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,

Jan 18, 2013 - 5:31pm


newbie stacker here, been lurking for a while- decided to take the plunge,

when will they define 'swaps' then

Jan 18, 2013 - 5:31pm

Read Below for the US

Read Below for the US Situation simplified The large numbers are so staggering, that it is impossible to wrap your head around it. The family example brings it down to earth. So if you ever had doubts about your doubts about the position of the US, you can dispel those doubts (the ones about the doubts).

Jan 18, 2013 - 5:31pm

Read Below for the US

Read Below for the US Situation simplified The large numbers are so staggering, that it is impossible to wrap your head around it. The family example brings it down to earth. So if you ever had doubts about your doubts about the position of the US, you can dispel those doubts (the ones about the doubts).

Jan 18, 2013 - 5:34pm

Enjoyed the Podcast

I have a lot of respect for Mr. Powell and the folks at GATA.

Jan 18, 2013 - 5:54pm


ex lurker, i would like to say hello!!!

happy stacking

Prize Fighter
Jan 18, 2013 - 6:06pm

Byzantium, precisely!  Nobody

Byzantium, precisely! Nobody dropped off German gold in the first place and there are no cobwebs to clear from a dusty Deutschland corner locker. This is gold which was to be converted from FX reserves per Bretton Woods. Ya ya Colonial Clink, we buy de gold for you. Keep safe, no problem. Comedy of horrors.

We've seen so many shadow boxing matches it's hard to know when you're witnessing a real throwdown. It's like a wrestling match that went off script and all bets are off.

R man J
Jan 18, 2013 - 6:51pm

Martin's Turning Point Fail

According to Mr. Armstrong's reports in years past, it was clear he though June 14, 2011 was supposed to be a major economic turning point. I don't think he sees all the cards. I follow most of them and to me, Rickards has been right as well as Sinclair. But none are perfect--Rickards said Iran/US war had begun in Q1 2012.

Jan 18, 2013 - 6:59pm

Here's the real situation.

The Fed and every other CB can short the gold market, all the while purchasing as much as possible.

They can do that until all the gold is gone. Then what do they do?

Answer: Just say they have the gold. That's probably already happened.

Reply: But it's only paper gold.

Answer: So what? We'll keep on doing it, no matter what. The people will believe our lies. Don't they always? Besides, the people don't care about the the price of gold or silver. They don't have any. There will be no outcry until they actually start disbelieving in the purchasing power of the Dollar. Even then, they will simply chalk it up to inevitable inflation that the Gov't will continue to lie that it is no more than 2% that they manufacture like the gold price.

Reply: Liar, liar, pants on fire. That's what will happen to the real price of Gold and Silver when no one is able to actually obtain the phyzz.

Not so soon the price of the PM's will go En Fuego, on fire and "To the moon, Alice" as Jackie Gleason often told Alice.

Of this I have no doubts. This rotten Gov't has sown the seeds of its own destruction.

It won't be long before they see the results of this Frankensteinian monster.

Edward G
Jan 18, 2013 - 9:59pm

Welcome aboard raybay and metalmaniac!!

raybay, IDK mate, but if their swaps go wrong they can always go into school the next day and say their mum said they weren't allowed.....worked for me!

Seriously though, questions about what is actually going on with the position limits don't tend to get answered very well here, as you will know.... but yes, aren't we in theory supposed to be waiting for Bart + co to do whatever.....guess folk here got tired of emailing him, though he always answers politely in an honorable Phil Mickelson sort of way! I had 4gotten all about it tbh haha

It's a bit puzzling KWN (or TF's interview with Bill) never get into this....have we got it wrong and are the PL's dead in the water? Or are expectations just off the bottom of the scale??? does anyone know about the temporary exemptions??

just wondered...

metalmaniac Edward G
Jan 18, 2013 - 10:10pm


thanks Edward G ,

temporary exemptions is that what its called, should be permanent nothing, and nothing to see here....i love turdville,, :D

Jan 18, 2013 - 10:46pm

As Chris Said:

It's a 'national security issue' for TPTB. In case you were unclear about what PM investors are up against.

Jan 19, 2013 - 2:19am

I've always liked Chris

I've always liked Chris Powell. He helps make the cause more serious, because he is just a serious non-BS kind of guy. It's hard for the propaganda machine to put someone like him into the tin foil hat wearing lunatic category.

Jan 19, 2013 - 12:23pm
Jan 19, 2013 - 2:11pm

The CNBC vid

"Gold is not backed by anything!" Errr?! And that's a negative?

The last guys wink is a bit iffy in my opinion like look I evened up the discussion by saying gold is unimportant; doh!

Jan 19, 2013 - 3:56pm


France, the 4th Biggest Gold Reserves In The World

Official gold holdings: 2,435.4 tonnes

Percent of foreign reserves in gold: 71.6%

France sold 572 tonnes of gold under CBGA 2. And outside of the agreement France transferred about 17 tonnes to the Bank for International Settlements in late 2004 as part purchase of BIS shares. France announced no plans for sales of gold reserves under CBGA 3.

Source: World Gold Council

Germany has chosen to repatriate their 11 tons of Gold held by France over a 7 year period.

With the introduction of the euro on 1-1-99 for both France and Germany, the Bundesbank has recently realized that it will no longer needs to hold any reserves at the Banque de France, as it will no longer need them for exchange for foreign currency.

Paris to Frankfurt …. About 355 miles!

S Roche
Jan 19, 2013 - 4:08pm

Sleeping With The Enemy...

Great stuff Turd, I love it when these guys stick to their core achievements. Their case is very, very strong.

For those interested in tracking my trading adventures:

All the best,

Capt. Willard
Jan 19, 2013 - 5:07pm

Airtime is money in Africa

In Africa pre-paid mobile-airtime minutes are being used as a de facto currency that can be transferred between phones, exchanged for cash with dealers who rent out phones, or bartered for goods and services. Some authorities are concerned about airtime’s use as money. As one industry executive puts it, network operators are, in effect, “issuing their own currency” and setting its exchange rate

S Roche
Jan 19, 2013 - 5:24pm


@BlanchardGold: HSBC on #gold: "We expect physical buying to pick up ahead of the #Chinese #New #Year on Feb. 10." via @reuters

S Roche
Jan 19, 2013 - 5:29pm

@ Capt Willard

Somebody better tell JP Morgan. Good catch.

thurd aye
Jan 19, 2013 - 5:32pm

some pleasantness

pleasantness in sound :O))

an' this.

Although,like many people,I play a steel string acoustic,I love the sound of a classical guitar.


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