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Updated: 11 hours 49 min ago

DRD Gold CEO sees metal shortage as 'paper gold' increases

Wed, 07/27/2016 - 17:17

4:16p ET Wednesday, July 27, 2016

Dear Friend of GATA and Gold:

Mining Weekly this week quotes DRD Gold CEO Niel Pretorius as recognizing a growing problem with "paper gold," with the supply expanding while gold production declines.

"There's a shortage of real gold to cover the paper gold position that's out there," Pretorius says.

Of course there's no guarantee that investors will not continue to prefer "paper gold" over real metal, thereby allowing central banks to inflate the supply of the former and in effect lock the exits from their fiat currency system. But it's nice to see a gold mining executive willing to acknowledge what's really going on.

The Mining Weekly report is headlined "World Heading for Shortage of Physical Gold -- DRDGold" and it's posted here:

http://www.miningweekly.com/article/world-heading-for-shortage-of-physic...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

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http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

K92 Mining may show that Barrick is much better at geology than business

Wed, 07/27/2016 - 16:59

3:55p ET Wednesday, July 27, 2016

Dear Friend of GATA and Gold:

Reuters reported today that, continuing efforts to reduce its huge debt, Barrick Gold is negotiating to sell another $1.9 billion in gold-mining interests in Africa:

http://www.gata.org/node/16621

Meanwhile Business News Network in Canada reports this week that another cast-off Barrick project, the Kainantu mine in Papua New Guinea, on which Barrick spent more than $240 million, only to unload it two years ago to K92 Mining for a mere $2 million --

http://www.gata.org/node/16469

-- is just two months from resuming production and is enjoying a rising share price.

The BNN report is an interview with K92 Mining President Bryan Slusarchuk and it can be watched at the BNN Internet site here:

http://www.bnn.ca/video/k92-mining-revives-an-old-barrick-asset~915499

The lesson seems to be that the Barrick people are much better geologists than business strategists.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

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Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:

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Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

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Help keep GATA going

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http://www.gata.org/node/16

Barrick weighs sale of $1.9 billion Acacia stake, sources tell Reuters

Wed, 07/27/2016 - 11:18

By John Tilak and Nicole Mordant
Reuters
Tuesday, July 28, 2016

Barrick Gold Corp, the world's largest gold producer, is weighing a sale of its majority stake in African unit Acacia Mining and has approached several South African miners, according to sources familiar with the situation.

The potential sale would be part of Barrick's broader strategy of selling non-core assets to reduce its debt load. The Toronto-based company offloaded stakes in several mines last year.

The talks are at an early stage and there is no assurance a deal will be done, the sources said.

Barrick owns 64 percent of Acacia, a London-listed miner with three producing gold mines in Tanzania: Bulyanhulu, Buzwagi, and North Mara. Much of the remainder of Acacia is widely held. ...

... For the remainder of the report:

http://www.reuters.com/article/us-barrick-gold-acacia-mining-divestitur-...

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Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
Hilton New Orleans Riverside
New Orleans, Louisiana
http://neworleansconference.com/

Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:

https://jeffersoncompanies.com/landing/2014-av-powell

Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Nick Barisheff: Gold and pork bellies

Tue, 07/26/2016 - 16:57

The former is always money, the latter is breakfast.

* * *

By Nick Barisheff
BMG Bullion, Markham, Ontario, Canada
Tuesday, July 26, 2016

Many investors and their financial advisors consider gold to be a commodity, which makes gold no different than copper, timber, pork bellies, or orange juice. They do not understand, or simply are unaware, that gold has been successfully used as money for more than 3,000 years. Although some people think gold is an archaic relic, the facts don't support this view.

So, what is money?

Gold is traded on the currency desks of all major banks and brokerages, along with dollars, euros, yen, and pounds, and not on the commodity desks along with other commodities. The foreign exchange traders know gold is money.

On the balance sheets of all central banks, gold is classified as a monetary asset, along with their foreign currency reserves. The central bankers know gold is money. Central banks do not hold any other commodity as part of their reserves.

Alan Greenspan knows gold is money, as he laid out in his famous article "Gold and Economic Freedom," written in 1966 before he became chairman of the Federal Reserve. ...

