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What's driving up the price of gold?
Ambrose Evans-Pritchard
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Ambrose Evans-Pritchard
TEXT OF INTERVIEW
Stacey Vanek-Smith: As the value of the dollar has dropped, the value of gold has hit record highs, and now supplies are running low. Ambrose Evans-Pritchard is the international business editor at the Daily Telegraph in London. Ambrose, thanks for joining us.
Ambrose Evans-Pritchard: It's a pleasure to be with you.
Vanek-Smith: Why do people like to buy up gold when the value of the dollar goes down.
Evans-Pritchard: Well I think the dollar system has basically dominated the global economy since the Second World War. There is this feeling out there that we're in a kind of transition phase. America has lost its grip over the global monetary system, but nobody else has really stepped in to replace it. No currency can really be fully trusted, and so gold is the obvious kind of fallback option. It's quite understandable.
Vanek-Smith: So is there anything else that's been driving up the price of gold?
Evans-Pritchard: The other thing that people overlook is that the supply of gold from mines has just been falling and falling and falling. It's basically been dropping by about a million ounces a year. So effectively we have peak gold. They can't find new sources of ore despite huge efforts and money being poured into exploration.
Vanek-Smith: It's so interesting because I think we're so used to thinking in terms of currency that it's kind of almost a strange thing for us to think about, that there is actually a limited supply of gold; when you buy gold, you actually buy physical gold.
Evans-Pritchard: Well that's right. I mean the central banks -- the big banks of Europe and other parts of the world -- they've been selling it, preferring instead to buy U.S. treasuries and things like that, but that's rather proved to be a rather bad bargain actually for these governments. The thing is now is that the central banks, governments, of the emerging economies -- China, India -- are buying gold, so the whole dynamics of the market has changed.
Vanek-Smith: What do you expect to see happen with gold as the supply declines and the demand increases?
Evans-Pritchard: Well immediately I think it's dependent on the dollar. If the dollar stabilizes and begins to recover, gold could sort of cool off a bit. But they can't find new sources of ore around the world. If countries like China accumulate massive reserves, putting more and more of this into gold, I would say the price over time just have to keep going up. So we may see a step change to a much higher, sort of permanent level.
Vanek-Smith: Ambrose Evans-Pritchard is the international business editor at the Daily Telegraph. Ambrose, thank you for joining us.
Evans-Pritchard: Thanks a lot.
West Yorkshire Police.
We note that Det Chief Inspector Steven Taylor has been removed as Head of the Economic Crime Unit and demoted to Det. Inspector. ( One down two to go.)
A file of some 339 pages including scores of documentation has been forwarded to the following --- Aug 4-6th .2011.
640 --- Members of Parliament.
460 --- Members of the House of Lords.
Ministry of Justice.
F.S.A. – Financial Services Authority.
Serious Fraud Office,
Peters & Peters .London. -- Solicitors.
Pictet & Cie Bank --- London & Geneva.
West Yorkshire Police Authority.
I.P.C.C.--- Independent Police Complaints Commission.
C.C.R.C. --- Criminal Cases Review Commission.
Swiss Ambassador London.
*** We a re currently waiting to see if the West Yorkshire Police :-
(1) Chief Constable. --- Sir Norman Bettison.
(2) Forces Solicitor . -- Mike Percival .
(3) Head Of Economic Crime Unit. -- Det . Chief Inspector Steven Taylor.
continue to attempt to cover this case up like their F.S.A. counterparts. If they do –“ then watch this space.â€
We were informed that due to pressure from our M.P. that the Ministry of Justice have asked Lord Myners to investigate our claims that the F.S.A. covered up the illegal activities of Pictet Asset Management. London.
It has been noted that the book launch for PICTET was held at Lord Myners Belgravia home.We might as well have asked Ivan Pictet to investigate our complaint.-or someone from FRIENDS RE-UNITED.
Lady Myners on Prix PICTET advisory board.
The consensus of opinion is the Pictet & Cie should be prosecuted , and that their U.K. banking licence should be taken away.
Their Solicitors at Peters & Peters .London “ struck off and prosecuted..â€
In America ---- they would have all been in prison for the last seven years.
Update .Nov. 4th .2010.
