:28pm

Thinking of going south

I'm thinking of heading south this evening just after sunset and wading across the Rio Grande in search of the ever elusive Libertad. Every time I've tried it, I've done OK until I try to float them back across to our side. Between the federales and the banditos, you would expect the normally almost dry, placid Rio Grande to be easy to cross with a small raft in tow, but just try it sometime and then tell me how easy it was. Never the less, the allure of the ravishing beauty of the coin coupled with the siren sound it emits is often more than I can resist, so even knowing I'm headed for trouble, I try it again. Wish me luck, and I'll report in when (if) I get back.

Jan 18, 2013 - 3:33pm



What is the word on how short in silver are the banks running and the correspondence to the 572+ tones of silver taken by SLV the ETF's. And yet the mint has already run out of silver Eagles?

Most of all the run on physical gold and the likely run on that when currencies break down and Germany and allot of other countries are demanding their gold this week and not over 7 years?!

Jan 18, 2013 - 4:02pm

Top ten :)

Thank you for the great podcast.

Al Huxley
Jan 18, 2013 - 4:28pm

What a pathetic world we live

What a pathetic world we live in where if the regulatory agencies actually do their job, they're putting their own lives at risk.

Jan 18, 2013 - 4:29pm

top 10 - that'll do.....

Okay - has been a while since I have posted my view on Martin Armstrong's writings - so here it is:

The 2013 Metals report has not been published as yet.

we are several weeks into January.

Back before Christmas he identified January, May and July as the key target months for metals. He has also stated that August is the big turning point for his economic model.

I believe that Martin is delaying his 2013 Metals report since it really could go either way here. After all - why would you publish the report when the entire tone of it could be about to change.....

Up until this week, it was looking as if it could easily turn negative. This week looks very positive. Indeed, the language that Martin is using has changed and he has stated that 1713.5 is resistance and is required to achieve stability. He would only give this if he could see it being triggered.

There is a good chance that we could well see the move into jan as being the low. The next move down will not start until May. So the question now becomes whether we trend sideways until May or whether we push up towards new high on metals. I would expect a move up to new highs, a decent size pull back into july and then the turn when some very big money can be made........

Jan 18, 2013 - 4:39pm


these guys are modern day heroes!

Jan 18, 2013 - 5:01pm

The German gold

Just listened to the podcast.

It was noted that 'paper gold' has deceived many investors, and hence the entire market; the supply side has been artificially inflated by imaginary gold.

As I mentioned on an earlier thread, how do we know that this German gold ever even existed? It may have accrued from FX surpluses on trade, and was used to purchase 'paper gold,' ostensibly stored in NY & London, thereafter reported by the German CB as its 'physical' gold holdings, and pledged in part with the complicit IMF, ECB etc as though it was real.

Turning it the other way; is there any historic record, or indication of any kind, that over a thousand tonnes of physical gold was ever shipped from Germany to New York, as is the implied storyline?

Such gross inflation / treble counting of collective CB gold holdings is absolutely consistent with gold price suppression, through painting the CBs as being giants that they are not.

'The last duty of a Central Banker is to tell the truth.'

Jan 18, 2013 - 5:13pm

Jim Sinclair commentary

My Dear Extended Family,

Hi Jim,

You state in your recent post about $1650 Gold being a very important number. My first question is this why we are having so much trouble overcoming this number?

My second question is how long before we leave it behind and start rising to the other targets of your angels?

The conditions to trigger this come into play in two more months.

Thanks for all you do for us CIGAs!



The answer to your first question is because at $1650 a great deal of the present level of Western financial dislocation is fully priced.

For your second question, I believe it will begin later this year as gold begins to take on the mantle of the only tool that can be used to balance the balance sheets of the major deficit nations with the largest economies. This will occur by default as there simply is no other tool to restructure world finance. This will occur in the cash market for gold. The key to timing is the US Treasury market.