... For the remainder of the commentary:

http://bmgbullion.com/gold-pork-bellies/

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http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

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To contribute to GATA, please visit:

http://www.gata.org/node/16

'Impending gold production cliff' may deliver a jolt to prices

Tue, 07/26/2016 - 16:48

Assuming, of course, that buyers want actual metal instead of "paper gold."

* * *

By Myra P. Saefong
Marketwatch.com, New York
Tuesday, July 26, 2016

Gold discoveries peaked in 2007 and production will soon follow, strengthening the value of the yellow metal and possibly fueling a boom in mergers and acquisitions in the gold-mining sector, according to Sprott Asset Management.

Discoveries of gold has collapsed since then, "despite exploration budgets increasing by 250 percent from 2009 to 2012," Sprott's gold team said in a recent note. ...

... For the remainder of the report:

http://www.marketwatch.com/story/impending-gold-production-cliff-may-del...

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New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
Hilton New Orleans Riverside
New Orleans, Louisiana
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Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:

https://jeffersoncompanies.com/landing/2014-av-powell

Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Events are against monetary metals this week, Turk tells KWN

Mon, 07/25/2016 - 19:06

6:04p ET Monday, July 25, 2016

Dear Friend of GATA and Gold:

Events are against the monetary metals this week, GoldMoney founder and GATA consultant James Turk tells King World News today. Turk adds that if the metals show any strength at all this week, it will be a sign that governments are losing control of the market. An excerpt from the interview is posted at KWN here:

http://kingworldnews.com/alert-james-turk-issues-warning-about-action-in...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

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New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
Hilton New Orleans Riverside
New Orleans, Louisiana
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Support GATA by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Lawrie Williams: Swiss gold stats show continuing flows back to West

Mon, 07/25/2016 - 16:24

3:23p ET Monday, July 25, 2016

Dear Friend of GATA and Gold:

Lawrie Williams, market analyst for the Sharps Pixley bullion house in London, writes today that the flow of gold out of Asia and back into Switzerland and London is continuing, apparently because of demand in the West for metal represented by shares of exchange-traded funds. Williams' commentary is headlined "June Swiss Gold Statistics Highlight Continuing Reverse Gold Flows" and it's posted at Sharps Pixley's Internet site here:

http://news.sharpspixley.com/article/lawrie-williams-june-swiss-gold-sta...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

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New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
Hilton New Orleans Riverside
New Orleans, Louisiana
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Support GATA by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Paul Mylchreest: Standoff in gold between speculators and price-suppressing banks

Mon, 07/25/2016 - 16:10

3:09p ET Monday, July 25, 2016

Dear Friend of GATA and Gold:

Market analyst Paul Mylchreest of ADM Investor Services International in London --

https://www.admisi.com/

-- writes in the firm's Equity & Cross Asset Strategy letter today that there's a standoff in the gold futures market between the bullion banks and speculators; that the banks appear to have increased their naked shorting of gold to contain the price, anticipating that they will smash the price, panic the speculators into selling, and cover their shorts, as they often have done; but that there were three episodes during gold's bull market from 2001 through 2011 when this tactic of the banks failed and gold "went parabolic."

Mylchreest adds that speculators in recent months have been "far more resolute."

Mylchreest's letter is headlined "Gold Futures -- Critical Days in the Battle (Not the War)" and with his kind permission it's posted in PDF format at GATA's Internet site here:

http://www.gata.org/files/MylchreestReport-07-25-2016.pdf

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

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New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
Hilton New Orleans Riverside
New Orleans, Louisiana
http://neworleansconference.com/

Support GATA by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

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To contribute to GATA, please visit:

http://www.gata.org/node/16

AttachmentSize MylchreestReport-07-25-2016.pdf759.48 KB

Mike Kosares: In Bankrate survey, 1 in 6 choose gold for 10-year investment

Mon, 07/25/2016 - 15:56

By Michael Kosares
USAGold.com, Centennial, Colorado
Monday, July 25, 2016

One in six investors chose gold as the best place to park money they wouldn't need for more than 10 years -- the same number that chose stocks, according to a recent Bankrate survey. Another 6 percent chose bonds, while 25 percent chose real estate and 23 percent said they would simply bank the money.

To the typical Wall Streeter, these results represent a world turned upside down. CNBC's Jim Cramer took one look at the results and lamented, "As someone who has lived and breathed stocks for most of my life, this is a horrendous finding. But it's not surprising." ...

