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Updated: 11 hours 22 min ago

UK frauds office launches investigation into Bank of England auctions amid rigging fears

Wed, 03/04/2015 - 20:17

By Andrew Trotman and James Titcomb
The Telegraph, London
Wednesday, March 4, 2015

The Serious Fraud Office has launched an investigation into the Bank of England's money-market auctions amid fears they may have been hit by the rigging scandal that has engulfed the City.

The SFO revealed on Wednesday night that it is "investigating material referred to it by the Bank of England concerning liquidity auctions during the financial crisis in 2007 and 2008."

It is unclear whether the probe, the first targeting the Bank in the SFO's 28-year history, will focus on traders outside the BoE or officials inside the central bank. ...

... For the remainder of the report:

http://www.telegraph.co.uk/finance/economics/11450714/SFO-launches-inves...

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Vancouver Resource Investment Conference
Vancouver Convention Centre West
1055 Canada Place, Vancouver, British Columbia, Cananda
Sunday-Monday, January 18-19,2015

http://cambridgehouse.com/event/33/vancouver-resource-investment-confere...

* * *

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

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 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

Gold has worked for Indians, billionaire investor Thomas Kaplan says

Wed, 03/04/2015 - 09:39

By the Press Trust of India
via The Times of India, Mumbai
Wednesday, March 4, 2015

http://economictimes.indiatimes.com/news/economy/finance/gold-has-worked...

NEW DELHI -- Telling Indians not to buy gold is like asking Americans not to consume liquor, billionaire investor Thomas Kaplan has said.

Appreciating Indians' appetite for gold, Kaplan said the precious metal has historically been a very good way to store wealth for India and pointed out that China is "specifically and overtly" encouraging its people to buy gold.

India is one of the largest consumers of gold in the world and imports as much as 800-1000 tonnes of gold each year.

... Dispatch continues below ...


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"I think trying to ban gold or to ban gold imports, you know, would have about as much success as trying to tell Americans not to drink alcohol. And prohibition did not work and eventually someone had to accept the reality," he told PTI on the sidelines of a CII event when asked whether India's efforts to curb gold imports would work.

Finance Minister Arun Jaitley in Budget 2015-16 had proposed three schemes, including redeemable gold bonds and monetisation scheme, to curb gold imports and monetise large stocks of the precious metal lying idle in the country.

"The price of gold has shown that those Indians who purchased these metals over the years can look back and they can say, you know what, it worked. So, that's what known as positive reinforcement.

"If you tell people, particularly really smart people like Indians that they can't do something that has given them gratification for a very, very long time. They will find another way to get what they want," Kaplan, widely known as gold evangelist, said.

Referring in China, another huge consumer of precious metals, Kaplan said: "I was is Beijing a couple of weeks ago. The Chinese government, specifically and overtly, is encouraging its people to buy gold. They want to buy gold. China is importing almost as much gold as the world's annual production and they like India are sucking it out of West."

Kaplan, who figures in the Forbes 2015 list of world's billionaires, said that when people tell him gold and silver are commodities, he counters them saying they are currencies.

"In the world of massive money printing, they can't be debased. Gold and silver are the only financial assets that you can own that do not represent someone else' liability. When I used to explain that a decade ago, people found that whole concept to be very esoteric," he added.

Referring to the situation faced by Bank of Greece and the Royal Bank of Scotland, Kaplan said with these precious metals one does not have to worry about bankruptcy.

"Then the question is: What is the long-term price? I happen to be bullish and so I believe that the positive reinforcements that the Indians have on precious metals is going to continue," he added.

* * *

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Monday-Friday, March 23-27, 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:

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

Australian Reserve Bank reveals probe into dollar spike ahead of rate announcement

Wed, 03/04/2015 - 09:27

By Sally Rose, Jonathan Shapiro, and Gareth Hutchens
Sydney Morning Herald
Wednesday, March 4, 2015

The Australian Securities and Investments Commission is investigating suspicious trading in foreign exchange markets after the Australian dollar spiked sharply in the seconds before the Reserve Bank of Australia announced its surprise decision to hold interest rates in March.

It is the second month in a row that irregular trading has occurred in the moments before the release of the RBA's monetary policy statement.

The Australian dollar, as valued against the United States dollar, jumped 0.5 percent exactly 37 seconds before the March interest rate decision was released at 2:30 p.m. AEDT on Tuesday, sparking speculation of insider trading. ...

