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Updated: 7 hours 32 min ago

USAGold: U.S. Mint suspends sale of silver eagle coins

Tue, 07/07/2015 - 15:33

2:32p ET Tuesday, July 7, 2015

Dear Friend of GATA and Gold:

USAGold in Denver reports today that the U.S. Mint has suspended sale of U.S. silver eagle coins:

http://www.usagold.com/cpmforum/2015/07/07/mint-suspends-american-silver...

This is another of the counterintuitive things that happen when central banks try to smash down the price of monetary metals. If, as the silver futures market is proclaiming today, silver is so darned plentiful and cheap, why are the silver coins disappearing from the mint? Why aren't they turning up as the prize in Crack Jack boxes?

One thing is certain: None of this will spark any curiosity among mainstream financial journalists.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, October 28-31, 2015

http://noic2015.eventbrite.com/?aff=gata

The Silver Summit and Resource Expo 2015
Hyatt Regency Hotel, San Francisco
Monday-Tuesday, November 23-24, 2015

http://cambridgehouse.com/event/50/the-silver-summit-and-resource-expo-2...

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 by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

TF Metals Report: Commodity collapse

Tue, 07/07/2015 - 14:15

1:14p ET Tuesday, July 7, 2015

Dear Friend of GATA and Gold:

The TF Metals Report's Turd Ferguson today attempts some technical analysis of the crash in commodity prices but qualifies it this way: "We keep repeating the mantra 'there are no markets, just interventions,' and, if that's the case, maybe all my old tried-and-true methods are now obsolete."

Ferguson adds: "In the end, if you still believe that the entire global market structure is a fraud with limited lifespan, then the ability to convert fiat and stack physical metal at these depressed paper prices is a gift, not a disaster."

Of course it would be a much more valuable gift for people in their 20s and 30s than for people in their 60s and 70s. Indeed, for the latter group it could look more like another ripoff.

Ferguson's commentary is headlined "Commodity Collapse" and it's posted at the TF Metals Report here:

http://www.tfmetalsreport.com/blog/6974/commodity-collapse

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, October 28-31, 2015

http://noic2015.eventbrite.com/?aff=gata

The Silver Summit and Resource Expo 2015
Hyatt Regency Hotel, San Francisco
Monday-Tuesday, November 23-24, 2015

http://cambridgehouse.com/event/50/the-silver-summit-and-resource-expo-2...

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 by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

Don't keep monetary metals in bank safe-deposit boxes, Turk warns

Tue, 07/07/2015 - 13:21

12:20p ET Tuesday, July 7, 2015

Dear Friend of GATA and Gold:

Government intervention in markets always makes things worse, GoldMoney founder and GATA consultant James Turk tells King World News today, adding that as the world financial system teeters, gold and silver owners better not be keeping their metal in bank safe-deposit boxes. An excerpt from Turk's interview is posted at the KWN blog here:

http://kingworldnews.com/another-terrifying-global-collapse-is-imminent/

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, October 28-31, 2015

http://noic2015.eventbrite.com/?aff=gata

The Silver Summit and Resource Expo 2015
Hyatt Regency Hotel, San Francisco
Monday-Tuesday, November 23-24, 2015

http://cambridgehouse.com/event/50/the-silver-summit-and-resource-expo-2...

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 by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

Dave Kranzler: Gold and silver are paper-slammed -- Is the system collapsing?

Tue, 07/07/2015 - 13:05

12:04p ET Tuesday, July 7, 2015

Dear Friend of GATA and Gold:

Dave Kranzler of Investment Research Dynamics today notes the latest "paper slam" of monetary metals prices and wonders if the world financial system is collapsing.

Kranzler writes: "How is it that day after day gold and silver get smashed when the New York Comex floor trading opens? Does it seem odd that all of a sudden, nearly every day for the last four-plus years at 8:20 a.m. ET all the world decides to unload paper gold and silver positions?

