GATA Goldrush: No amount of price manipulation will stop the biggest ever transfer of wealth
On Friday and Saturday expert precious metals experts, investment analysts and institutional and individual investors from around the world met at the GATA (Gold Anti-Trust Action) Committees 2011 Gold Rush conference at the Savoy Hotel in London.
GATA was formed in 1999 to highlight and undertake litigation against illegal collusion to control the price and supply of gold bullion and related financial securities.
Gold Price and Price Manipulation
The main themes of the conference centered around the increasing gold price during the the worlds deepening financial crisis and also on evidence from whistleblowers (such as British metals trader Andrew Maguire) and analysts that government backed financial institutions collude to slow down the increasing price of gold which, as it rises, only highlights the reducing purchasing power of the paper money that they print at unprecedented levels in order to manipulate the economy at the expense of savers.
Erosion of the purchasing power of national currencies
Faced with ever increasing levels of debt the US, UK and Eurozone have all engaged in Quantitative Easing, a technical term which more people will understand as ‘Printing Money’.
They are using this to give loans to their neighbouring countries, pay back the interest on the loans they have taken out for themselves and for the stimulus programs they have introduced within their countries to kick start their economies.
The disadvantage of this for the citizens is that printing more of their paper currency devalues it’s purchasing power and that of any savings they have. The advantage to the governments is that their debt effectively becomes worth less and is easier to pay back albeit at the expense of the tax payer.
The greatest transfer of wealth
We are therefore currently experiencing the greatest transfer of wealth the world has ever seen from those storing their wealth in bankrupt economies and ever increasingly worthless paper money to those who are protecting their wealth in incorruptible gold bullion which is ultimately free from Government manipulation.
Gold Price Target
The general consensus amongst speakers and attendees was that the gold price has a lot further to go and we are still in the early stages of a secular bull market. Price targets ranged between $6,000 – $8,500 over the next 3 – 5 years.
This fits with Gold Made Simple’s price target of £4,750 – £5,000 ($7,745 – $8,150) over the next 4 years.
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