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Updated: 9 hours 44 min ago

Mining share buyers aren't scared by bullion banks, Embry says

Tue, 05/03/2016 - 19:07

6:05p ET Tuesday, May 3, 2016

Dear Friend of GATA and Gold:

Sprott Asset Management's John Embry today tells King World News that bullion banks seem more desperate than ever to contain the rise of the monetary metals but buyers of gold and silver mining shares haven't been scared off. Embry's interview is excerpted at the KWN Internet site here:

http://kingworldnews.com/when-the-global-ponzi-scheme-is-exposed-there-i...

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

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 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 conspire to harvest bitcoin's revolutionary technology

Tue, 05/03/2016 - 18:57

By Jeremy Warner
The Telegraph, London
Tuesday, May 3, 2016

For someone who says he shuns the limelight, Craig Wright has chosen an oddly high profile way of laying claim to the title of digital genius behind the Bitcoin phenomenon.

If he wanted to keep his identity secret, did he really need to hire a public relations consultancy to broadcast it to the world, or to provide an elaborate series of "proofs" that he is indeed Satoshi Nakamoto, the pseudonym by which the Bitcoin mastermind has long been known? ...

The real significance of bitcoin is not its value as a digital currency but the algorithm that lies behind it -- a technology called blockchain. What this in essence does is allow payments to be made without reference to a centralised ledger. Instead of relying on a trusted third party to clear and settle any given transaction, the blockchain provides a so-called "distributed ledger," where the transaction becomes widely recorded by all users and therefore verified in multiple form. Blockchain thereby renders existing payments systems pretty much obsolete.

In itself, this is revolutionary enough. Santander InnoVentures, the Spanish bank's fintech investment fund, recently estimated that blockchain could save lenders $20 billion a year in cross-border settlement payments alone. Another study by Autonomous Research estimated that the cost of clearing and settling securities in G7 countries was $54 billion a year. Theoretically, blockchain could obviate all these costs. ...

... For the remainder of the commentary:

http://www.telegraph.co.uk/business/2016/05/03/central-banks-conspire-to...

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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

Question for Dan Norcini et al.: Are central banks rigging gold or not?

Tue, 05/03/2016 - 01:47

12:56a ET Tuesday, May 3, 2016

Dear Friend of GATA and Gold:

Replying to your secretary/treasurer's speculation last night that central banks lately may have moved from gold price suppression to allowing gold to rise to help devalue currencies and debt -–

http://www.gata.org/node/16427

-- market analyst Dan Norcini asserts that GATA has come over to his position:

http://news.goldseek.com/DanNorcini/1462284120.php

Not at all.

In the first place, Norcini had just written that rather than helping central banks avert deflation, a dramatically rising gold price would actually signify the end of the world:

http://news.goldseek.com/DanNorcini/1462129200.php

That is, Norcini wrote: "I still cannot stomach so many of these gold cult members who seem not to understand that when they are cheering predictions of $5,000, $50,000, etc., gold prices, they are cheering the ruin of everything around them."

Your secretary/treasurer's speculation had explicitly contradicted Norcini's assertion. So there's no agreement there.

... Dispatch continues below ...


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Now Norcini writes: "I had been saying for some time that the Fed was not behind weakness in the gold price ever since the dollar embarked on its bull run back in 2014."

Huh -- 2014? But GATA began complaining of gold market manipulation and suppression 15 years earlier, and Norcini goes on to concede that during much of that time he subscribed to GATA's views.

So do GATA and Norcini disagree only as to exactly when in the last few years central banks generally or the Federal Reserve particularly may have discontinued gold price suppression?

Once again, not really.

In the first place, your secretary/treasurer's commentary last night was admittedly only speculation. GATA doesn't know that Federal Reserve policy has changed from gold price suppression to dollar devaluation. Indeed, that speculation arose in large part from suspicion that central banks may not have lost control of the gold market and that, if gold is rising again, it is only because that is what central banks now want it to do and how they are guiding the market with their surreptitious trading.

