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Stefan Gleason: Five extraordinary things that will shake up precious metals

Tue, 08/04/2015 - 17:06

4:05p ET Tuesday, August 4, 2015

Dear Friend of GATA and Gold:

Writing today at TheStreet.com, Stefan Gleason, president of Money Metals Exchange in Eagle, Idaho, enumerates "Five Extraordinary Things that Will Shake Up Precious Metals," basically a list of the fundamental factors supporting a rise in price for the monetary metals, including the imminent collapse of the monetary metals mining industry, its agreement to die quietly and cease production.

Will fundamentals ever again mean anything in markets that, like the gold and silver markets, are controlled by surreptitious intervention by central banks and their agents? Certainly not with their permission. But if this central bank policy is sufficiently exposed, anything could happen.

Gleason's commentary is posted at The Street here:

http://www.thestreet.com/story/13242163/2/5-extraordinary-things-that-wi...

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

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Hugo Salinas Price: Will China play the 'gold card'?

Tue, 08/04/2015 - 15:09

2:08p ET Tuesday, August 4, 2015

Dear Friend of GATA and Gold:

China well may devalue the yuan against gold as the next move in the international currency war, Hugo Salinas Price of the Mexican Civic Association for Silver writes this week. His commentary is headlined "Will China Play the 'Gold Card'?" and it's posted at the association's Internet site 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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Despite media's propaganda, gold has performed well in Europe, Turk tells KWN

Mon, 08/03/2015 - 22:06

9:05p ET Monday, August 3, 2015

Dear Friend of GATA and Gold:

GoldMoney founder and GATA consultant James Turk tells King World News tonight that despite the mainstream financial news media's ever-intensifying propaganda against gold, the monetary metal has been performing well in Europe, protecting the wealth of Greeks who own it and providing superior returns against the euro. An excerpt from Turk's interview is posted at the KWN blog here:

http://kingworldnews.com/propaganda-greece-gold-and-are-people-really-pr...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

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Is there any limit to creation of paper gold on the Comex?

Mon, 08/03/2015 - 16:28

3:32p ET Monday, August 3, 2015

Dear Friend of GATA and Gold:

A week ago the TF Metals Report disclosed that leverage in gold futures contracts on the New York Commodities Exchange had reached 116 times the metal available for delivery:

http://www.gata.org/node/15598

Today Zero Hedge reports that the leverage is up to 124 claims per ounce. Zero Hedge's report is headlined "Comex On The Edge? Paper Gold 'Dilution' Hits a Record 124 for Every Ounce of Physical" and it's posted here:

http://www.zerohedge.com/news/2015-08-03/comex-edge-deliverable-gold-dro...

Zero Hedge suspects that the growing leverage signifies that refugees from China's stock market are frantically reaching out for golden insurance, and wonders about a default on Comex gold contracts.

... Dispatch continues below ...


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Since the JPMorganChase gold vault seems to be connected to the gold vault of the Federal Reserve Bank of New York, your secretary/treasurer isn't sure that the Comex leverage figure means all that much. For if the United States is prepared to compromise all the gold it holds in custody for foreign governments, the gold futures price well could go to zero.

Indeed, gold now is priced substantially below its cost of production mainly because Western central banks and their bullion bank agents have figured out how to make metal appear to be in many places at once, perhaps in as many as 124 places. That gold mining company shares continue their fall toward zero suggests that investors figure that no one ever again will need actual metal, at least not for investment purposes, and that the gold mining industry, remaining silent amid the overwhelming evidence of surreptitious central bank intervention in the gold market, has agreed to die quietly and thus truly is worth nothing.

The TF Metals Report last week may have posed the crucial question: What's to stop Comex gold contract leverage from going to 200 times or even 500 times the metal available for delivery?

If there's anything to stop that, it won't be the World Gold Council or mainstream financial journalism.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATa.org

* * *

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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.gata.org/node/16

Mike Kosares: The gold investment demand juggernaut

Mon, 08/03/2015 - 13:52

By Michael J. Kosares
USAGold.com, Denver
Monday, August 3, 2015

Whenever the mainstream media decides to undertake one of its periodic attacks on gold and gold ownership, it almost always begins by laying out gold's long history as a proven inflation hedge. It proceeds to explain that inflation is not a problem at the present, and, as a result, no one with any common sense would bother to own it. This argument is a setup -- a pretext meant to confuse investor thinking and redirect interest away from the one investment vehicle likely to do them some good in these uncertain times.