... For the remainder of the commentary:

http://www.usagold.com/publications/NewsViewsAug2016SPECREPT.html

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Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
Hilton New Orleans Riverside
New Orleans, Louisiana
http://neworleansconference.com/

Support GATA by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Rising prices fail to induce Indians to sell their gold

Sun, 07/24/2016 - 22:49

Gold May Have Rallied High, But Indians Unwilling to Profit From It

By Sutanuka Ghosal
The Times of India, Mumbai
Monday, July 25, 2016

http://economictimes.indiatimes.com/markets/commodities/gold-may-have-ra...

KOLKATA, India -- The rising price of gold since the beginning of 2016 has not enthused Indians to liquidate their household gold to create liquidity. Indians have reduced gold offerings to temples as well.

Gold has appreciated 25 percent from the beginning of this year on the back of geopolitical tensions, Britain's decision to leave the European Union, and the growing expectations that interest rates, which are arguably the primary counterweight to gold, are set to stay lower for longer and could even fall further. ...

... Dispatch continues below ...


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"Despite prices surging ahead and a liquidity crisis being reported, we have not seen Indians selling household gold. Last year, when it touched Rs 29,000, we had seen people offloading old gold. But this year we are not seeing that trend though price is around Rs 31,500-31,800," said Jitendra Jain of Mumbai-based scrap dealing firm Jugrag Kantilal.

The price rise has also affected India's devotion quotient. Gold offerings to many temples have fallen in the recent months, said people associated with temple trusts. "Every day we are seeing a drop in gold offerings," Sanjiv Patil, the chief executive of Mumbai's Shree Siddhivinayak Ganapati Temple Trust, told The Times.

"Even silver offerings have declined after silver prices moved up. In the last one month the drop has been around 10-15 percent for both gold and silver."

Currently, the temple holds 171 kilograms of gold and 3,000 kilograms of silver. It has already deposited 54 kilograms of gold under the government's Gold Monetisation Scheme for five-to-seven-year tenure. "There will be two auctions of temple gold -- one on August 20 and another after Diwali. Whatever gold will be left will be deposited in GMS," Patil said.

At the Tirupati Balaji Temple gold offerings are steady. The spokesperson of the Tirumala Tirupati Devasthanam said: "We have not seen a decline in gold offering. It is steady as of now."

* * *

Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
Hilton New Orleans Riverside
New Orleans, Louisiana
http://neworleansconference.com/

Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:

https://jeffersoncompanies.com/landing/2014-av-powell

Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

China mines gold uneconomically because it plans to boost the price, Leeb says

Sun, 07/24/2016 - 12:08

11:07a Sunday, July 24, 2016

Dear Friend of GATA and Gold:

Fund manager Stephen Leeb tells King World News that China is mining much low-grade gold uneconomically and he figures it's because the Chinese government aims to drive the gold price way up. An excerpt from Leeb's interview is posted at KWN here:

http://kingworldnews.com/china-is-planning-to-shock-the-world-by-pushing...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

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When It Bursts, Bullion Owned in the Safest Way Will Protect Wealth

With GoldCore you can own allocated -- and most importantly -- segregated coins and bars in Switzerland, Singapore, and Hong Kong.

Switzerland, Singapore, and Hong Kong remain extremely safe jurisdictions for storing bullion. Avoid exchange-traded funds and digital gold providers where you are a price taker. Ensure that you are outright legal owner of your bullion. If you do not own segregated bullion that you can visit, inspect, and take delivery of, you are exposed.

Crucial guides to storage in Singapore and Switzerland can be read here:

http://info.goldcore.com/essential-guide-to-storing-gold-in-singapore

http://info.goldcore.com/essential-guide-to-storing-gold-in-switzerland

GoldCore does not report transactions to any authority. Safety, privacy, and confidentiality are paramount when we are entrusted with storage of our clients' precious metals.

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UK: +44(0)203-086-9200. U.S.: +1-302-635-1160. International: +353(0)1-632-5010.

