Luc:
Whether you or I think this lawsuit is important or not doesn't matter. That will be determined over the coming weeks as the price of gold either runs or recedes. What is important is that this suit ties in rather remarkably with the findings of Judge Lindsay in his written ruling at the end of the Howe (GATA) legal action you referenced.
Contrary to your assertion, that the judge threw the case out "because it was idiotic", in fact, Lindsay's written judgement went to considerable lengths to indicate his disposition that Howe's case was well supported by the evidence. (I've read it). In fact the judge's ruling was that in spite of the strong evidence, unfortunately, he could not hear the case because Howe was not the proper person or entity to be bringing the action. To more folks than this observer, the judge went out of his way to indicate that:
- from his perspective, most of the provided evidence supported Howe's contentions,
- that entities more directly connected with the gold markets should be the ones bringing the action. (i.e., an invitation?).
And now we have exactly that happening,..... and Judge Lindsay's written ruling is sure going to be an important preliminary part of the upcoming fireworks.
By the way, during this hearing, the Fed's representatives did not contest evidence that there has been government involvement in the gold markets (recall that even as of today, both the Treasury and the FED have denied any involvement with the gold markets in all of their official written replies to the many requests from GATA, Congress, etc., for definitive commentary on government intervention in the gold markets).
Your comment about "where are the facts" has an excellent reply in Lindsay's written ruling. He took pains to confirm much of GATA's contentions and evidence. I am sure his comments will be quoted as this follow-on action gets underway.
As for whether the Fed would want the price of gold suppressed or ramped,...... surely the nasty impact a rising price of gold might have on the ocean of U.S. debt paper sloshing around out there (together with the ever-rising need to issue more of it,...in fiat paper currency of course), as well as its equally ugly impact on the river of foreign dough required to support those giant trade and current account deficits provides a one-sided answer. Your contention that the Fed might want the price of gold up,.... is hard to reconcile with reality
Best, Earlie |