"How is it at all possible that the prices of gold and silver are collapsing like this when China has imported a record amount of gold in the first half of 2015? China and India combined are importing more gold than is being produced on a daily basis. India is importing by far a record amount of physical silver. These countries require the physical delivery of the metal they buy. It's not good enough for the bullion banks to offer free vault storage in London or New York. The misrepresentation of the true, intrinsic price of gold and silver by the New York and London paper markets is perhaps the greatest fraud in history.

"The criminality operating in the U.S. financial markets has become pervasive. The markets just ooze with unfettered theft and wealth confiscation. The government doesn't just 'look the other way.' The government is the criminal cartel. ..."

Kranzler's commentary is headlined "Gold and Silver Are Paper-Slammed -- Is the System Collapsing?" and it's posted at the Investment Research Dynamics Internet site here:

http://investmentresearchdynamics.com/gold-and-silver-are-paper-slammed-...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, October 28-31, 2015

http://noic2015.eventbrite.com/?aff=gata

The Silver Summit and Resource Expo 2015
Hyatt Regency Hotel, San Francisco
Monday-Tuesday, November 23-24, 2015

http://cambridgehouse.com/event/50/the-silver-summit-and-resource-expo-2...

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 by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

Chinese trading suspensions freeze $1.4 trillion of shares amid rout

Tue, 07/07/2015 - 12:35

By Fox Hu
Bloomberg News
Tuesday, July 7, 2015

Chinese companies have found a guaranteed way to prevent investors from selling their shares: suspend trading.

Almost 200 stocks halted trading after the close on Monday, bringing the total number of suspensions to 745, or 26 percent of listed firms on mainland exchanges, according to data compiled by Bloomberg. Most of the halts are by companies listed in Shenzhen, which is dominated by smaller businesses.

The suspensions have locked up $1.4 trillion of shares, or 21 percent of China's market capitalization, and are becoming increasingly popular as equity prices tumble. If not for the halts, a 28 percent plunge in the Shanghai Composite Index from its June 12 peak would probably be even deeper.

"Their main objective is to prevent share prices from slumping further amid a selling stampede," said Chen Jiahe, a strategist at Cinda Securities Co. ...

... For the remainder of the report:

http://www.bloomberg.com/news/articles/2015-07-07/chinese-trading-halts-...

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Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, October 28-31, 2015

http://noic2015.eventbrite.com/?aff=gata

The Silver Summit and Resource Expo 2015
Hyatt Regency Hotel, San Francisco
Monday-Tuesday, November 23-24, 2015

http://cambridgehouse.com/event/50/the-silver-summit-and-resource-expo-2...

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 by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

Koos Jansen: China rapidly changing international gold market

Tue, 07/07/2015 - 09:38

8:35a ET Tuesday, July 7, 2015

Dear Friend of GATA and Gold:

China, gold researcher and GATA consultant Koos Jansen writes today, is changing the international gold market as part of a detailed plan to move pricing power from West to East. Jansen details the plan in commentary headlined "China Rapidly Changing International Gold Market" and it's posted at Bullion Star here:

https://www.bullionstar.com/blogs/koos-jansen/china-rapidly-changing-int...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, October 28-31, 2015

http://noic2015.eventbrite.com/?aff=gata

The Silver Summit and Resource Expo 2015
Hyatt Regency Hotel, San Francisco
Monday-Tuesday, November 23-24, 2015

http://cambridgehouse.com/event/50/the-silver-summit-and-resource-expo-2...

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 by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

Bloomberg ignores request to examine central bank intervention against gold

Mon, 07/06/2015 - 23:56

10:53p ET Monday, July 6, 2015

Dear Friend of GATA and Gold:

Neither Bloomberg News columnist Barry Ritholtz nor his editor, Mark Berley, has responded to your secretary/treasurer's e-mail to them of last Wednesday, in response to Ritholtz's latest commentary disparaging gold's price performance, asking them to examine the documentation of surreptitious intervention in the gold market by central banks:

http://www.gata.org/node/15506

Indeed, tonight Bloomberg has followed with another report purporting to analyze the gold market without inquiring into the activity of the market's biggest participants, central banks:

http://www.bloomberg.com/news/articles/2015-07-06/gold-gets-ignored-in-g...

