If you want to know WHY Scotiabank abused that cancer-stricken silver depositor. ...
By cpowell
Created 2010-07-19 04:24

12:29a ET Monday, July 19, 2010

Dear Friend of GATA and Gold (and Silver):

Thanks to our great friend A.D. in Vancouver for writing, hours before your secretary/treasurer could attempt something similar, an e-mail letter to Toronto Globe and Mail columnist Christie Blatchford, whose compelling account of Scotiabank's abuse of a cancer-suffering silver depositor was dispatched to you Sunday. (See http://www.gata.org/node/8837 [1].) The letter from A.D. is appended.

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

* * *

Sunday, July 18, 2010

Dear Christie:

You wrote a great human-interest story on Scotiabank's treatment of a very ill old lady but missed the background that accounts for the lengths Scotiabank went to in an effort not to have to part with a precious ounce of real physical silver bullion.

If, after extensive study and research, you were to form an opinion and disclose the facts from the background to which I refer, your editors would not publish it.

In a nutshell, world prices of silver and gold are largely controlled by bullion banks that sell paper futures contracts on the New York Commodities Exchange -- JPMorganChase and HSBC being the big two, with Scotiabank also involved. The paper tail wags the physical dog. (Your dog Obie would like that!)

A handful of banks are naked short massive quantities of futures contracts in gold and silver and there is smoke coming out of the market, in particular the silver market. Of the Canadian banks, Scotiabank is the leading player in precious metals trading.


Before you dismiss me as a conspiracy nut wearing a tinfoil hat, take a look at a few sentences just written by Ed Steer of Edmonton in his daily commentary for Casey Research. Ed has a worldwide readership, and wrote the following:

"Well, I guess you've already figured out that there was nothing free-market about what happened in both the gold and silver pits yesterday. This was all collusively orchestrated by the big bullion banks. Platinum and palladium weren't spared either ... with the bids on both pulled at the New York open as well. It took Ted Butler quite a number of years to pound into my brain that what happens anywhere else in the world is irrelevant as far as the precious metals are concerned. The price is always set by the big bullion banks, led by JPMorgan in New York. I hope, Dear Reader, that you've got that figured out now too."

If you want to read all of Ed's commentary it's here:

http://tinyurl.com/2vhwjzb [3]

Christie, if your appetite is whetted sufficiently to want to learn more, try the free two-week trial subscription at Bill Murphy's LeMetropoleCafe.com, and once you are into that site, click on:

http://www.lemetropolecafe.com/man_ray_table.cfm?pid=8642 [4]

Also Google the Gold Anti-Trust Action Committee, which has spent more than 10 years accumulating firm evidence of the manipulation of prices of gold and silver and which also has a large, worldwide subscriber base.

I hope that you may now appreciate that the treatment afforded by Scotiabank to the ailing elderly cancer patient who just wanted her silver bullion back was motivated by forces running deeper than you may have anticipated when you wrote your article.

Regards,

A.D.
Vancouver, British Columbia