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Updated: 2 hours 11 min ago

Maguire says deadly challenge to London gold market is imminent

Fri, 01/30/2015 - 23:35

10:34p ET Friday, January 30, 2015

Dear Friend of GATA and Gold:

Interviewed by King World News, London metals trader Andrew Maguire predicts that a deadly challenge to the London gold market and London Bullion Market Association is only days away from being announced. Maguire's interview is excerpted in two parts at the KWN blog here:

http://kingworldnews.com/andrew-maguire-stunning-developments-gold-marke...

http://kingworldnews.com/andrew-maguire-death-knell-lbma-massive-short-s...

And Swiss gold fund manager Egon von Greyerz tells KWN that gold has broken upward in nearly every currency and is about to leave them all in the dust:

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

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

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Alasdair Macleod: More euro-tragedy

Fri, 01/30/2015 - 16:06

3:05p ET Friday, January 30, 2015

Dear Friend of GATA and Gold:

"Quantitative easing," GoldMoney research director Alasdair Macleod writes today, "transfers wealth from savers to financial speculators and other early receivers of the new money. Somehow, the impoverishment of the working and saving masses for the benefit of the central bankers' chosen few is meant to be good for the economy."

And now that "QE" is being internationalized through competitive devaluations, Macleod adds, gold demand is likely to rise in the advanced Western economies, even as demand lately has been high in Asia.

Macleod's commentary is headlined "More Euro-Tragedy" and it's posted at GoldMoney here:

http://www.goldmoney.com/research/analysis/more-euro-tragedy?gmrefcode=g...

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

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Koos Jansen: Despite rising price, staggering gold withdrawals in Shanghai

Fri, 01/30/2015 - 14:52

By Koos Jansen
Bullion Star, Singaore
Friday, January 30, 2015

As I wrote last time on data from the Shanghai Gold Exchange (SGE), in Week 2 of 2015 withdrawals from the vaults of the SGE (which equal Chinese wholesale demand) came in extremely high at 70 tonnes, the third highest amount ever. But in Week 3 (January 19–23) the Chinese withdrew even more at 71 tonnes, up 0.89 percent week over week, and the third highest amount ever. Year to date 202 tonnes have been withdrawn from the SGE vaults, up 15 percent year over year. Like last week, this was happening while the price of gold was rising sharply -- staggering numbers. ...

... For the remainder of the report:

https://www.bullionstar.com/blog/koos-jansen/boom-sge-withdrawals-week-3...

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New Greek government opposes Canadian company's gold mine

Fri, 01/30/2015 - 14:40

By Angeliki Koutantou
Reuters
Friday, January 30, 2015

ATHENS, Greece -- Greece's new left-wing government will cancel plans to sell the state natural gas utility and is firmly opposed to a Canadian-run gold mine that is among the biggest foreign investment projects in the country, the energy minister told Reuters.

The comments on Friday by Panagiotis Lafazanis, who represents the more radical wing of the ruling Syriza party, further reinforces early signs that the government is sticking to campaign pledges that have chilled investment and unnerved financial markets.

The Skouries gold mine operated by Vancouver-based Eldorado Gold Corp. in northern Greece was the flagship project of the last government's foreign investment drive and considered a test case that would reveal whether Greece could protect foreign investors despite local opposition.

"We are absolutely against it and we will examine our next moves on it," Lafazanis, a 63-year-old former Communist, told Reuters at his new ministerial office. He declined to say if the government would try to block the project from going ahead. ...

... For the remainder of the report:

http://www.reuters.com/article/2015/01/30/us-greece-politics-investment-...

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Russia increases gold purchases by 123%

Fri, 01/30/2015 - 14:37

From Russia Today, Moscow
Friday, January 30, 2015

The Central Bank of Russia bought a record amount of gold in the first 11 months of 2014 spending an estimated $6.1 billion. Increasing gold reserves attempts to reduce dependence on the dollar amid geopolitical tension, Mark O’Byrne of GoldCore told Russia Today. ...