That the Fed to this day remains up to its neck in gold market manipulation was confirmed at the central bank's highest levels just a few weeks ago when the president of the Federal Reserve Bank of New York, William Dudley, taking questions at a public forum in Virginia, clumsily refused to answer one about whether the Fed is involved in gold swaps. Then his press spokesman refused even to acknowledge GATA's follow-up question on the subject:

http://www.gata.org/node/16341

Anyone who doubts that U.S. government policy toward gold prior to 2014 was a policy of suppression is implored to dispute, specifically, document by document, the official records compiled here --

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

-- and here:

http://www.gata.org/node/16377

Norcini has not done that, though of course no one else who disparages GATA has done so either. In the absence of such dispute, it may be assumed that the records are genuine and that they are fairly construed as GATA has construed them.

Just as GATA doesn't care much about price predictions for gold, positive or negative, it doesn't care much about the "technical analysis" offered by Norcini and other gold market commentators, "technical analysis" of rigged markets being mere hallucination.

Rather, GATA cares mainly about free markets and limited, transparent, and accountable government, and so agreement or disagreement with GATA rests on the answers to these questions:

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

-- If central banks are involved 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 surreptitiously in the gold market for policy purposes, are these the traditional purposes of defeating a potentially competitive world reserve currency? Or have these purposes lately expanded to include purposes like devaluing currencies and debt to avert a catastrophic worldwide debt deflation, the emergency policy anticipated in 2006 by the Scottish economist Peter Millar, whose study of gold revaluation often has been publicized by GATA?:

http://www.gata.org/node/4843

-- 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?

Just as Norcini has not challenged GATA's documentation of gold market rigging, he also seems not to have addressed those questions. But then no other critic of GATA has addressed them either. For as Chesterton wrote a hundred years ago, "As is common in most modern discussions, the unmentionable thing is the pivot of the whole discussion."

If central banks are surreptitiously trading markets, Norcini's "technical analysis" is the least of the casualties. In that case markets and even democracy itself are finished.

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

* * *

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 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

Robert Appel: The brink of economic collapse -- How did this happen?

Mon, 05/02/2016 - 22:39

9:38p ET Monday, May 2, 2016

Dear Friend of GATA and Gold:

Profit Confidential's Robert Appel's commentary today is headlined "The Brink of Economic Collapse? How Did This Happen?" His answer is the ever-intensifying manipulation and distortion of markets by central banks and their agents. Appel's commentary is posted at Profit Confidential here:

http://www.profitconfidential.com/economy/the-brink-of-economic-collapse...

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

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Support GATA 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 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

GoldSeek Radio interviews GATA Chairman Bill Murphy

Mon, 05/02/2016 - 16:03

3p ET Monday, May 2, 2016

Dear Friend of GATA and Gold:

GoldSeek Radio's Chris Waltzek interviews GATA Chairman Bill Murphy, discussing, among other things, the refusal of the president of the Federal Reserve Bank of New York, William Dudley, to answer whether the bank is involved in gold swaps; the increasing accumulation of gold by central banks in China and Russia; and the recent strength in monetary metals prices. The interview is 12 minutes long and begins at the 32:07 mark at GoldSeek Radio here:

http://news.goldseek.com/radio/1462213502.php

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

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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

Craig Wright revealed as Bitcoin creator Satoshi Nakamoto

Mon, 05/02/2016 - 09:40

From the British Broadcasting Co., London
Monday, May 2, 2016

Australian entrepreneur Craig Wright has publicly identified himself as Bitcoin creator Satoshi Nakamoto.

His admission ends years of speculation about who came up with the original ideas underlying the digital cash system.

Mr Wright has provided technical proof to back up his claim using coins known to be owned by Bitcoin's creator.
Prominent members of the Bitcoin community and its core development team have also confirmed Mr Wright's claim.

Mr Wright has revealed his identity to three media organisations -- the BBC, the Economist, and GQ. At the meeting with the BBC, Mr Wright digitally signed messages using cryptographic keys created during the early days of Bitcoin's development. The keys are inextricably linked to blocks of bitcoins known to have been created or "mined" by Satoshi Nakamoto. ...

... For the remainder of the report:

http://www.bbc.com/news/technology-36168863

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

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

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

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

Or 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

Even the Australian Financial Review warns about paper gold

Mon, 05/02/2016 - 09:18

Why Gold Is Still the Pick of the Precious Metals

By Trevor Sykes
Australian Financial Review, Sydney
Monday, May 2, 2016

One of the strongest arguments against investing in gold was that the metal yielded no interest while you were holding it so it stands to reason that the environment of low interest rates should be friendly for investors in precious metals.