... For the remainder of the report:

http://www.smh.com.au/business/the-economy/reserve-bank-reveals-probe-in...

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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:

http://www.gata.org

To contribute to GATA, please visit:

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

Back in 2012 Brodsky and Quaintance suspected worldwide gold redistribution

Tue, 03/03/2015 - 13:40

1:07p ET Tuesday, March 3, 2015

Dear Friend of GATA and Gold:

Recent assertions by fund manager and geopolitical analyst James G. Rickards that the United States and China are cooperating in suppressing the gold price so that China more easily may obtain enough metal to hedge its grotesque foreign exchange surplus in dollars are not necessarily the first ones along those lines.

As Rickards has held U.S. Defense Department security clearance and was the lawyer for Long-Term Capital Management during the rescue arranged by the Federal Reserve in 1998, he is always worth the closest attention and surely knows more than he can tell without breaching some confidence or even risking assassination.

... Dispatch continues below ...


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But the first suggestion that central banks were working surreptitiously to redistribute the world's gold among governments as the transition to some sort of worldwide currency revaluation may have been made by our friends the economists and fund managers Paul Brodsky and Lee Quaintance, then of QB Asset Management, now of Kopernik Global Investors, whose dissertation on the issue was published in May 2012 and publicized by GATA.

Brodsky and Quaintance speculated that central banks actually want the gold price up -- way up -- at least in the long term. They wrote:

"The key to a successful transition is a credible monetary reset. Gold is the default collateral for money because it has a long and established precedent in this role. All that would be needed would be a fairly equitable distribution of gold among global monetary authorities (taking place now?), and an agreed-upon exchange rate vis-a-vis baseless paper. It would have to be an exchange rate at which central banks could successfully monetize assets by tendering for physical gold with newly manufactured paper money, an exchange rate high enough to attract enough gold to cover unreserved credit held in the banking system. It's a high figure.

"The relative cost of holding physical gold today is minimal (above-ground bullion or in-ground bullion through mining shares) against the negative real returns offered by the preponderance of financial assets in float. We suggest that one keep identities straight; invest with central banks, not against them; and consider the hollow rhetoric of the establishment that may temporarily suppress its paper price a 'gift.' They are working for physical gold holders, not against them."

Brodsky and Quaintance did not speculate as to the lifespans of the physical gold holders for whom central banks are working. (Five years? Ten? Fifty? A hundred?) Nor did they make a judgment about the vast deception and cheating such policy by central banks would entail, nor wonder why the planet should be governed so comprehensively by such secretive and undemocratic institutions, the bigger issues behind the gold price suppression scheme. But the Brodsky and Quaintance study remains compelling and can be found here:

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

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

* * *

Join GATA here:

Mining Investment Asia Conference
Resorts World Convention Centre
8 Sentosa Gateway, Sentosa Island
Singapore
Wednesday-Friday, March 18-20, 2015

http://www.mininginvestmentasia.com/

Mines and Money Conference
Hong Kong Convention and Exhibition Centre
1 Expo Drive, Wan Chai
Hong Kong, China
Monday-Friday, March 23-27, 2015
http://www.minesandmoney.com/hongkong/

* * *

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

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 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: Get ready for the Friday jobs report smashing for gold

Tue, 03/03/2015 - 13:19

12:19p ET Tuesday, March 3, 2015

Dear Friend of GATA and Gold:

The TF Metals Report's Turd Ferguson writes today that the Comex gold futures market rigging operation seems to be setting up for another smashing of the gold price upon this Friday's release of the U.S. jobs report. Meanwhile, Ferguson adds, the pattern of rising prices in Asia followed by smashes down in London and New York -- a pattern perhaps first noted years ago by GATA's late board member Adrian Douglas -- continues. Ferguson's commentary is posted at the TF Metals Report here:

http://www.tfmetalsreport.com/blog/6658/ssdw

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

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1 Expo Drive, Wan Chai
Hong Kong Special Administrative Region, China
Monday-Friday, March 23-27, 2015
http://www.minesandmoney.com/hongkong/

* * *

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: Where did the gold in Fort Knox come from?

