WSJournal, NYTimes commentaries urge: Murder gold

http://www.gata.org/node/10364

The commentary in The Wall Street Journal, written by David Malpass, a Treasury Department official during the Reagan administration, quotes former Federal Reserve Chairman Paul Volcker as having repeatedly declared gold to be "the enemy," something GATA Chairman Bill Murphy has cited about Volcker from time to time in his daily "Midas" column at LeMetropoleCafe.com. Malpass writes that "sound monetary policy will produce lower gold prices," which are desirable because "piling trillions into foreign countries, gold, and idle Treasury bonds sucks capital away from growth. The Fed should put an end to it."

The commentary in The New York Times, written by the newspaper's "DealBook" columnist Steven M. Davidoff, proposes that the U.S. Commodity Futures Trading Commission force commodity exchanges to raise margin requirements for gold trading to quash "speculation" in the monetary metal, and even "to limit the gold acquired individually and by the ETFs. All of these measures would have to be coordinated and put into effect on a global basis."

Coordinated and put into effect on a global basis? As in a "conspiracy" of central bankers?