That argument, while valid, has lost significant merit, because investors don't get much of an interest rate holding government bonds or bank deposits. Indeed in several countries interest rates have gone negative, which means that investors are paying governments for the privilege of holding their bonds. ...

... Dispatch continues below ...


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The price is set every night in derivative trading on Comex in New York. The gold price is also nominally fixed in London. The London market is theoretically a physical market, but in practice it is really a derivative market with very few physical deliveries.

The big holders of gold are in China and other Asian countries. So the price is being set by derivative traders who hold little or no gold, while Asians are continually amassing the physical metal.

If, one day somewhere in the future, the physical holders decide to start setting the price, it will rise quite sharply. So it's not a bad strategy to buy gold whenever it dips. ...

... For the remainder of the commentary:

http://www.afr.com/personal-finance/why-gold-is-still-the-pick-of-the-pr...

* * *

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 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

What if central banks have NOT lost control of gold?

Mon, 05/02/2016 - 01:33

12:51a ET Monday, May 2, 2016

Dear Friend of GATA and Gold:

Has the positioning of the big commercial traders in the monetary metals futures markets lost its value as an indicator of future monetary metals prices?

It seems like gold and silver bugs and maybe a few ordinary investors have been waiting for weeks for the usual smashing of the metals by those traders, the big investment banks, hoping to buy the next dip, only to have to watch the metals and the mining shares move steadily higher.

... Dispatch continues below ...


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Among the market analysts whose prediction of a smash has gotten stale and who seems to be doubting himself is Clive Maund, whose latest commentary notes that it's a "paradoxical situation." His commentary is posted at GoldSeek here --

http://news.goldseek.com/CliveMaund/1462129992.php

-- and at 24hGold here:

http://www.24hgold.com/english/news-gold-silver-gold-market-update--para...

Meanwhile in other commentary at GoldSeek, market analyst Dan Norcini, while not yet so alarmed about the commercial short position in gold, chides "gold cult members who seem to not understand that when they are cheering predictions of $5,000 or even $50,000 gold they are cheering the ruin of everything around them":

http://news.goldseek.com/DanNorcini/1462129200.php

Count your secretary/treasurer among those who have been expecting the commitment of traders signal to be validated again for the thousandth time. But insofar as it is not validated and the monetary metals continue to rise, your secretary/treasurer can envision two possible explanations and offers them here with the justification of a slow-news Sunday night and the expertise of a high school graduate.

That is, either central banks, the biggest participants in the gold market, have lost control of it, the physical gold part of the market is overthrowing the paper gold part of the market, and the market is in the midst of the fabled "commercial signal failure."

Or else central banks have not lost control of the gold market, and the gold price continues to go exactly where they want it to go.

That would mean that the consensus policy of central banks in regard to gold has changed recently -- that they now want gold rising again, most likely to assist in the devaluation of their currencies, particularly now the U.S. dollar, as well as devaluation of the world's debt, and that the huge short positions of the banks in the futures markets are actually central bank positions that must continue to increase even to unprecedented levels to keep this devaluation "orderly," to use a favorite term of central banking. (Really, who else but institutions that are authorized to create infinite money and that hold large gold reserves could accept the risk of such shorting?)

This would mean that central banks disagree with Norcini. It would mean that far from considering a sharply higher gold price to be the end of the world, central banks consider a sharply higher gold price -- at least if it can be accomplished in an "orderly" way -- the prerequisite of worldwide debt relief, their own reliquefication, and the maintenance of their power, gold remaining, as the assistant undersecretary of state for economic and business affairs, Thomas O. Enders, explained to Secretary of State Henry Kissinger in April 1974, the supreme "reserve-creating instrument" of governments, the ultimate money, the form of money that underwrites all other forms of money, the form of money whose valuation is control of the world:

http://www.gata.org/node/13310

Your secretary/treasurer is far from the first to have such suspicions. They were expressed in detail four years ago by the American economists and fund managers Paul Brodsky and Lee Quaintance --

http://www.gata.org/node/11373

-- and have been expressed increasingly by others lately, including, perhaps most notably, by fund manager and author James G. Rickards.

