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Markets will start testing Fed to see if QE is really over, former Fed aide tells KWN

Wed, 10/29/2014 - 22:19

9:15p ET Wednesday, October 29, 2014

Dear Friend of GATA and Gold:

Former Federal Reserve official Andrew Huzsar tells King World News tonight that the markets are likely to start testing the Fed's commitment to end the bond monetization of "quantitative easing."

"I see a tug of war between the Fed and the market," Huszar says, "because the Fed ultimately does want to disengage from being so active in key markets. Today the Fed used language that implied that they may raise interest rates sooner. I strongly believe that the market will effectively push back against the Fed and this will create bouts of enormous volatility."

An excerpt from Huszar's interview is posted at the KWN blog here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/10/29_M...

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

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Sinclair's Next Market Seminar Is Nov. 15 in San Francisco

Mining entrepreneur and gold advocate Jim Sinclair will hold his next market seminar from 10 a.m. to 3 p.m. on Saturday, November 15, at the Holiday Inn at San Francisco International Airport in South San Francisco, California. Admission will be $100. For more information and to register, please visit:

http://www.jsmineset.com/2014/10/10/san-francisco-qa-session-announced/


Join GATA here:

Mines and Money London
Business Design Centre
London, England, U.K.
Monday-Friday, December 1-5, 2014

http://www.minesandmoney.com/london/

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 DVDs of our London conference in August 2011 or our 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

Hugo Salinas Price: The fall in international reserve assets

Wed, 10/29/2014 - 22:07

9p ET Wednesday, October 29, 2014

Dear Friend of GATA and Gold:

Hugo Salinas Price, president of the Mexican Civic Association for Silver, writes tonight that the international reserve assets of central banks, having long increased steadily, have been declining in recent weeks, apparently for the first time in 18 years. He's looking for explanations. His commentary is headlined "The Fall in International Reserve Assets" and it's posted at the association's Internet site, Plata.com, here:

http://www.plata.com.mx/mplata/articulos/articlesFilt.asp?fiidarticulo=2...

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

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Silver mining stock report comes with 1-ounce silver round

Future Money Trends is offering a special 18-page silver mining stock report about how to profit with the monetary and industrial metal in 2014, and it comes with a free 1-ounce silver round. Proceeds from the report's sales are shared with the Gold Anti-Trust Action Committee to support its efforts to expose manipulation in the monetary metals markets. To learn about this report, please visit:

http://fmturl.com/gata/


Join GATA here:

Mines and Money London
Business Design Centre
London, England, U.K.
Monday-Friday, December 1-5, 2014

http://www.minesandmoney.com/london/

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 DVDs of our London conference in August 2011 or our 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

Axel Merk: Greenspan admitted that Fed is not politically independent

Wed, 10/29/2014 - 14:22

1:20p ET Wednesday, October 29, 2014

Dear Friend of GATA and Gold:

Fund manager Axel Merk of Merk Investments today calls attention to a few comments made Saturday by former Federal Reserve Chairman Alan Greenspan at the New Orleans Investment conference -- including acknowledgment that the Fed is not politically independent, as is often claimed, and his expectation that the price of gold will rise. Merk's commentary is headlined "Greenspan: Price of Gold Will Rise" and it's posted in the "Insights" section of the Merk Investments Internet site here:

http://www.merkinvestments.com/insights/2014/2014-10-29.php

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

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Anglo Far-East: Think Outside the BankAnglo Far-East is a global market leader and innovator that for more than two decades has provided private purchase, vaulting, security logistics, transport, and liquidation of allocated gold and silver bullion outside of the banking system. AFE clients include individuals, family offices, and institutions like banks and regulated funds.

Here's what one of our generationally wealthy clients has to say about AFE:

http://www.afeallocatedcustody.com/research/teleconferences/download-inf...

To get started, please visit:

https://secure.anglofareast.com/

Anglo Far-East: Think Outside the Bank

Join GATA here:

Mines and Money London
Business Design Centre
London, England, U.K.
Monday-Friday, December 1-5, 2014

http://www.minesandmoney.com/london/

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 DVDs of our London conference in August 2011 or our 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

Debt must be inflated away or repudiated, Steer tells Sprott Money News

Wed, 10/29/2014 - 14:01

1p ET Wednesday, October 29, 2014

Dear Friend of GATA and Gold:

The world economy is declining under the burden of too much debt and only inflating it away or repudiating it will change anything, financial letter writer and GATA board member Ed Steer tells the Sprott Money News weekly wrapup with Jeff Rutherford. Steer adds that the futures markets in New York are suppressing commodity prices and distorting all prices. The interview is six minutes long and can be heard at the Sprott Money News Internet site here:

http://www.sprottmoney.com/sprott-money-weekly-wrap-up

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

ADVERTISEMENT

Direct Ownership and Storage of Precious Metals
Outside the Banking System in Zurich and Singapore

Goldbroker.com is a precious metals investment company that enables investors to own and store gold directly in their own name (no mutualized ownership) in Zurich and Singapore.