BANKS -PARTNERS IN CRIMES.
Pictet & Cie Bank.
Ivan Pictet.
Charles Pictet.
Nicolas Pictet.
Jacques de Saussure.
Jean – Francois Demole.
Renaud de Planta.
Philippe Bertherat..
Pictet & Cie.- claim they are the “Rolls Royceâ€of Swiss banks.
Swiss Banks or more correctly Swizz banks.
Swizz. ---- “ a great disappointment.†or a “ fraud.â€
Fraud. ---“ an intentional deception or dishonesty.â€â€” “a crime.â€
Crime. ---“ an act committed or omitted in violation of a law.â€
Serious Crimes .
Conspiring to pervert the Course of Justice.
Perverting the Course of Justice.
Contempt of Court.
Pictet & Cie Bank –Partners –(1996—2010)-liable.
Peters &Peters – Partners.—(1999----2010)-liable.
The bank and it’s officials/lawyers deliberately withheld crucial documents requested under a High Court order. The bank and it’s officials/lawyers deliberately withheld evidence from the Police, and one of it’s account managers Susan Broadhead gave a false witness statement to the Police.
Another one of it’s managers Nicholas Campiche ( Now Head of Pictet – Alternative Investments.) concocted a letter pretending to be a client and closed his account. The senior partner (Ivan Pictet.) sought to have numerous documents destroyed,along with those copies held in their London office’s of Pictet Asset Management. Initially stating that they were forgeries then their lawyers Peters & Peters – Monty Raphael –and the barrister Charles Flint.Q.C. later had to admit in Court that the documents were genuine.
British Parliament. Hansard .29th March 2007.
Barry Sheerman .M.P.—quote.
---------“ Constituents of mine have lost £2 million through fraud. The fraudster used Pictet & Cie - - a French Bank - - and Pictet Asset Management to back the fraud being perpetrated.â€â€
(1) It is a criminal offence for a bank to knowingly act for an undischarged criminal bankrupt in so far as it seeks to assist that criminal bankrupt in the fraudulent movement of monies. ( Money Laundering.)
(2) It is a criminal offence for a bank to lie to the police and the bankrupts trustee in bankruptcy in so far as any knowledge of, or dealings with the bank was refuted .
(3) A bank can be guilty of Contempt of Court if it fails to comply fully with the Courts order for discovery .
(4) The banks contempt is further compounded if it fails to address its error after it is specifically drawn to the to its solicitors attention. ( Monty Raphael).
(5) It is a criminal offence under the Financial Services Act to seek to destroy evidence that might be relevant to an investigation .
(6) It is a criminal offence not to relinquish control of funds to the Trustee immediately the fact of the bankruptcy is drawn to the banks attention.
(7) It is a criminal offence to lie or otherwise obfuscate the lawful and proper enquiries of the F.S.A.
In the F.S.A. cover up , they concluded that there had been “ Rogue†elements in Pictet & Cie’s , London operations . They had been moved from their London Office so who was there left to prosecute. “ Unbelievable.â€
On Dec 9th,2008. the complaint was sent to 150 Members of the House Of Lords and 230 Members of Parliament.
*** We thank --David Cameron. M.P. ( Canary Wharf Speech.) Dec. 15th. 2008.
Now--- PRIME MINISTER.
(1) Bankers who behave irresponsibly should face professional consequences.
(2) If anyone is found to have behaved criminally they must be prosecuted.
(3) The F.S.A and the Serious Fraud Office should be following up every lead,
investigating every suspect transaction .
(4) We need to make it 100% clear –those who break the law should face
prosecution.
(5) That we make sure we root out any wrongdoing that may have happened, whoever
is involved, however high or well connected they may be.
Ivan Pictet.
Managing partner in Pictet & Cie Bank . --- retiring -?. 2010.
President of the Geneva Financial Centre. ---stepping down -2010. ?
World Bank.committee member.---- ?
United Nations. Investment Committee member,
Vice President – Global Humanitarian Forum. --- redundant.2010.?
Member of the Henokiens.
Blackstone Group --- Board Member.
Past- President – Geneva Private Bankers association.
Past –President – Geneva Chamber of Commerce and Industry.