Visit us at: http://www.goldcore.com

Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
Hilton New Orleans Riverside
New Orleans, Louisiana
http://neworleansconference.com/

Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:

https://jeffersoncompanies.com/landing/2014-av-powell

Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

The magic charts of technical analysis can't penetrate central bank trading rooms

Thu, 07/21/2016 - 17:37

4:42p ET Thursday, July 21, 2016

Dear Friend of GATA and Gold:

With his commentary written yesterday, "Damn Manipulators," posted today at GoldSeek and Gold-Eagle --

http://news.goldseek.com/GoldSeek/1469110080.php

http://www.gold-eagle.com/article/damn-manipulators

-- was Elliott Wave Trader's Avi Gilburt sneering about GATA?

Gilburt wrote of yesterday's trading: "As the metals market dropped today, I am quite certain that the evil manipulators have become the talk of the town once again. No one speaks of them when we are rising, because that is how the market is supposed to move (cough, cough). But now that we have dropped, it is 'clear' that it must be manipulation."

Gilburt adds that yesterday's smashing of gold and silver was ordinary market action predicted by his magic charts of technical analysis -- and maybe it was. But how does he or anyone outside central banking know that the market action had nothing to do with government intervention? Can Gilburt's charts penetrate the trading rooms of the Federal Reserve Bank of New York, the Bank of England in London, the Banque de France in Paris, the International Monetary Fund in Washington, and the Bank for International Settlements in Basle?

... Dispatch continues below ...


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NuLegacy Reports First Set of 2016 Drill Results

Company Announcement
Thursday, July 21, 2016

RENO, Nevada -- NuLegacy Gold Corp. is pleased to report assay results for the first 10 holes of the 40-plus hole (10,000-meter) 2016 exploration program on its 100-percent-owned Iceberg oxide gold deposit. The primary target is the shallow Carlin-style oxidized gold mineralization within the 3-kilometer-long and half-kilometer-wide Iceberg gold deposit in the Cortez gold-trend of north-central Nevada.

Eight of the 10 holes were drilled to expand the footprint of the 90-110 million-tonne exploration target of 0.9 to +1.1 grams of gold per tonne within the Iceberg deposit -- four into the central zone and four into the north zone, while two were scout holes.

Dr. Roger Steininger comments: "Holes RHB-72 and 73 have encountered some of the longest intervals of continuous gold mineralization on the property to date, and indicate the potential for a distinct gold deposit of sizable dimensions to the west of and down dip from the central zone." ...

... For the remainder of the announcement:

http://nulegacygold.com/s/News.asp?ReportID=756708

Of course GATA has no entree into those trading rooms either. But we have compiled some documents from the institutions that run the trading rooms, confirming that they are heavily and surreptitiously intervening in the gold market or in facilitating the surreptitious intervention of other central banks and government agencies:

http://www.gata.org/node/14839

According to the director of market operations for the Banque de France, Alexandre Gautier, this surreptitious trading occurs "nearly on a daily basis":

http://www.gata.org/node/13373

Since central banks have the power to create infinite money, why would they bother holding and trading gold, except as has been confirmed candidly by the annual reports of the Reserve Bank of Australia -- "primarily to facilitate policy operations in the foreign exchange market"?:

http://www.rba.gov.au/publications/annual-reports/rba/2015/pdf/2015-repo...

Gilburt is mistaken again when he writes that "no one" speaks about gold market manipulation when the price is rising. For many years, with the price rising and the price falling, GATA has addressed the possibility of an upward revaluation of gold by central banks, another form of market manipulation.

For example, since 2007 GATA often has called attention to the 2006 paper on this subject by the Scottish economist Peter Millar, who argued that central banks will have to revalue gold upward by as much as 700 percent to avert a catastrophic debt deflation:

http://www.gata.org/node/4843

We also often have called attention to the 2012 study by the American economists and fund managers Paul Brodsky and Lee Quaintance, who maintain that the major central banks are engaged in redistributing world gold reserves among themselves in advance of such an upward revaluation:

http://www.gata.org/node/11373

And we often have called attention to the 2008 appearance on Business News Network in Canada by former Federal Reserve Governor Lyle Gramley, in which he asserted that the Fed might reliquefy itself by upwardly revaluing gold:

http://www.gata.org/node/6989

Yes, manipulation of the gold market by central banks can be up as well as down, and since it defeats free markets either way, it's objectionable either way.