The amount of gold bought went up 123 percent from the previous year to 152 tons, worth $6.1 billion at current prices. It's the most Russia has spent since the collapse of the Soviet Union.

Given the tension between the US and Russia, it's more likely Russia will sell dollar assets and buy gold, said O'Byrne.

"That will be done both to protect the ruble and potentially to position the ruble as a reserve currency in the long term, but also as a signal to Washington," he said, adding that it's almost like a geopolitical move showing that Russia has a monetary and financial alternative and it can retaliate if economic sanctions were to deepen. ...

... For the remainder of the report:

http://rt.com/business/227755-russia-record-gold-purchase/

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Russia buys record amounts of gold

Thu, 01/29/2015 - 17:52

By Henry Sanderson
Financial Times, London
Thursday, January 29, 2015

http://www.ft.com/intl/cms/s/0/13b55dd6-a7b6-11e4-be63-00144feab7de.html

Russia accounted for about one-third of central banks' gold purchases last year as the country spent more on the metal than at any time since the break-up of the Soviet Union amid escalating tensions with the west and a collapse in the value of the rouble.

Central banks around the world bought a net 461 tonnes of gold in 2014 -- 13 per cent higher than the previous year and the second-highest level since the collapse of the gold standard in 1971 -- as they continued to diversify their currency reserves following the financial crisis. They have added 1,800 tonnes to their holdings in the past six years.

... Dispatch continues below ...


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Moscow's shopping spree of the yellow metal was driven by a desire to shift away from a dependency on the dollar and provide support to the beleaguered rouble. Russia's currency has lost half its value against the dollar in the past year on the back of the plunging oil price as well as western sanctions. The central bank's foreign currency reserves, mainly US and European government bonds, have also fallen.

"There is no attraction for the Russians to be doing anything which is helpful to the US and Europe," said Ross Strachan of GFMS, a metals research group at Thomson Reuters, which compiled the figures. "Given the sanctions ... gold is one asset which it can purchase which doesn't do that."

Russia's central bank purchased 152 tonnes of gold worth $6.1 billion at today's prices -- an increase of 123 per cent compared with the previous year -- in the first 11 months of 2014, according to GFMS estimates.

Analysts also said Russia's purchases might have been due to the buying of domestically produced gold that could not be easily sold overseas due to sanctions.

"This is a clear positive for the gold price," said Matthew Turner, analyst at Macquarie. "If central banks had not purchased that gold, it would have been bought by private investors or jewellery consumers, and this would likely have required a lower gold price."

While Russia was a strong buyer this year, analysts say purchases could slow and the country could become a seller if it continues to liquidate its reserves to support the domestic currency.

During Russia's last financial crisis in 1998, the central bank's gold reserves fell by 118 tonnes as the country's foreign exchange holdings dropped below $10 billion. Russia's total international reserves amounted to $385 billion at the end of December, compared with more than $500 billion a year earlier.

"We are still a long way off Russia needing to sell gold," Mr Turner said.

The Thomson Reuters survey is based on data provided to the International Monetary Fund as well as its own estimates on central banks that do not provide data.

Interest was also strong from central Asian states. Kazakhstan bought 46 tonnes through 2014 and Azerbaijan 10 tonnes, according to the survey. Iraq also acquired 48 tonnes in the first half of the year.

Gold has rallied more than 7 per cent this year due to renewed demand for a safe haven asset amid turmoil in the eurozone and weaker global growth.

"While official sector purchases are forecast to continue, it appears unlikely, given low international oil prices and growing deficits in many purchasing nations, that buying will accelerate," the Thomson Reuters report said.

* * *

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Saville says gold's flow doesn't matter to price; U.S. and China disagree

Thu, 01/29/2015 - 15:46

2:58p ET Thursday, January 29, 2015

Dear Friend of GATA and Gold:

Who is buying gold and who is selling it mean nothing to the metal's price trend, nor does it matter where the metal is coming from, financial letter writer Steve Saville maintains this week in commentary headlined "Looking for (Gold Price) Clues in All the Wrong Places," posted at his Internet site, the Speculator Investor, here:

http://tsi-blog.com/2015/01/looking-for-gold-price-clues-in-all-the-wron...