Monty Raphael. ( Peters & Peters.)
Quote.†---- Doyen of U.K. Fraud lawyers.
Head of Fraud and Regulatory Dept. ---- stepping down, --2009.? Director of the Fraud Advisory panel.
Member of the Law Society of England & Wales.
International Bar Association Member.
Written Parliamentary Questions received by the table office ..
(1) To ask the secretary of state what steps he is taking to ensure that Swiss Banks such as Pictet & Cie do not evade criminal prosecution under EU law even when the illegal act is committed by a London based subsidiary.
(2)To ask the secretary of state what steps he is taking to protect the rights of UK citizens who seek redress following criminal activities by Swiss banks with subsidiary offices located in London.
On Dec 9th,2008. the complaint was sent to 150 Members of the House Of Lords and 230 Members of Parliament.
On Aug 19th.2009.another complainants file regarding the “cover up†was forwarded to the same 380 members.
We started our campaign in June 2008 -- via the “net†to highlight our fight to get “justiceâ€. In our second year campaign we hoped to reveal further damning evidence . Due to there being an on going Police investigation into our complaint we are at this moment unable to place dozens of documents on to the “netâ€. Again we thank other “ E- Mailers†for their information in relation to our campaign.
Quote. ( America’s Top Lawyer .)
You can be the richest man in the world with the best lawyers that money can buy but you cannot win against a man who has got nothing left to lose and is telling the truth.
Truth Hurts.
Ivan Pictet. Announces stepping down from Pictet & Cie. 5th Feb 2010.
Stepping Down—President of Geneva Financial centre.—2010.
Monty Raphael. Steps down as head . May. 2009.
*** We note that there has been a sharp increase in Peters & Peters partners leaving to go to other practices. Moving does not alleviate them of any responsibility from any illegalities that may have occurred at Peters & Peters during their partnership tenure. From 1999 onwards.
*** Were currently waiting to see if the Police and other Law Enforcement Bodies attempt to cover this case up like their F.S.A. counterparts. If they do –“ then watch this space.â€
We have recently been informed that due to pressure from our M.P. that the Ministry of Justice have asked Lord Myners to investigate our claims that the F.S.A. covered up the illegal activities of Pictet Asset Management. London.
The consensus of opinion is the Pictet & Cie should be prosecuted , and that their U.K. banking licence should be taken away.
Their solicitors at Peters & Peters .London -- prosecuted and†struck offâ€.
.
***
Started campaign --- June 6th.2008.
2 years ---- approx 2million e-mails - - - but still no writs, injunctions or threats of litigation - - - WHY - - - because it is all true.
*** . The bigger they are --- the harder they fall.!!!
In America ---- they would have all been in prison for the last seven years.
Full Story.
Go to search box on “Google†and insert ( Ivan Pictet / Monty Raphael) or
insert ( Pictet & Cie / Monty Raphael ) - - then try it on “Googleâ€.
Or try on Yahoo. - - - Nicholas Campiche.)
Or try --- Charles Flint. Q.C. – on Google.
About a month ago the Chicago Mercantile Exchange started accepting physical gold as collateral, which they proposed to keep snug and safe with JP Morgan in London England. This put me in mind of the unfortunate occurrence in the 1690s (sic) when custodians of physical gold got into a bit of trouble when they had more commitments to deliver than physical metal.
Unlike many other commodities it's more or less practical for investors to take physical delivery of gold, so if there's increased demand to deliver that could test the hypothesis that there's more paper "play" gold in the world than metal. I hardly think we're going to replay April 5, 1933, but this story's starting to get a bit uncomfortable.
As a studnet of geology in the 1980's I visited the Hemlo Gold mine in Canada with the press and industry experts. The representative for the gold mine stated that Hemlo production was a certain impressive percentage of all of the gold currently in existence. Having a core in economics I asked if by increasing the supply they were concerned about driving the price of gold down. The mine represetitive laughed and said that gold did not follow the rules of economics and that the price was unrelated to supply. He said that the price was strictly set by public perception. He said they did not worry about production levels.
I did not understand that comment then and I don't understand it now.
Could you explain the meaning of that comment and reconcile it with the comments of Evans-Prichard?