In mid-2007, the year the financial crisis began, gold was trading at $650 per ounce. As financial markets courted collapse in the following two years, gold rose steadily. By the time the global economy came up for air in late 2010, gold was trading at $1,400 per ounce and well on its way to an interim top of $1,900 in September, 2011. ...

... For the remainder of the commentary:

http://www.usagold.com/publications/NewsViewsAug2015.html

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Monday-Tuesday, November 23-24, 2015

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

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

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

China's stock plunge burnishes gold's appeal

Mon, 08/03/2015 - 09:24

By Biman Mukherji
The Wall Street Journal
Sunday, August 2, 2015

HONG KONG -- Until recently, every time Hong Kong-based bullion supplier Padraig Seif would inquire about demand from customers, the answer would be the same: Business is quiet as all eyes -- and money -- turned to the surging stock market.

Suddenly, though, his sales are booming again in the wake of a plunge in Chinese equities and sliding gold prices.

"It has really taken us by surprise," says Mr. Seif, co-owner of bullion supplier Finemetal Asia. "We are looking at three times the revenue in June as in May."

He said demand is particularly strong for small gold bars weighing 250 grams and 500 grams that are popular with price-conscious smaller investors. ...

... For the remainder of the report:

http://www.wsj.com/articles/chinas-stock-plunge-burnishes-golds-appeal-1...

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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:

http://gata.org/tshirts

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

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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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On gold, El-Erian contrives in the FT, Arends revels in willful ignorance at MarketWatch

Mon, 08/03/2015 - 09:17

8:19a ET Monday, August 3, 2015

Dear Friend of GATA and Gold:

In the Financial Times, Mohamed El-Erian, chief economic adviser to Allianz and chair of President Barack Obama's Global Development Council, contrives seven explanations for gold's unexpectedly poor performance lately, none of them involving surreptitious intervention in the gold market by central banks. His commentary is headlined "Why Gold Has Lost Its Shine for Investors" and can be found here:

http://www.ft.com/intl/cms/s/0/4a29ee6e-350e-11e5-b05b-b01debd57852.html

Your secretary/treasurer has managed to post a comment on the El-Erian's analysis, calling attention to the extensive documentation of that intervention.

Over at MarketWatch, columnist Brett Arends asserts that he loves writing about gold because "nobody knows a damn thing" about it, acknowledges complaints about the possibility of market manipulation by central banks, and then runs away from the issue, as if the pursuit of relevant information has nothing to do with mainstream financial journalism.

Arends' commentary is headlined "Are You Brave Enough to Profit from a Collapse in Gold?" and is found at MarketWatch here:

http://www.marketwatch.com/story/are-you-brave-enough-to-profit-from-a-c...

Your secretary/treasurer has managed to post a brief reply there too, again calling attention to the documentation of surreptitious intervention by central banks.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

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TF Metals Report: July 19 raid on gold was meant to drain GLD

Sun, 08/02/2015 - 15:38

2:37p ET Sunday, August 2, 2015

Dear Friend of GATA and Gold:

The raid on gold of Sunday night, July 19, was staged by bullion banks to drain more tonnage from the exchange-traded fund GLD to be sent to Asia, the TF Metals Report's Turd Ferguson writes.

"As GLD is a readily-accessible source of instantly available gold," Ferguson writes, "its authorized participant bullion banks are once again redeeming their 100,000-share lots for physical gold from the GLD 'inventory.' That this gold is then utilized to settle physical demand from around the globe is hardly arguable, given recent history."

Ferguson's commentary is headlined "The Gold Raid of July 19" and it's posted at the TF Metals Report here:

http://www.tfmetalsreport.com/blog/7036/gold-raid-july-19

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

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

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

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Help keep GATA going

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http://www.gata.org

To contribute to GATA, please visit:

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

India's gold imports up 61% at 155 tonnes in April-May

Sun, 08/02/2015 - 15:27

From the Press Trust of India
via The Times of India, Mumbai
Sunday, August 2, 2015

NEW DELHI -- India's gold imports shot up by about 61 percent to 155 tonnes in the first two months of the current fiscal mainly due to weak prices globally and the easing of restrictions by the Reserve Bank.

In April-May of the last fiscal years, gold imports had aggregated about 96 tonnes, an official said.

In the international market, gold has been trading weakly over the past few months. On Friday, it closed at US$1,095.10 in New York market. ...

