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Updated: 2 hours 12 min ago

Finance and Liberty interviews GATA Chairman Bill Murphy

Mon, 09/01/2014 - 22:28

9:29p ET Monday, September 1, 2014

Dear Friend of GATA and Gold:

GATA Chairman Bill Murphy, interviewed by Finance and Liberty's Elijah Johnson, contrasts the small open interest in gold futures with the big open interest in silver futures and says big investors seem to be playing for a squeeze in silver. The interview is 18 minutes long and can be heard at YouTube here:

https://www.youtube.com/watch?v=1eOSUWUTfgA

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

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Join GATA here:

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Monday-Friday, December 1-5, 2014

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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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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:

http://www.gata.org

To contribute to GATA, please visit:

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

China banks boost precious metals hoard amid lease demand

Mon, 09/01/2014 - 22:17

From Bloomberg News
Monday, September 1, 2014

http://www.bloomberg.com/news/2014-09-01/china-banks-boost-precious-meta...

The value of precious metals held by China's biggest lenders surged 66 percent from a year ago as banks lease more gold to customers because tighter borrowing rules make it harder to lend funds.

Precious metals held by Industrial & Commercial Bank of China Ltd., China Construction Bank Corp., Agricultural Bank of China Ltd., and Bank of China Ltd., the country's four biggest lenders, were worth 378 billion yuan ($62 billion) at the end of the second quarter, according to financial reports. The growth since last year outpaced the gain in benchmark bullion prices, which rose 7.5 percent over the same period.

China is seeking to rein in credit by raising borrowing costs and cutting off lending to sectors considered at risk of default amid a property slump and rising number of bad loans. That's prompting banks to hold more precious metals as they expand their gold-leasing business because it's not subject to loan caps and is considered off-balance sheet lending, according to Industrial Bank Co.

... Dispatch continues below ...


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Jim Sinclair Plans Market Seminar in Nashville on September 20

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http://www.jsmineset.com/qa-session-tickets/


"Gold-based financing has grown a lot in the past year," Duan Shihua, a partner at Shanghai Leading Investment Management Co., said by phone from Shanghai Aug. 29. "It's clear from banks' statistics that lots of companies in China still can't get enough financing."

Precious metals assets at banks are valued against the Shanghai Gold Exchange prices on the last day of the reporting period and most of the banks' holdings are in gold, Jiang Shu, a senior analyst at Industrial Bank Co., said by phone from Shanghai.

The lenders' holdings were the equivalent of about 1,445 metric tons of gold, based on June 30 prices, up 55 percent from the year before. That's more than the 1,054 tons that China's central bank has in reserves, according to World Gold Council data.

Bullion of 99.99 percent purity, the benchmark spot contract on the Shanghai Gold Exchange, was at 261.86 yuan per gram June 30, compared with 243.5 yuan a year earlier. It traded at 255.14 yuan yesterday.

The value of precious metals held by ICBC, the country's biggest bank by market value, more than doubled to 91 billion yuan over the period, according to its financial report. That's the equivalent of about 347 tons of gold, based on June 30 prices, up from about 158 tons a year earlier.

ICBC had rapid growth in both its precious metals leasing business and a gold accumulation program whereby individuals put aside a fixed sum of money each month to buy bullion, the company said in its earnings release Aug. 28. Wang Zhenning, a spokesman for ICBC in Beijing, declined to comment when contacted by Bloomberg News.

There are two types of gold leasing deals.

In the first, a customer borrows the metal from the bank and simultaneously enters a forward agreement to hedge price risks, according to ICBC's website. That allows the company to obtain cheaper credit because the lending fee is lower than the interest rate of a loan of the same tenure.

In physical leasing, the customer in a gold-related industry borrows the metal for business needs and repays it at the end of the lease period, according to the bank's website.

China Construction Bank, the country's second-largest lender, held 51 billion yuan of precious metals as of June 30, the equivalent of about 194 tons of gold. That compares with 33 billion yuan a year earlier, according to its second-quarter financial report, or 137 tons of gold. Nobody answered two calls to its press office in Beijing.

Agricultural Bank of China, the country's third-largest lender, held 21 billion yuan of precious metals as of June 30, the equivalent of about 81 tons of gold. That compares with 17 billion yuan, or 70 tons of gold, a year earlier, according to its second-quarter financial report. A Beijing-based spokeswoman for the bank declined to comment.

Bank of China's precious-metals holdings were 215 billion yuan at the end of June, or the equivalent of about 823 tons of gold, compared with 570 tons a year ago, financial data show. Nobody answered two calls to the bank's press office in Beijing.

Holdings may be capped as physical demand slows and the use of commodities to raise financing is scaled back, according to Na Liu, a China strategy adviser to Scotiabank. The nation's gold consumption plunged 52 percent to 192.5 tons in the second quarter from a year earlier as buyers purchased fewer bars, coins, and jewelry amid a clampdown on corruption, the World Gold Council said Aug. 14.

Investigations into the fraudulent use of raw materials as collateral in loans may also reduce demand for precious-metals leasing, according to Liu Xu, a Beijing-based analyst at Capital Futures Co. Banks are increasing scrutiny of commodities financing as public security officials probe whether copper and aluminum were pledged multiple times at the port of Qingdao.

