“Price action makes market commentary” has been a catchphrase of Bill Murphy, a chairman and director of the Gold Anti-Trust Action Committee (GATA), since at least 2000. A price move in the price of gold makes market commentators buzz about gold.
 
“Chris Powell of GATA first coined the phrase ‘price action makes market commentary’” was written on GoldSeek.com in April 2014, but this appears to be incorrect.
 
   
Wikipedia: Bill Murphy (GATA chairman)
Bill Murphy is a former American professional football player, financial commentator, and the chairman and director of the Gold Anti-Trust Action Committee (GATA), which was founded as a result of Murphy’s essays on collusion among large financial institutions to suppress the price of precious metals. Murphy believes the price of gold is artificially low and has spent years lobbying the U.S. government to investigate market manipulation in the gold market. Earlier disregarded as a conspiracy theorist, his arguments were strengthened by a London precious metals trader who became a whistleblower and an American commodities trader, who inadvertently revealed that gold was leveraged 100 times physical.
 
GATA (Gold Anti-Trust Action Committee)
GATA goes to Congress to get gold market investigated
By cpowell
Created 2000-04-22 07:00
Copyright 2000, http://www.lemetropolecafe.com [1]
Not to be reproduced without the author’s permission

* * * * * * * * * * * *

MIDAS COMMENTARY FOR APRIL 18, 2000
By Bill Murphy
www.LeMetropoleCafe.com [2]
(...)
Technicals
The volume continues to be very light. Any decent buying that sent the gold price higher today and yesterday was quickly squashed by Chase and Goldman Sachs. Gold fought it all the way back to unchanged today and Goldman Sachs bashed the close. Why is there not more commentary from others? No one EVER challenges me on what I report, yet the silence about Goldman Sachs is deafening. It is clear as day that they are the main ones causing such misery to the gold industry.
 
Fundamentals
Price Action Makes Market Commentary
   
Google Groups: nl.beurs
En toen zei de prijs boem!...Go GOLD Go GATA….goud op de 600 voor het einde van het jaar!
Mr. Gold
5/19/01
(...)
You know that one of my favorite axioms is that price action makes market commentary.
 
The Silver Bear Cafe
August 10, 2004
Calm Before The Storm
Bill Murphy
(...)
3. The manipulation of US financial markets is beginning to catch up to the price managers. A false sense of economic well-being has been force-fed on the public. PRICE ACTION MAKES MARKET COMMENTARY. Many of the US financial markets have been nothing but technical illusions from a chart/TA standpoint. This has resulted in an unusual amount of complacency among investors, which could lead to dangerous herd investor movements in the months ahead.
   
Goldseiten-Forum.de
Schwabenpfeil
Tuesday, November 30th 2004, 7:34am
Le Metropole Cafe - dollar 29.11.2004
The commentary coming out on the dollar from all over the world is astoundingly ugly as far as the prospects for the dollar are concerned. You have to wonder what the surprise is? What could have been more obvious for so long than where the dollar was headed? The reason for articles such as these is simple:
 
PRICE ACTION MAKES MARKET COMMENTARY!
   
GoldPrice.org—Bob’s Gold Price Column
SATURDAY, JANUARY 29, 2005
Excellent risk/reward point
(...)
“Price Action Makes Market Commentary.”. This is a market principle to keep in mind. What price action caused all this market commentary?
         
gandeste.org
Why US Need Not Fear Sovereign Debt Crisis: Unlike Greece, It’s Sovereign
Miercuri, Iulie 28th, 2010, by admin.
(...)
But as Bill Murphy, another prolific newsletter writer, reiterates, “Price action makes market commentary.”
 
TF Metals Report
“Price action makes Market
Submitted by ScottJ on September 29, 2011 - 10:58am.
“Price action makes Market Commentary”—Bill Murphy
 
MilesFranklin.com
Down The Road, When Gold Is Making All the Headlines
Author : David Schectman
Published: July 3rd, 2013
(...)
As Bill Murphy so often says, “price action makes market commentary,” and price action has been abysmal for a long time now and that gives ammunition to the Wall Street stock and bond peddlers who love to hate gold.
 
Twitter
StockJockey
‏@StockJockey
@groditi Veneroso piece - “My friend Billy Murphy has always said, price action makes market commentary”
3:20 PM - 20 Aug 2013
   
GoldSeek.com
Conspiracy Fact Versus Conspiracy Theory
Posted Friday, 18 April 2014
By Dr. Jeffrey Lewis
(...)
Gold and Silver Manipulation
The depth of price action and market commentary seem to be bottomless pits. It feels reminiscent of 2008 when prices fell from $20 (a milestone many could never contemplate at the time). This was the time when Chris Powell of GATA first coined the phrase “price action makes market commentary”.