Goldbroker's clients are not exposed to any counterparty risks. They own gold and silver in their own names (the ownership certificate cites the name of the investor and serial number of his bars) and they have storage accounts opened in their own name as well. So Goldbroker.com's storage partner knows the exact identity of each investor. Goldbroker.com doesn't store in the name of its clients; rather, Goldbroker's clients store personally. All investors have direct access to their gold and silver bars.

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:

Mines and Money London
Business Design Centre
London, England, U.K.
Monday-Friday, December 1-5, 2014

http://www.minesandmoney.com/london/

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 DVDs of our London conference in August 2011 or our 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

Russia buys most gold for reserves since financial crisis of 1998

Wed, 10/29/2014 - 13:41

By Nicholas Larkin
Bloomberg News
Wednesday, October 29, 2014

LONDON -- Russia boosted gold reserves by the most since defaulting on local debt in 1998, driving its bullion holdings to the largest in at least two decades.

The country expanded its stockpile, the world's fifth-biggest, by 37.2 metric tons in September to 1,149.8 tons, according to data on the International Monetary Fund's website. The increase, valued at about $1.5 billion, was the biggest since November 1998. Russian reserves, which overtook those of Switzerland and China this year, almost tripled since the end of 2005 and are at the highest since at least 1993, the data show. ...

... For the remainder of the report:

http://www.bloomberg.com/news/2014-10-29/russia-buys-most-gold-for-reser...

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Own Allocated -- and Most Importantly --
Segregated Coins and Bars In Switzerland

Zurich, Switzerland, remains an extremely safe location for storing coins and bars of the monetary metals. If you do not own segregated physical coins and bars that you can visit, inspect, and take delivery of, you are vulnerable. International diversification remains vital to investors.

GoldCore can accomplish this for you.

Read GoldCore's "Essential Guide to Gold Storage In Switzerland" here:

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

Email the GoldCore team at info@goldcore.com or call our trading desk:

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


Join GATA here:

Mines and Money London
Business Design Centre
London, England, U.K.
Monday-Friday, December 1-5, 2014

http://www.minesandmoney.com/london/

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 DVDs of our London conference in August 2011 or our 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

MineWeb's Lawrence Williams: Large supply deficit in gold is likely ahead

Wed, 10/29/2014 - 09:22

8:23a ET Wednesday, October 29, 2014

Dear Friend of GATA and Gold:

While the mainstream financial news media are determined to overlook it, MineWeb's Lawrence Williams writes, China and India alone appear to be taking each month more gold than is being produced. "All indicators suggest that there could indeed be a very large supply deficit building," Williams writes. He adds: "One day gold will surely take off but whether it's this week, next week, next month, next year, or 10 years' time remains open to question. It just depends on how long the big money, and perhaps governments, can keep playing the futures markets to keep commodity prices working to their advantage."

Williams' commentary is headlined "Hong Kong Gold Exports to China Pick Up Strongly But. ..." and it's posted at MineWeb here:

http://www.mineweb.com/mineweb/content/en/mineweb-gold-news?oid=257958&s...

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

ADVERTISEMENT

Free Storage with BullionStar in Singapore Until 2016

BullionStar is a Singapore-registered company with a one-stop bullion shop, showroom, and vault at 45 New Bridge Road in Singapore.

BullionStar's solution for storing bullion in Singapore is called My Vault Storage. With My Vault Storage you can store bullion in BullionStar's bullion vault, which is integrated with BullionStar's shop and showroom, making it a convenient one-stop-shop for precious metals in Singapore.

Customers can buy, store, sell, or request physical withdrawal of their bullion through My Vault Storage® online around the clock. Storage is FREE until 2016 and will have the most competitive rates in the industry thereafter.

For more information, please visit Bullion Star here:

https://www.bullionstar.com/

Join GATA here:

Mines and Money London
Business Design Centre
London, England, U.K.
Monday-Friday, December 1-5, 2014

http://www.minesandmoney.com/london/

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 DVDs of our London conference in August 2011 or our 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

Grant Williams: This little piggy bent the market

Tue, 10/28/2014 - 14:01

1p ET Tuesday, October 28, 2014

Dear Friend of GATA and Gold:

In his latest "Things That Make You Go Hmmm. ..." letter Singapore-based fund manager Grant Williams examines the history, objectives, and prospects of Switzerland's gold initiative referendum proposal, along with the duplicity and hypocrisy of the Swiss National Bank. Williams' letter is headlined "This Little Piggy Bent the Market" and it's posted at the Mauldin Economics Internet site here:

http://www.mauldineconomics.com/ttmygh/this-little-piggy-bent-the-market

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

ADVERTISEMENT

Free Storage with BullionStar in Singapore Until 2016

BullionStar is a Singapore-registered company with a one-stop bullion shop, showroom, and vault at 45 New Bridge Road in Singapore.

BullionStar's solution for storing bullion in Singapore is called My Vault Storage. With My Vault Storage you can store bullion in BullionStar's bullion vault, which is integrated with BullionStar's shop and showroom, making it a convenient one-stop-shop for precious metals in Singapore.