* * *

Join GATA here:

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Hill Country Resort and Spa
San Antonio, Texas
Friday-Sunday, September 19-21, 2014

http://www.caseyresearch.com/summit/2014-fall

Canadian Investor Conference
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Thursday-Friday, September 25-26, 2014

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Wednesday-Saturday, October 22-25, 2014

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Monday-Friday, December 1-5, 2014

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

* * *

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

TF Metals Report: Removing any doubt

Mon, 09/01/2014 - 15:30

2:30p ET Monday, September 1, 2014

Dear Friend of GATA and Gold:

The TF Metals Report's Turd Ferguson notes today that gold price suppression seems to be somebody's computer program, scheduled to knock the gold price down hard at 1 p.m. Eastern time even when markets are closed for holidays. His commentary is headlined "Removing Any Doubt" and it's posted at the TF Metals Report here:

http://www.tfmetalsreport.com/blog/6089/removing-any-doubt

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

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Friday-Sunday, September 19-21, 2014

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Thursday-Friday, September 25-26, 2014

http://cambridgehouse.com/event/31/canadian-investor-conference-toronto-...

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Monday-Friday, December 1-5, 2014

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

* * *

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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Jim Sinclair Plans Market Seminar in Nashville on September 20

Mining entrepreneur and gold advocate Jim Sinclair will hold his next market seminar on Saturday, September 20, in Nashville, Tennesse. For details about attending, please visit:

http://www.jsmineset.com/2014/07/28/nashville-qa-session-announced/

Here's why the gold and silver miners don't complain about price suppression

Mon, 09/01/2014 - 15:17

2:20p ET Monday, September 1, 2014

Dear Friend of GATA and Gold:

Writing at the Silver Doctors Internet site, Bill Rice Jr., managing editor of the weekly newspaper in Montgomery, Alabama, The Independent, asks why gold and silver miners won't fight back against gold and silver market manipulation and price suppression:

http://www.silverdoctors.com/why-wont-the-miners-fight-back/

That question also has vexed GATA, but having dealt with many mining company executives for many years, we think we can explain it.

... Dispatch continues below ...


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First, many gold and silver mining executives are simply uninformed. They tend to be technical people with a background in geology rather than financial people with a background in markets. As a result most have little idea of the monetary nature of their products, little idea of the competition those products present to government-issued money, and no idea at all about how the price of their products is suppressed by the creation of vast imaginary supplies in the futures markets to prevent competition with government money.

And second, while some gold and silver mining company executives do have an idea about the monetary aspect of their products, the difficult nature of the mining industry makes them too scared to pursue it.

That is, more than any other industry, the mining industry depends on the good graces of government for all aspects of its operation -- mining permits, royalty requirements, and compliance with environmental regulations being the biggest issues. And since the mining industry is also the most capital-intensive industry -- getting a mine into production can easily cost more than $1 billion -- the industry is dependent for financing on the big investment houses that are openly the agents of the central banks in the various markets.

Since government is the instigator of gold and silver market manipulation and the major investment houses are the scheme's implementers, any substantial gold or silver mining company that complained loudly about price suppression might soon find itself facing all sorts of government regulatory and bank financing problems.

But even if they don't complain about price suppression, mining companies are likely to die from it anyway, so they really don't have much to lose. Unfortunately few have realized this yet.

Complaining about price suppression should be the work of the World Gold Council, a mining industry organization that could give cover to its individual members even as there would be strength in numbers. But the council really is not very representative of the industry. Its limited membership list can be found here:

http://www.gold.org/about-us/our-members

And the council's personnel long have been far to close to central banks and the investment houses that work for them.

For years GATA has been providing the council all our documentation --

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

-- but the council never acknowledges it. Indeed, the primary objective of the World Gold Council long has seemed to be only to ensure that there never is a world gold council, to ensure that the gold mining industry goes to its grave quietly.

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

* * *

Join GATA here:

Casey Research 2014 Summit
Hill Country Resort and Spa
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Friday-Sunday, September 19-21, 2014

http://www.caseyresearch.com/summit/2014-fall

Canadian Investor Conference
Sheraton Centre Toronto Hotel
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Thursday-Friday, September 25-26, 2014

http://cambridgehouse.com/event/31/canadian-investor-conference-toronto-...

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Wednesday-Saturday, October 22-25, 2014

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

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

* * *

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

France asks for more ECB action to weaken euro

Sun, 08/31/2014 - 21:53

By Mathieu Rosemain, Stefan Riecher, and Tony Czuczka
Bloomberg News
Sunday, August 31, 2014

http://www.bloomberg.com/news/2014-08-31/france-asks-for-more-action-fro...

French Prime Minister Manuel Valls called for more action from the European Central Bank to lower the value of the euro, amid concerns the 18-nation region might be headed toward deflation.

"The monetary policy has started to change," Valls said today in a speech made at the Socialist Party's summer school in La Rochelle, France. While he called the ECB's package of measures taken in June a "strong signal," he also said that "one will have to go even further."

... Dispatch continues below ...


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Valls' comments come after ECB President Mario Draghi, who'll meet French President Francois Hollande tomorrow in Paris, signaled this month that declining inflation expectations are pushing the central bank toward introducing quantitative easing. Policy makers will gather in Frankfurt on Sept. 4 for their monetary-policy meeting.