That's not how the U.S. government sees it. To the contrary, the U.S. government considers gold's location to be of supreme importance to its price and the price of the U.S. dollar, the primary mechanism of U.S. power in the world.

... Dispatch continues below ...


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The U.S. government's outlook is described in detail by the minutes of a meeting at the State Department in April 1974 attended by Secretary of State Henry Kissinger and his assistant undersecretary of state for economic and business affairs, Thomas O. Enders, minutes archived by the State Department's historian here --

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

-- and copied at GATA's Internet site here:

http://www.gata.org/files/StateDeptKissingerEnders1974.txt

The meeting addressed what the State Department saw as the growing desire among Western European countries to revalue their gold reserves upward, thereby increasing gold's role in the international financial system, while U.S. policy was to demonetize gold so as to leave the dollar unchallenged as the world reserve currency.

Secretary Kissinger asked: "Why is it against our interest to have gold in the system?"

Mr. Enders: It's against our interest to have gold in the system because for it to remain there it would result in it being evaluated periodically. Although we have still some substantial gold holdings -- about $11 billion -- a larger part of the official gold in the world is concentrated in Western Europe. This gives them the dominant position in world reserves and the dominant means of creating reserves. We've been trying to get away from that into a system in which we can control ...

Secretary Kissinger: But that's a balance-of-payments problem.

Mr. Enders: Yes, but it's a question of who has the most leverage internationally. If they have the reserve-creating instrument, by having the largest amount of gold and the ability to change its price periodically, they have a position relative to ours of considerable power. For a long time we had a position relative to theirs of considerable power because we could change gold almost at will. This is no longer possible -- no longer acceptable. Therefore, we have gone to Special Drawing Rights, which is also equitable and could take account of some of the less-developed-country interests and which spreads the power away from Europe. And it's more rational in ...

Secretary Kissinger: "More rational" being defined as being more in our interests or what?

Mr. Enders: More rational in the sense of more responsive to worldwide needs -- but also more in our interest. ...

That is: Whoever has the most gold can control its valuation, and, implicitly, can control the valuation of all currencies, and thereby create the most "reserves," the most money -- money being power.

The interest of the United States, as perceived at that meeting at the State Department, was to dominate the world through the power of money creation, a power disproportionately held then by the United States, as it is now.

Saville writes: "The amount of gold shifting into or out of exchange-traded fund inventories could be of interest, but the shift in location from an ETF inventory to somewhere else or from somewhere else to an ETF inventory is not a driver of the gold price."

Saville's assertion that transfer between inventories can't drive gold's price is contradicted by the history of the London Gold Pool, which collapsed in March 1968:

http://en.wikipedia.org/wiki/London_Gold_Pool

As always, in 1968 gold was merely changing vaults. But that it was coming out of central bank vaults, whose supplies were announced and finite, surely did drive price, as it gave buyers confidence that central bank inventories could be exhausted. If central bank inventories had been considered infinite, of course no one would have bought in such volume as developed in 1968.

Further, gold's price, like the price of any commodity or currency, also can be driven by the policy objectives of those who would acquire it. Gold holders who underwrite vast short selling in gold, as Western central banks long have done through gold swaps and leases, may profit from maintaining a low price. And gold holders who recognize the market's vulnerability to a short squeeze may see profit or geopolitical advantage in arranging one or threatening to.

Indeed, the government-controlled financial news media in China long have been full of commentary about the Western central bank gold price suppression scheme and the advantages to China in defying it:

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

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

For example, in April 2009 the the Chinese newspaper World News Journal wrote: "The United States and Europe have always suppressed the rising price of gold. They intend to weaken gold's function as an international reserve currency. They don't want to see other countries turning to gold reserves instead of the U.S. dollar or euro. Therefore, suppressing the price of gold is very beneficial for the United States in maintaining the U.S. dollar's role as the international reserve currency. China's increased gold reserves will thus act as a model and lead other countries toward reserving more gold. Large gold reserves are also beneficial in promoting the internationalization of the renminbi."