Since the world belongs to central banks and the rest of us occupy it only at their sufferance, they don't volunteer what they are doing with our planet. Their policies and actions can be discerned only through careful observation, investigation, and research, like tedious searching of government archives that have not been fully redacted, leading to the compiling of documentation summarized by GATA here --

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

-- and here --

http://www.gata.org/node/16377

-- and even this research does not give much help as to the timing of policy.

So Maund, Norcini, and even your secretary/treasurer may be forgiven for not knowing certain things or not giving them their proper weight. The problem with Maund, Norcini, and others like them is only that, clinging desperately to their narrow craft, "technical analysis," refusing to entertain the possibility that what they are analyzing are not really markets at all but the tools of higher powers, they seem not to want to know.

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

* * *

Support GATA 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 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

Tightening gold-silver ratio indicates monetary metals will keep rising: von Greyerz

Sun, 05/01/2016 - 20:58

7:58p ET Sunday, May 1, 2016

Dear Friend of GATA and Gold:

Gold fund manager Egon von Greyerz tells King World News today that the tightening gold-silver ratio signals resumption of the bull market in the monetary metals, that negative interest rates are only weakening the world economy, and that the increasing manipulation of markets by central banks will lead to a spectacular bust. The interview with von Greyerz is excerpted at KWN here:

http://kingworldnews.com/egon-von-greyerz-warns-world-now-edge-total-cha...

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

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

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 gold market is too secretive, gold researcher Ronan Manly says

Sun, 05/01/2016 - 17:22

4:20p ET Sunday, May 1, 2016

Dear Friend of GATA and Gold:

Writing for Matterhorn Asset Management's Gold Switzerland Internet site, financial journalist Lars Schall today interviews gold researcher Ronan Manly about his analysis of the world's major gold markets. Manly says London's gold market is among the least transparent, "because the London Bullion Market Association and the banks they represent do not want anyone poking around and finding out what's really going on." Manly also comments in detail on the German and Russian gold markets.

The interview is posted in both audio and transcript formats at Bullion Star's Internet site here:

https://goldswitzerland.com/ronan-manly-will-economics-dictate-a-gold-pr...

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

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 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

GATA Chairman Murphy discusses stark change in silver trading

Sat, 04/30/2016 - 13:31

12:30p ET Saturday, April 30, 2016

Dear Friend of GATA and Gold:

GATA Chairman Bill Murphy, interviewed by Finance and Liberty's Elijah Johnson, discusses the amazing change in trading in the silver market, which he believes foretells much higher prices. The interview also covers Deutsche Bank's agreement to settle a class-action lawsuit accusing it of manipulating the gold and silver markets with other investment banks. The interview is 15 minutes long and can be heard at You Tube here:

https://www.youtube.com/watch?v=SA3dmvj-kBg&list=PLNwUWnJgSq_LsSyEjjIZEt...

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

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 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

Gold Newsletter's Brien Lundin: Manipulations and machinations

Sat, 04/30/2016 - 12:43

11:55a ET Saturday, April 30, 2016

Dear Friend of GATA and Gold:

For many years Gold Newsletter has been essential to your secretary/treasurer's interest in the gold market generally and in gold, silver, and resource companies particularly. Indeed, your secretary/treasurer's interest was sparked entirely in 1998 by a trial subscription to the newsletter when it was under the editorship of its founder, James U. Blanchard III --

https://www.anthemvault.com/our-legacy

-- whose extraordinary efforts restored in 1974, through federal legislation, the legal right of Americans to own monetary gold.

Since Blanchard's death in March 1999 Gold Newsletter has been edited by Brien Lundin, proprietor of the New Orleans Investment Conference, and both the newsletter and the conference have generously given voice to GATA and recognition to the issue of gold market manipulation without fear of the resulting controversy.

... Dispatch continues below ...


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Lundin's letter this week included a detailed commentary on the issue, which he kindly has approved our sharing with you, so it is appended. Your secretary/treasurer finds it hard to imagine doing without Gold Newsletter, so if you're inclined to check it out, subscription information is posted at the newsletter's Internet site here:

http://goldnewsletter.com/subscribe-now/?affiliate=37

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

* * *

Manipulations and Machinations

By Brien Lundin
Gold Newsletter, Metairie, Louisiana
Thursday, April 28, 2016

There's a lot to talk about this subject. In past issues, we've covered the massive bear attacks on gold, the greatest example being April 2013, when traders colluded in obvious illegal fashion to dump gold contracts nominally worth billions in only a few minutes.

