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Updated: 10 hours 19 min ago

Chinese mining group buys $710 million in gold and copper assets

Wed, 05/27/2015 - 13:49

Chinese Firm Zijin Mining Group Buys US$710 Million in Gold and Copper Assets

By Jing Yang
South China Morning Post, Hong Kong
Wednesday, May 27, 2015

http://www.scmp.com/business/commodities/article/1810014/chinese-firm-zi...

Zijin Mining Group will buy US$710 million worth of gold and copper mining assets from two Canadian companies in the Democratic Republic of Congo and Papua New Guinea with funds raised through a private placement in the Shanghai stock market.

Zijin told the Shanghai and Hong Kong stock exchanges on Tuesday it would buy a 49.5 per cent stake in the Kamoa copper project in the Democratic Republic of Congo from Ivanhoe Mines for US$412 million.

Zijin already owns 9.9 per cent of Ivanhoe, which recorded a net loss of US$52.9 million last year following a net loss of US$80.6 million in 2013.

... Dispatch continues below ...

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Fujian-based Zijin will also pay Barrick Gold Corp US$298 million for a 49.5 per cent interest in the Porgera gold mine in Papua New Guinea.

The two companies have also entered into a strategic agreement to collaborate on future projects.

"We are excited to leverage our competitive strengths together, to start with at Porgera, while exploring additional joint opportunities for the future," Zijin chairman Chen Jinghe said in a statement.

"Substantial synergies and value may be realised by bringing to Barrick the expertise and relationships that Zijin offers, including low-cost capital from Chinese institutions, leading Chinese engineering and construction skills, and Chinese machinery," Toronto-based Barrick said.

To fund the acquisitions, Zijin would issue up to 2.4 billion new shares in a private placement on the Shanghai stock market, raising up to 10 billion yuan (HK$12.5 billion), the company said.

The proceeds will also finance the construction of Zijin's two existing copper mines, as well as replenish working capital.

The deals come on the heels of Beijing's unveiling of a 100 billion yuan gold fund in support of Chinese firms' overseas investments in the precious metal in countries along the "Silk Road".

China is the world's largest gold producer, accounting for 14 per cent of global production, according to the World Gold Council.

About 21 per cent of output comes from Africa, with Central Asia and eastern Europe contributing 5 per cent.

The three regions are encompassed in Beijing's Silk Road Economic Belt and Maritime Silk Road strategy.

China also overtook India in 2013 as the world's top consumer of the metal. The World Gold Council predicts that demand from China's private sector will increase 20 per cent to at least 1,350 tonnes per year from the current level of 1,132 tonnes by 2017.

Bucking the industry trend as a result of stagnant gold prices, Zijin clocked up 2.3 billion yuan in net profit last year, and netted 415 million yuan in the first quarter of this year.

* * *

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LIBOR riggers included Bank of England's 'Hammer' in their e-mail plotting

Wed, 05/27/2015 - 12:36

Bank of England Official Received Emails Relating to Libor Manipulation, Prosecutor Says

By David Enrich
The Wall Street Journal
Wednesday, May 27, 2015

LONDON -- A senior Bank of England official received emails that were part of an alleged campaign to rig benchmark interest rates, according to evidence presented in a London trial today.

Martin Mallett, who at the time was the chief currencies dealer at the Bank of England, was among a couple dozen recipients of emails sent in 2007 by brokers allegedly working at the behest of former bank trader Tom Hayes. The recipients were blind carbon-copied on the messages.

In the emails, the brokers sent out daily suggestions for where a variety of banks should set the London interbank offered rate, or Libor. Mukul Chawla, the prosecutor trying Mr. Hayes, said those emails were used in an attempt to skew interest rates for the benefit of Mr. Hayes, at the time a trader in Tokyo at UBS AG.

Mr. Mallett, nicknamed "The Hammer," was sent the emails at his hammer@bankofengland.co.uk address. ...

... For the remainder of the report:

http://www.wsj.com/articles/boe-official-received-emails-relating-to-lib...