Of course, as Saville notes, governments can change their minds and their policies.

But gold price suppression to support the U.S. dollar as the world reserve currency has been U.S. government policy for more than half a century, and the power to issue the world reserve currency will always be desirable.

Meanwhile China's policy of gold acquisition has been operating for maybe two decades now.

These policies and flows have been going on long enough that even a financial letter writer might discern some price clues in it -- if he ever thought that evidence and experience were more dispositive than ideology.

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

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At the New York Fed, gold can leave discreetly by the back door

Thu, 01/29/2015 - 12:45

11:46a ET Thursday, January 29, 2015

Dear Friend of GATA and Gold:

With his meticulously documented report yesterday about the close connection between the auxiliary gold vault of the Federal Reserve Bank of New York and the vault area of the adjacent JPMorganChase & Co. building, GATA consultant Ronan Manly was pretty cautious:

http://www.gata.org/node/15033

Manly noted the claim made by the CME Group, operator of the New York Commodity Exchange, that documents about the vault in possession of the U.S. Commodity Futures Trading Commission should be exempt from federal disclosure law, and he speculated that the only statutory provisions for such exemption might be for national defense and foreign policy issues.

Manly was probably understating the situation. That is, it seems fair to conclude that the New York Fed has set up its gold vaults this way so that gold leaving its custody for sensitive market intervention or embarrassing repatriation can depart by the back door rather than by the front door, can depart disguised as the business of a commercial bank rather than be exposed as official business.

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:

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

Banks rigging markets are like 'careless fighter pilots'

Thu, 01/29/2015 - 12:24

By James Titcomb
The Telegraph, London
Thursday, January 29, 2015

A senior Bank of England official has compared banks' failures to prevent Libor and foreign exchange rigging to a fighter pilot ignoring safety checks, saying it should be in the banks’'own interests to stamp out bad behaviour.

Andrew Hauser, the BoE's director of markets strategy, said ensuring good conduct had become misaligned with profitability at banks, causing systematic failures that led to traders ripping off customers in an attempt to make money.

He said that despite an "enormous" focus on improving standards at many banks, promises to reform could become like a quickly-forgotten new year's resolution if rules are not put in place to make sure it is in a bank's best interests to do so.

Banks have been fined billions of pounds for allowing traders to manipulate key benchmarks such as interbank lending rates and currency markets, colluding to fix them at the expense of customers.

Officials have said that repeated instances of bad behaviour, some even occurring after banks were fined, show that banks have not learned their lessons from the scandals. ...

... For the remainder of the report:

http://www.telegraph.co.uk/finance/bank-of-england/11377027/Banks-riggin...

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Sen. Rand Paul re-introduces 'audit the Fed' bill

Wed, 01/28/2015 - 22:57

By Michael Flaherty
Reuters
Wednesday, January 28, 2015

Republican U.S. Sen. Rand Paul, a potential 2016 presidential candidate, on Wednesday re-introduced a bill that would expose the Federal Reserve's monetary policy discussions and decisions to a congressional audit.

The Kentucky senator's move to re-introduce the bill, along with 30 co-sponsors, comes as Republican lawmakers and some Democrats increase their efforts to rein in the U.S. central bank and make it more transparent.

The Fed gained broad regulatory powers and implemented massive stimulus measures after the 2007-2009 financial crisis, expanding its balance sheet to $4.5 trillion.

Republican U.S. Rep. Thomas Massie of Kentucky introduced a similar bill in the House of Representatives this month. ...

... For the remainder of the report:

http://www.reuters.com/article/2015/01/28/usa-fed-audit-idUSL1N0V71IH201...

