[NYTr] Citigroup acknowledges central bank scheme to suppress gold

[All the News That Doesn't Fit]

Gold Anti-Trust Action Committee - Sep 27, 2007
http://www.gata.org/


11:20p ET Thursday, September 27, 2007

Citigroup acknowledges central bank scheme to suppress gold

A major New York investment house, Citgroup, this week acknowledged
that central banks have been colluding to suppress the price of
gold.

The acknowledgement came in a long report on the prospects for the
metals and mining industry, "Gold: Riding the Reflationary Rescue."
It was written by Citigroup analysts John H. Hill and Graham Wark,
who, in a section titled "Central Banks: Capitulating on Gold?,"
write:

"Official sales ran hot in 2007, offset by rapid de-hedging. Gold
undoubtedly faced headwinds this year from resurgent central bank
selling, which was clearly timed to cap the gold price. Our sense
is that central banks have been forced to choose between global
recession or sacrificing control of gold, and have chosen the
perceived lesser of two evils. This reflationary dynamic also seems
to be playing out in oil markets."

GATA welcomes Citigroup to the camp of the conspiracy nuts, where
the central bank scheme against gold has been documented for nine
years.

You can read Citigroup's acknowledgement of the central bank scheme
to suppress gold on Page 7 here:

http://www.gata.org/files/CitigroupGoldReport092107.pdf

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

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