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Texas could create its own Fort Knox to store gold

Wed, 05/27/2015 - 09:41

By Mike Ward
Houston Chronicle
Tuesday, May 26, 2015

http://www.houstonchronicle.com/news/politics/texas/article/Texas-could-...

AUSTIN, Texas -- Texas could get its own version of Fort Knox, the impenetrable repository for the nation's gold bullion, if the Legislature gets its way.

Under House Bill 483, approved unanimously on Tuesday by the state Senate, Comptroller Glenn Hegar would be authorized to establish and administer the state's first bullion depository at a site not yet determined.

... Dispatch continues below ...


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No other state has its own state bullion depository, officials said.

Sen. Lois Kolkhorst, R-Brenham, said the state and its agencies have more than $1 billion worth of gold that now is kept in secure facilities in other states. She said there is concern that fortune should be in Texas.

An official analysis of the bill explains: "The establishment of a Texas Bullion Depository would allow the state, state agencies, and private individuals to store precious metals utilizing a secure Texas-based depository to reduce reliance on out-of-state facilities and to insulate their assets from unstable market forces."

The new depository would be operated as an office within the comptroller's agency.

"Would this be like Fort Knox?" asked Sen. Juan Hinojosa, D-McAllen. "If I have gold in my possession, can I deposit it?"

Yes, Kolkhorst said, the new depository would be available for his deposits and those of other Texans, and would save the state money.

"The state has gold, and several years ago (the University of Texas Investment Management Corp.) purchased just under a billion dollars worth of gold," she said. "Most of the bullion depositories are in New York -- there may be a small one in Delaware -- and they charge the state a fee to store each bar of gold."

The United States Bullion Depository, located at Fort Knox in Kentucky, adjacent to a U.S. Army base by the same name, was built in the late 1930s to hold the nation's gold reserves. Its name has become synonymous with impenetrable security. In addition to holding the country's gold reserves, Fort Knox has been used as secure storage for vital documents over the years, including the Declaration of Independence and the U.S. Constitution.

Kolkhorst said UTIMCOin March had 5,610 gold bars in its portfolio, an investment worth $645 million, and was being charged a storage fee of $108 per bar by a bullion depository in New York City, a total of more than $605,000 a year.

HB 483 was filed by Rep. Giovanni Capriglione, R-Southlake, the president of a private equity company, and is co-authored by 31 other colleagues. It passed the House 140-1 this month.

"New York will hate this," Kolkhorst said of the bill that now goes to Gov. Greg Abbott to be signed into law. "To me, that and the fact that it will save Texas money makes it a golden idea."

* * *

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Busted metals traders distract from larger manipulation problem

Tue, 05/26/2015 - 23:14

10:14p ET Tuesday, May 26, 2015

Dear Friend of GATA and Gold:

Seth Mason, founder of the Solidus Center, a nonprofit organization that aims to highlight the faults of the Federal Reserve, calls attention to the longstanding price-suppressive effect of the U.S. futures markets on gold and silver prices. Mason concludes that the U.S. Commodity Futures Trading Commission has allowed market rigging on a massive scale for many years. Mason's commentary is headlined "Busted Metals Traders Distract from Larger Manipulation Problem" and it's posted at GoldSeek here:

http://news.goldseek.com/GoldSeek/1432669015.php

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

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China's currency 'no longer undervalued,' IMF says, clearing entry to SDRs

Tue, 05/26/2015 - 22:02

By Tom Mitchell and Shawn Donnan
Financial Times, London
Tuesday, May 26, 2015

The International Monetary Fund has declared that China's currency is "no longer undervalued," marking a significant shift after more than a decade of criticism of Beijing's tight management of the renminbi.

The move amounts to a major vote of confidence in Beijing and the renminbi at a critical time. It also puts the IMF at odds with its biggest shareholder, the United States, which insists that China continues to draw an unfair trade advantage from a renminbi that it considers "significantly undervalued." ...

The renminbi has gained 25 per cent against the US dollar since it was allowed to adjust upward within a narrow band a decade ago, and has held its value even as the dollar has strengthened against other major currencies over the past year.

... Dispatch continues below ...


