GATA has sourced a speech given in 1981 by the President of the BIS, Jelle Ziljstra, at the IMF headquarters in 1981 in Washington, DC in which he advocated Central Bank intervention in the gold market in order to control the price and prevent gold from competing with a global system which was based on paper fiat currency:
“I feel it is necessary for us, within the Group of Ten and Switzerland,consider ways to regulate the price of gold…” – Jelle Zijlstra
The “Group of Ten” are the Central Banks of France, Germany, Belgium, Italy, Japan, the Netherlands, Sweden, the United Kingdom, the United States and Canada plus Switzerland. As everyone knows, the BIS is the Central Banks of global Central Banks and therefore controls – de facto – global monetary policy. Here’s a link to the speech – there can be no questions that Central Banks – through their agent “bullion” banks (primarily JP Morgan, HSBC, Scotia, Deutsche Bank, Goldman Sachs, Citibank, Barclays and UBS) – make a concerted effort to limit the upward price movement of gold.
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