State Dept. cable confirms gold futures market was created for price suppression
By: Chris Powell, Secretary/Treasurer, GATA
GoldSeek.com
Wednesday, 4 January 2017
The cable describes the embassy’s extensive consultations with London bullion dealers about the likely impact of re-legalization of gold ownership in the United States and possible substantial gold purchases by oil-exporting Arab nations.
The cable reads: “The major impact of private U.S. ownership, according to the dealers’ expectations, will be the formation of a sizable gold futures market. Each of the dealers expressed the belief that the futures market would be of significant proportion and physical trading would be miniscule by comparison. Also expressed was the expectation that large-volume futures dealing would create a highly volatile market. In turn, the volatile price movements would diminish the initial demand for physical holding and most likely negate long-term hoarding by U.S. citizens.”
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