... For the remainder of the report:

http://timesofindia.indiatimes.com/business/india-business/Gold-imports-...


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Monday-Tuesday, November 23-24, 2015

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

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

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

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

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

Or by purchasing a colorful GATA T-shirt:

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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

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To contribute to GATA, please visit:

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

South African mineworkers union rejects wage hike from gold producers

Sun, 08/02/2015 - 15:20

By Zandi Shabalala
Reuters
Sunday, August 2, 2015

http://www.reuters.com/article/2015/08/02/safrica-gold-unions-idUSL5N10D...

Members of South Africa's Association of Mineworkers and Construction Union on Sunday rejected a wage offer from gold producers of increases of up to 17 percent, spokesman Manzini Zungu said.

Gold firms Sibanye Gold and AngloGold Ashanti last week offered an additional 1,000 rand ($80) a month to entry-level workers, while Harmony Gold offered 500 rand a month.

"Harmony's offer has messed it up -- the offer is too low for the members," Zungu said after a mass rally at Sibanye's Beatrix mine.

The union is demanding a more than doubling in wages but gold companies say they cannot afford such increases as they battle falling prices and rising costs.

The union will meet with the Chamber of Mines on Tuesday to officially reject what the gold companies called a "final offer."

"The final offer is just that -- final," Chamber spokeswoman Charmane Russell said. The Chamber would wait until Tuesday to hear from the union, she said.

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http://fmturl.com/gata/


Join GATA here:

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

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

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

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

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

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

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

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No need for 'theories' with gold -- just address the facts and documentation

Sat, 08/01/2015 - 00:44

11:40p ET Friday, July 31, 2015

Dear Friend of GATA and Gold:

Here's another financial analyst who can't be bothered with actual analysis, at least when it comes to gold: Peter Hodson of 5i Research Inc. of Waterloo, Ontario, former chairman of Sprott Asset Management.

In commentary published today in Toronto's National Post, "5 More Reasons Why Investors Shouldn't Worship Gold Right Now" --

http://business.financialpost.com/investing/investing-pro/5-more-reasons...

-- Hodson offers a paragraph titled "Conspiracy Theories Won't Help Gold." It reads:

"Every time gold goes down, the gold bugs blame the price drop on a takedown by some secret cartel working with the banks. The theory here is that governments do not want investors losing faith in fiat currencies, so they control the gold price to make paper currency look better.

... Dispatch continues below ...


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"Having once worked at a gold-focused fund company, although being a gold bug was never my thing, I've heard all the theories on gold and gold manipulation.

"These theories may not be all bogus, but if gold could not find any reason to go to US$3,000 an ounce during the financial crisis, when banks worldwide were imploding daily, then it is hard to make a bullish case for gold when financial conditions are improving daily.

"Gold is just another asset class, and its price is based on supply and demand. If the demand was there, the price would rise, regardless of any conspiracy theory. But the demand is simply not enough, so the price continues to drift down."

Your secretary/treasurer tried to post a reply to the story but the National Post seems to be rejecting it. It said:

"Gold's price is based mainly on surreptitious intervention in the market by central banks. This is not 'conspiracy theory,' though the regular secret meetings held by central banks to devise and implement a course of action are fairly described as conspiracies. Rather, this intervention is longstanding central bank policy extensively documented by the Gold Anti-Trust Action Committee here:

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

"Financial journalism should address the documentation. There's no need to evade the issue with mere 'theory.'"

Hodson and other analysts should address these questions in regard to gold:

-- Are central banks in the gold market surreptitiously or not?

-- If central banks are in the gold market surreptitiously, is it just for fun -- for example, to see which central bank's trading desk can make the most money by cheating the most investors -- or is it for policy purposes?

-- If central banks are in the gold market for policy purposes, are these the traditional purposes of defeating a potentially competitive world reserve currency, or have these purposes expanded?

-- If central banks, creators of infinite money, are surreptitiously trading a market, how can it be considered a market at all, and how can any country or the world ever enjoy a market economy again?

Again, there's no need for mere theories and surmise with the gold market. There is a need to deal with facts and documentation and to go to the source, as with any other market. If you haven't done that, don't pretend that you have.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

* * *

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Ted Butler: Price takers and price makers

Thu, 07/30/2015 - 14:28

1:27p ET Thursday, July 30, 2015

Dear Friend of GATA and Gold:

Silver market analyst Ted Butler today reiterates his call for tighter position limits among speculators in the futures markets so that paper speculation stops setting commodity prices and is replaced by supply and demand of the actual commodity. Butler's commentary is headlined "Price Takers and Price Makers" and it's posted at 24hGold here --

http://www.24hgold.com/english/news-gold-silver-price-takers-and-price-m...