Odds are that since they are the biggest participants in the gold market, central banks know a lot more about the origin of yesterday's price smash than Gilburt's magic charts know. The central banks aren't telling and Gilburt isn't asking them and making a point of their refusal to answer, since it might be very bad for his newsletter business if anyone outside central banking knew exactly how central banks were intervening at any moment. For then people also would know that the data Gilburt is analyzing is no more genuine than Pokemon characters.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

* * *

Join GATA here:

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Wednesday-Saturday, October 26-29, 2016
Hilton New Orleans Riverside
New Orleans, Louisiana
http://neworleansconference.com/

Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:

https://jeffersoncompanies.com/landing/2014-av-powell

Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

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Alasdair Macleod: The real message from asset inflation is currency collapse

Thu, 07/21/2016 - 14:01

By Alasdair Macleod
GoldMoney.com, St. Helier, Jersey, Channel Islands
Thursday, July 21, 2016

The earliest signs are developing of hyperinflation, more correctly described as a collapse of the purchasing power of all the major government currencies.

Central bankers are almost certainly unaware of this danger, partly because their chosen statistics fail to capture it, but mostly because conventional monetary economic theory is lacking in this regard.

This article draws on the evidence of extreme overvaluations in equities and bonds worldwide, and concludes the explanation lies increasingly in a greater perception of risk against holding cash, or bank deposits. Risk relationships between cash and assets are inverting, due to failing monetary policies and escalating counterparty risk with the banks. ...

... For the remainder of the commentary:

https://www.goldmoney.com/research/goldmoney-insights/the-real-message-f...


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NuLegacy Reports First Set of 2016 Drill Results

Company Announcement
Thursday, July 21, 2016

RENO, Nevada -- NuLegacy Gold Corp. is pleased to report assay results for the first 10 holes of the 40-plus hole (10,000-meter) 2016 exploration program on its 100-percent-owned Iceberg oxide gold deposit. The primary target is the shallow Carlin-style oxidized gold mineralization within the 3-kilometer-long and half-kilometer-wide Iceberg gold deposit in the Cortez gold-trend of north-central Nevada.

Eight of the 10 holes were drilled to expand the footprint of the 90-110 million-tonne exploration target of 0.9 to +1.1 grams of gold per tonne within the Iceberg deposit -- four into the central zone and four into the north zone, while two were scout holes.

Dr. Roger Steininger comments: "Holes RHB-72 and 73 have encountered some of the longest intervals of continuous gold mineralization on the property to date, and indicate the potential for a distinct gold deposit of sizable dimensions to the west of and down dip from the central zone." ...

... For the remainder of the announcement:

http://nulegacygold.com/s/News.asp?ReportID=756708


Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
Hilton New Orleans Riverside
New Orleans, Louisiana
http://neworleansconference.com/

Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:

https://jeffersoncompanies.com/landing/2014-av-powell

Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

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TF Metals Report: A timeline for the next rally in gold

Thu, 07/21/2016 - 13:47

12:46p ET Thursday, July 21, 2016

Dear Friend of GATA and Gold:

Patterns of futures market manipulation, the TF Metals Report's Turd Ferguson writes today, suggest a resumption of gold's upward trends in another week or two. Ferguson's commentary is headlined "A Timeline for the Next Rally in Gold" and it's posted at the TF Metals Report here:

http://www.tfmetalsreport.com/blog/7751/timeline-next-rally-gold

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

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NuLegacy Reports First Set of 2016 Drill Results

Company Announcement
Thursday, July 21, 2016

RENO, Nevada -- NuLegacy Gold Corp. is pleased to report assay results for the first 10 holes of the 40-plus hole (10,000-meter) 2016 exploration program on its 100-percent-owned Iceberg oxide gold deposit. The primary target is the shallow Carlin-style oxidized gold mineralization within the 3-kilometer-long and half-kilometer-wide Iceberg gold deposit in the Cortez gold-trend of north-central Nevada.

Eight of the 10 holes were drilled to expand the footprint of the 90-110 million-tonne exploration target of 0.9 to +1.1 grams of gold per tonne within the Iceberg deposit -- four into the central zone and four into the north zone, while two were scout holes.

Dr. Roger Steininger comments: "Holes RHB-72 and 73 have encountered some of the longest intervals of continuous gold mineralization on the property to date, and indicate the potential for a distinct gold deposit of sizable dimensions to the west of and down dip from the central zone." ...