Customers can buy, store, sell, or request physical withdrawal of their bullion through My Vault Storage® online around the clock. Storage is FREE until 2016 and will have the most competitive rates in the industry thereafter.

For more information, please visit Bullion Star here:

https://www.bullionstar.com/

Join GATA here:

Mines and Money London
Business Design Centre
London, England, U.K.
Monday-Friday, December 1-5, 2014

http://www.minesandmoney.com/london/

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 DVDs of our London conference in August 2011 or our 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

Money is free in Sweden, if the central bank likes you

Tue, 10/28/2014 - 09:54

Sweden's Crown Slides as Riksbank Cuts Rates to Zero

By Anirban Nag
Reuters
Tuesday, October 28, 2014

LONDON -- The Swedish crown hit a four-year low against the dollar and a four-month trough against the euro on Tuesday after Sweden's central bank surprised investors by cutting interest rates to a record low of zero percent.

Most analysts had forecast the Riksbank would lower its main interest rate, the repo rate, to 0.1 percent from 0.25 percent to fight a risk of deflation, and the central bank went a step further by forecasting a lower rate path for the future.

Riksbank chief Stefan Ingves said the central bank is ready to take unconventional measures that analysts said could include asset purchases, intervening in the currency market to sell crowns or imposing a cap like the Swiss National Bank. ...

... For the remainder of the report:

http://www.reuters.com/article/2014/10/28/us-markets-forex-idUSKBN0IG00R...

ADVERTISEMENT

Own Allocated -- and Most Importantly --
Segregated Coins and Bars In Switzerland

Zurich, Switzerland, remains an extremely safe location for storing coins and bars of the monetary metals. If you do not own segregated physical coins and bars that you can visit, inspect, and take delivery of, you are vulnerable. International diversification remains vital to investors.

GoldCore can accomplish this for you.

Read GoldCore's "Essential Guide to Gold Storage In Switzerland" here:

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

Email the GoldCore team at info@goldcore.com or call our trading desk:

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


Join GATA here:

Mines and Money London
Business Design Centre
London, England, U.K.
Monday-Friday, December 1-5, 2014

http://www.minesandmoney.com/london/

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 DVDs of our London conference in August 2011 or our 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

Recovery impossible within the current monetary system, Embry tells KWN

Mon, 10/27/2014 - 19:11

6:10p ET Monday, October 27, 2014

Dear Friend of GATA and Gold:

Incomprehensible debt, derivatives, and algorithmic trading in financial instruments have made a worldwide economic recovery impossible within the current monetary system, Sprott Asset Management's John Embry tells King World News today:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/10/27_E...

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

ADVERTISEMENT

Direct Ownership and Storage of Precious Metals
Outside the Banking System in Zurich and Singapore

Goldbroker.com is a precious metals investment company that enables investors to own and store gold directly in their own name (no mutualized ownership) in Zurich and Singapore.

Goldbroker's clients are not exposed to any counterparty risks. They own gold and silver in their own names (the ownership certificate cites the name of the investor and serial number of his bars) and they have storage accounts opened in their own name as well. So Goldbroker.com's storage partner knows the exact identity of each investor. Goldbroker.com doesn't store in the name of its clients; rather, Goldbroker's clients store personally. All investors have direct access to their gold and silver bars.

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:

Mines and Money London
Business Design Centre
London, England, U.K.
Monday-Friday, December 1-5, 2014

http://www.minesandmoney.com/london/

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 DVDs of our London conference in August 2011 or our 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 scholar says futures markets suppress commodity prices, keep producing nations poor

Mon, 10/27/2014 - 19:00

5:58p ET Monday, October 27, 2014

Dear Friend of GATA and Gold:

Fourteen years ago the British economist Peter Warburton wrote that Western central banks were using the futures and derivatives markets and intermediary investment banks to control commodity prices --

http://www.gata.org/node/8303

-- giving rise to the adage: "The futures markets aren't manipulated. The futures markets are the manipulation."

Today MineWeb's Lawrence Williams interviews a mathematician and former stockbroker who holds a doctorate in math from the University of Melbourne, Australia, Fraser Murrell --

http://www.ms.unimelb.edu.au/~mscareer/index.php?page_ref_id=69

-- and who emphatically concurs, describing the futures markets as the mechanism by which the financially sophisticated West loots the developing world, which is dependent for its livelihood on the production of natural resources. The Western countries sustaining these futures markets, Murrell argues, thereby perpetuate poverty in the developing countries.

Of course this has been GATA's complaint for many years, but nobody at GATA has a Ph.D., just tinfoil hats.

Williams' interview with Murrell is headlined "Futures Markets Keep Precious Metals Prices Depressed" and it's posted at MineWeb here:

http://www.mineweb.com/mineweb/content/en/mineweb-gold-news?oid=257914&s...