-- and at GoldSeek's companion site, SilverSeek, here:

http://www.silverseek.com/commentary/price-takers-and-price-makers-14693

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATa.org

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TF Metals Report: Heavy silver futures contract deliveries in July

Thu, 07/30/2015 - 14:14

1:13p ET Thursday, July 30, 2015

Dear Friend of GATA and Gold:

The TF Metals Report's Turd Ferguson writes today that he has never seen Comex silver futures contract deliveries as heavy as they were this month. This may not mean much imminently, he adds, but only demand for real metal will break the price suppression scheme of the futures markets. His commentary is headlined "Wrapping Up July Comex Silver Deliveries" and it's posted at the TF Metals Report here:

http://www.tfmetalsreport.com/blog/7031/wrapping-july-comex-silver-deliv...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

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As gold price falls, miners pick derivatives to protect income

Thu, 07/30/2015 - 13:55

By Jan Harvey
Reuters
Thursday, July 30, 2015

LONDON -- Gold mining companies are turning increasingly to derivatives to lock in future revenues, as an industry still smarting from losing out on a 12-year bull run gets creative over protecting its income during the metal's current downturn.

While miners overall remain wary of hedging -- the outstanding global hedge book stood at just 6.2 million ounces at end March compared with 57.2 million a decade earlier -- those who do favour the strategy are leaning more strongly towards options.

Data released this month from Societe Generale and GFMS analysts at Thomson Reuters showed options structures made up 46 percent of the global hedge book by the end of the first quarter of 2015, compared with just 16 percent in the same period a year before and 11 percent in 2013. ...

... For the remainder of the report:

http://www.reuters.com/article/2015/07/30/gold-hedging-idUSL5N10945H2015...

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Alasdair Macleod: China's 1929 moment

Thu, 07/30/2015 - 12:43

11:43a ET Thursday, July 30 2015

Dear Friend of GATA and Gold:

China's stock market collapse may impede the inclusion of the renminbi in the International Monetary Fund's Special Drawing Rights and push the country toward an upward revaluation of gold, GoldMoney research director Alasdair Macleod writes today. His commentary is headlined "China's 1929 Moment" and it's posted at GoldMoney here:

https://www.goldmoney.com/research/analysis/chinas-1929-moment?gmrefcode...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

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Howling at the moon for a change of trend for gold

Thu, 07/30/2015 - 12:16

11:27a ET Thursday, July 30, 2015

Dear Friend of GATA and Gold:

With his commentary today, "Gold and the Full Moon" --

http://321gold.com/editorials/moriarty/moriarty073015.html

-- 321Gold's Bob Moriarty notes that negative news and commentary about gold have exploded in the mainstream financial news media in recent weeks, and he construes this as such media explosions are often construed: as a contrary indicator, an indicator that a trend has run its course.

Moriarty writes: "If you have 100 investors in a room and you ask them where will gold be in six months and 100 percent of them say lower, gold can only go higher."

Certainly sentiment in the monetary metals sector is the worst it has ever been. It has been declining steadily for years and well could be worse in the days ahead, as mining companies cease production and even go out of business as the price of their product falls below the cost of production and they fail to inquire about the cause.

... Dispatch continues below ...


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This isn't to pick on Moriarty again; many other gold market observers have been making his point about sentiment as a contrary indicator. But your secretary/treasurer argues that sentiment long has been irrelevant to the monetary metals markets -- at least the sentiment of ordinary investors is irrelevant.

For the only sentiment that counts in the monetary metals markets is the sentiment of their biggest participants -- central banks and their agent bullion banks. Good luck getting them in a room, surveying them, and inducing them to give honest answers for publication or broadcast.

Of course it will never happen. Central banks run the world and even in nominal democracies they answer to no one.

So as a practical matter the most that can be done is to pick through government archives and other official records for the traces of central bank involvement and intentions with gold, as GATA has been doing for 16 years, ascertaining past policies and actions for indications of present and future policies and actions:

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

But rather than do such research or concede any legitimacy to the effort, Moriarty today goes on to assert a correlation between reverses in market direction and the appearance of the full moon, and he notes that a full moon is scheduled for tomorrow.