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Monday-Friday, March 23-27, 2015
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* * *

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

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

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

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

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Central banks' gold suppression will fail, maybe any day now, Sprott tells KWN

Wed, 01/28/2015 - 21:52

8:50p ET Wednesday, January 28, 2015

Dear Friend of GATA and Gold:

Volatility in currencies signals that central banks are losing control while investors increasingly move into physical gold, straining central bank supplies to the market, Sprott Asset Management founder Eric Sprott tells King World News tonight.

"The physical demand just won't let up at these depressed prices," Sprott says, "and when you throw in a massive currency war that is taking place on a global basis, it is only making matters worse for the Western central banks."

Sprott likens today's gold suppression scheme to the last days of the London Gold Pool in 1968. He thinks the central banks could surrender any day now.

The interview is excerpted at the KWN blog here:

http://kingworldnews.com/billionaire-eric-sprott-entities-wiped-overnigh...

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

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Monday-Friday, March 23-27, 2015
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* * *

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

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

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

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

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

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To contribute to GATA, please visit:

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

Central banks irrelevant? Doug Casey says yes but his chief economist disagrees

Wed, 01/28/2015 - 20:19

7:19p ET Wednesday, January 28, 2015

Dear Friend of GATA and Gold:

At the New Orleans Investment Conference in October, Casey Research founder Doug Casey declared that central bank interventions in markets are irrelevant, as are central banks themselves. But in an interview with Dennis Miller, editor of the Casey Research newsletter Miller's Money Forever, the firm's chief economist, Bud Conrad, describes some of those interventions and concludes: "There are no markets, only interventions."

What a concise way of putting it. And how good that Casey Research allows analysis as well as mere pontificating.

Miller's interview with Conrad is headlined "The Age of Intervention Continues" and it's posted at the Miller letter's Internet site here:

http://www.millersmoney.com/editorial/the-age-of-intervention-continues

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:

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

Or by purchasing a colorful GATA T-shirt:

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http://gata.org/node/wallstreetjournal

Help keep GATA going

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NY Fed's auxiliary gold vault may be JPM's and a device of foreign policy

Wed, 01/28/2015 - 17:37

4:35p ET Wednesday, January 28, 2015

Dear Friend of GATA and Gold:

In the second installment of his series about the gold vaults of the Federal Reserve Bank of New York, GATA consultant Ronan Manly compiles documentation indicating that the bank's auxiliary vault is operated jointly with JPMorganChase, whose own gold-vaulting facilities, regulated by the Commodity Futures Trading Commission, are adjacent and apparently being exempted from ordinary disclosure under federal freedom-of-information law because they implicate national defense or foreign policy. Manly's analysis is headlined "The Keys to the Gold Vaults at the New York Fed -- Part 2: The Auxiliary Vault" and it's posted at Bullion Star's Internet site here:

https://www.bullionstar.com/blog/ronan-manly/keys-gold-vaults-new-york-f...

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

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Monday-Friday, March 23-27, 2015
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* * *

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

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

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

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Singapore becomes ninth country to weaken currency this month

Wed, 01/28/2015 - 09:19

Singapore Dollar Is Weakest Since 2010

By Sharon Chen
Bloomberg News
Wednesday, January 28, 2015

SINGAPORE -- Singapore unexpectedly eased monetary policy, sending the currency to the weakest since 2010 against the U.S. dollar as the country joined global central banks in shoring up growth amid dwindling inflation.

The Monetary Authority of Singapore, which uses the exchange rate as its main policy tool, said in an unscheduled statement Wednesday it will seek a slower pace of appreciation against a basket of currencies. It cut the inflation forecast for 2015, predicting prices may fall as much as 0.5 percent.

The move was the first emergency policy change since one following the Sept. 11, 2001 attacks for the MAS -- which only has two scheduled policy announcements a year -- reflecting how the plunge in oil has changed the outlook in recent months. Singapore becomes at least the ninth nation to ease policy this month, as officials from Europe to Canada and India contend with escalating disinflation and faltering global growth. ...