Respectfully yours,

Key Economic Events Week of 2/17

2/18 8:30 ET Empire St Manu Idx
2/19 8:30 ET Producer Price Idx
2/19 8:30 ET Housing Starts & Bldg Perms
2/19 2:00 ET January FOMC minutes
2/20 8:30 ET Philly Fed
2/21 Fed Goons all day at Chicago Conf.
2/21 9:45 ET Markit flash Feb PMIs

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Key Economic Events Week of 2/17

2/18 8:30 ET Empire St Manu Idx
2/19 8:30 ET Producer Price Idx
2/19 8:30 ET Housing Starts & Bldg Perms
2/19 2:00 ET January FOMC minutes
2/20 8:30 ET Philly Fed
2/21 Fed Goons all day at Chicago Conf.
2/21 9:45 ET Markit flash Feb PMIs

Key Economic Events Week of 2/10

2/11 10:00 ET Job Openings
2/11 10:00 ET CGP Hump-Hawk House
2/12 10:00 ET CGP Hump-Hawk Senate
2/13 8:30 ET CPI
2/14 8:30 ET Retail Sales
2/14 9:15 ET Cap Ute & Ind Prod
2/14 10:00 ET Business Inventories

Key Economic Events Week of 2/3

2/4 10:00 ET Factory Orders
2/5 8:15 ET ADP Employment
2/5 9:45 ET Markit Service PMI
2/5 10:00 ET ISM Service PMI
2/6 8:30 ET Productivity & Unit Labor Costs
2/7 8:30 ET BLSBS
2/7 10:00 ET Wholesale Inventories

Key Economic Events Week of 1/27

1/28 8:30 ET Durable Goods
1/28 10:00 ET Consumer Confidence
1/29 10:00 ET Pending Home Sales
1/29 2:00 pm ET FOMC Fedlines
1/29 2:30 pm ET Powell presser
1/30 8:30 ET Q4 GDP first guess
1/31 8:30 ET Pers Inc and Spending
1/31 9:45 ET Chicago PMI
2/2 10:00 pm ET Chiefs win SB LIV

Key Economic Events Week of 1/13

1/14 8:30 ET CPI
1/14 9:00 ET Goon Williams
1/15 8:30 ET PPI and Empire Fed
1/16 8:30 ET Retail Sales and Philly Fed
1/17 8:30 ET Housing Starts
1/17 9:15 Et Cap Ute and Ind Prod

Key Economic Events Week of 1/6

1/7 8:30 ET US trade deficit
1/7 10:00 ET ISM Services PMI
1/7 10:00 ET Factory Orders
1/8 8:15 ET ADP employment
1/9 8:00 ET Goon Chlamydia speech
1/9 1:20 ET Goon Evans 2:00 ET Goon Bullard
1/10 8:30 ET BLSBS
1/10 10:00 ET Wholesale Inventories

Key Economic Events Week of 12/16

12/16 8:30 ET Empire State Manu Idx
12/16 9:45 ET Markit flash PMIs Dec
12/17 8:30 ET Housing Starts and Bldg Perms
12/17 9:15 ET Cap Ute and Ind Prod
12/19 8:30 ET Philly Fed
12/20 8:30 ET Final guess Q3 GDP
12/20 10:00 ET Pers Inc and Spending
12/20 10:00 ET Core Inflation

Key Economic Events Week of 12/9

12/10 8:30 ET Productivity and Unit Labor Costs
12/11 8:30 ET CPI
12/11 2:00 pm ET FOMC fedlines
12/11 2:30 pm ET CGP presser
12/12 8:30 ET PPI
12/13 8:30 ET Retail Sales
12/13 10:00 ET Business Inventories
12/13 11:00 ET Goon Williams speech

Key Economic Events Week of 12/2

12/2 9:45 ET Markit Manu PMI
12/2 10:00 ET ISM Manu PMI
12/2 10:00 ET Construction Spending
12/4 9:45 ET Markit Services PMI
12/4 10:00 ET ISM Services PMI
12/5 8:30 ET Trade Deficit
12/5 10:00 ET Factory Orders
12/6 8:30 ET BLSBS
12/6 10:00 ET Wholesale Inventories

Key Economic Events Week of 11/25

11/25 8:30 ET Chicago Fed Nat'l Idx
11/25 7:00 pm ET CGP speech
11/26 8:30 ET Advance Trade
11/26 9:00 ET Case-Shiller home prices
11/26 10:00 ET New home sales
11/26 10:00 ET Consumer Confidence
11/27 8:30 ET Q3 GDP 2nd guess
11/27 8:30 ET Durable Goods
11/27 9:45 ET Chicago PMI
11/27 10:00 ET Pers Inc & Cons Spndg
11/27 10:00 ET Core inflation
11/27 2:00 pm ET Beige Book

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