As the moon influences the ocean tides, it also may influence other things on Earth, including human moods and psychology. Certainly the moon has gotten pretty good notice over the years; it figures in thousands of songs, poems, photographs, and paintings. But if the moon has much to do with reversals in gold prices, it may be only because lunar cycle tables by agreement have been marked the same way at the Federal Reserve, Treasury Department, Bank for International Settlements, European Central Bank, Banque de France, People's Bank of China, and International Monetary Fund.

Of course there have been many full moons in recent years and they have done no good for gold. But Moriarty still could be on to something here, since the intervention of central banks in the gold market lately has been so obvious that they now just might look for cover even in the phases of the moon, confident that mainstream financial journalists and stock touts everywhere will happily seize any rationale for overlooking the central bank interventions that deprive their market analysis of any meaning.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

* * *

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Central banks are manipulating 'all' markets, Bill Gross tells CNBC

Wed, 07/29/2015 - 16:05

3p ET Wednesday, July 29, 2015

Dear Friend of GATA and Gold:

Zero Hedge this afternoon calls attention to comments made on CNBC today by former PIMCO bond buyer Bill Gross, now working for Janus Capital, who says all markets now are artificial, the products of central bank manipulation, and that real market prices cannot be discovered. By "all" markets, one might assume Gross meant to include the market that in mainstream financial journalism must never be associated by manipulation, the gold market. But somehow Gross wasn't wearing a tin-foil hat. Zero Hedge's posting, which includes the CNBC video excerpt, is here:

http://www.zerohedge.com/news/2015-07-29/bill-gross-explains-90-seconds-...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

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Dear Bloomberg News: Central banks manipulate gold prices too

Wed, 07/29/2015 - 14:03

Wednesday, July 29, 2015

Mark Gilbert
Bloomberg News
731 Lexington Ave.
New York City, NY 10022

Dear Mark (if I may):

While your commentary today, "True Gold Bugs Care about Value, Not Price" --

http://www.bloombergview.com/articles/2015-07-29/true-gold-bugs-care-abo...

-- was excellent for noting that central bank interventions increasingly are determining asset prices, you were in error when you asserted that gold's value "appears to move freely depending on the whims of its buyers and sellers, rather than on the interventions of policy makers."

In fact, central bank manipulations encompass gold as well, probably more so than the prices of other assets.

... Dispatch continues below ...


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For 15 years my organization, the Gold Anti-Trust Action Committee, has been documenting the surreptitious intervention in the gold market by Western central banks. By their own admissions, the central banks are surreptitiously intervening in the gold market every day, or nearly so, to control the gold price to prevent it from becoming an accurate measure of other currency values.

This is no mere "conspiracy theory," though "conspiracy" is fairly applied when central bankers hold secret meetings to determine and implement a course of policy, as they often do. Rather this is the official record of longstanding Western central bank and government policy, a record drawn from government archives and public statements by central bankers themselves.

This intervention is easily confirmed journalistically by reviewing the records and putting the right specific questions to central banks, the Bank for International Settlements, and the International Monetary Fund, among others.

No analysis of the gold market is worth much if it fails to address these questions:

-- Are central banks in the gold market surreptitiously or not?

-- If central banks ARE in the gold market surreptitiously, is it just for fun -- for example, to see which central bank's trading desk can make the most money by cheating the most investors -- or is it for policy purposes?

-- If central banks ARE in the gold market for policy purposes, are these the traditional purposes of defeating a potentially competitive world reserve currency, or have these purposes expanded?

-- If central banks, creators of infinite money, ARE surreptitiously trading a market, how can it be considered a market at all, and how can any country or the world ever enjoy a market economy again?

A summary of the most important documentation developed by GATA over the years, some of it quite recent, complete with links to the documents themselves, is posted at our Internet site here:

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

To correct your commentary's error today, please review this documentation and pursue it in future commentary. Of course I'll be glad to provide more information.

I'll be grateful for an acknowledgment of this note, which I'm copying to your editor, Mary Duenwald, as a request for Bloomberg News to pursue this documentation as a news story. I'll be hoping to get an acknowledgment from her as well.