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

ADVERTISEMENT

Direct Ownership and Storage of Precious Metals
Outside the Banking System in Zurich and Singapore

Goldbroker.com is a precious metals investment company that enables investors to own and store gold directly in their own name (no mutualized ownership) in Zurich and Singapore.

Goldbroker's clients are not exposed to any counterparty risks. They own gold and silver in their own names (the ownership certificate cites the name of the investor and serial number of his bars) and they have storage accounts opened in their own name as well. So Goldbroker.com's storage partner knows the exact identity of each investor. Goldbroker.com doesn't store in the name of its clients; rather, Goldbroker's clients store personally. All investors have direct access to their gold and silver bars.

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:

Mines and Money London
Business Design Centre
London, England, U.K.
Monday-Friday, December 1-5, 2014

http://www.minesandmoney.com/london/

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 DVDs of our London conference in August 2011 or our 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

Strong economies correlate with sound money, not depreciating money, Turk tells KWN

Mon, 10/27/2014 - 16:47

3:42p ET Monday, October 27, 2014

Dear Friend of GATA and Gold:

GoldMoney founder and GATA consultant James Turk today tells King World News that the referendum on the gold initiative in Switzerland is a contest between sound money and financial repression by central banks and that strong economies correlate with sound money, not with ever-depreciating money as central banks pretend. Turk's interview is posted at the KWN blog here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/10/27_J...

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

ADVERTISEMENT

Direct Ownership and Storage of Precious Metals
Outside the Banking System in Zurich and Singapore

Goldbroker.com is a precious metals investment company that enables investors to own and store gold directly in their own name (no mutualized ownership) in Zurich and Singapore.

Goldbroker's clients are not exposed to any counterparty risks. They own gold and silver in their own names (the ownership certificate cites the name of the investor and serial number of his bars) and they have storage accounts opened in their own name as well. So Goldbroker.com's storage partner knows the exact identity of each investor. Goldbroker.com doesn't store in the name of its clients; rather, Goldbroker's clients store personally. All investors have direct access to their gold and silver bars.

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:

Mines and Money London
Business Design Centre
London, England, U.K.
Monday-Friday, December 1-5, 2014

http://www.minesandmoney.com/london/

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 DVDs of our London conference in August 2011 or our 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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Bill Holter analyzes gold manipulation debate at New Orleans conference

Mon, 10/27/2014 - 15:52

2:51p ET Monday, October 27, 2014

Dear Friend of GATA and Gold:

Market analyst Bill Holter, who writes for the Miles Franklin coin and bullion shop in Minnesota and GATA Chairman Bill Murphy's LeMetropoleCafe.com, today analyzes the gold manipulation debate between your secretary/treasurer and Doug Casey of Casey Research at the New Orleans Investment Conference last Thursday:

http://blog.milesfranklin.com/the-debate-if-you-can-call-it-that

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

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Swiss gold initiative advocates professionalize their campaign and need your help

Mon, 10/27/2014 - 11:32

10:33a ET Monday, October 27, 2014

Dear Friend of GATA and Gold:

The campaign in support of the gold referendum initiative in Switzerland on November 30 has been professionalized, erecting a comprehensive Internet site --

http://gold-initiative.ch/aktuell/

-- which, while in German, can be automatically translated into English if visited via a Google Chrome Internet browser.

Donations in support of the campaign are being collected at the Gold Switzerland Internet site, operated by Matterhorn Asset Management, whose managing partner, Egon von Greyerz, is a primary proponent of the initiative:

https://goldswitzerland.com/swiss-gold-initiative-2014/

The referendum proposal would bar the Swiss National Bank from selling the country's gold reserves; require the bank to repatriate Swiss gold reserves from foreign vaults and vault all the national gold reserves in Switzerland itself; and hold at least 20 percent of Switzerland's foreign exchange reserves in gold.

Essentially the referendum proposal is a democratic revolt against unaccountable central banking and currency market rigging.

The first national opinion poll on the referendum proposal found it leading by 45 to 39 percent --

http://www.gata.org/node/14594

-- but most financial institutions in Switzerland, parasitic dependents of the central bank, are likely to pour resources into the opposition campaign, so the proposal's advocates will need lots of support from Switzerland itself and from around the world. Switzerland imposes no limits on who can donate in support of national referendum campaigns, nor on how much they can donate -- and those allied with the central bank have access to infinite money.

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

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GATA favorites will participate in eMoney Show, an Internet conference Nov. 12

Mon, 10/27/2014 - 11:10

10:10a ET Monday, October 27, 2014

Dear Friend of GATA and Gold:

GATA favorites including Frank Holmes of U.S. Global Investors and Brien Lundin of Jefferson Financial will be participating in an Internet conference of financial expertise, the eMoney Show, to be held on Wednesday, November 12. The show will feature more than 20 experts in the monetary metals, resources, and energy.

The eMoney Show aims to show investors how to tap into growth opportunities, identify companies poised to benefit from new technologies, and download reports, research, and investing tools in a virtual exhibit hall.

Attendance is free and participants will be eligible for prizes, including computer tables, gift cards, and a $500 grand prize.

