Ron Paul asks Fed about gold dealings

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The following comments come from Chris Powell of Gold AntiTrust Action (GATA):

During last Friday’s hearing of the House Financial Services Committee on his legislation to audit the Federal Reserve System, US Rep. Ron Paul asked the Fed’s general counsel, Scott G. Alvarez, whether the Fed has ever been involved in the gold market. Four days earlier GATA had disclosed the Fed’s admission that it has records of its “gold swap arrangements” with “foreign banks” that it wants to conceal from the public. (Click here.)

Replying to Paul, Alvarez professed to have no expertise in the matter of intervention in the gold market but added that he could get Paul such information. Paul replied that one purpose of his audit legislation was to determine whether the US government was intervening in the gold market by using other governments as intermediaries.

That surely is one reason for the Fed’s hysterical opposition to Paul’s bill. Let’s hope Paul followed up by asking for the gold intervention information Alvarez claimed not to have.

You can watch the exchange between Paul and Alvarez at YouTube below. (The section involving gold begins at about 5 minutes and 30 seconds into the video.)

Source: Chris Powell, GATA, September 28, 2008 and YouTube, September 27, 2009.

And while we are on the topic of Ron Paul, his new book, “End the Fed” should be on your list of prescribed reading.


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