Draghi also suggested it would be "helpful" if EU governments with room to ease fiscal policy did so, prompting German leaders to sharpen their tone. Governments in France and Italy, the second and third-biggest euro-area economies, chafe at German Chancellor Angela Merkel's insistence on debt reduction even as Europe's debt crisis wanes.

Inflation in the currency bloc slowed to 0.3 percent in August from a year earlier, the lowest since 2009, compared with an ECB target for price growth of just under 2 percent. Draghi has said that the ECB stands ready to embark on unconventional measures such as broad-based asset purchases to avoid a deflationary spiral of falling prices and households postponing their spending plans.

Speaking on Aug. 22 at the Federal Reserve Bank of Kansas City's annual economic symposium in Jackson Hole, Wyoming, Draghi said he'll use "all the available instruments needed to ensure price stability" and ECB officials are "ready to adjust the policy stance further."

In that speech, Draghi also called for complementary action on a European level and "a large public investment program." German Finance Minister Wolfgang Schaeuble said in Berlin today deficit-fueled growth leads to economic decline, signaling discord with Italy and France as euro-area seeks to spur growth.

The countries in the region that pursued austerity policies in return for sovereign bailouts are "doing much better than all the others in Europe," Schaeuble said. "That's how it is with medicine: sometimes it tastes bitter for a while. But if it helps, that's good."

Merkel called Draghi to ask if the ECB had changed course on austerity, Der Spiegel reported, without saying where it got the information.

The magazine's assertion that Merkel "demanded answers" from Draghi "in no way corresponds to the facts," Merkel spokesman Steffen Seibert said in a text message.

The debate about further ECB stimulus to help jumpstart the euro-area economy has gathered momentum three months after Draghi introduced a range of measures including a negative deposit rate and targeted long-term loans for banks.

The euro has weakened almost 4 percent since June 5, when the ECB cut all its main interest rates, to $1.3132 on Aug. 29.

The ECB "is ready to offer additional liquidity to the banks, on condition that the banks increase their credit to the real economy," ECB Executive Board member Benoit Coeure wrote in an essay in Greek newspaper Ta Nea yesterday.

* * *

Join GATA here:

Casey Research 2014 Summit
Hill Country Resort and Spa
San Antonio, Texas
Friday-Sunday, September 19-21, 2014

http://www.caseyresearch.com/summit/2014-fall

Canadian Investor Conference
Sheraton Centre Toronto Hotel
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Thursday-Friday, September 25-26, 2014

http://cambridgehouse.com/event/31/canadian-investor-conference-toronto-...

New Orleans Investment Conference
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Wednesday-Saturday, October 22-25, 2014

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Monday-Friday, December 1-5, 2014

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

* * *

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

Central banks get discounts for trading EVERYTHING through CME Group and Comex

Sun, 08/31/2014 - 14:40

8:45p ET Saturday, August 30, 2014

Dear Friend of GATA and Gold:

When a high school graduate told GATA's conference in Washington six years ago that "there are no markets anymore, just interventions" --

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

-- he didn't know the half of it.

For Zero Hedge reports tonight --

http://www.zerohedge.com/news/2014-08-30/its-settled-central-banks-trade...

-- that Eric Scott Hunsader, founder of market data research firm Nanex in Winnetka, Illinois (http://www.nanex.net), which exposed the algorithm trading responsible for the flash crash in gold futures on January 6 this year --

http://www.zerohedge.com/news/2014-01-08/proof-golds-latest-slam-was-not...

-- has discovered documentation at the U.S. Commodity Futures Trading Commission showing that CME Group, operator of various futures markets, including the New York Commodity Exchange (Comex), has been providing to central banks outside the United States, since at least July 1, 2013, a program of discounts for trading equity market, bond market, and commodity market futures, including gold and silver futures.

... Dispatch continues below ...


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The documentation consists of a letter, dated January 29 this year, from CME Group's managing director and chief regulatory counsel, Christopher Bowen, notifying the CFTC of changes to the discount trading program for central banks. In his letter, Bowen insists, "The program's incentive structure does not impact the exchanges' ability to perform their trade practice and market surveillance obligations under the CEA [Commodity Exchange Act]. The exchanges' market regulation staff will monitor trading in the program's products to prevent manipulative trading and market abuse."

The letter is posted at the CFTC's Internet site here --

http://www.cftc.gov/stellent/groups/public/@rulesandproducts/documents/i...

-- and, for safety's sake, at GATA's Internet site here:

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

Of course the CME Group letter does not say that any central banks have actually been using the trading discount program. But it does confirm that the trading mechanism has been established, and presumably it would not have been established and maintained if there had been no interest among central banks. In any case more documentation is available, as the CME Group letter says: "The program is subject to the exchanges' record retention policies which comply with the CEA."

That central banks are active in the currency and government bond markets long has been grudgingly acknowledged. GATA has documented extensively the surreptitious interventions of central banks in the gold market:

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

And now the CME Group filing with the CFTC indicates that central banks are surreptitiously active in the markets comprehensively, bringing their power of infinite money creation to bear against ordinary market forces and ordinary investors -- without even telling them.

Those who expect the stock market bubble to pop may want to reconsider as long as central banks are prepared and equipped to buy everything.

This dispatch will be sent separately to representatives of most major Western financial news organizations. Will even one of them decide that comprehensive surreptitious market intervention by central banks is news?

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

* * *

Join GATA here:

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http://cambridgehouse.com/event/31/canadian-investor-conference-toronto-...