To register for the eMoney Show, please visit:

https://secure.moneyshow.com/eshow_reg/registration.asp?sid=E3MS14&scode...

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

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* * *

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

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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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China launches direct trade between yuan, Singapore dollar, bypassing U.S. dollar

Mon, 10/27/2014 - 10:27

From Xinhua News Agency
via China Central Television, Beijing
Monday, October 27, 2014

http://english.cntv.cn/2014/10/27/ARTI1414401659567921.shtml

BEIJING -- China on Monday announced direct trading between the renminbi and Singapore dollar beginning Tuesday, marking another step toward internationalizing the Chinese currency.

The announcement by China Foreign Exchange Trading System extended the yuan's list of direct onshore trade to more major currencies, including the U.S. dollar, the euro, British sterling, Japanese yen, Australian dollar, New Zealand dollar, Malaysian ringgit, and Russian ruble.

... Dispatch continues below ...


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The move aims to boost bilateral trade and investment, facilitate the use of the two currencies in trade and investment settlement, and reduce exchange costs for market players, the foreign exchange trading system said in a statement.

The move is also expected to help Singapore in its bid to become a renminbi offshore center.

According to the arrangement, China's interbank foreign exchange market will kick off direct trading between the yuan and the Singapore dollar via spot, forward, and swap contracts.

With direct trading of their currencies, China and Singapore will be less dependent on the U.S. dollar to settle bilateral trade and investment deals.

Previously the exchange rate between the two currencies was calculated based on the yuan-U.S. dollar central parity rate and the Singapore dollar-U.S. dollar rate.

Now that the two currencies can be directly traded, the yuan-Singapore dollar rate will be set based on the average prices offered by market makers before the opening of the interbank foreign exchange market.

The foreign exchange trading system will publish its yuan/Singapore dollar central parity rate at 9:15 a.m. each trading day. The exchange rate on the spot market will be allowed to trade 3 percent higher or lower from parity.

The People's Bank of China, the central bank, authorized and welcomed the announcement, saying it is an important measure between the Chinese and Singaporean governments to jointly push forward bilateral and economic relations.

"The direct yuan-Singapore dollar trade is good for forming a direct exchange rate between the two currencies and reducing exchange costs," the PBOC said in a statement.

Vowing to "actively support" yuan-Singapore dollar direct trade, the PBOC said the move will also help boost financial cooperation between the two countries.

To boost the use of the yuan internationally, China has also signed multiple currency swap agreements totaling 2.9 trillion yuan (US$472 billion) with 26 overseas monetary authorities.

The PBOC has also authorized offshore renminbi clearing and settlement arrangements in Singapore, London, Frankfurt, Seoul, Paris, and Luxembourg, as well as Taiwan, Hong Kong, and Macao.

The Chinese government is gradually relaxing its hold over the yuan and making it a global reserve currency.

China is also under pressure to diversify its foreign exchange reserves, which stood at US$3.89 trillion at the end of June.

* * *

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As gold smuggling rises, India's tax office calls for lower import duty

Sun, 10/26/2014 - 19:57

By Shruti Srivastava
The Indian Express, Mumbai
Monday, October 27, 2014

http://indianexpress.com/article/business/business-others/as-gold-smuggl...

NEW DELHI, India -- Seizures of smuggled gold by the directorate of revenue intelligence has risen by an unprecedented 330 per cent during the April-September period as compared to last year, prompting the directorate to call on the finance ministry to bring down the import duty on the yellow metal and make smuggling less lucrative.

This development comes even as gold imports have jumped by around 450 per cent year-on-year in September touching $3.75 billion, which calls into question the effectiveness of the high import duty of 10 per cent.

... Dispatch continues below ...


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Experts say that import duty has failed to as a deterrent and demand for gold has only gone up.

"There were 2,150 seizures of gold made by the DRI across the country worth over Rs 600 crore in the last six months. This is huge when compared to 500 seizures worth Rs 150 crore made last year during the same period," a government official told The Indian Express on the condition of anonymity.

According to a report by the DRI, gold seizures made up for 24.58 per cent of the total seizures last year compared to 8 per cent of the total seizures in 2012-13. It seized 1,267.26 kg gold in 2013, 200.75 kg in 2012 and 153.26 kg in 2011, according to available figures.

"DRI director general Najib Shah has written to revenue secretary Shaktikanta Das pointing out that the imports have gone up drastically despite high duty. Gold smuggling has emerged as a huge menace for the country. In view of the current situation, the finance ministry should take some decision on the high duty rate. Also, it is resulting in huge foreign exchange outgo," the official added.

In the budget for 2014-15, the government did not reduce the import duty on gold despite the current account deficit coming down to 1.7 per cent in 2013-14 from a high of 4.8 per cent in 2012-13.

Last year the government had taken a slew of measures, including raising the import duty to 10 per cent in phases and restrictions on import, to cut down gold imports. However, the measures led to a rise in smuggling.