Tue, 03/03/2015 - 12:51

11:50a ET Tuesday, March 3, 2015

Dear Friend of GATA and Gold:

The impression that most of the gold in the U.S. gold reserve stored at Fort Knox originated with coin melt following the U.S. government's confiscating of privately held monetary gold in 1933 is wrong, gold researcher and GATA consultant Koos Jansen writes today. His commentary is headlined "Where Did the Gold In Fort Knox Come From? Part I" and it's posted at Bullion Star here:

https://www.bullionstar.com/blogs/koos-jansen/gold-fort-knox-come-part-o...

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

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1 Expo Drive, Wan Chai
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Monday-Friday, March 23-27, 2015
http://www.minesandmoney.com/hongkong/

* * *

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

Jim Rickards: Why the U.S. is helping China accumulate gold

Tue, 03/03/2015 - 08:59

8a ET Tuesday, March 3, 2015

Dear Friend of GATA and Gold:

Writing for the Daily Reckoning, fund manager, economist, author, and newsletter writer James G. Rickards elaborates on his oft-expressed view that gold price suppression by central banks lately has been an arrangement between the U.S. and Chinese governments by which the latter hedges its grotesque foreign exchange surplus of dollars in advance of a devaluation and an international currency reset. Rickards' commentary is headlined "Why the U.S. Is Helping China Accumulate Gold" and it's posted at the Daily Reckoning here:

http://dailyreckoning.com/u-s-helping-china-accumulate-gold/

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

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Join GATA here:

Mining Investment Asia Conference
Resorts World Convention Centre
8 Sentosa Gateway, Sentosa Island
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Wednesday-Friday, March 18-20, 2015

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Mines and Money Conference
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1 Expo Drive, Wan Chai
Hong Kong Special Administrative Region, China
Monday-Friday, March 23-27, 2015
http://www.minesandmoney.com/hongkong/

* * *

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

Gold repatriation movement is far broader than generally understood

Mon, 03/02/2015 - 23:27

10:27p ET Monday, March 2, 2015

Dear Friend of GATA and Gold:

Peter Boehringer, leader of the gold repatriation movement in Germany, remarks in an interview with the SGT Report that many more countries are trying to repatriate their foreign-vaulted gold than is generally understood. In the interview Boehringer describes those movements as well as Germany's. The interview is a half-hour long and can be heard at the SGT Report's Internet site here:

http://sgtreport.com/2015/03/gone-gold-the-powerful-story-of-repatriatio...

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

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Join GATA here:

Mining Investment Asia Conference
Resorts World Convention Centre
8 Sentosa Gateway, Sentosa Island
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Wednesday-Friday, March 18-20, 2015

http://www.mininginvestmentasia.com/

Mines and Money Conference
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1 Expo Drive, Wan Chai
Hong Kong Special Administrative Region, China
Monday-Friday, March 23-27, 2015
http://www.minesandmoney.com/hongkong/

* * *

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

Bankrupt purport to rescue other bankrupts, Embry tells KWN

Mon, 03/02/2015 - 14:48

1:45p ET Monday, March 2, 2015

Dear Friend of GATA and Gold:

Sprott Asset Management's John Embry, interviewed by King World News, says bankrupt nations now are purporting to rescue other bankrupt nations while unpayable debt builds in the United States. There will be either hyperinflation or a catastrophic debt deflation, Embry adds. His interview is excerpted at the KWN blog here:

http://kingworldnews.com/50-year-veteran-warns-no-way-world-heads-next-c...

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

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Europe Silver Bullion is a fast-growing dealer sourcing its products from renowned mints, refiners, and distributors. Because of a legal loophole that will close soon, you can acquire the world's most popular bullion coins free of value-added tax throughout the European Union. You can collect your order in person at our headquarters in Tallinn, Estonia, or have it delivered in any of the 28 EU countries.

Europe Silver Bullion is owned and operated by North American and European experts in selling, storing, and transporting precious metals. We have an extensive product inventory of silver, gold, platinum, and palladium, and our network spans the world.

Visit us at www.europesilverbullion.com.

Join GATA here:

Mining Investment Asia Conference
Resorts World Convention Centre
8 Sentosa Gateway, Sentosa Island
Singapore
Wednesday-Friday, March 18-20, 2015

http://www.mininginvestmentasia.com/

Mines and Money Conference
Hong Kong Convention and Exhibition Centre
1 Expo Drive, Wan Chai
Hong Kong Special Administrative Region, China
Monday-Friday, March 23-27, 2015
http://www.minesandmoney.com/hongkong/

* * *

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

Lawrence Williams: Could China actually have 30,000 tonnes of gold in reserves?

