Eric King:  “Chris, obviously we’ve had the Western mainstream media put out a couple of stories in the past week openly discussing the price fixing and manipulation that has taken place in the gold market.  You have to think like a criminal when you are dealing with Western propaganda and the use of the mainstream media as a tool of this propaganda.  What is the West up to with this open discussion of gold market manipulation?”

Powell:  “I am suspicious that this latest reporting by the Western mainstream media openly discussing market rigging in gold is somebody’s scheme to conceal the most important role of this manipulation which is that of the central banks....

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“I have been nudging reporters at Bloomberg and the Financial Times for years to report on this illegal activity.  I’ve been providing them with the documentation, in many cases sensitive government documents, which expose the surreptitious manipulation of the gold market.


The central bank angle to gold market manipulation is far bigger than the angle of the London fix and the bullion banks.  The truth is that the bullion banks act in the gold market as agents of the central banks.  So it is the Western central banks who are conducting this illegal activity, and the bullion banks taking the marching orders from the central banks.”

Eric King:  “We are now beginning to see this open vilification of the agent banks or bullion banks in the Western mainstream media.  We both know the Western central bank gold is largely not there anymore.  When I got permission from the government of Dubai to interview Ian MacDonald, who was the Executive Director of the Dubai Multi Commodities Center in 2008, Ian made the following incredible admission to me:

“Some of the biggest suppliers have been the (Western) central banks to the market.”  But what he said to me off the air was even more surprising:  “The vaults must be getting pretty empty because the gold they are now sending me is scrap from the back of the vaults.  It’s things like old gold coins, so we are literally

having to refine this scrap gold into .9999 purity bars before we sell it into market.”

The implication here is that when there is a run on gold, the Western central banks in London and at the New York Fed, which are supposed to be storing large amounts of gold for foreign nations, will already have sold that gold into the market.  But the out for the Western central banks will be, “We trusted these bullion banks and it turns out they leased this gold and they can’t pay it back.  There is a problem here but it wasn’t our fault.”

Powell:  “The bullion banks could provide a scapegoat for the central banks’ failure to maintain competent custody of the gold.  Everyone is suspicious of the banks and it might be very easy for the Western central banks to blame them for the losses, the corruption, and the disappearance of the gold.  But the citizens of countries such as Germany will still be outraged that the gold was not held passively by the US Fed, and was instead used in a price suppression scheme.”

Eric King:  “I’ve always believed this was the plan by the Western central banks.  I’ll give you an example:  The Bank of Portugal leased 17 tons of gold to Drexel Burnham.  When Drexel failed in 1990, the Bank of Portugal never got its gold back.  Its claim evaporated when Drexel evaporated.  So it now appears that the Fed and everyone else involved in this gold price suppression scheme is setting up the banks to take the fall.  This will of course involve bankrupting some of these banks so the claims on the gold are forfeited, just like they were for Portugal when Drexel failed.”

Powell:  “There will be hell to pay if that is the case.  The central banks will have to answer the question, ‘Why were you engaging in this?’  Well, they were engaging in it as a general scheme of currency market manipulation.  So, yes, things are very suspicious right now.  Deutsche Bank decided to withdraw from the London Gold fix after the German financial regulatory agency decided to investigate gold market rigging.  There is a tremendous amount of stress in the gold market now, and so there is great stress at the official level.  I am trying to do what I can to increase that stress.”

Eric King:  “I’ve always had an issue with gold price suppression.  Regardless of what laws are on the books, it is an international crime.  If you look at the Nuremberg Trials, they were about ‘crimes against humanity.’  This Western policy of gold price suppression has caused a great deal of unnecessary disease, famine, and death in places like South Africa as well as many other third world countries.  Therefore, that is a crime against humanity.”

Powell:  “Certainly it is.  I just came back from the developing country of Suriname, and the people in the government communicated to me that they were practically terrified by what the gold price plunge of the last year was doing to the government’s revenue.  Gold is the biggest export product in that country.

Well, Suriname is a little country.  You mentioned South Africa but you could also include most of Africa.  The disease and impoverishment in Africa, which is a mineral rich continent, is just overwhelming.  So I’m with you -- it is a crime against humanity.  On the other hand, it is a crime against humanity that is fully sanctioned by United States laws.  The US may have passed laws making this legal from their perspective, but it is still an international crime because of the deaths of so many innocent people.

I told the people of Suriname that this was effectively a declaration of economic war by the United States on their country.  In fact, it’s a declaration of economic war by the United States on all developing countries that produce gold and other commodities.  Certainly the United States is not the only country waging this war -- it also has allies in Europe. 

But this is an endless war between the producing class and the financial class.  I am trying to do what I can to help the producing class.  The end goal of course is expropriation of assets by the government.”

Eric King:  “Meaning, theft.”

Powell:  “Yes.”

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