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In secret, de-classified Intelligence Memorandum’s titled, “Recent Trends In The Free Gold Market, The World Gold Market-Semi Annual Review, and Special Drawing Rights: Paper Gold In Action” released by the CIA, gold pricing strategies amongst the controllers of the International Monetary System are detailed. These memorandums are a few in the “International Finance Series.”

“Recent Trends In The Free Gold Market and The World Gold Market-Semi Annual Review,” express the CIA’s concern over the rising gold price with no substantial monetary crises to speak of. Both communiques’ show the concern the CIA had over the Swiss manipulating the price of gold. “During this period, more than 85% of all morning and afternoon fixings fell within the $34.97 to $35.01 range, with nearly 40% of all quotations set at exactly $35. There is strong circumstantial evidence that Zurich bullion dealers, under the leadership of the Union Bank of Switzerland are again manipulating the gold markets.” London bullion dealers and the CIA became concerned because of the 1969 December Agreement between South Africa and the IMF. London bullion dealers hoped that this agreement would place London as the focal point of the gold market instead of Zurich.

“Special Drawing Rights: Paper Gold in Action,” is an interesting communiqué describing the failing Bretton Woods agreement and the need for liquidity around the world. “Special Drawing Rights (SDRs) or “paper gold,” which through a simple bookkeeping entry at the International Monetary Fund (IMF) provide a new type of liquidity as permanent as gold itself.” World reserves to imports were increasing by about 2% a year until they peaked in 1954. By 1969, this ratio fell to 30.3% as gold production leveled off. Currencies around the world were weak so, the U.S. ran massive balance of payment deficits to increase global reserves. Special Drawing Rights were born at a 1967 meeting in Rio to act as “a new form of unconditional liquidity.” Even in the late 1960’s and the early 1970’s, countries were reluctant to hold dollars as the U.S. gold reserves were depleted. Those of us who follow the developments of the International Monetary system can see the parallels to what we see today.

 

Colin Bennett

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