... For the remainder of the announcement:

http://nulegacygold.com/s/News.asp?ReportID=756708


Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
Hilton New Orleans Riverside
New Orleans, Louisiana
http://neworleansconference.com/

Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:

https://jeffersoncompanies.com/landing/2014-av-powell

Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

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To contribute to GATA, please visit:

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Analyze THIS (technically): We don't need back-door nationalization by central banks

Wed, 07/20/2016 - 20:41

Central Banks Must Realise the Last Thing We Need Is Nationalisation by the Back Door

By Matthew W. Lynn
The Telegraph, London
Wednesday, July 20, 2016

http://www.telegraph.co.uk/business/2016/07/20/central-banks-must-realis...

Would you feel comfortable lending money to the mining conglomerate Glencore, a company that only last year came perilously close to imploding? Or Telecom Italia, with its massive exposure to the weakest major economy in the world? Or to Lufthansa, a lumbering beast of an airline just waiting to be eaten alive by new and aggressive low-cost carriers?

Well, perhaps you would, and perhaps you wouldn't. If you are part of the eurozone, however, you don't have any choice.

This week we learned that the European Central Bank (ECB) has been buying bonds in all those companies as part of its latest round of quantitative easing. It is far from alone in pumping money directly into corporations. Over the last few years, the Bank of Japan has been buying equities so furiously it is now one of the biggest stakeholders in Japan Inc. All it will take is one downturn, and it would be no surprise if the Bank of England and the Federal Reserve followed suit.

... Dispatch continues below ...


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But is that really wise? Central banks, which are owned by the state, are going to end up controlling huge swathes of private industry. That is sold as a way of stimulating growth. But it could end up as nationalisation by the back door -- and everything we know about economic history tells us that always ends in disaster.

Having exhausted just about every other way of stimulating some life into the moribund eurozone economy, the ECB has now resorted to pumping cash directly into the corporate sector. It tried loading the banks up with cash, but they are so reluctant to lend it out that the ECB has now started buying corporate bonds instead. It is currently doing so at a rate of 300 million euros a day -- serious money even for the ECB.

Earlier this week it published details of what it has been buying. Most of the major eurozone corporations are there. So are companies from elsewhere, which are eligible so long as the debt is issued through a unit within the euro area. Such is the scale of the programme that prices are dropping and it is getting a lot easier for big corporations to tap the markets for money.

The ECB is far from alone. The Bank of Japan has been buying equities on a massive scale for several years now. It is now a Top 10 shareholder in 90 percent of the companies listed on the Nikkei 225. It is a Top 10 holder of Fast Clothing, which owns the Uniqlo chain, and a Top 3 holder of Yamaha, one of the world's biggest instrument makers.

Plenty of economists will tell you that is simply a clever way of stimulating the economy when interest rates are already zero. The trouble is this, however. Even though the central banks claim they will be completely neutral with their holdings, it is hard to see how that can be true. In fact, there are two problems.

First, what happens in a crisis? Some of the bonds come with what the market makers call “event risk,” and the rest of us would describe as “terrible stuff about to happen at any moment."

For example, the ECB now owns bonds in Volkswagen. As we know, the German car maker is still embroiled in a scandal over cheating on diesel emissions. Where will that end up, and can the business withstand the potential legal costs? No one yet knows. But one thing is clear. If it runs into serious trouble, then the bondholders will end up taking control. And yet the ECB has no mandate to get involved in sorting out VW or any other company.

Next, surely the ECB's choice of purchases is a form of intervention. If it buys a Lufthansa bond, it lowers the cost of capital for that company. That gives it an advantage over its rivals -- say, another EU-based airline such as Ryanair. In many industries, such as airlines or utilities, cheap capital is one of the most crucial factors in whether the business is a success or not.

Whether it likes it or not, the ECB is favouring one or another. Even worse, over time it opens up the bank to cronyism. How long before French or Italian politicians demand that some tottering conglomerate be propped up with cheap cash? It will probably happen before Christmas.

State control of the economy has always been a bad idea. It distorts the playing field, favours political lobbying over competitive excellence, and stops the market from allowing the best-managed businesses with the best products to flourish. Central banks are pushing it through the back door. They argue they are doing so to help revive demand and keep the economy alive. But as with so many of their recent innovations, from zero rates to printing money, the medicine is starting to look a lot worse than the disease.

