Written by Jeff Nielson Thursday, 16 May 2013 11:29
Once upon a time, an entity called the “World Gold Council” was created. It was supposed to be an industry trade-group, which (like all industry trade-groups) promotes the health and growth of their industry. But that’s not how it turned out.
To understand the World Gold Council, one need do little more than examine its history. It was created in 1987. Was this the beginning of some new, Golden Age for the gold mining industry? Hardly. In fact, it marked the early stages of the most successful era of gold price-suppression in history, and the complete destruction of the global gold-mining industry – with more than 90% of the world’s gold mines being bankrupted.
If the World Gold Council is really an “industry trade-group”, then it was/is the most incompetent/inefficient such entity ever created. But, of course, the World Gold Council doesn’t serve “gold” or even gold-mining. It serves paper – banker-paper, to be precise.
Like all (supposed) industry trade-groups, the WGC is officially comprised of a collection of the world’s largest gold-miners; who themselves are nothing but a herd of banker-sycophants. Lest anyone suffer from the delusion that the world’s gold miners (and the WGC) were merely “innocent bystanders” in the destruction of the global gold-mining industry, more facts are in order.
At around the time the WGC was formed; these same large, gold-miners were in the process of enslaving themselves to the bankers by forward-selling 100’s of tons of gold which hadn’t even been dug out of the ground yet – in order to further depress prices in the sector by creating a glut of supply.
This policy of self-destruction became institutionalized. As quickly as the sycophant-miners identified new reserves in the ground, they would forward-sell that ore to the bankers, permanently discounting their own commodity. Those readers who don’t fully comprehend this intentional suicide-spiral need to be reminded of another industry trade-group, with which we are all familiar: OPEC.
When OPEC was created, did it immediately result in a long-term depression in the price of oil? Did it result in 90% of the world’s oil companies being bankrupted? Did OPEC members forward-sell their oil in massive quantities? No. Precisely the opposite, in every respect.
OPEC didn’t forward-sell their oil to depress the price; they restricted supply to maximize total revenues for their industry. Their industry did not go into a long-term depression where more than 90% of all companies were bankrupted. Instead, this industry trade-group is directly responsible for the robust/health profits of the world’s oil companies.
But don’t take my word for it. Feel free to check with Rex Tillerson, CEO of Exxon. The $400 billion market-cap for Exxon is larger than the combined market-caps for the entire, global gold-mining industry. Indeed, Mr. Tillerson’s personal, annual compensation is larger than the individual market-caps of most of the world’s gold-mining companies.
Clearly the World Gold Council is nothing but a slave-collective, in bondage to the bankers; and which serves not the interests of gold (or gold-mining) but rather the promotion of the bankers’ paper monetary system. Need more convincing? Simply look around their website.
Try finding information about gold (i.e. supply/demand data). What one will discover is that such data goes back no more than two years. This is despite the fact that gold mining is one of humanity's oldest industries, where we have been mining/refining gold for nearly 5,000 years. Conversely there are a plethora of essays going back more than 15 years; letting us know about all the ways in which the bankers want to use our gold to make their paper system “better.”
The World Paper Council is, in reality nothing but a banking industry sub trade-group; composed of some of the bankers most-loyal servants, paying homage to their Masters. More proof that the WGC serves paper rather than gold came out today, with its utterly astonishing reporting on Q1 for the gold market.
Written by Jeff Nielson Monday, 13 May 2013 11:42
Perverse reporting of economic data by the Corporate Media is nothing new. However, what is newsworthy is when that same Corporate Media explicitly acknowledges such perversity. Such open manipulation of the news was on display today.
The context is the accelerating Depression in the U.S. retail sector; which as the propaganda machine itself regularly acknowledges, represents more than ¾ of the total U.S. economy. In March, the revised numbers indicated U.S. retail sales plummeting by -0.5%.
However, that number is neither adjusted for inflation, nor is it reported at an annualized rate (as are most economic statistics). Let me perform those adjustments. Currently, U.S. inflation is somewhere close to 20%. This is likely a conservative estimate, given that as recently as July of last year the World Bank was reporting that global food inflation was running at a current, annualized rate of 120%.
An annual inflation rate of nearly 20% works out to roughly 1.5%/month. When we subtract that number from the “raw” retail sales estimate of -0.5%, we get an actual collapse in U.S. retail sales of roughly -2% for the month of March. Convert that to an annualized rate (i.e. multiply it by twelve); and what the U.S. government really reported last month was retail sales plummeting lower at an annualized rate of approximately 25%.
Let me repeat this. In the U.S.’s consumer economy, retail sales plummeted lower at a rate of 25% in the month of March. Doesn’t sound like much of an “economic recovery” to me. But this brings us to the April figure for retail sales just released this morning.
Given that (almost) all U.S. economists continue to claim the U.S. economy is “growing”; clearly these economists must have been “expecting” retail sales to bounce-back in April with a strong number. Right? Wrong.
U.S. economists were “expecting” an even more-severe collapse in retail sales this month. This brings us to the “beating expectations” game played by the Corporate Media. While this sham has been explained previously, Bloomberg was kind enough to explicitly do so today itself:
…April’s retail sales report is another example of a generally weak report that is better than expected, so it’s perceived to be a positive,” Jim Baird…at Plante Moran Financial Advisors, said in an e-mail to clients. [emphasis mine]
And with that simple statement, the propaganda machine’s Beating Expectations sham is completely unmasked. How do you make “bad news” sound like “good news”? You pretend that you were expecting terrible news.
Then, when merely bad news is announced; you dance a merry little jig, pull out the marching band – and tell everyone that the bad news is really “good news.” This is precisely what we see the cynical U.S. propagandists doing with the April retail sales report.
The economic experts claimed they were expecting U.S. retail sales to plummet lower in April by -0.6% (-27% annualized and roughly adjusted for real inflation). Instead, when a microscopic gain of 0.1% is actually reported it is proclaimed to be “good news”. When adjusted for inflation and expressed as an annualized number, the April number actually reported translates into U.S. retail sales falling at a rate of roughly 18% -- still depression-like numbers.