Mon, 03/02/2015 - 00:05

11:05p ET Sunday, March 1, 2015

Dear Friend of GATA and Gold:

MineWeb's Lawrence Williams tonight examines informed speculation that China could have not just more gold reserves than the 1,055 tonnes reported to the International Monetary Fund but as much as 29,000 tonnes more, accumulated to give international respectability to the nation's as yet not fully convertible currency. Williams' commentary is headlined "Could China Actually Have 30,000 Tonnes of Gold in Reserves?" and it's posted at MineWeb here:

http://www.mineweb.com/news/gold/could-china-actually-have-30000-tonnes-...

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

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* * *

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Are markets really bigger than governments? Don't count on it

Sun, 03/01/2015 - 23:20

10:45p ET Sunday, March 1, 2015

Dear Friend of GATA and Gold:

Swiss gold fund manager Egon von Greyerz tonight tells King World News that hyperinflation has begun to take hold in especially troubled nations and will take hold in Europe and the United States as Western central banks resort to negative interest rates to support asset prices.

Von Greyerz also predicts that market forces will overwhelm manipulation of markets by governments. "Over time," he says, "markets are bigger than any government or group of governments."

Your secretary/treasurer hopes so but isn't sure of that.

For markets are certainly not bigger than totalitarian governments that are ready to suppress them by force, as the Nazi regime in Germany did as World War II went against it in early 1943. As is recounted in the history of the Berlin Boerse --

http://www.boerse-berlin.com/index.php/Boerse_Berlin/History

-- "On 13 February 1943 exchange trading with continuous quotation comes to a halt. Shortly afterward a government act rules that the Reichswirtschaftsminister will be responsible for fixing the prices for securities. The exchange thus loses its economic significance. It stays open in this amputated form until 18 May 1945."

... Dispatch continues below ...


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If the Nazis had invented not just the V-2 rocket, the Tiger tank, and the jet fighter plane but also high-frequency trading and derivatives, they might have sustained the illusion of "continuous quotation" on the Berlin Boerse even after the leveling of Berlin. Hell, with HFT and derivatives they might have won the war.

Of course markets were defeated for more than 70 years by communism in the Soviet Union. ("We pretend to work," Russians said sardonically about their system, "and they pretend to pay us.")

During World War II even the government of the United States, the country that had boasted the world's strongest market system, took control of most major markets by rigging interest rates and imposing rationing and wage and price controls. Even now, though the shooting wars under way are isolated, Western central banks are openly engaging in "financial repression" with interest rates and surreptitiously engaging in "financial repression" with the monetary metals, and even respectable people are talking about the possibility of capital controls, another mechanism for destroying markets.

Indeed, at GATA's Washington conference eight years ago central bank intervention was already so obvious that a mere high school graduate noted that "the main purpose of central banking now is to prevent ordinary markets from happening at all":

http://www.gata.org/node/6241

That is, these days "Reichswirtschaftsminister" might as well translate to "executive vice president for market operations of the Federal Reserve Bank of New York."

If the law criminalizes markets or authorizes the government to rig them -- as law in the United States long has done, as with the Gold Reserve Act of 1934, the Trading with the Enemy Act of 1917, and the International Emergency Economic Powers Act of 1977 -- and if this official market rigging is upheld by the courts and enforced by the police and the military, just how are markets supposed to reassert themselves?

Could markets ever reassert themselves in Western welfare states where about half the population now receives some form of transfer payments or income support from the government? Is there still any constituency in those countries for the free markets that made Western civilization superior? Or would free markets threaten too many established interests where so many people are ready to settle for central planning by an unelected elite in the hope of a stultifying security?

Your secretary/treasurer doesn't know. He thinks that the best that can be hoped for is just that, hastened by clamor like GATA's, the market riggers can be forced to show their hand -- forced to do their rigging in the open, with guns drawn -- as surreptitious rigging, rigging that seeks to deceive mere traders, increasingly fails and produces shortages (commodities whose prices have been suppressed below the cost of production) and idle surpluses (government bonds that only central banks will buy).