These are simply not honest and honorable journalists but rather -- and knowingly -- regime propagandists and disinformation specialists. Put specific questions to them about specific documents and evidence and, like the government officials they serve, they clam up. We just have to keep confronting these impersonators. Eventually we'll find one capable of shame.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, October 28-31, 2015

http://noic2015.eventbrite.com/?aff=gata

The Silver Summit and Resource Expo 2015
Hyatt Regency Hotel, San Francisco
Monday-Tuesday, November 23-24, 2015

http://cambridgehouse.com/event/50/the-silver-summit-and-resource-expo-2...

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 by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

Koos Jansen: How much are Chinese gold reserves?

Mon, 07/06/2015 - 13:45

12:45p ET Monday, July 6, 2015

Dear Friend of GATA and Gold:

China's government gold reserves are not to be confused with the country's reserves of unmined metal, gold researcher and GATA consultant Koos Jansen notes today, correcting widespread misunderstanding of a recent presentation by the head of the China Gold Association. Jansen's commentary is headlined "How Much Are Chinese Gold Reserves?" and it's posted at Bullion Star here:

https://www.bullionstar.com/blogs/koos-jansen/how-much-are-chinese-gold-...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, October 28-31, 2015

http://noic2015.eventbrite.com/?aff=gata

The Silver Summit and Resource Expo 2015
Hyatt Regency Hotel, San Francisco
Monday-Tuesday, November 23-24, 2015

http://cambridgehouse.com/event/50/the-silver-summit-and-resource-expo-2...

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 by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

Chinese hedge fund Shanghai Chaos closes out copper short

Sun, 07/05/2015 - 21:42

By Henry Sanderson
Financial Times, London
Sunday, July 5, 2015

A Chinese hedge fund that made a huge bet against copper has closed out its entire position in the metal, as the selloff in the country’s stock market forces investors to pull money out of other markets.

A unit of Shanghai Chaos, a fund that held the biggest short position in Shanghai copper, was no longer in the top 20 holders of short copper contracts Friday, data from the Shanghai Futures Exchange showed.

Chinese hedge funds rely on retail investors much more than their Western counterparts. It is not clear whether Shanghai Chaos made the copper move as a trading decision or because it needed to return money to investors. ...

... For the remainder of the report:

http://www.ft.com/intl/cms/s/0/aadf1092-2193-11e5-ab0f-6bb9974f25d0.html

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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

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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
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, October 28-31, 2015

http://noic2015.eventbrite.com/?aff=gata

The Silver Summit and Resource Expo 2015
Hyatt Regency Hotel, San Francisco
Monday-Tuesday, November 23-24, 2015

http://cambridgehouse.com/event/50/the-silver-summit-and-resource-expo-2...

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 by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

Derivatives will shake world financial system and central banks, von Greyerz tells KWN

Sun, 07/05/2015 - 21:36

8:36p ET Sunday, July 5, 2015

Dear Friend of GATA and Gold:

The explosive growth in derivatives held by banks threatens to cause an explosion that central banks will try to forestall by creating nearly infinite money, only to fail as the world financial system collapses, gold fund manager Egon von Greyerz tells King World News today. His interview is excerpted at the KWN blog here:

http://kingworldnews.com/the-bis-is-trying-to-hide-the-terrifying-nightm...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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GoldMoney was established in 2001 by James and Geoff Turk and is safeguarding more than $1.7 billion in metals and currencies. Buy gold, silver, platinum, and palladium from GoldMoney over the Internet and store them in vaults in Canada, Hong Kong, Singapore, Switzerland, and the United Kingdom, ­taking advantage of GoldMoney's low storage rates, among the most competitive in the industry. GoldMoney also offers delivery of 100-gram and 1-kilogram gold bars and 1-kilogram silver bars. To learn more, please visit:

http://www.goldmoney.com/?gmrefcode=gata


Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, October 28-31, 2015

http://noic2015.eventbrite.com/?aff=gata

The Silver Summit and Resource Expo 2015
Hyatt Regency Hotel, San Francisco
Monday-Tuesday, November 23-24, 2015

http://cambridgehouse.com/event/50/the-silver-summit-and-resource-expo-2...

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 by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

Join GATA as the Silver Summit moves to San Francisco Nov. 23-24

Sun, 07/05/2015 - 21:22

8:20p ET Sunday, July 5, 2015

Dear Friend of GATA and Gold:

After several years in Spokane, Washington, Cambridge House's annual Silver Summit conference is moving to San Francisco, which has its own distinct mining heritage, and is broadening itself to become the Silver Summit and Resource Expo 2015.

The conference will be held Monday and Tuesday, November 23 and 24, at the spectacular Hyatt Regency hotel at Embarcadero Center and will feature dozens of resource company exhibitors as well as expert speakers, including Rick Rule of Sprott U.S. Holdings; newsletter writer and fund manager Marin Katusa, lately of Casey Research; David Morgan of Silver-Investor.com; Peter Spina of GoldSeek.com; Pan American Silver CEO Ross Beatty; and GATA Chairman Bill Murphy.

While the resource sector is fighting its way out of ruthless price suppression engineered by central banks, things will be turning around, and the time to learn about opportunities in the sector is when it's not popular. And of course San Francisco is a city where it's hard not to have a good time.

For more information about the conference, including registration, please visit the Cambridge House Internet site here:

http://cambridgehouse.com/event/50/the-silver-summit-and-resource-expo-2...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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The Silver Summit and Resource Expo 2015
Hyatt Regency Hotel, San Francisco
Monday-Tuesday, November 23-24, 2015

http://cambridgehouse.com/event/50/the-silver-summit-and-resource-expo-2...

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

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Zero Hedge: Citigroup just cornered the silver market

Sat, 07/04/2015 - 22:39

9:37p ET Saturday, July 4, 2015

Dear Friend of GATA and Gold:

Zero Hedge reports tonight that further analysis of the latest quarterly report of the U.S. Office of the Comptroller of the Currency discloses that precious metals derivatives, excluding gold, held by Citigroup have exploded and that the investment bank likely has cornered the silver market, which likely explains the metal's failure to respond to the international financial turmoil, just as gold has failed to respond to it. The big question, Zero Hedge notes, is: Who is Citigroup's counterparty?

Here's betting the U.S. Treasury Department and Federal Reserve know but won't be telling.

Zero Hedge's report is headlined "Citigroup Just Cornered the 'Precious Metals' Derivatives Market" and it's posted here:

http://www.zerohedge.com/news/2015-07-04/why-did-citigroups-precious-met...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, October 28-31, 2015

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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 by purchasing a colorful GATA T-shirt:

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http://gata.org/node/wallstreetjournal

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Koos Jansen: Global financial turmoil, gold price doesn't move

Sat, 07/04/2015 - 21:43

8:45p ET Saturday, July 4, 2015

Dear Friend of GATA and Gold:

Gold researcher and GATA consultant Koos Jansen marvels tonight at the failure of gold to respond to financial turmoil around the world.

"This smells like market rigging," Jansen writes. "Surely the last thing the authorities need at this moment is gold on the move. Various media and bullion dealers report demand for physical gold in Europe is strong. Walter Hell-Hoflinger, owner of a gold shop in Austria, stated: 'The critical thinkers have lost faith in politicians, their currencies, and the media. The price of gold is actually artificial.'"