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Speaking in Beijing at the end of a regular review of China's economy, David Lipton, the IMF's first deputy managing director, said: "While undervaluation of the renminbi was a major factor causing large imbalances in the past, our assessment is that the substantial real effective appreciation over the past year has brought the exchange rate to a level that is no longer undervalued." ...

Eswar Prasad, the former head of the IMF's China unit, said the shift by the fund was important as it marked the first time since the Asian financial crisis of the late 1990s that the fund had not deemed the renminbi to be undervalued. It also presaged the likely adoption later this year of the renminbi as one of the small number of major currencies in a basket used to determine the value of the IMF's de-facto currency, the Special Drawing Rights. ...

... For the remainder of the report:

http://www.ft.com/intl/cms/s/0/11e96e1e-03a7-11e5-b55e-00144feabdc0.html

* * *

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

Gold smuggling in India rises 900% to record

Tue, 05/26/2015 - 21:51

Gold Smuggling at All-Time High, Seizures Total Rs 1,000 Crore

By Deeptiman Tiwary
The Times of India, Mumbai
Wednesday, May 27, 2015

NEW DELHI -- For the first time in the history of gold smuggling in India, the seizure in illicit trade has crossed the rupees 1,000 crore mark in one financial year with customs, police, and revenue agencies seizing more than 3,500 kilograms of gold in 2014-15.

In 2012-13 the same figure stood at merely Rs 100 crore with just about 350 kilograms of gold seized. In two years, since the government increased duty on gold to 10 percent to rein in a yawning current account deficit, gold smuggling has grown by 900 percent.

Since as an accepted principle seizures could be less than 10 percent of actual smuggling, the figures look even more ominous.

Sources say gold has also begun to be smuggled in unique ways and from rather unexpected corners. ...

... For the remainder of the report:

http://timesofindia.indiatimes.com/india/Gold-smuggling-at-all-time-high...

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Russia acquires gold as defense against 'political risks,' central banker explains

Tue, 05/26/2015 - 21:35

By Elena Fabrichnaya and Alexander Winning
Reuters
Tuesday, May 26, 2015

Russia is increasing its gold holdings because gold is a reserve asset free from legal and political risks, a senior central banker said on Tuesday.

The comments by Dmitry Tulin, who manages monetary policy at the central bank, reflect Russian fears that the country's overseas assets could be frozen as part of a possible toughening of Western sanctions over the Ukraine crisis.

"As you know we are increasing our gold holdings, although this comes with market risks," Tulin told lawmakers in the lower house of parliament. "The price of it swings, but it is a 100-percent guarantee from legal and political risks." ...

... For the remainder of the report:

http://www.reuters.com/article/2015/05/26/russia-cenbank-gold-idUSL5N0YH...

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Koos Jansen: Chinese gold demand is stronger than ever but not THAT strong

Tue, 05/26/2015 - 11:54

10:50a ET Tuesday, May 26, 2015

Dear Friend of GATA and Gold:

Gold demand in China as signified by offtake from the Shanghai Gold Exchange is stronger than ever, gold researcher and GATA consultant Koos Jansen reports today, but he adds that he is more than skeptical of a recent report in Taiwan's China Times --

http://www.gata.org/node/15347

-- that China has amassed 30,000 tonnes of secret gold reserves as a weapon against United States control of the currency markets.

Jansen's commentary is headlined "Don't Believe Everything You Read on the Internet" and it's posted at Bullion Star here:

https://www.bullionstar.com/blogs/koos-jansen/dont-believe-everything-yo...

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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TF Metals Report: Bullion banks now short 350% of all Comex gold and silver stocks

Tue, 05/26/2015 - 00:49

11:51p ET Monday, May 25, 2015

Dear Friend of GATA and Gold:

Bullion bank shorting of gold and silver on the New York Commodities Exchange has reached grotesque levels, the TF Metals Report's Turd Ferguson writes tonight -- 350 percent of the total available supplies of gold and silver reported in Comex warehouses. He notes that while the big banks lately have been prosecuted for and have admitted rigging markets in London-based interest rates, currencies, industrial metals, energy, and equities, there have been no prosecutions and admissions of big banks for rigging the gold and silver markets.

