For then the individually named defendants, Alan Greenspan and Larry Summers, Clinton's secretary of the treasury, will be compelled to testify under oath. There is no question that the gold price would explode if the central banks were to end their gold sales. Yet not all experts believe in the conspiracy theory. Gold experts who wish to remain anonymous described the complaint as nothing more than a figment of Howe's imagination, and allude to allegations that GATA is a front for South African gold producers. Klemenz Huser, the head of the Department for International Securities Research, ZKB, understands the frustration of the producers and their investors, but does not believe that the gold price is being manipulated.
Gold is simply out.
The rate of inflation has been retreating since 1990, and if anyone hedges against inflation today, then they do it with derivatives, and not with gold. To Huser, the introduction of the euro was bad for gold as well, because it allowed the central banks to dump gold, which used to serve as support for their currencies, by the truckload. On top of that, South American countries, which used to try and stabilize their currencies with gold reserves, nowadays simply seek refuge in the dollar. According to gold market specialist Bruno Bandulet, even some gold producers are responsible for the deterioration in the gold price, since they have massively worked against their own product by selling gold forward. According to Bandulet, the Canadian producer Barrick Gold has already sold its entire production for the next six years.