Jansen's commentary is headlined "Global Financial Turmoil, Gold Price Doesn't Move" and it's posted at Bullion Star here:

https://www.bullionstar.com/blogs/koos-jansen/global-financial-turmoil-g...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, October 28-31, 2015

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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

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http://gata.org/node/wallstreetjournal

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All major central banks strive to suppress gold, trends forecaster Celente tells KWN

Sat, 07/04/2015 - 21:33

8:32p ET Saturday, July 4, 2015

Dear Friend of GATA and Gold:

Government currencies are always battling against gold and all major central banks are desperate to keep the monetary metal's price down as their Ponzi-type management of the world financial system collapses, trends forecaster Gerald Celente tells King World News today. Celente's interview is excerpted at the KWN blog here:

http://kingworldnews.com/gerald-celente-the-great-panic-is-now-on-throug...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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New Orleans Investment Conference
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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 by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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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Petropavlovsk's Hambro just can't figure out gold's fall -- or so he says

Sat, 07/04/2015 - 11:55

Peter Hambro's Nightmare When His Russian Gold Miner Nearly Went Out of Business

By Andrew Critchlow
The Telegraph, London
Saturday, July 4, 2015

http://www.telegraph.co.uk/finance/newsbysector/industry/mining/11718061...

From his Mayfair office overlooking the gardens of Buckingham Palace, Peter Hambro, the scion of the storied City banking dynasty, is in reminiscent mood.

Earlier this year he nearly lost control of Petropavlovsk -- the Russian gold mining company he helped to create over 20 years ago with his friend Pavel Maslovskiy.

A collapse in the prices of precious metals nearly forced it out of business but the company was saved at the eleventh hour when shareholders approved a rights issue.

... Dispatch continues below ...


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Gold is in Mr Hambro's blood and, to illustrate his belief in its enduring value despite its fluctuating price, he pulls out of his pocket a money clip. Fashioned from two American gold coins, the clip once belonged to his late father who had established the family name in merchant banking circles following the Second World War.

According to Mr Hambro, his father who had once banked Sheikh Shakbut bin Sultan al-Nahyan,the ruler of oil-rich Abu Dhabi in the 1960s, carried the precious clip everywhere he travelled following the war. His reasoning was that, no matter what the circumstances, the value of the gold in the clip would always outweigh the currency it held and, therefore, be enough to buy him safe passage back to Britain from anywhere in the world.

"If I was in Athens now and I had a few gold sovereigns I would be feeling a hell of a lot happier than if I was relying on my euros in a bank, or my ability to get it out of a cash machine," said Mr Hambro.

However, his deep-rooted belief in gold was also the reason for his near undoing. Petropavlovsk -- which up until 2009 was known as Peter Hambro Mining -- has been one of the biggest victims of the collapse in the price of gold from a peak above $1,900 per ounce to its current levels around $1,200 per ounce.

The company, which is listed on the London market, had borrowed hundreds of millions of pounds and invested heavily in the development of a Malomir deposit in Siberia.

The mine has an abundance of refractory ore, which is relatively cheap to extract but expensive to process, requiring the use of pressure oxidation plants to transform it into gold.

"We were certain that the gold price was going up, which it did. We wanted to increase our production. We spent a lot of money increasing capacity. One of the things we saw was that the world was running out of easy-to-process ore," he said.

Mr Hambro sold the idea to investors on the basis of the gold price continuing its upward trajectory, and when it went into reverse the company had to perform an about-turn on its plans.

"Nothing that we did was illogical," he said. "We thought it through, but we got it wrong. The gold price just crashed. I had told the world that gold was going to $2,000 per ounce and I wasn't far wrong, but when it came down it went thumping down. The momentum of it got away from us. We didn't pack up, we carried on and turned things around from refractory to non-refractory and basically did our best to make it work and eventually we had to put our own money in to do that."