... For the remainder of the report:

http://www.bloomberg.com/news/articles/2015-01-28/singapore-joins-global...

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German regulator sees only scattered, individual efforts to manipulate gold price

Tue, 01/27/2015 - 21:10

German Watchdog Sees No Signs of Gold, Forex Manipulation

By Thomas Atkins
Reuters
Tuesday, January 27, 2015

FRANKFURT, Germany -- Investigators at German financial watchdog Bafin have not discovered any signs of systemic efforts to manipulate currency benchmarks, rather, only individual efforts, banking supervisory head Raimund Roeseler said in a newspaper interview today.

In addition, Bafin is preparing to close its gold probe after not uncovering any signs of attempted benchmark price manipulation, Roeseler told daily Handelsblatt.

"We don't have the impression that there was a system behind the (currency) manipulation. Rather, it was simply the greed of individuals or groups in the most diverse places," he said.

Those places include Singapore, South America, Russia, and Poland, he said.

"Sometimes it wasn't even clear whether those being investigated really manipulated or whether they were simply boasting that they could do so," he said. ...

... For the remainder of the report:

http://www.reuters.com/article/2015/01/27/us-fx-investigation-bafin-idUS...

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JPMorgan said to reap up to $300 million amid Swiss turmoil

Tue, 01/27/2015 - 16:38

By Julia Verlaine
Bloomberg News
Monday, January 27, 2015

JPMorgan Chase & Co.'s foreign-exchange traders reaped a gain of as much as $300 million after the Swiss central bank roiled markets by abolishing its cap on the franc, according to two people with knowledge of the matter.

The bank netted $250 million to $300 million on the day of the Swiss National Bank's surprise decision to scrap the franc ceiling of 1.20 against the euro, said the people, who asked not to be identified because they weren't authorized to speak publicly. A JPMorgan spokesman declined to comment.

The SNB's surprise decision on Jan. 15 to remove the three-year-old cap sent the franc soaring as much as 41 percent against the euro that day. JPMorgan is one of the few to emerge from the turmoil with a profit. Citigroup Inc., Deutsche Bank AG, and Barclays Plc suffered about $400 million in cumulative trading losses, people with knowledge of the matter have said. ...

... For the remainder of the report:

http://www.bloomberg.com/news/2015-01-27/jpmorgan-said-to-reap-up-to-300...

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

Visit us at www.europesilverbullion.com.

Join GATA here:

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Wednesday-Friday, March 18-20, 2015

http://www.mininginvestmentasia.com/

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

* * *

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

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

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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TF Metals Report: Inherent unfairness in the gold futures market

Tue, 01/27/2015 - 16:04

3:03p ET Tuesday, January 27, 2015

Dear Friend of GATA and Gold:

The TF Metals Report's Turd Ferguson today provides his own indictment of the gold futures market, where infinite imaginary supply can be created at any moment to suppress the price. Ferguson's commentary is headlined "Inherent Unfairness" and it's posted at the TF Metals Report here:

http://www.tfmetalsreport.com/blog/6566/inherent-unfairness

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

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

* * *

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

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

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

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

Or by purchasing a colorful GATA T-shirt:

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http://gata.org/node/wallstreetjournal

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Technical analysts have a right to be angry, but not at 'gold bugs'

Tue, 01/27/2015 - 15:33

2:42p ET Tuesday, January 27, 2015

Dear Friend of GATA and Gold:

In an essay headlined "Decoding the Gold COTs: Myth vs. Reality," market analyst Dan Norcini notes that futures markets have a huge influence on commodity prices and that market participants often place trades there first in anticipation of placing trades in the cash market:

http://news.goldseek.com/DanNorcini/1422282917.php

Norcini goes on to disparage complaints by "gold bugs" that the gold futures market particularly is corrupt.

But of course central banks and their agents, the huge investment banks -- entities that create or have access to essentially infinite money -- also recognize the influence of the futures markets and exploit it in pursuit of their objectives. Does Norcini really not understand this?