Ajay Sahai, director general, Federation of Indian Exports Organisations, said that smuggling is on the rise due to the high duty and not supply shortages."Availability and price are the two factors which contribute to gold smuggling. Clearly, there is no supply shortage as evident by high imports in the last few months. High duty is now becoming counterproductive.

"Availability and price are the two factors which contribute to gold smuggling. Clearly, there is no supply shortage as evident by high imports in the last few months. High duty is now becoming counterproductive.

"It is alarming, even if it is a 50 per cent rise in import of the metal month-on-month. If the government brings down the duty, smuggling will come down,” he added.

The current account deficit during the first quarter of the current fiscal narrowed to 1.7 per cent of GDP from 4.8 per cent of GDP during the same period last fiscal. This was largely helped by a steep decline of 52.7 per cent in gold imports during the first quarter.

* * *

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Gold price suppression documentation cited in debate at New Orleans Investment Conference

Sun, 10/26/2014 - 18:32

5:57p ET Sunday, October 26, 2014

Dear Friend of GATA and Gold:

Documents that were included in a PowerPoint presentation by your secretary/treasurer during his debate with Doug Casey of Casey Research on Thursday, October 23, at the New Orleans Investment Conference -- a debate whose proposition was "Gold Manpulation: Real or Imagined?" -- are cited below, though, because of lack of time, not all of them were reviewed during the debate.

Many more documents confirming gold price suppression by Western central banks can be found in GATA's "Documentation" archive here:

http://www.gata.org/taxonomy/term/21

Summaries of the gold price suppression scheme -- its history, purposes, and methods -- can be found in the section titled "The Basics" at GATA's Internet site here:

http://www.gata.org/taxonomy/term/23

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

* * *

The fourth installment of the European Central Bank Gold Agreement, announced in May 2014:

http://www.ecb.europa.eu/press/pr/date/2014/html/pr140519.en.html

The 2013 annual report of the Bank for International Settlements:

http://www.gata.org/files/BISAnnualReport-06-23-2013.pdf

... Dispatch continues below ...


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Anglo Far-East: Think Outside the Bank

The 2008 PowerPoint presentation by the Bank for International Settlements advertising secret gold market interventions as being among the bank's services to its members:

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

The June 2005 speech by Bank for International Settlements official William R. White asserting that gold market intervention is a primary purpose of international central bank cooperation:

http://www.gata.org/files/BIS-WhiteSpeechCentralBankCooperation-June2005...

The minutes of the April 1997 meeting of the G-10 Gold and Foreign Exchange Committee:

http://www.gata.org/files/FedMemoG-10Gold&FXCommittee-4-29-1997.pdf

Federal Reserve Chairman Alan Greenspan's testimony to Congress in July 1998, in which he said that central banks lease gold to suppress its price:

http://www.federalreserve.gov/boarddocs/testimony/1998/19980724.htm

The secret March 1999 staff report of the International Monetary Fund disclosing that central banks oppose reporting their gold swaps and leases because doing so would impair their secret interventions in the gold and currency markets:

http://www.gata.org/files/IMFGoldDataMemo--3-10-1999.pdf

The speech by Banque de France official Alexandre Gautier to the London Bullion Market Association meeting in Rome in September 2013, asserting that the French central bank trades gold for its own account "nearly on a daily basis" and is "active in the gold market for central banks and official institutions":

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

Federal Reserve Governor Kevin M. Warsh's acknowledgment in September 2009 that the Fed has secret gold swap arrangements with foreign banks:

http://www.gata.org/files/GATAFedResponse-09-17-2009.pdf

The U.S. Treasury Department's explanation of its Exchange Stabilization Fund as having the power to intervene secretly not only in the gold market but any financial market:

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

A statement by the Bank of England in 2011 that the gold swap and lease transactions undertaken by the bank are "market-sensitive" and the public must not be allowed to know about them:

http://www.gata.org/files/BankOfEngland-GoldSwaps&Leases-10-24-2011.pdf

A January 2014 letter from the CME Group, operator of the major U.S. futures market exchanges, informing the U.S. Commodity Futures Trading Commission that central banks are receiving discounts for trading futures in all major U.S. markets:

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

The CME Group's 10-k filing with the U.S. Securities and Exchange Commission for 2014 disclosing that its clients include central banks and governments:

http://www.gata.org/files/CMEGroup-10K-03-03-2014.pdf

The CME Group's August 2014 letter to the U.S. Commodity Futures Trading Commission acknowledging market-rigging practices on CME Group exchanges:

http://www.gata.org/files/CMEGroupManipulativePractices-08-28-2014.pdf

The study of the relationship of gold's price and interest rates written by Harvard economics professor Lawrence Summers and University of Michigan economics professor Robert Barsky and published by the National Bureau of Economic Research in August 1985, titled "Gibson's Paradox and the Gold Standard":

http://www.gata.org/files/GibsonsParadox-OriginalVersion.pdf

Cables from U.S. embassy in Beijing to the U.S. State Department in Washington signifying the Chinese government's knowledge of the Western central bank gold price suppression scheme:

