Bill Murphy, Chairman of the Gold Anti-Trust Action Committee, and James Turk, Director of the GoldMoney Foundation, talk about GATA’s ‘Gold Rush 2011’ conference in London from August 4-6. Murphy also gives a brief overview of GATA’s mission and activities, and details about some of the group’s past successful conferences in Durban, South Africa and Washington, DC.
They also discuss Murphy’s one (and only) appearance on CNBC, and how and why despite GATA’s successful predictions with regards gold and silver prices over the last decade, the mainstream media continues to ignore GATA and its work.
They converse about how “the gold cartel” works to suppress the price of gold and silver, and the recent short squeeze in the silver market. According to Murphy, certain large banks and central banks are working to suppress the prices of these metals.
They talk about how the world’s central banks do not have the gold they claim to have, and how central bank accounting techniques are deceptive. Murphy and Turk also observe that the policies of the US Federal Reserve and the US government are setting precious metals up for further advances.
Furthermore, they talk about how the US dollar could collapse, plunging the US economy into hyperinflation. Murphy argues that the big silver shorts are in a particularly vulnerable position, and that the Comex and the bullion banks are not acting as honest brokers of futures contracts.
They examine how the silver futures market remains in backwardation, and how intense demand for the physical metal could render the paper market irrelevant. Murphy and Turk also discuss whether or not precious metals are fairly valued today, or whether or not they constitute a “bubble”.
They talk about how mainstream investors still haven’t been buying precious metals, and how huge price appreciation in the metals and the shares are expected when the public starts buying in a big way.