With good wishes.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

* * *

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

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Bron Suchecki: Gold market liquidity and manipulation

Wed, 07/29/2015 - 09:35

8:34a ET Wednesday, July 29, 2015

Dear Friend of GATA and Gold:

Perth Mint research director Bron Suchecki today disputes financial letter writer Clif Droke's assertion yesterday that the gold market is too large to be manipulated. To the contrary, Suchecki writes, the gold market can be moved by strategic trading of just a few tonnes, and, unlike Droke, he cites authority for his assertion. Suchecki's commentary is headlined "Gold Market Liquidity and Manipulation" and it's posted at the Perth Mint's Internet site here:

http://research.perthmint.com.au/2015/07/29/gold-market-liquidity-and-ma...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

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Is gold manipulated? Clif Droke thinks he knows without looking

Tue, 07/28/2015 - 16:47

4p ET Tuesday, July 28, 2015

Dear Friend of GATA and Gold:

Echoing the commentary yesterday by 321Gold's Bob Moriarty --

http://www.gata.org/node/15595

-- gold market analyst and financial letter writer Clif Droke today marvels at what he sees as the growing pervasiveness of the belief that the gold market is manipulated.

Can GATA really have been this successful? Is it because all those other participants in the gold market are so gullible? Or has the manipulation been documented enough and visible enough that people actually have been persuaded?

In any case, in his commentary today, posted at GoldSeek, "Is the Gold Price Manipulated?" --

http://news.goldseek.com/ClifDroke/1438107705.php

-- and at 24hGold --

http://www.24hgold.com/english/news-gold-silver-is-the-gold-price-manipu...

-- Droke sets out to refute the complaint of manipulation, and a few of his assertions may deserve a reply.

... Dispatch continues below ...


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The market for gold is immensely huge and [it is] virtually impossible for any one entity to control its price swings. Beyond the very immediate term, any attempt at raising or depressing gold prices would almost certainly meet with failure. Even a coterie of interests devoted to pushing gold prices lower would meet with certain failure due to the enormous size and complexity of the market. As one well-known market analyst of the previous century commented, "... the market itself is bigger than all the ‘pools' and ‘insiders' put together. ... The great market movements are beyond the manipulation of the combined financial interests of the world."

This is what even the ancients recognized as an "ipse dixit," an assertion made without authority -- "He said it himself." Besides, is the gold market or any market really bigger than institutions that are fully empowered to create infinite money -- central banks? Infinite is bigger than anything else. As for that "well-known market analyst of the previous century," he likely was not living in the age of modern central banking, the age when infinite money came within the reach of governments.

One commonly shared belief among gold bugs who subscribe to the manipulation theory is belief in a global conspiracy. Probably the most famous example of this is the Illuminati concept. Illuminati theorists believe in a highly organized group of elite individuals within government, industry, and finance who share the common goal of undermining the sovereignty of nations and establishing a one-world government.

Good grief! GATA wants to review the records of the Bank for International Settlements, the Federal Reserve, the Treasury Department, the Exchange Stabilization Fund, the European Central Bank, the Banque de France, and the G-10 Gold and Foreign Exchange Committee, among other government agencies, and Droke can cite only the Illuminati, a straw man for market analysts who won't examine the documents of government policy and won't put a single critical question to any central bank. GATA has peppered central banks with questions and has even sued a couple of them for critical information. Their objections have shown that they have plenty to hide. Droke should try attending them before he disparages complaints of conspiracy.

While there's no denying that conspiracies and monopolies do exist, there's also no denying that for every attempt at controlling an industry or a commodity there is a counterbalance. Within any group of would-be monopolists there are those who can never agree on a common plan for gaining control; common experience teaches this (as anyone familiar with corporate politics knows). Further, there are always other parties who would also like to gain total control in opposition to other conspiracy groups. In other words, there is no one overriding "Illuminati" monopoly group, but multiple groups of would-be controllers competing amongst themselves.

But what exactly is the "counterbalance" to institutions authorized to create and dispose infinite money? And with gold price suppression, we're talking less about "conspiracies" than about longstanding government policy, though "conspiracy" is a perfectly apt term for central banking, insofar as it involves regular secret meetings called to determine courses of action, like the meetings held every month by the BIS, ECB, and Federal Reserve.

There are several questions which should be asked by those who subscribe to the gold manipulation theory. To begin with, why would manipulators actively seek to push prices lower when there is less to be gained by a lower gold price than a higher one? The manipulation crowd is presumably in favor of multinational businesses which comprise the global economy. It's well known that higher commodity prices reflect a healthy outlook for big business due to the increased demand for raw materials and industrial inputs. Gold being the strongest barometer for commodities demand, a falling gold price is more apt to reflect deflation, which is the bane and scourge of big business. If anything, manipulators would have more interest in raising gold prices, not crashing them.