In this first major attack, the bears were able to drive gold down a couple of hundred dollars in two trading sessions. Since then, we've noted more such attacks, more recently undertaken by high-frequency traders and as tracked by Eric Hunsader of Nanex.

We've also covered the longer-term manipulations caused by central banks leasing out their gold through the bullion banks, as first exposed in the late 1990s by Frank Veneroso in the pages of Gold Newsletter and our Gold Book Annual.

The efforts of the Gold Anti-Trust Action Committee (GATA), which were largely born out of the results of Veneroso's research, have also been well chronicled in these pages.

From a philosophical viewpoint, I've differed from some of GATA's beliefs in that I don't think governments have either the ability or interest to manipulate the gold market on a daily if not minute-by-minute basis.

But I do firmly believe that the burden of proof is on those who claim that the gold market is not manipulated. What is so special about gold that it would be the only asset class wherein governments did not exert some level of control?

The Federal Reserve fine-tunes the price of money (interest rates) to boost the stock and bond markets, thereby generating a “wealth effect” for the public. Agricultural commodities? Ever hear of ethanol and price supports? And there's an entire Department of Energy, for goodness sake, whose only job is to manipulate the price of various forms of energy to meet political goals.

So why would gold -- the ultimate gauge of the government's success or failure in managing the currency -- be somehow excluded from official attentions?

The answer is that it isn't. To some degree, the price of gold is manipulated today, and has been for decades.

And just as we saw with the London Gold Pool of the 1960s and the U.S. Treasury gold auctions of the 1970s, the current efforts will fail in spectacular fashion.

But getting back to the primary subject, today I am more concerned not with short-term or long-term manipulations in gold but with the intermediate-term attempts by the large commercials to move the gold market according to their whims,

Again, the most important factor not facing gold right now is the massive net short position in "paper gold" accumulated by the large commercials. We can argue over who is included in this category of traders, and we can dither about their motives. But it cannot be argued that this sector has not exhibited firm control over the direction of gold prices.

Now with that said, the cynics and conspiracy-minded among gold investors claim that the large commercials intentionally set up those who are traditionally on the opposite side of the seesaw: the large speculators. According to the theory, the large commercials build up short positions as the price rises, selling gold that the large speculators eagerly take up as they follow the trend higher. At some crucial point the commercials dump enough gold onto the market to send the price plummeting through the speculators' sell-stops, exacerbating the downtrend.
Once the selling is inevitably exhausted, the commercials cash in their shorts, even adding long positions to profit from the next turn in the cycle.

It's easy to assign malevolent motives to the exercise, since the commercials almost always end up being correct, and seem able to force the market to their bidding. But commercials, being in the trade and needing to hedge their transactions, are naturally shorting the market to lock in their costs and minimize their exposure. The question of manipulation turns on whether there are other actors within the commercial category who are taking advantage of the natural tendencies of the market.

I tend to believe that there are some hijinks involved, if for no other reason than the reliability and amplitude of the cycles. Somebody's making a lot of money, on a regular basis ... and this makes me think that none of it is accidental.

And in truth, it really doesn't matter to what degree the paper gold market is manipulated or whatever the precipitating factors may be -- because the results are obvious and irrefutable. As you can see from the accompanying chart via Nick Laird's ShareLynx service, the peaks and troughs in the large commercial short position precisely correspond with the peaks and troughs in the gold price over the long term.

Importantly, the current level of net shorts for the commercials is historically extreme, and argues for a sharp and deep correction at any time.

Now as I've noted many times over the years, while the commercials are almost always correct, they aren't always so. And when they are wrong, they are wrong in spectacular fashion. You see, on rare occasions the commercials are hoist by their own petard. In these instances gold refuses to halt its rise despite the ever-mounting short positioning of the commercials. Eventually, the commercials are forced to cover their shorts, buying gold in a desperate fashion that only throws gasoline onto the fire and accelerates the gains. They're not able to catch up to the market, and their efforts to constrain the rise only serve to boost it higher.