... Dispatch continues below ...


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This curious omission is a clue to what's really going on in the latter markets -- the surreptitious involvement of governments, which control market-rigging prosecutions. To paraphrase former President Richard Nixon's befuddled remark to the journalist and television program host David Frost: When the government does it, that means that it's not illegal -- and indeed in the United States the Gold Reserve Act of 1934, as amended in the 1970s, gives the U.S. Treasury Department, operating through the Exchange Stabilization Fund, the authority to rig any market in the world in secret:

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

Maybe that's why the CME Group, operator of the major futures exchanges in the United States, offers discounts to central banks for their secret trading of all major futures contracts on CME Group exchanges:

http://www.gata.org/node/14385

This is all the biggest open secret since Hans Christian Andersen wrote the fairy tale "The Emperor's New Clothes" almost 200 years ago. Today the fairy tale is the "market" system of the West --

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

-- with financial news organizations filling the role played by Andersen's cowardly bystanders.

Don't bother pointing this out to the Financial Times, New York Times, Reuters, Bloomberg, the Associated Press, The Economist, or any other Western news organization that claims respectability. They all already know, having been given the documentation and having resolved to suppress it and never even hint about it with a critical question to anyone in authority. For the moment gold and silver market rigging can be discussed openly only in China --

http://www.gata.org/node/10380

http://www.gata.org/node/10416

-- whose fairy tales impose different burdens on different people.

The TF Metals Report's analysis is headlined "On with Rory and Denver Dave" and it's posted here:

http://www.tfmetalsreport.com/blog/6870/rory-and-denver-dave

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

* * *

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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

China sets up gold fund as part of 'Silk Road' initiative, official media say

Mon, 05/25/2015 - 10:48

By Ruby Lian and A. Ananthalakshmi
Reuters
Monday, May 25, 2015

China has established a fund that is expected to raise about $16 billion for gold-related investment as part of its "Silk Road" initiative to develop trade and transport infrastructure across Asia and beyond, official media reported.

The fund, which will be run by a new company to be set up by gold producers and financial institutions, is expected to raise an estimated 100 billion yuan ($16.13 billion) in three phases, Shanghai Securities News reported at the weekend.

Two leading gold producers, Shandong Gold Group, the parent of Shandong Gold Mining Co. Ltd., and Shaanxi Gold Group will take stakes of 35 percent and 25 percent respectively, with the rest owned by financial institutions, the newspaper said.

The fund's activities could take in the launch of gold-backed exchange-traded funds and buying stakes in listed gold companies and mining firms. ...

... For the remainder of the report:

http://in.reuters.com/article/2015/05/25/china-gold-idINKBN0OA0G62015052...

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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

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Or by purchasing a colorful GATA T-shirt:

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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

Businesses turn to dollar in fiercely anti-American Venezuela as currency crashes

Mon, 05/25/2015 - 10:42

By Hannah Dreier
Associated Press
via Minneapolis Star-Tribune
Saturday, May 24, 2015

CARACAS, Venezuela -- It's still possible to buy a gleaming Ford truck in Venezuela, rent a chic apartment in Caracas, and snag an American Airlines flight to Miami. Just not in the country's official currency.

As the South American nation spirals into economic chaos, more products are not only figuratively out of the reach of average consumers but literally cannot be purchased in Venezuelan bolivars, which fell into a tailspin on the black market last week.

Businesses and individuals are turning to dollars even as the anti-American rhetoric of the socialist administration grows more strident. It's a shift that's allowing parts of the economy to limp along despite a cash crunch and the world's highest inflation. But it could put some goods further out of reach of the working class, whose well-being has been the focal point of the country's 16-year-old socialist revolution.

... Dispatch continues below ...


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The latest sign of an emerging dual-currency system came this month when Ford Motor Co. union officials said the company had reached a deal with officials to sell trucks and sport utility vehicles only in dollars.