The financial costs of the mistake have been crippling for both the company and Mr Hambro, who puts his own losses from the debacle in the region of "hundreds of millions." Shareholders have also suffered. Petropavlovsk's shares are down almost 50 percent so far this year at around 7 1/2 pence. At its 2010 height, the miner's share price nudged L13.50.

"What I have said to equity holders is that this has been effectively 21 years of my life. For the first eight years I worked for free and I put my own money into it with Pavel [Maslovskiy]. I was 50 when I started this and I'm now 70. What I built got destroyed," he said.

According to Mr Hambro -- who originally ventured beyond the Iron Curtain in the Cold War era to broker gold deals with the former Soviet Union -- at its peak Petropavlovsk had an enterprise value of around $4 billion (L2.5 billion) and net debt of around $500 million.

Now the company's enterprise value stands at around $1 billion and debts of $700 million, a far more worrying ratio for investors to absorb, especially when gold prices show little sign of returning to their previous highs.

"It was just a black hole. Everything was disappearing and there was nothing we could do to stop it until the very last minute when we said, 'OK, we will do a debt-for-equity swap with the bondholders,' and Pavel, myself, and our other partner put our hands in our pockets and after that we were safe again," said Mr Hambro.

Adding to his problems caused by the plummeting gold price, economic sanctions imposed on Russia by the West have complicated the company's dealing with its bankers.

"They have had collateral effects rather than a direct impact. It's very difficult to get an American investor or a Canadian investor interested. Not that bad for equity but very bad for debt. In terms of our relationship with the banks, they have problems with interbank lending, which makes things difficult," said Mr Hambro.

Despite nearly losing control of the company in an episode, which Mr Hambro admits left him genuinely "scared," he has lost none of his enthusiasm for Petropavlovsk and turning the company around.

The company is producing around 680,000 ounces of gold per year and its guidance for the next five years is for output to remain at around 600,000 ounces, which will generate significant cash flow.

"I couldn't walk away. I'm captain of the ship and I would have to go down with it. I'm just that kind of guy. I come from a long line of people who have behaved well. My father, mother, grandparents, great grandparents would not have been happy if I had done anything else," said Mr Hambro.

Based on gold remaining within its current range, Mr Hambro is confident of maintaining a margin of $500 on every ounce that the company can produce, which is equivalent to around $300m of cash flow. "Our inherent strength is that we are in an area with a fantastic amount of gold," he said.

Provided that there isn't another major dip in gold prices, this should mean that Petropavlovsk could be debt free by 2019. Restoring the enterprise value of the business, he says, is his "number one" priority.

"It's equity shareholders who have taken the beating. What we have got to do now is pay off that debt because we have spent all the money on new plant and equipment and our capital costs going forward are very low," he said.

Given the growing economic uncertainty in Europe and the recent crash of the Chinese stock markets, the likelihood is growing of gold prices rising again as investors search for safe-haven assets.

However, Mr Hambro questions just how much gold is actually in circulation, making it hard to predict prices of the precious metal.

"For some reason I don't understand why gold has reacted the way you would think it would react. Gold has gone back into the hands of governments, particularly in China and Russia. China has encouraged people to go out and buy gold.

"The Shanghai exchange has shipped an incredible amount of gold to the Chinese people but where that has come from I don’t know. The fact it takes five years for the German central bank to get its gold back from the Federal Reserve is very strange. If it's really there, it should be possible to deliver much more quickly than that," he said.

Immaculately dressed as he sits in his oak-panelled office with walls adorned by his own watercolour paintings of the English coastline, Mr Hambro, who has spent a lifetime working in and around the City, shakes his head at some of the financial scandals that have rocked the public's confidence in business. He is also aghast at the bonus culture, which continues to dominate how business is done in the Square Mile.

"I grew up in a City family. The City was a small village when I started where everyone knew everyone and in my view it was very well regulated. There were no rules, but people understood that they had to behave properly and they did. I didn’t get a bonus for most of my City career. It wasn't something you relied on.