* * *

Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
Hilton New Orleans Riverside
New Orleans, Louisiana
http://neworleansconference.com/

Support GATA by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

U.S. charges HSBC official in FX rigging probe

Wed, 07/20/2016 - 14:09

By Tom Schoenberg and Patricia Hurtado
Bloomberg News
Wednesday, July 20, 2016

Federal agents surprised an HSBC Holdings executive as he prepared to fly out of New York's Kennedy airport late Tuesday, arresting him for an alleged front-running scheme involving a $3.5 billion currency transaction, according to three people familiar with the matter.

Mark Johnson, HSBC's global head of foreign exchange cash trading in London, was held in a Brooklyn jail overnight and will appear in court Wednesday, one of the people said, asking not to be identified because the details of his arrest aren't public. The U.S. unsealed charges against him and Stuart Scott, the bank's former head of currency trading in Europe, making them the first individuals to be charged in the long-running probe.

The arrest and charges are a coup for the Justice Department, which has struggled to build cases against individuals in its investigation into foreign-exchange trading at global banks. U.S. prosecutors once had so much confidence in the quality of evidence they were gathering thanks to undercover cooperators that in September 2014, then-Attorney General Eric Holder said he expected charges against individuals within months. The U.K. Financial Conduct Authority also found it difficult to make cases against currency traders and announced in March that it was dropping its efforts. ...

... For the remainder of the report:

http://www.bloomberg.com/news/articles/2016-07-20/hsbc-official-said-to-...

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Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:

https://jeffersoncompanies.com/landing/2014-av-powell

Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

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To contribute to GATA, please visit:

http://www.gata.org/node/16

Bank of England considers cutting commercial banks out of the payments system

Wed, 07/20/2016 - 11:14

The Central Bankers' Bold New Idea: Print Bitcoins

By Jon Sindreu
The Wall Street Journal
Tuesday, July 19, 2016

When it comes to bitcoin and digital currencies, central banks might be considering the adage: "If you can’t beat them, join them."

In a research paper published on Monday, economists at the Bank of England advocated that central banks issue their own kind of digital currency. Using the U.S. as a case study, they argued it could give a permanent boost to the economy of around 3%, as well as providing policy makers with more effective tools to tame financial booms and busts. ...

But the main appeal of bitcoin isn't that it's electronic. In fact, most money already is: Only about 5% of money in the economy is physical cash; the rest is bank deposits.

Rather, a digital currency offers a decentralized way to make payments without needing commercial banks to stand in the middle and record the transaction. Payments are validated by other users in a global network of computers and then updated in a shared record known as the blockchain.

Central banks across the developed world, including the Bank of England and the Bank of Canada, are now studying the potential of this technology. Were central banks to issue digital cash and make it available to the public, money would exist electronically outside of bank accounts in digital wallets, much as physical bank notes do. This means households and businesses would be able to bypass banks altogether when making payments to one another. ...

... For the remainder of the report:

http://www.wsj.com/articles/the-central-bankers-bold-new-idea-print-bitc...

... For the Bank of England research paper cited in this report:

http://www.bankofengland.co.uk/research/Documents/workingpapers/2016/swp...

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New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
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New Orleans, Louisiana
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Support GATA by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

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To contribute to GATA, please visit:

http://www.gata.org/node/16

Franklin Sanders interviews 'JPMadoff' author Helen Davis Chaitman

Wed, 07/20/2016 - 09:50

8:46a ET Wednesday, July 20, 2016

Dear Friend of GATA and Gold:

The June edition of coin dealer Franklin Sanders' newsletter, The Moneychanger, has a wonderful interview with financial writer Helen Davis Chaitman, who says that JPMorganChase knew very well that Bernie Madoff's investment fund was a Ponzi scheme but provided Madoff with banking services anyway because he parked between $3 billion and $6 billion at the bank, which the bank was able to use for its own purposes.

Chaitman, author of the book "JPMadoff: The Unholy Alliance between America's Biggest Bank and America's Biggest Crook" --

https://www.amazon.com/JPMadoff-Alliance-between-Americas-Biggest/dp/152...