Still more mere "ipse dixits" when answers to Droke's questions can be found throughout the official documents of gold price suppression, which we'll cite below. Essentially governments have sought to suppress the gold price because gold is a potentially competitive currency whose value, if set in a free market, powerfully influences the value of government currencies and bonds and the level of interest rates.

Secondly, what interest could gold manipulators have in lowering gold prices when it automatically presumes a stronger dollar? A stronger currency does no favors to the U.S. economy over the longer term. It results in lower export prices for U.S. manufacturers and strains profit margins. As the Wall Street Journal reported on April 24, the strong dollar has been "wreaking havoc" on the profit margins of American multinationals. A stronger dollar forces multinationals to raise prices in order to offset currency issues, yet as WSJ pointed out, this only tends to depress profits due to lower sales.

Yes, there may be times when governments want gold to rise to devalue their currencies and debts generally. Yet as one of his undersecretaries told Secretary of State Henry Kissinger at the State Department in April 1974, gold is "the reserve-creating instrument" for central banks, whoever has the most gold can determine its value and the value of other currencies, and that value has to be suppressed and gold excluded from the world financial system to maintain the dominance of the U.S. dollar as the world reserve currency.

In fact if a gold conspiracy did exist, the only conceivable reason for knocking down prices would be for the sole purpose of allowing the manipulators to buy the gold back at bargain levels. This in turn would allow them to profit from the inevitable bull market which always eventually follows a long-term bear market. To this end, I can't recall gold bugs discussing manipulation during the glory years between 2002 and 2011 when the gold price was rocketing to all-time highs. Indeed, it would seem that cries of "manipulation!" are selectively applied to only those times when gold's prospects have dwindled.

Yes, some analysts lately have speculated that China has joined the Western central banks in suppressing the gold price precisely so China can obtain more metal inexpensively. But this is speculation, not fact, and it would be nice if we could stick to facts -- the documentation -- when examining this issue. Droke may not be able to recall "gold bugs discussing manipulation during the glory years between 2002 and 2001 when the price was rocketing to all-time highs, but he could find plenty of that in GATA's dispatch archive. We've been complaining about gold market manipulation since our founding in 1999. Droke purports to be refuting complaints of gold market manipulation, but his admission of ignorance of GATA's work shows that he is not the least familiar with those complaints.

Finally, if the conspiracy theorists truly believe that the gold price is subject to manipulation, why do they advocate owning gold? This is probably the biggest inconsistency of their hypothesis. Why even touch gold if its price is subject entirely to the whims of an elite group of power brokers? Could it be that the ringleaders of the conspiracy theorists haven't bothered to smooth out this dissonance because so many of them have a vested interest in promoting gold coins?

GATA can speak only for itself. But one reason for owning gold is a belief that enough publicity will help expose the manipulation, push investors out of imaginary gold underwritten by central banks and into real metal, and liberate gold into a free market, wherein its value relative to other currencies will rise. In any case GATA isn't telling people how to invest and is not an investment adviser. It's a nonprofit educational and civil rights organization aiming to advance free markets, especially in the monetary metals.

If Droke is ever interested in reviewing and rebutting specifically the major documents of gold price suppression by central banks, he can find them here:

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

In the meantime, no analysis of the gold market is worth anything if it fails to address these questions, which Droke has failed to address even as he pontificates about everything else:

-- Are central banks in the gold market surreptitiously or not?

-- If central banks are in the gold market surreptitiously, is it just for fun -- for example, to see which central bank's trading desk can make the most money by cheating the most investors -- or is it for policy purposes?

-- If central banks are in the gold market for policy purposes, are these the traditional purposes of defeating a potentially competitive world reserve currency, or have these purposes expanded?

-- If central banks, creators of infinite money, are surreptitiously trading a market, how can it be considered a market at all, and how can any country or the world ever enjoy a market economy again?

Of course since he is selling subscriptions to a newsletter of technical analysis, Droke has a powerful interest in ignoring the documentation of central bank intervention in the gold market, for it would reveal that he has been analyzing mere holograms, and he'd be out of business. But if GATA ever succeeds, there will be plenty of actual markets for him to analyze again.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

* * *

Join GATA here:

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

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

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

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

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

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

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

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