"You lived on your salary and people lived really, really well," he said.

* * *

Join GATA here:

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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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Central banks desperately capping monetary metals, Maguire tells KWN

Sat, 07/04/2015 - 11:40

10:40a ET Saturday, July 4, 2015

Dear Friend of GATA and Gold:

In his new interview with King World News, London metals trader Andrew Maguire says central banks have been short-selling the monetary metals in recent days in a desperate attempt to avoid another "Lehman moment" in the world financial system and the collapse of gold, silver, and currency derivatives and the banks holding them, causing the counterintuitive action in gold and silver prices. The interview can be heard at the KWN Internet site here:

http://kingworldnews.com/andrew-maguire-says-short-selling-of-gold-and-s...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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GoldCore's O'Byrne cites gold suppression in interview with Max Keiser

Fri, 07/03/2015 - 23:47

10:46p ET Friday, July 3, 2015

Dear Friend of GATA and Gold:

GoldCore proprietor Mark O'Byrne this week joined Max Keiser on Russia Today's "Keiser Report," discussing the suppression of gold prices with derivatives, the Texas public university system's plan to repatriate its gold from New York, and the possible restoration of gold as international currency. The interview is summarized and available in video at GoreCore's Internet site here --

http://www.goldcore.com/us/gold-blog/max-keiser-interviews-goldcores-mar...

-- with the segment with O'Byrne beginning at the 12:30 mark.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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

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

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Potential for short squeeze in silver is greater than ever, Maguire tells KWN

Fri, 07/03/2015 - 22:49

9:48p ET Friday, July 3, 2015

Dear Friend of GATA and Gold:

London metals trader tells Andrew Maguire tells King World News today that the weak hands in the silver market are now so short that the potential for a short squeeze has never been greater. His interview is excerpted at the KWN blog here:

http://kingworldnews.com/andrew-maguire-the-price-of-silver-is-set-to-sk...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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Greek banks prepare plan to raid deposits to avert collapse

Fri, 07/03/2015 - 22:35

By Kerin Hope
Financial Times, London
Friday, July 3, 2015

ATHENS, Greece -- Greek banks are preparing contingency plans for a possible "bail-in" of depositors amid fears the country is heading for financial collapse, bankers and businesspeople with knowledge of the measures said on Friday.

The plans, which call for a "haircut" of at least 30 per cent on deposits above E8,000, sketch out an increasingly likely scenario for at least one bank, the sources said.

A Greek bail-in could resemble the rescue plan agreed by Cyprus in 2013, when customers' funds were seized to shore up the banks, with a haircut imposed on uninsured deposits over E100,000. ...

... For the remainder of the report:

http://www.ft.com/intl/cms/s/0/9963b74c-219c-11e5-aa5a-398b2169cf79.html

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

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India considers ending import curbs on gold-silver alloy

Fri, 07/03/2015 - 12:54

By Neha Dasgupta and Manoj Kumar
Reuters
Friday, July 3, 2015

The Reserve Bank of India and the finance ministry are in talks to scrap bulk import licences for a gold-silver alloy used by domestic refiners, months after relaxing curbs on gold imports, officials with direct knowledge of the discussions told Reuters.

Gold is India's second-highest import in value terms, and a jump in imports widened the current account deficit in 2013, sparking the country's worst currency turmoil since a balance of payments crisis in 1991.

An alloy of gold and silver, called dore, from which refineries produce pure gold, forms about 150 tonnes of imports each year and attracts a duty of 8.24 percent, which is less than the duty of 10.30 percent on refined gold.

The RBI wants to remove all restrictions on refiners while the finance ministry has raised concerns over tax evasion, the sources said. ...

... For the remainder of the report:

http://www.reuters.com/article/2015/07/03/india-gold-economy-idUSL3N0ZJ2...

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