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

* * *

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

New silver fix mechanism won't stop futures price suppression in New York, Speck says

Sun, 08/31/2014 - 14:38

1:39p ET Sunday, August 31, 2014

Dear Friend of GATA and Gold:

Manipulation of the silver market has been greater than manipulation of the gold market, financial researcher and GATA consultant Dimitri Speck remarks in an interview with Gold and Silver Worlds. He adds that this manipulation is not likely to be eliminated by the relatively minor changes in the mechanism used to establish the benchmark price in London, since the manipulation is heaviest in the futures market in New York. The interview with Speck is headlined "Can the New Silver Fix End the Ongoing Silver Price Manipulation?" and it's posted at Gold and Silver Worlds here:

http://goldsilverworlds.com/price/can-the-new-silver-fix-end-the-ongoing...

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

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Buy precious metals free of value-added tax throughout Europe

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

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

Visit us at www.europesilverbullion.com.

Join GATA here:

Casey Research 2014 Summit
Hill Country Resort and Spa
San Antonio, Texas
Friday-Sunday, September 19-21, 2014

http://www.caseyresearch.com/summit/2014-fall

Canadian Investor Conference
Sheraton Centre Toronto Hotel
Toronto, Ontario, Canada
Thursday-Friday, September 25-26, 2014

http://cambridgehouse.com/event/31/canadian-investor-conference-toronto-...

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
New Orleans, Louisiana
Wednesday-Saturday, October 22-25, 2014

https://jeffersoncompanies.com/landing/noic2014?IDPromotion=614011014520...

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

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

* * *

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

Koos Jansen: Chinese weekly gold demand highest since February

Sun, 08/31/2014 - 14:34

1:35p ET Sunday, August 31, 2014

Dear Friend of GATA and Gold:

Offtake from the Shanghai Gold Exchange for the week ending August 22 was the most in 25 weeks, gold researcher and GATA consultant Koos Jansen reports today. He estimates that the gold reserves of the People's Bank of China likely have reached 4,000 tonnes, while admitting that he has no hard data indicating such a total. Jansen's commentary is headlined "Chinese Weekly Gold Demand Highest Since February" and it's posted at Bullion Star here:

https://www.bullionstar.com/article/chinese%20weekly%20gold%20demand%20h...

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

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Jim Sinclair Plans Market Seminar in Nashville on September 20

Mining entrepreneur and gold advocate Jim Sinclair will hold his next market seminar on Saturday, September 20, in Nashville, Tennesse. For details about attending, please visit:

http://www.jsmineset.com/qa-session-tickets/


Join GATA here:

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Thursday-Friday, September 25-26, 2014

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Promoting his new book, Rickards details the furious international currency war

Sun, 08/31/2014 - 01:44

12:40a ET Sunday, August 31, 2014

Dear Friend of GATA and Gold:

Geopolitical analyst and fund manager James G. Rickards has gotten together with the Money Morning people to produce a 45-minute video commercial for his latest book, "The Death of Money," but the commercialism can't obscure Rickards' compelling description of the currency war that is raging around the world, if largely beyond the gaze of the mainstream financial news media. Even those who know the basics about the war may be intrigued by some of the details described in the video. It's posted here:

http://pro.moneymappress.com/MMRBSSH39/EMMRQ882

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/


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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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Or by purchasing a colorful GATA T-shirt:

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

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Help keep GATA going

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


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Jim Sinclair Plans Market Seminar in Nashville on September 20

Mining entrepreneur and gold advocate Jim Sinclair will hold his next market seminar on Saturday, September 20, in Nashville, Tennesse. For details about attending, please visit:

http://www.jsmineset.com/2014/07/28/nashville-qa-session-announced/

Review extols Willem Middelkoop's 'The Big Reset' as 'a phenomenal book'

Sun, 08/31/2014 - 01:32

12:33a ET Sunday, August 31, 2014

Dear Friend of GATA and Gold:

With "The Big Reset" the Dutch market analyst and writer Willem Middelkoop, a longtime GATA supporter, has written "a phenomenal book" about the likely collapse and transitioning of the world financial system, financial writer Ben Kramer-Miller says in a review posted at Seeking Alpha. "The Big Reset" --

http://www.amazon.com/The-Big-Reset-Financial-Endgame/dp/9089645993/ref=...

-- deals extensively with gold price suppression by Western central banks. Kramer-Miller's commentary is headlined "Book Review: The Big Reset By Willem Middelkoop" and it's posted at Seeking Alpha here:

http://seekingalpha.com/article/2461265-book-review-the-big-reset-by-wil...

Registration is required for access, but it's harmless.

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

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Buy metals at GoldMoney and enjoy international storage

GoldMoney was established in 2001 by James and Geoff Turk and is safeguarding more than $1.7 billion in metals and currencies. Buy gold, silver, platinum, and palladium from GoldMoney over the Internet and store them in vaults in Canada, Hong Kong, Singapore, Switzerland, and the United Kingdom, ­taking advantage of GoldMoney's low storage rates, among the most competitive in the industry. GoldMoney also offers delivery of 100-gram and 1-kilogram gold bars and 1-kilogram silver bars. To learn more, please visit:

http://www.goldmoney.com/?gmrefcode=gata


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http://gata.org/node/wallstreetjournal

Help keep GATA going

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

KWN interviews Stockman, von Greyerz, Stoferle, Celente, and Pento

Sat, 08/30/2014 - 23:26

10:27p ET Saturday, August 30, 3014

Dear Friend of GATA and Gold:

Most financial news organizations have gone to sleep over the Labor Day holiday weekend in the United States, but not King World News.