After all, it is now public record that central banks are secretly trading all futures markets in the United States, directly or through intermediaries:

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

http://www.gata.org/node/14411

http://www.gata.org/node/14818

It is also now public record that central banks are secretly trading the gold market "nearly on a daily basis." The director of market operations for the Banque de France proclaimed it a year and a half ago --

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

-- though it long has been acknowledged in the records of the Bank for International Settlements --

http://www.gata.org/node/11012

http://www.gata.org/node/12717

http://www.gata.org/node/8773

-- and those of the International Monetary Fund:

http://www.gata.org/node/12016

Since central banks are empowered to create infinite money as well as to trade in all markets in secret, and since they are trading gold so aggressively, are "gold bugs" or other traders really so crazy to resent having to trade against them? Can any market in which a central bank is trading so actively and so secretly be considered a free market at all? What is really being analyzed in such markets -- the conduct of a large number of participants or the conduct of central banks disguised by intermediaries?

... Dispatch continues below ...


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Further, does Norcini think that this surreptitious trading by central banks is undertaken just in fun? Or does it more likely have the historic policy objectives of central bank intervention in gold -- to control and usually suppress the monetary metal's price to support the value of government currencies and bonds?

Norcini is a technical analyst, and it's easy to understand why technical analysts do not want to address surreptitious trading and market intervention by central banks -- why technical analysts loathe the very subject of gold market manipulation. For such trading and intervention by central banks and their agents would mean that there really is no market to analyze, that technical analysis in such circumstances is a delusion.

Of course no one can be expected to admit cheerfully that his life's work has become obsolete. As a newspaper editor your secretary/treasurer feels this keenly, having spent most of his life in an occupation dependent on literacy and civic engagement, both of which are nearing obsolescence in the public mind in the United States.

But to call people "nitwits," as Norcini does, for complaining about something as comprehensively documented as the destruction of free markets seems awfully presumptuous. If GATA ever persuades enough people of this market rigging and thereby helps to end it, restoring free markets, maybe someday technical analysis will become useful again.

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

* * *

Join GATA here:

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

http://www.mininginvestmentasia.com/

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

* * *

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

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

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

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

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

German probe finds no signs of manipulation in gold market

Tue, 01/27/2015 - 13:33

By Shane Strowmatt and Nicholas Comfort
Bloomberg News
Tuesday, January 27, 2015

FRANKFURT, Germany -- Germany's financial regulator BaFin has found no evidence to support allegations of manipulation in the gold market or that currency exchange rates were systematically rigged, according to its head of banking supervision, Raimund Roeseler.

Roeseler also said the watchdog is close to concluding a probe into alleged attempts to rig the London Interbank Offered Rate, a benchmark for borrowing costs. He didn't comment on the results of that investigation.

The probe into currency markets is still under way, he said. Roeseler spoke to Handelsblatt newspaper in an interview published in Frankfurt Monday. Oliver Struck, a spokesman for BaFin, confirmed the comments in an e-mail to Bloomberg News. ...

... For the remainder of the report:

http://www.bloomberg.com/news/2015-01-26/german-regulator-found-no-signs...

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Join GATA here:

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

http://www.mininginvestmentasia.com/

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

* * *

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

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

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

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

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Russia buys gold for ninth month, but IMF was wrong about purchase by Netherlands

Tue, 01/27/2015 - 13:21

By A. Ananthalakshmi
Reuters
Tuesday, January 27, 2015

SINGAPORE -- Russia extended its buying spree of gold to a ninth straight month, and the price of gold rose for the first time in five months, data from the International Monetary Fund showed today.

The global financial institution later confirmed that the Netherlands did not increase its bullion holdings in December, contrary to the IMF's earlier report that the bank had raised gold holdings for the first time in 16 years. ...

... For the remainder of the report:

http://www.reuters.com/article/2015/01/27/gold-imf-holdings-idUSL4N0V60W...

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Join GATA here:

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

http://www.mininginvestmentasia.com/

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

* * *

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

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

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

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

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

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