Of course such circumstances have developed already. But when the guns are drawn at last maybe even the Financial Times will have to take notice.

Von Greyerz's interview is excerpted at the King World News blog here:

http://kingworldnews.com/man-predicted-collapse-euro-swiss-franc-warns-n...

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

* * *

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8 Sentosa Gateway, Sentosa Island
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Monday-Friday, March 23-27, 2015
http://www.minesandmoney.com/hongkong/

* * *

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Indian government moves to paperize gold and call it monetization

Sat, 02/28/2015 - 11:11

Union Budget 2015-16 Proposes Steps to Monetise Gold, Contain Imports

By the Press Trust of India
via The Hindu, Chennai
Saturday, February 28, 2015

http://www.thehindu.com/business/budget/union-budget-201516-proposes-ste...

To curb gold imports and monetise large idle stocks of the precious metal, Finance Minister Arun Jaitley today announced three schemes, including redeemable gold bonds which will carry a fixed rate of interest.

The minister proposes to introduce a gold monetisation scheme, which will replace both the present gold deposit and gold metal loan schemes.

"The new scheme will allow the depositors of gold to earn interest in their metal accounts and the jewellers to obtain loans in their metal account. Banks and other dealers would also be able to monetize this gold," Mr. Jaitley said in his budget speech. ...

... Dispatch continues below ...


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India is one of the largest consumers of gold in the world and imports as much as 800-1,000 tonnes of gold each year.

Though stocks of gold in India are estimated to be over 20,000 tonnes, mostly this gold is neither traded nor monetised, the Finance Minister said.

He also proposed to develop an alternate financial asset, a sovereign gold bond, as an alternative to purchasing metal gold.

"The bonds will carry a fixed rate of interest and also be redeemable in cash in terms of the face value of the gold, at the time of redemption by the holder of the bond," he said.

The move would also help in containing trade deficit and current account deficit (CAD), the net difference between outflows and inflows of foreign currencies. It had peaked to 6.7 per cent of GDP in the third quarter of 2012-13.

He added that the government would commence work on developing an Indian gold coin, which will carry the Ashok Chakra on its face.

The coin would help reduce the demand for coins minted outside India and also help to recycle the gold available in the country, he added.

As per the Economic Survey, the CAD is expected to fall below 1 per cent in the next fiscal on the back of easing of global commodity prices including petroleum products.

Gold imports in January has declined to 38 tonnes from 142 tonnes in April 2014. In 2012-13, the country had imported 845 tonnes.

Reduction in gold imports has brought down the trade deficit to $118.37 billion during April-January this fiscal.

* * *

Join GATA here:

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* * *

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China is about to overthrow London in gold trading, Maguire tells KWN

Fri, 02/27/2015 - 17:11

4:10p ET Friday, February 27, 2015

Dear Friend of GATA and Gold:

The King World News Internet site seems to have returned to operation with an interview with London metals trader Andrew Maguire.

Having inserted its government-owned banks into the new London gold price fixing system, China will overthrow the London bullion banks with a new gold exchange that cuts the banks out of any privileged position in the market, Maguire says. He predicts that as the London market loses pricing power, the bullion banks operating there no longer will be able to deliver real metal and will be forced to settle contracts in cash. An excerpt from Maguire's interview is posted at the KWN blog here:

http://kingworldnews.com/andrew-maguire-lbma-paper-ponzi-crushed-gold-si...

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

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1 Expo Drive, Wan Chai
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Monday-Friday, March 23-27, 2015
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* * *

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

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

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 a colorful GATA T-shirt:

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Help keep GATA going

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China plans yuan-denominated gold fix this year, sources tell Reuters

Fri, 02/27/2015 - 15:36

By A. Ananthalakshmi
Reuters
Friday, February 27, 2015

SINGAPORE -- China plans to launch a yuan-denominated gold fix this year to be set through trading on an exchange, sources familiar with the matter said, as the world's second-biggest bullion consumer seeks to gain more say over the pricing of the precious metal.

The Chinese benchmark would be derived from a new 1-kilogram contract to be launched on the state-run Shanghai Gold Exchange, a senior source directly involved in the process told Reuters.

China, also the top producer of gold, feels that its market weight should entitle it to be a price-setter for bullion and it is asserting itself at a time when the established benchmark, the century-old London fix, is under scrutiny because of alleged price-manipulation. ...