KWN has timely interviews with former U.S. budget director David Stockman:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/8/30_St...

Gold fund manager Egon von Greyerz:

http://tinyurl.com/odhfnxe

Fund manager Ronald-Peter Stoferle:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/8/29_Th...

Trends forecaster Gerald Celente:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/8/29_Ce...

And market analyst Michael Pento:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/8/30_He...

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

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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.

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For more information, please visit Bullion Star here:

https://www.bullionstar.com/

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Monday-Friday, December 1-5, 2014

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

* * *

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

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Or by purchasing a colorful GATA T-shirt:

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

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To contribute to GATA, please visit:

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Digital currency is Ecuador's scheme to increase money supply

Sat, 08/30/2014 - 22:27

Ecuador to be First Country to Issue Its Own Digital Currency

From The Associated Press
via South China Morning Post, Hong Kong
Friday, August 29, 2014

http://www.scmp.com/news/world/article/1581896/ecuador-set-be-first-coun...

QUITO, Ecuador -- Ecuador is planning to create the world's first government-issued digital currency, with some analysts saying it may be a first step towards abandoning the country's existing currency, the US dollar -- which the government cannot control.

The virtual currency, which central bank officials say they expect will start circulating in December, does not yet have a name. Officials would not disclose technical details of the currency, but said it would not be like bitcoin. The amount of the new currency created would depend on demand.

Deputy bank director Gustavo Solorzano said the currency was to exist in tandem with the greenback and, by law, be backed by "liquid assets". It would be geared toward the 2.8 million Ecuadoreans -- 40 per cent of participants in the economy -- too poor to use banking, officials say.

... Dispatch continues below ...


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They would initially be able to use the currency to make and receive payments using cellphones, said Solorzano, at minimal cost. Such payment schemes are already popular in African nations Kenya and Tanzania, where they are privately run.

The new currency was approved, and stateless crypto-currencies such as bitcoin simultaneously banned, by Ecuador's National Assembly last month in a new law.

President Rafael Correa has said the project's only problem was that it had taken this long, defending it against "pseudo-analysts who have appeared in the media trying to smear it." He denied any plan to replace the US dollar, which Ecuador set as its currency in 2000 after a crippling banking crisis.

The official in charge of the new currency, Fausto Valencia, said the software was already used in Paraguay by cellphone firms.

He said the planned currency was not like bitcoin, whose advantage is in its technical underpinnings: only a limited amount of bitcoin can be minted.

Without that safeguard, economists have warned, a government could theoretically create as much as it wanted.

Nathalie Reinelt, an emerging payments analyst with the US-based Aite Group, suggested that the only motivation for creating such a currency was to allow Ecuador to increase its money supply and devalue its US dollar holdings.

"It is far too early to know how they are thinking of making the electronic money work," said analyst Juan Lorenzo Maldonado of Credit Suisse.

Some believe it could be a first step in abandoning the US dollar, but Correa denies this.

His government has tripled social spending.

It "has a serious fiscal liquidity problem. It needs money", said opposition lawmaker Ramiro Aguilar.

"It doesn't mint money. It has no control over what circulates."

The state is currently US$11 billion in debt, mostly to China, which buys much of Ecuador's oil. It recently sold US$2 billion in bonds with a 7.95 per cent return, as well as obtaining another US$400 million from Goldman Sachs in exchange for part of its gold reserves.

Use of the currency will be voluntary and it will not be used to pay public employees or contractors, according to the law. Nor can it be used to buy government financial instruments.

* * *

Join GATA here:

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Monday-Friday, December 1-5, 2014

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

* * *

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

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Or by purchasing a colorful GATA T-shirt:

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

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To contribute to GATA, please visit:

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

Alasdair Macleod: The wages-fuel-demand fallacy

Fri, 08/29/2014 - 13:09

12:05p ET Friday, August 29, 2014

Dear Friend of GATA and Gold:

Currency debasement, GoldMoney research director Alasdair Macleod argues today, can't succeed as economic stimulus because it only impoverishes people. Macleod's commentary is headlined "The Wages-Fuel-Demand Fallacy" and it's posted at GoldMoney here:

http://www.goldmoney.com/research/analysis/1143-the-wages-fuel-demand-fa...

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

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Jim Sinclair Plans Market Seminar in Nashville on September 20

Mining entrepreneur and gold advocate Jim Sinclair will hold his next market seminar on Saturday, September 20, in Nashville, Tennesse. For details about attending, please visit:

http://www.jsmineset.com/qa-session-tickets/


Join GATA here:

Casey Research 2014 Summit
Hill Country Resort and Spa
San Antonio, Texas
Friday-Sunday, September 19-21, 2014

http://www.caseyresearch.com/summit/2014-fall

Canadian Investor Conference
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Toronto, Ontario, Canada
Thursday-Friday, September 25-26, 2014

http://cambridgehouse.com/event/31/canadian-investor-conference-toronto-...

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
New Orleans, Louisiana
Wednesday-Saturday, October 22-25, 2014

https://jeffersoncompanies.com/landing/noic2014?IDPromotion=614011014520...