A few weeks earlier American Airlines announced that it had stopped accepting bolivars for any of its 19 weekly flights out of Venezuela. Customers must now use a foreign credit card to buy the tickets online. Virtually all other foreign carriers have made the same switch with the government's consent, according to the Venezuela Airlines Association.

Driving the shift is the crumbling value of the bolivar, which has lost more than half its value this year, plunging to 400 per dollar on the free market as Venezuelans scramble to convert their savings into a more stable currency. Desperate, people are selling bolivars for a rate 60 times weaker than the strongest of country's three official exchange rates. ...

... For the remainder of the report:

http://www.startribune.com/businesses-quietly-switch-to-dollar-in-social...

* * *

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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:

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Governments keep metals down to avert 'derivatives nightmare,' Murphy says

Sun, 05/24/2015 - 22:40

9:40p ET Sunday, May 24, 2015

Dear Friend of GATA and Gold:

Interviewed by USA Watchdog's Greg Hunter, GATA Chairman Bill Murphy says governments and investment banks need to suppress gold and silver prices to avert a "derivatives nightmare." Murphy adds that it's strange that silver is the only market the U.S. government purports to have investigated without finding impropriety. The interview is 28 minutes long and can be viewed at USA Watchdog's Internet site here:

http://usawatchdog.com/rising-gold-price-could-set-off-derivative-nightm...

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

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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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To contribute to GATA, please visit:

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

Banks brace for more FX-rigging pain as civil lawsuits come forth

Sat, 05/23/2015 - 22:04

By James Titcomb
The Telegraph, London
Saturday, May 23, 2015

Banks are bracing for hundreds of millions of pounds in new claims for foreign exchange manipulation from class-action lawsuits triggered by last week's vast market rigging fines.

Barclays, Royal Bank of Scotland, and four other banks were ordered on Wednesday to pay $6 billion (L3.84 billion) by UK and US authorities.

The Barclays penalty represents the biggest bank fine in British history.

The regulators, detailing how traders gathered in chatrooms using monikers such as "The Cartel" and "Coiled cobra" to rig the $5.3 trillion-a-day currency market, also forced the banks to plead guilty to criminal charges.

Lawyers say that the fines, as well as an investigation from the European Commission, could be a springboard to damaging civil litigation in the UK and Europe. ...

... For the remainder of the report:

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11625158...

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New Orleans Investment Conference
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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:

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

Or by purchasing a colorful GATA T-shirt:

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

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Help keep GATA going

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ECB would save Greek banks but not the government, Sprott tells KWN

Sat, 05/23/2015 - 19:50

6:50p ET Saturday, May 23, 2015

Dear Friend of GATA and Gold:

Greece, its government, and its people can go down but the European Central Bank means to protect the country's banks, Sprott Asset Management's Eric Sprott tells King World News today. The bankers, Sprott says, "care more about the banking system than they care about the government because they don't want the domino effect to start." Sprott's interview is excerpted at the KWN blog here:

http://kingworldnews.com/billionaire-eric-sprott-on-the-greatest-financi...

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

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

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

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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

Koos Jansen: China sets up gold fund for central banks

Sat, 05/23/2015 - 19:40

6:40p ET Saturday, May 23, 2015

Dear Friend of GATA and Gold:

Gold researcher and GATA consultant Koos Jansen elaborates on today's announcement that the Shanghai Gold Exchange will be arranging acquisition of gold for as many as 60 countries participating in the "Silk Road" trading area.

The objective seems to be to reduce the U.S. dollar's function as the world reserve currency.

Citing the Chinese government news agency, whose report was dispatched to you by GATA earlier today, Jansen's commentary is headlined "Xinhua: China Sets Up Gold Fund For Central Banks" and it's posted at Jansen's blog at Bullion Star here:

https://www.bullionstar.com/blogs/koos-jansen/xinhua-china-sets-up-gold-...

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:

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To contribute to GATA, please visit:

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60 countries invest in Chinese fund to facilitate central bank gold purchases

Sat, 05/23/2015 - 16:04

China Sets Up Largest Gold Fund

From Xinhua News Agency, Beijing
Saturday, May 23, 2015

XI'AN, China -- A gold-sector fund involving countries along the ancient Silk Road has been set up in northwest China's Xi'an City during an ongoing forum on investment and trade this weekend.

