Just whom is gold really so ‘dangerous’ to?

Dear Friend of GATA and Gold:

Gold, Izabella Kaminska of the Financial Times asserts in a 12-minute video posted this month, is “our dangerous obsession,” a “frivolous” thing, a “decadent luxury,” “anti-social,” “a wastage of human potential,” a mechanism for “destabilizing society” with selfishness, used to “hoard” wealth by people who should entrust it to banks for investment in financial assets — like stocks priced at a hundred times earnings or government bonds with negative yields. You know — the sort of products sold by the primary advertisers of the Financial Times.

And yet Kaminska concludes her parody of financial journalism by declaring that “gold is most valuable to society when it becomes a currency” — as if gold isn’t already a currency and as if governments and central banks aren’t doing their damnedest to prevent the monetary metal from becoming even more of a currency competing with their own currencies.

Of course Kaminska never addresses the matter of why, if gold is so awful, central banks are trading it, in the words of the director of market operations of the Banque de France, “nearly on a daily basis” –

http://www.gata.org/node/13373

– and, in the words of the executive director of the central bank of Austria, secretly intervening in the gold market even as they are trying to accumulate more for their own reserves:

http://www.gata.org/node/15878

If Kaminska is ever really worried about the “anti-social,” central banking is actually full of admissions that the gold market is rigged for imperialistic purposes –

http://www.gata.org/node/14839

– and what could be more “anti-social” than imperialism?

Kaminska’s video is posted at the FT’s Internet site here:

http://video.ft.com/4805151190001/Gold-our-dangerous-obsession/Life-And-…

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.