State Dept. Cable Confirms Gold Futures Market Was Created for Price Suppression

The U.S. gold futures market was created in December 1974 as a result of collusion between the U.S. government and gold dealers in London to facilitate volatility in gold prices and thereby discourage gold ownership by U.S. citizens, according to a State Department cable written that month, obtained by Wikileaks, and disclosed today by the TF Metals Report. The cable was sent to the State Department from the U.S. embassy in London and signed by someone named Spiers, apparently Ronald I. Spiers, the embassy's deputy chief at that time. The cable describes the embassy's extensive consultations with London bullion dealers about the imminent re-legalization of gold ownership in the United States and possible substantial gold purchases by oil-exporting Arab nations. The cable reads: "The major impact of private U.S. ownership, according to the dealers' expectations, will be the formation of a sizable gold futures market. Each of the dealers expresse...

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