The fund, led by the Shanghai Gold Exchange, is expected to raise an estimated 100 billion yuan (U.S. $16.1 billion) in three phases.

China is the world's largest gold producer and a major importer and consumer of gold. Among the 65 countries along the routes of the Silk Road Economic Belt and the 21st-Century Maritime Silk Road, there are numerous Asian countries identified as important reserve bases and consumers of gold.

About 60 countries have invested in the fund, which will in turn facilitate gold purchases for the central banks of member states to increase their holdings of the precious metal, according to the SGE. ...

... For the remainder of the report:

http://news.xinhuanet.com/english/2015-05/23/c_134264324.htm

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New Orleans Investment Conference
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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:

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

Reuters: Austrian central bank plans to repatriate gold from Britain, newspaper says

Fri, 05/22/2015 - 23:46

From Reuters
Friday, May 22, 2015

VIENNA, Austria -- Austria's central bank plans to repatriate some of its gold reserves from Britain after facing criticism for storing too much of the precious metal abroad, the Krone newspaper reported today without naming any sources for the information.

Officials at the Austrian National Bank were not immediately available for comment.

In February the bank rejected criticism of its gold storage policy by the country's Court of Audit and insisted that keeping the bulk of reserves in London was in the country's best interests, but also said a policy review was under way.

The central bank, which administers Austria's 280 tonnes of gold reserves, had argued it makes sense to store gold where it can be traded if need be, which made London a logical place given its role as an international market for the metal. ...

... For the remainder of the report:

http://www.reuters.com/article/2015/05/22/austria-gold-idUSL5N0YD3R32015...

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New Orleans Investment Conference
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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:

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:

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

Hyperinflation in Venezuela, which just pawned its gold

Fri, 05/22/2015 - 23:38

By Hannah Dreier
Associated Press
via Yahoo News, New York
Friday, May 22, 2015

CARACAS, Venezuela -- Venezuelans are dumping their rapidly-depreciating currency at a quicker pace, leading to a staggering plunge in its free-market value, as the crisis-plagued economy edges closer to an outbreak of hyperinflation.

DolarToday, a widely followed website that tracks exchanges made near the Colombian border, reported today that the bolivar had lost a quarter of its value over the last seven days.

Everyone in smartphone-obsessed Caracas seemed to learn of the crash at the same time as the DolarToday app, a ubiquitous tool in the South American country, sent out a series of messages announcing the new rates under the headline "Hyperinflation!"

Venezuelan currency was trading at around 420 bolivars per dollar Friday afternoon, according to the site. That was down from 300 bolivars per dollar on May 14 and 173 at the start of the year. ...

... For the remainder of the report:

http://news.yahoo.com/currency-tumbles-venezuelans-look-offload-bolivars...

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To contribute to GATA, please visit:

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

Defaults, bankruptcies will make things plain, but too late, Sprott says

Fri, 05/22/2015 - 15:27

2:25p ET Friday, May 22, 2015

Dear Friend of GATA and Gold:

Debt and bond monetization have limits that are already being reached, Sprott Asset Management's Eric Sprott tells King World News today, adding that a few defaults and bankruptcies eventually will make it plain to the financial markets. He asks: "Why not get out now, rather than wait until it’s too late?" The interview is excerpted at the KWN blog here:

http://kingworldnews.com/billionaire-eric-sprott-just-issued-one-of-the-...

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

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New Orleans Investment Conference
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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:

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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

Austria reported to repatriate 110 tonnes of gold from Bank of England

Fri, 05/22/2015 - 13:19

12:16p ET Friday, May 22, 2015

Dear Friend of GATA and Gold:

Austria is repatriating 110 tonnes of gold from the Bank of England, according to an Austrian newspaper report cited today by gold researcher and GATA consultant Koos Jansen, who writes about it at Bullion Star here:

https://www.bullionstar.com/blogs/koos-jansen/kronen-zeitung-austria-rep...

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

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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

Or by purchasing a colorful GATA T-shirt:

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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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