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London, England, U.K.
Monday-Friday, December 1-5, 2014

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

* * *

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

Koos Jansen: Precious metals markets -- China vs. U.S.

Fri, 08/29/2014 - 12:56

11:55a ET Friday, August 28, 2014

Dear Friend of GATA and Gold:

Gold researcher and GATA consultant Koos Jansen today compares the growth of China's gold and silver markets to the Comex futures market in the United States, noting that the governor of the People's Bank of China says "gold still bears the marked nature of money under the modern financial system." Jansen's analysis is headlined "Precious Metals Markets: China vs. U.S." and it's posted at Bullion Star here:

https://www.bullionstar.com/article/precious%20metals%20markets%20china%...

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:

Casey Research 2014 Summit
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Friday-Sunday, September 19-21, 2014

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https://jeffersoncompanies.com/landing/noic2014?IDPromotion=614011014520...

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Monday-Friday, December 1-5, 2014

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

* * *

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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Jim Sinclair Plans Market Seminar in Nashville on September 20

Mining entrepreneur and gold advocate Jim Sinclair will hold his next market seminar on Saturday, September 20, in Nashville, Tennesse. For details about attending, please visit:

http://www.jsmineset.com/2014/07/28/nashville-qa-session-announced/

GoldCore: Referendum on Swiss gold would repatriate it from UK, Canada

Thu, 08/28/2014 - 17:10

4:10p ET Thursday, August 28, 2014

Dear Friend of GATA and Gold:

GoldCore's daily commentary today remarks on the impending gold repatriation referendum in Switzerland and notes that much Swiss gold is vaulted at the Bank of England in London and the Bank of Canada in Ottawa, the latter bank vaulting gold for three other nations as well:

https://www.goldcore.com/goldcore_blog/Bank_Of_Canada_Holds_Swiss_Dutch_...

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

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Buy metals at GoldMoney and enjoy international storage

GoldMoney was established in 2001 by James and Geoff Turk and is safeguarding more than $1.7 billion in metals and currencies. Buy gold, silver, platinum, and palladium from GoldMoney over the Internet and store them in vaults in Canada, Hong Kong, Singapore, Switzerland, and the United Kingdom, ­taking advantage of GoldMoney's low storage rates, among the most competitive in the industry. GoldMoney also offers delivery of 100-gram and 1-kilogram gold bars and 1-kilogram silver bars. To learn more, please visit:

http://www.goldmoney.com/?gmrefcode=gata


Join GATA here:

Casey Research 2014 Summit
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Toronto, Ontario, Canada
Thursday-Friday, September 25-26, 2014

http://cambridgehouse.com/event/31/canadian-investor-conference-toronto-...

New Orleans Investment Conference
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New Orleans, Louisiana
Wednesday-Saturday, October 22-25, 2014

https://jeffersoncompanies.com/landing/noic2014?IDPromotion=614011014520...

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

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

* * *

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

Natural law and economic law are with gold, but laws no longer apply

Thu, 08/28/2014 - 12:42

11:57a ET Thursday, August 28, 2014

Dear Friend of GATA and Gold:

Examining the astounding and continuing downward trend of interest rates that has brought some rates into negative territory, the TF Metals Report's Turd Ferguson postulates today that gold and silver prices won't be going any lower, regardless of the charting done by technical analysts. Ferguson's commentary is headlined "ZIRP Morphs to NIRP" and it's posted at the TF Metals Report here:

http://www.tfmetalsreport.com/blog/6077/zirp-morphes-nirp

Of course Ferguson is right about what ordinarily has been the inverse relationship of gold prices and real interest rates. That relationship was described by the 1988 academic study by Harvard University economics professor Lawrence Summers and University of Michigan economics professor Robert Barsky, "Gibson's Paradox and the Gold Standard":

http://www.gata.org/node/1373

(Yes, Summers went on to run the U.S. Treasury Department, where his knowledge of gold pricing seems to have come in handy.)

But then Western central bank policy long has been to defeat ordinary market forces -- indeed, in recent years Western central bank policy has been to prevent any markets from happening at all:

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

This policy is what even some central bankers themselves now call "financial repression":

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

So while negative real interest rates may tend to support gold prices and asset prices generally, they also may be accompanied by still more "financial repression," particularly against the monetary metals, currencies that compete with and threaten government currencies and bonds.

... Dispatch continues below ...


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Central bank gold sales and leasing, the underpinnings of the world's fractional-reserve gold banking system, whereby huge amounts of imaginary "paper" gold are created to nullify gold's scarcity and suppress its price, were always plainly mechanisms of "financial repression" to defend currencies and government bond prices. So amid the descent into negative real interest rates, what is to prevent central banks from underwriting still more "paper" gold for price suppression?

Such a policy probably could be defeated only by 1) mass exposure, which would require the mainstream financial news media to stop averting its gaze and to resolve to hold government to account; 2) a major sovereign foreign-exchange surplus holder's decision to switch its surplus heavily and abruptly into gold to strike a political blow; or 3) by the simple exhaustion of the gold reserves of the nations participating in gold price suppression, the circumstances that collapsed the last acknowledged mechanism of price suppression, the London Gold Pool, in March 1968:

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

The point here is that natural, economic, and even societal laws are disintegrating throughout the world under the pressure of what is essentially totalitarianism, the totalitarianism of central banking, which thrives only because, like the new clothes of the emperor in the fairy tale, it cannot be acknowledged for what it is -- cannot even be examined and questioned.