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

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

The minutes of the April 1974 meeting at the U.S. State Department of Secretary of State Henry Kissinger and Assistant Secretary Thomas Enders:

http://history.state.gov/historicaldocuments/frus1969-76v31/d63

Federal Reserve Chairman Arthur Burns' letter to President Ford in June 1975:

http://www.gata.org/files/ArthurBurnsLetterToPresidentFord-June1975.pdf

The March 1974 memo from the U.S. State Department's deputy assistant secretary for international finance and development, Sidney Weintraub, to Undersecretary of State for Monetary Affairs Paul Volcker:

http://history.state.gov/historicaldocuments/frus1969-76v31/d61

Federal Reserve Chairman William McChesney Martin's 1961 plan for rigging all markets to support the U.S. dollar:

http://fraser.stlouisfed.org/docs/historical/martin/23_06_19610405.pdf

Federal Reserve Board of Governors member Kevin M. Warsh's commentary in The Wall Street Journal in December 2011 acknowledging that "financial repression" has been undertaken by government policy makers to "obscure market prices and prevent informed judgments":

http://www.gata.org/node/10839

The transmission in May 2011 by the Board of Governors of the Federal Reserve System to GATA of a penalty in court costs for the Fed's illegally withholding gold-related records:

http://www.gata.org/files/FedLetterLegalCosts.jpg

http://www.gata.org/files/FedCheckLegalCosts.jpg

* * *

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Sunday-Monday, January 18-19,2015

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

* * *

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

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

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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

Greenspan says he's not aware of gold price suppression through central bank leasing

Sat, 10/25/2014 - 16:45

2:54 Saturday, October 25, 2014

Dear Friend of GATA and Gold:

The opportunity to question former Federal Reserve Chairman Alan Greenspan about central bank intervention in the gold market was spectacularly fumbled today during Greenspan's appearance at the New Orleans Investment Conference.

Interviewing Greenspan, conference moderator Gary Alexander asked if the former Fed chairman was aware of efforts by central banks to suppress the price of gold by leasing the metal to bullion banks, which would sell the metal into the market.

"I'm not aware of anything" like that, Greenspan replied, though of course central bank gold leasing to suppress gold's price was famously a subject of Greenspan's testimony to Congress in July 1998, wherein he opposed legislation to regulate derivatives:

http://www.federalreserve.gov/boarddocs/testimony/1998/19980724.htm

Greenspan told Congress then: "Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise."

Had Greenspan forgotten his testimony? After all, it was 16 years ago.

During a break in the interview, your secretary/treasurer urged Alexander to follow up with a question about that testimony -- and he did, but only to misquote it. Alexander asked Greenspan if he remembered testifying to Congress that "the Fed," not central banks generally, stood ready to buy gold, not lease it, to influence the price.

Greenspan replied that it was "not conceivable that I would have said that" -- and of course he never did.

The interview was doubly disappointing insofar as Alexander and the other conference panelists discussing issues with Greenspan today had been given, several days in advance, the very specific, detailed, and documented questions that have to be put to central bankers if their gold price suppression scheme is to be exposed, the first of those questions being about Greenspan's testimony on gold leasing:

http://gata.org/node/14606

So today's interview produced only Greenspan's assertion that he isn't aware of what he testified about to Congress in 1998. That's something, since it's so pathetic. But what an opportunity was lost.

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

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

* * *

Support GATA by purchasing DVDs of our London conference in August 2011 or our 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

Negative interest rates threaten to destroy not just savers but IMF as well

Sat, 10/25/2014 - 11:59

So the IMF enacts a new rule to save itself. Everyone else remains out of luck.

* * *

IMF Introduces Floor on Interest Rates

By Robin Harding
Financial Times, London
Friday, October 24, 2014

http://www.ft.com/intl/cms/s/0/9b3ea266-5bcc-11e4-a674-00144feab7de.html

WASHINGTON -- The International Monetary Fund has been forced to change the calculation of its most important interest rate after aggressive monetary easing around the world threatened to turn it negative.

Late on Friday the IMF said it was introducing a floor of 0.05 per cent for the interest rate on Special Drawing Rights, its own form of international currency.

The IMF's move shows how global financial conditions are now easier than they have ever been, more than five years after the end of the Great Recession, leading to the lowest interest rates in its 68-year history.

... Dispatch continues below ...

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Rate cuts, asset purchases, and forward guidance by central banks around the world continue to disrupt financial markets, forcing participants to adapt in new ways.

"In view of the prevailing interest rates today, the SDR interest rate for the next weekly period starting Monday October 27, will be established at the floor of 0.05 per cent," the IMF executive board said.

The SDR rate is what the IMF pays to its lending nations for the use of their funds. It then adds a margin to calculate the rate on its loans to Greece and other countries. The change will ensure lenders get a small positive return and fractionally raise costs to borrowers. The rate is calculated as a weighted average of the three-month risk-free rates in euros, yen, dollars, and sterling.