... For the remainder of the report:

http://www.reuters.com/article/2015/02/27/gold-china-fix-idUSL4N0W04Z220...

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* * *

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

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Maguire discusses wild leverage in metals, says London fixes soon will be obsolete

Fri, 02/27/2015 - 15:03

2p ET Friday, February 27, 2015

Dear Friend of GATA and Gold:

The TF Metals Report's Turd Ferguson today interviews London metals trader Andrew Maguire about the wild leverage used by bullion banks in suppressing gold and silver prices. Also discussed is a new 23-hour worldwide gold exchange that Maguire expects will make the twice-daily London gold price fixes obsolete. Maguire's interview is 46 minutes long and can be heard at the TF Metals Report here:

http://www.tfmetalsreport.com/podcast/6650/big-changes-coming-global-gol...

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

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Goldbroker.com was launched in 2011 so that investors would avoid any counterparty risk when investing in physical gold and silver.

Goldbroker.com is listed among GATA's recommended monetary metals dealers. (http://www.gata.org/node/173)

To invest or learn more, please visit:

https://www.goldbroker.com/

Join GATA here:

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Monday-Friday, March 23-27, 2015
http://www.minesandmoney.com/hongkong/

* * *

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

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To contribute to GATA, please visit:

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Alasdair Macleod: The euro may be riskier than you think

Fri, 02/27/2015 - 14:12

1:10p ET Friday, February 27, 2015

Dear Friend of GATA and Gold:

GoldMoney research director Alasdair Macleod writes today that Greece and the European Union are both in terribly weak positions relative to the other and that this may bear more heavily than expected on the euro, which has no long history and thus less credibility than other currencies. Macleod's commentary is headlined "The Euro May Be Riskier Than You Think" and it's posted at GoldMoney here:

http://www.goldmoney.com/research/analysis/the-euro-may-be-riskier-than-...

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

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* * *

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King World News site disabled after GATA interview

Fri, 02/27/2015 - 13:12

12:14p ET Friday, February 27, 2015

Dear Friend of GATA and Gold:

The Internet site of King World News appears to have come under disabling attack shortly after posting an interview last night with your secretary/treasurer. As of this hour it's impossible to gain access to any KWN material. We'll keep you posted.

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

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Hong Kong Special Administrative Region, China
Monday-Friday, March 23-27, 2015
http://www.minesandmoney.com/hongkong/

* * *

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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Brien Lundin: Don't expect much from Justice probe of gold market rigging

Thu, 02/26/2015 - 22:28

By Brien Lundin
Gold Newsletter, Metairie, Louisiana
Thursday, February 26, 2015

https://jeffersoncompanies.com/gold-newsletter/about-gold-newsletter

The good news is that manipulation of the gold market has finally come under investigation by the authorities, with the U.S. Justice Department opening up an investigation into 10 major banks.

The bad news is that the investigation is centering around potential rigging of the daily price fixings for gold, silver, platinum, and palladium. I know that a number of my colleagues in the hard-money industry may disagree, but I don’t think this amounts to a hill of beans in the big picture.

... Dispatch continues below ...


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According to The Wall Street Journal, the Justice probe is centering around the actions of Bank of Nova Scotia, Barclays PLC, Credit Suisse Group, Deutsche Bank, Goldman Sachs Group, J.P. Morgan Chase, Societe Generale, Standard Bank Group, and UBS in the once- or twice-daily setting of the price benchmarks through conference calls
involving representatives of a few banks on the various fix-setting committees.

Precisely because of allegations of collusion or manipulation of the process to benefit trade positions -- often in conflict with a client's best interests -- the long-held processes for setting the daily fixes for precious metals have been completely reformed.

Many believe this to be a very big deal, since everyone in the supply chain from mines to bullion dealers use the fix, and it's the basis for many financial products and investment analysis.

But this issue never concerned me, for a couple of reasons.

First, the magnitude of the manipulation could have never been large -- just a few pennies in either direction -- or the manipulators would have exposed their actions. Plus, they couldn't move the market much in any case, and the natural forces affecting the price would restore the proper order quickly after any rigged price fix.

Second, of course the process was manipulated. Can you imagine setting up an exclusive club of a few traders, allowing them to trade millions based on a price fix, and then putting them onto a conference line to help set that fix ... and have them not move the price to their benefit?