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

* * *

Join GATA here:

Casey Research 2014 Summit
Hill Country Resort and Spa
San Antonio, Texas
Friday-Sunday, September 19-21, 2014

http://www.caseyresearch.com/summit/2014-fall

Canadian Investor Conference
Sheraton Centre Toronto Hotel
Toronto, Ontario, Canada
Thursday-Friday, September 25-26, 2014

http://cambridgehouse.com/event/31/canadian-investor-conference-toronto-...

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
New Orleans, Louisiana
Wednesday-Saturday, October 22-25, 2014

https://jeffersoncompanies.com/landing/noic2014?IDPromotion=614011014520...

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

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

* * *

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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To contribute to GATA, please visit:

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

Gold Switzerland interview: Alasdair Macleod on the reasons for owning gold

Wed, 08/27/2014 - 23:46

10:46p ET Wednesday, August 27, 2014

Dear Friend of GATA and Gold:

GoldMoney research director Alasdair Macleod, interviewed by financial journalist Lars Schall for Matterhorn Asset Management's Gold Switzerland, offers what he considers the three primary reasons for owning gold. But just as interesting, Macleod argues that the London gold market is declining because of its lack of transparency, that gold will remain money if only because Asia increasingly says so, that countries are beginning to realize that they cannot be independent if they rely on the U.S. dollar and U.S.-controlled payment systems, and that Germany's Bundesbank has made itself ridiculous by its inability to recover its gold from custody by the United States.

Schall's interview with Macleod is 17 minutes long and can be viewed at Gold Switzerland here:

http://goldswitzerland.com/3-reasons-to-invest-in-gold-alasdair-macleod/

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

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

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

* * *

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

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Or by purchasing a colorful GATA T-shirt:

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

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To contribute to GATA, please visit:

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

FT still can only hint at market rigging by central banks

Wed, 08/27/2014 - 12:49

11:49p ET Wednesday, August 27, 2014

Dear Friend of GATA and Gold:

In the conclusion of a series of articles about "asset bubbles," today's Financial Times shows that it is fully aware of market manipulation by central banks but still can't bring itself to put those words together in the same sentence, nor to mention gold in that context.

From today's article, written by the FT's Ralph Atkins:

"Investors have seen central bankers suppressing market volatility; the VIX index of expected U.S. share price movements, known as the 'Wall Street fear gauge,' is at a seven-year low. ...

"With their massively expanded balance sheets, central banks have come to dominate many markets, replacing the private sector. ..."

Too bad that the series ends short of any specification of the most sensitive market central banks are dominating. But mainstream financial journalism in the West can go only so far. Apparently mere hints are supposed to be considered heroic.

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

* * *

Central Bankers Face 'Confidence Bubble'

By Ralph Atkins
Financial Times, London
Wednesday, August 27, 2014

http://www.ft.com/intl/cms/s/0/dbd40702-29dc-11e4-914f-00144feabdc0.html

Frothy financial markets, asset prices at perilous highs, cautious investors pushed to take ever bigger risks -- the side effects of central bank actions since the collapse of Lehman Brothers investment bank in late 2008 have been considerable. Little wonder there has been enough talk of asset "bubbles" for a Financial Times series.

Central banks, which saved the global economy from catastrophe, now face different challenges. They have to return advanced economies to stable and sustainable growth paths. But can they do that without fresh financial market disruption? What if economies instead splutter and bubbles burst? What if there is a "bubble" in confidence in central bankers?

... Dispatch continues below ...


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"Financial markets have been consistently rewarded for believing central banks are their best friends. At some point those rewards have to be validated by fundamentals," warns Mohamed El-Erian, chief economic adviser to Allianz.

Over the past six years, betting on the "central bank put" -- a belief that central banks would ride to financial markets' rescue -- was hugely profitable. The FTSE All world index is up 150 per cent since March 2009; the US S&P 500 is up 200 per cent.

Ben Bernanke, former US Fed chairman, drew on his expertise of depression era economics. In Europe, Mario Draghi, European Central Bank president, prevented a eurozone break-up by pledging "whatever it takes" to preserve its integrity. Haruhiko Kuroda, the Bank of Japan's governor, is now trying to drag his country out of decades of deflation.

Investors have seen central bankers suppressing market volatility; the Vix index of expected US share price movements, known as the "Wall Street fear gauge," is at a seven-year low. When there were setbacks in the "normalisation" process, central banks have acted; the Fed learnt from last year's "taper tantrum", the upset created globally when it first hinted at plans to scale-back quantitative easing, or asset purchases.

In the process, the nature of central banking has changed. "Central bankers feel pretty chuffed about their performance during the crisis years, and have every right to be," says David Kelly, chief global strategist at JPMorgan Asset Management. "They all come from the school of thought that monetary policy has limits, but they seem to have forgotten what they learnt. The whole consensus about a conservative approach has gone out of the window."

It is not a position with which central bankers necessarily feel comfortable. They have pushed for politicians to implement structural reforms -- often unsuccessfully -- and are aware that they have only a few tools, essentially their control over interest rates and regulatory powers. "I would not like to be a central banker at the moment because most finance ministers have said to them 'you're our last chance, don't muck it up,'" says John Nugee, a former Bank of England official who now advises central banks.