After staying positive throughout the financial crisis, that basket has threatened to turn negative in recent weeks, as both the euro and yen rates have fallen below zero. They were affected by the European Central Bank's move towards negative rates and continued easing by the Bank of Japan.

The most recent weekly calculation came in at 0.03 per cent. That reflected a euro rate of minus 0.02 per cent, a yen rate of minus 0.01 per cent, a dollar rate of plus 0.01 per cent and a sterling rate of 0.05 per cent. That rate will now be replaced by a 0.05 per cent floor from next week.

The possibility of negative rates caused several problems, according to a senior IMF official. There is no legal basis in its articles of association for paying a negative rate; it would have created a perverse situation where creditors were paying to lend money to the fund; and it would have frozen the SDR market as no country would have any reason to participate.

It would also have caused a breakdown in the IMF's "burden sharing" mechanism. Under that system, credit losses from countries that do not pay their IMF loans are shared between members, via a small deduction in the interest they receive.

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More nations are trying to get out from under the U.S. dollar, Putin says

Fri, 10/24/2014 - 20:23

Putin Accuses U.S. of Blackmail, Weakening Global Order

By Stepan Kravchenko
Bloomberg News
Friday, October 24, 2014

http://www.bloomberg.com/news/2014-10-24/putin-accuses-u-s-of-blackmail-...

MOSCOW -- The U.S. is behaving like "Big Brother" and blackmailing world leaders while making imbalances in global relations worse, Russia's president said.

Current conflicts risk bringing world order to collapse, Vladimir Putin told the annual Valdai Club in the Black Sea resort of Sochi. The Cold War's "victors" are dismantling established international laws and relations, while the global security system has become weak and deformed, with the U.S. acting like the "nouveau riche" as global leader, he said.

"The Cold War has ended," Putin said. "But it ended without peace being achieved, without clear and transparent agreements on the new rules and standards."

... Dispatch continues below ...


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Russia has clashed with the U.S. over conflicts from Syria to Ukraine, sending relations between the two countries to levels not seen since Soviet times. Putin, whose nation is on the brink of recession because of U.S. and European sanctions over Ukraine, also offered asylum to fugitive American government intelligence contractor Edward Snowden in 2013.

"Global anarchy" will grow unless clear mechanisms are established for resolving crises, Putin told the invited group of foreign and Russian academics and analysts. The U.S.'s "self-appointed" leadership has brought no good for other nations and a unipolar world amounts to a dictatorship, he said.

"The United States does not seek confrontation with Russia, but we cannot and will not compromise on the principles on which security in Europe and North America rests," State Department spokeswoman Jen Psaki said in response today in Washington.

Psaki said the U.S. was committed to upholding Ukraine's sovereignty and territorial integrity while continuing to cooperate with Russia on other issues, including destroying nuclear stockpiles and Syria's chemical weapons cache.

"Our focus is on continuing to engage with Russia on areas of mutual concern, and we're hopeful that we'll be able to continue to do that," Psaki said, "while we still certainly have disagreements on some issues."

Putin also attacked globalization, which he said has "disillusioned" many countries and risks hurting trust in the U.S. and its allies. More nations are trying to escape dependence on the dollar as a reserve currency by forming alternative financial systems, according to the Russian leader.

Russia doesn't want to restore its empire or have a special place in the world, Putin said. While it's not seeking superpower status in international relations, it wants its interests to be respected, he said.

Putin also commented on Crimea, whose annexation by Russia in March triggered U.S. and European Union sanctions that have since been intensified over the insurgency in Ukraine's east. Absorbing the Black Sea peninsula that was earlier part of Russia complied with United Nations norms and followed an armed seizure of power in Kiev, he said.

Russia wouldn't "mindlessly burn up" foreign currency reserves to defend the ruble, Putin said, as he acknowledged that the reserves were shrinking from interventions in the market. Under pressure from sanctions and falling oil prices, the ruble fell to a record today against the central bank's target dollar-euro basket.

While Ukraine's crisis isn't the prime cause of Russia's worsening ties with the U.S and its allies, attempts are being made "once again to create the image of an enemy, as during the years of the Cold War" and to divide up the world, Putin said.

The Russian people sensed danger and are rallying around their leader, said Putin, who described himself as the country's biggest nationalist. There were similarities between Russia now and the U.S. after the Sept. 11 attacks, he said.

Putin said that while President Barack Obama sees Russia as a threat, Russia didn't seek a confrontation with the U.S.

The sanctions undermine World Trade Organization rules and Russia remains ready for dialogue over normalizing economic ties, he said.

Even so, Russia won't "beg for anything" in response to the measures, nor is it walling itself off from the world, according to Putin. "External pressure, just as in the past, is only consolidating our society, not weakening it."

He rejected a claim attributed to the Kremlin's first deputy chief of staff, Vyacheslav Volodin, that "without Putin, there is no Russia." The president told his audience that "Russia can get by without people like me."

* * *

Join GATA here:

Mines and Money London
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London, England, U.K.
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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 DVDs of our London conference in August 2011 or our 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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