And yet we are supposed to be shocked, shocked! that the price fix isn't completely objective?

No, my greater concern is the level of longer-term price manipulation, being accomplished by either the central banks or deep-pocketed institutions, acting either in concert or simply with the same motivations.

So while you'll see a lot of outrage in the blogosphere over this investigation, unless it turns up documentation of a broader strategy of manipulation, there'll be nothing to see here. Move on.

* * *

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1 Expo Drive, Wan Chai
Hong Kong Special Administrative Region, China
Monday-Friday, March 23-27, 2015
http://www.minesandmoney.com/hongkong/

* * *

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

U.S. government is authorized to rig all markets in secret, GATA secretary tells KWN

Thu, 02/26/2015 - 15:39

2:42p ET Thursday, February 26, 2015

Dear Friend of GATA and Gold:

Western governments are legally authorized to rig all markets in secret and as a result investigations of market rigging by the investment houses central banks use as intermediaries are not likely to produce anything, your secretary/treasurer tells King World News in an interview today.

Elaborating, your secretary/treasurer recalls the single hearing given to GATA consultant Reginald Howe's gold market-rigging lawsuit in U.S. District Court in Boston in November 2001, at which an assistant U.S. attorney asserted that the U.S. government has the power under the Gold Reserve Act of 1934 to rig the gold market through intervention by the U.S. Treasury Department's Exchange Stabilization Fund, a hearing about which your secretary/treasurer reported here:

http://www.gata.org/node/4211

The Treasury Department acknowledges its authority for secret market rigging here:

http://www.treasury.gov/resource-center/international/esf/pages/esf-inde...

The interview's excerpt is posted at the KWN Internet site here:

http://kingworldnews.com/terrifying-interview-2015/

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

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Join GATA here:

Mining Investment Asia Conference
Resorts World Convention Centre
8 Sentosa Gateway, Sentosa Island
Singapore
Wednesday-Friday, March 18-20, 2015

http://www.mininginvestmentasia.com/

Mines and Money Conference
Hong Kong Convention and Exhibition Centre
1 Expo Drive, Wan Chai
Hong Kong, China
Monday-Friday, March 23-27, 2015
http://www.minesandmoney.com/hongkong/

* * *

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

Mark O'Byrne: 12 reasons why Ritholtz and many experts are mistaken on gold

Thu, 02/26/2015 - 12:48

11:47a ET Thursday, February 26, 2015

Dear Friend of GATA and Gold:

GoldCore's Mark O'Byrne has replied conscientiously to fund manager and financial writer Barry Ritholtz's ridicule of gold investment and gold investors, "12 Rules of Goldbuggery," which can be found at Rithotlz's Internet site here:

http://www.ritholtz.com/blog/2013/04/the-10-rules-of-goldbuggery/

O'Byrne's reply is headlined "12 Reasons Why Ritholtz and Many Experts Are Mistaken On Gold" and it's posted at GoldCore here:

http://www.goldcore.com/us/gold-blog/12-reasons-ritholtz-many-experts-mi...

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

ADVERTISEMENT

Get a FREE silver round JUST for being a GATA Dispatch reader!

MoneyMetals.com, a low-cost provider of gold and silver coins, rounds, and bars with more than 35,000 customers throughout the United States, proudly supports GATA.

In fact, Moneymetals.com will send every GATA supporter in the United States a FREE silver round with no obligation and no solicitations from pushy salesmen.

To get your free silver round, go to MoneyMetals.com and type "GATA" in the radio box at the top of the page. Provide your U.S. mailing address so MoneyMetals.com can ship you your free silver round and your e-mail address so MoneyMetals.com can send you educational material and news alerts about the monetary metals. That's all. Do it now, because every week MoneyMetals.com will pick one person at random from its mailing list to win free gold.

So go to --

http://MoneyMetals.com

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

Join GATA here:

Mining Investment Asia Conference
Resorts World Convention Centre
8 Sentosa Gateway, Sentosa Island
Singapore
Wednesday-Friday, March 18-20, 2015

http://www.mininginvestmentasia.com/

Mines and Money Conference
Hong Kong Convention and Exhibition Centre
1 Expo Drive, Wan Chai
Hong Kong, China
Monday-Friday, March 23-27, 2015
http://www.minesandmoney.com/hongkong/

* * *

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

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