-- says JPMorganChase is a "criminal institution," an observation market analyst and author James G. Rickards made last week during his appearance on Russia Today's "The Keiser Report." Rickards called JPMorganChase "one of the great criminal enterprises of all time," since the bank has confessed to many illegal operations and has paid billions of dollars in fines:

https://www.youtube.com/watch?v=9x_47_MWDic

Chaitman and Rickards don't seem to have explained why the investment bank keeps getting away with this stuff, but GATA maintains it's because the bank often acts as the agent of the U.S. government in rigging markets -- that JPMorganChase is essentially a U.S. government agency. (Or maybe the U.S. government is a JPMorganChase agency.)

Sanders has kindly given GATA permission to share with you his interview with Chaitman. His letter is posted in PDF format at GATA's Internet site here --

http://www.gata.org/files/MoneychangerJune2016Chaitman.pdf

-- and his Internet site is here:

http://the-moneychanger.com/

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

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Support GATA by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

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AttachmentSize MoneychangerJune2016Chaitman.pdf8.02 MB

BMG commercial exposes weakness of 'paper gold'

Tue, 07/19/2016 - 15:30

2:28p ET Tuesday, July 19, 2016

Dear Friend of GATA and Gold:

In the end it's a commercial for gold dealer Bullion Management Group in Canada, but getting there is half the fun as it makes the point that "paper gold" really isn't gold at all. "In case of fire," the commercial asks, "which would you rather have -- a fire extinguisher or a picture of one?" The commercial is 3 minutes and 48 seconds long and it's posted at YouTube here:

https://www.youtube.com/watch?v=3vAGG6ghUvA

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

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Camino Minerals Options the Los Chapitos Project in Peru
and Reports Initial Surface Chip Sample Results

Company Announcement
via Yahoo Finance
Tuesday, July 19, 2016

VANCOUVER, British Columbia, Canada -- Camino Minerals Corp. (COR:TSX-V) announces the signing of the final agreement with Minas Andinas SA, pursuant to which Camino can acquire through a wholly owned subsidiary, Camino Resources SAC, a 100-percent interest in the Los Chapitos project. The property has been expanded by the company and now consists of 10 claims, totaling 12,300 acres and is located 15 kilometers north of the coastal city of Chala, Department of Arequipa, Peru.

Los Chapitos is located in the Peruvian iron oxide copper-gold belt and hosts two mineralized trends. On the western side of the property, small-scale mining was active in the 1940s and '50s that produced high-grade copper oxide mineralization from the Atajo zone. These historical surface workings define a strike length of at least 400 meters. The company completed two chip sample lines across the middle of the zone that returned a length weighted average of 2.10 percent copper and 9.4 grams-per-tonne silver over 38 meters, and 1.57 percent copper and 3.5 grams per tonne silver across 64 meters. The Atajo zone is open along strike and at depth. ...

... For the remainder of the announcement:

http://finance.yahoo.com/news/camino-minerals-signs-agreement-option-100...


Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
Hilton New Orleans Riverside
New Orleans, Louisiana
http://neworleansconference.com/

Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:

https://jeffersoncompanies.com/landing/2014-av-powell

Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

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To contribute to GATA, please visit:

http://www.gata.org/node/16

Ted Butler: The greatest lie ever told

Mon, 07/18/2016 - 20:12

7:10p ET Monday, July 18, 2016

Dear Friend of GATA and Gold:

Silver market analyst and manipulation foe Ted Butler writes today that the concentration of the short position in the silver futures market is proof of the manipulation that has been perpetrated there for decades -- and that it can be beaten even if the U.S. Commodity Futures Trading Commission continues to fail to protect investors. Butler's analysis is headlined "The Greatest Lie Ever Told" and it's posted at GoldSeek's companion site, SilverSeek, here:

http://www.silverseek.com/commentary/greatest-lie-ever-told-15774

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

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Simply go to MoneyMetals.com and type "GATA" in the radio box at the top of the page.

This special silver offer contains 4 ounces of silver coins and rounds in the most popular 1-ounce, half-ounce, and 10th-ounce forms. Claim yours now, because GATA readers get employee pricing and free shipping.

So go to --

http://MoneyMetals.com

-- and type "GATA" in the radio box at the top of the page.

Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
Hilton New Orleans Riverside
New Orleans, Louisiana
http://neworleansconference.com/

Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:

https://jeffersoncompanies.com/landing/2014-av-powell

Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

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