Mr El-Erian adds: "We have never been here before in terms of the amount of responsibility they have taken with such imperfect policy instruments."

Navigating the world's biggest economies into safe waters will require technical skills and smart judgment. With their massively expanded balance sheets, central banks have come to dominate many markets, replacing the private sector. A worry is that markets have become dependent on central banks. Mr Nugee says: "Central banks are the plaster cast around the market; they support it because it cannot support itself. If we take the cast away, we don't know if the market will have healed sufficiently."

Central banks have taken on bank supervisory functions and "macroprudential" powers to avert systemic crises. The extra responsibilities have increased their leverage -- but also the dangers of policy objectives clashing and of central banks losing crucial credibility when things go wrong.

Meanwhile, scrupulous judgment will be required in timing the first moves towards tightening monetary policies; the Bank of England is widely expected to be the first to raise interest rates.

A big worry is that the global efforts of central banks have still to create sufficient economic growth -- and equity markets have gone too far in pricing in a recovery. "Either the market has to correct, to converge toward a fundamental situation that remains challenging, or the macroeconomic situation has to improve," warns Gilles Moëc, senior economist at Deutsche Bank.

The other school of thought is that it is the central banks that will fall behind the curve. Some fear the Fed has underestimated improvements in US labour markets and inflation dangers. "There is a level of complacency within global fixed income markets about the ability of central banks to keep long term interest rates low," says Mr Kelly. "If they act cautiously, they are going to overcook the economy -- and eventually have to raise interest rates faster than they expect."

Betting central bankers will get it right is not for the fainthearted.

* * *

Join GATA here:

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Friday-Sunday, September 19-21, 2014

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Thursday-Friday, September 25-26, 2014

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Monday-Friday, December 1-5, 2014

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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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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:

http://www.gata.org

To contribute to GATA, please visit:

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

London Metal Exchange dismissed from U.S. price-fixing lawsuits

Wed, 08/27/2014 - 09:21

By Jonathan Stempel
Reuters
Tuesday, August 26, 2014

NEW YORK -- A judge has dismissed London Metal Exchange Ltd as a defendant from U.S. antitrust litigation accusing banks and commodity companies of conspiring to drive up aluminum prices by restricting supply, hurting manufacturers and purchasers.

In a decision made public on Tuesday, U.S. District Judge Katherine Forrest in Manhattan concluded that the LME was an "organ" of the UK government, and therefore immune from the lawsuit under the Foreign Sovereign Immunities Act.

Forrest acknowledged that her decision may at first glance seem "somewhat surprising and counterintuitive," noting that the LME is a privately-held, for-profit company subject to extensive regulation. But she said the relevant case law "tips decidedly" toward a grant of immunity, noting that the LME is required by law to perform "the decidedly public function of market regulation" ...

... For the remainder of the report:

http://www.reuters.com/article/2014/08/26/us-aluminum-lawsuits-idUSKBN0G...


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Jim Sinclair Plans Market Seminar in Nashville on September 20

Mining entrepreneur and gold advocate Jim Sinclair will hold his next market seminar on Saturday, September 20, in Nashville, Tennesse. For details about attending, please visit:

http://www.jsmineset.com/2014/08/18/venue-changenashville-qa-session/


Join GATA here:

Casey Research 2014 Summit
Hill Country Resort and Spa
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Friday-Sunday, September 19-21, 2014

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Canadian Investor Conference
Sheraton Centre Toronto Hotel
Toronto, Ontario, Canada
Thursday-Friday, September 25-26, 2014

http://cambridgehouse.com/event/31/canadian-investor-conference-toronto-...

New Orleans Investment Conference
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Monday-Friday, December 1-5, 2014

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

* * *

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

Koos Jansen: Comparison of Chinese silver price is complicated by 17% tax

Wed, 08/27/2014 - 09:16

8:17a ET Wednesday, August 27, 2014

Dear Friend of GATA and Gold:

Gold researcher and GATA consultant Koos Jansen reports today that silver prices reported from Shanghai have been including a 17-percent sales tax, complicating their comparison to prices outside the country. Jansen writes that he'll be investigating this subject. His commentary is posted at Bullion Star here:

https://www.bullionstar.com/article/chinese%20gold%20demand%20silver%20s...

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

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Join GATA here:

Casey Research 2014 Summit
Hill Country Resort and Spa
San Antonio, Texas
Friday-Sunday, September 19-21, 2014

http://www.caseyresearch.com/summit/2014-fall

Canadian Investor Conference
Sheraton Centre Toronto Hotel
Toronto, Ontario, Canada
Thursday-Friday, September 25-26, 2014

http://cambridgehouse.com/event/31/canadian-investor-conference-toronto-...

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
New Orleans, Louisiana
Wednesday-Saturday, October 22-25, 2014

https://jeffersoncompanies.com/landing/noic2014?IDPromotion=614011014520...

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

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

* * *

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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Jim Sinclair Plans Market Seminar in Nashville on September 20

Mining entrepreneur and gold advocate Jim Sinclair will hold his next market seminar on Saturday, September 20, in Nashville, Tennesse. For details about attending, please visit:

http://www.jsmineset.com/2014/07/28/nashville-qa-session-announced/

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