This last occurred in the 2004-2006 time frame. Consider the results:

-- 2004: From the spring low to the end of the year peak, gold gained 21 percent. The Gold Bugs Index of gold stocks soared 50%.

-- 2005: From the spring low to the year-end peak, gold rose 29 percent. The Gold Bugs Index leaped 70 percent in response.

-- 2006: Gold was topsy turvy this year, jumping 36 percent in price from March to May, then losing 10 percent from May to December. The metal ended up gaining 21 percent from the spring low to the year-end peak. The Gold Bugs Index gained 30 percent over that time frame.

I haven't researched the statistics, but rest assured that a 30-50 percent gain in the staid Gold Bugs Index translated into a much greater gain in the junior gold stock indices. And for the biggest winners that we were able to pinpoint in Gold Newsletter, we're talking about multi-bagger gains.

So that's the scope of the potential we're looking at ... if the commercials are trounced and gold takes off from here.

Will the commercials finally break the market? Or will some other factor emerge to prompt even more buying by the speculators -- enough to send the commercials running for the exits? If it's the latter, there are some interesting candidates for the factor that lights the fuse for the next big run.

China is both the world's largest consumer and producer of gold, so it's only natural that they've felt like second-class citizens in a market where the price of the metal is set by Western “paper gold” traders. So it was no surprise when China announced months ago that they would launch a twice-daily gold fix based on the physically-settled Shanghai Gold Exchange, and denominated in yuan instead of dollars. That long-anticipated price fix was finally launched on April 19. And the gold price soared higher immediately.

Coincidence? Actually, yes, as nearly the entire commodity complex was higher that day thanks to a bout of dollar weakness.

But certainly the new yuan gold fix didn't hurt gold's case that day, and it will continue to help support the metal over the long term. That's because the yuan price fix will be rooted in the supply/demand fundamentals at play in a market where investors and savers are buying gold hand over fist.

Thus it is likely that the Chinese price fix will have an upward bias compared with London and New York trading, and these Western markets will have to recognize this trend over time. The bottom line is that I expect the new yuan price fix to provide a mild but consistent upward pressure on gold from now on.

There's another issue that could be provide much more dramatic impetus for the metal.

As you have probably heard, Deutsche Bank is attempting to settle a U.S.-based lawsuit that accused it and other defendant banks of manipulating the London gold and silver price fixes. Moreover, Deutsche Bank is offering to squeal on its co-conspirators, apparently in exchange for some leniency.

While the lawsuit was filed a bit over two years ago, I never gave it much credit. I figured everyone knew the London a.m. and p.m. price fixes were, eh, “fixed” to some extent. How could you lock up representatives of five banks in a room, twice daily over some 90 years, to set a somewhat arbitrary price upon which fortunes turned, and not expect them to figure out some way to profit from the exercise?

It never really bothered me because the fix couldn't vary too much from the trading trend in place before and after the price setting, and any small differences that did exist would be quickly overwhelmed by the larger trends.

But here's what I didn't count on: Deutsche Bank snitching on its cronies. This development now has lawyers around the globe salivating.

Already a group of law firms in Canada is proposing a C$1 billion class-action suit that mirrors the U.S. litigation. And rest assured there'll be more to come -- there's blood in the water and the sharks are gathering.

If the discovery process turns up more wide-ranging manipulation of the sort we and many other gold bugs have been talking about for years, then the potential damages are mind-blowing.

Consider that anyone who has ever invested in not only the metals but any gold or silver stock would have suffered injury. That's the kind of potential payout that will have lawyers searching every nook and cranny. Even proof that the banks manipulated “just” the gold and silver price fixes could be sufficient to justify wider-scale damage claims, since the fixes are used in so many ways to determine the value of contracts and metals purchases.

This could get very interesting.

* * *

Support GATA 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 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

This is what happens when you don't issue the world reserve currency

Fri, 04/29/2016 - 15:45

Venezuelans Add Beer to List of Privations

By Andres Schipani
Financial Times, London
Friday, April 29, 2016

Venezuela's largest privately owned company on Friday stopped producing beer, adding to a list of privations facing residents already frustrated by power cuts, water shortages, triple-digit inflation, and grinding recession.

"This could mean the end," says Sergio Silva, shopkeeper at a neighbourhood store in Petare, one of Caracas' biggest slums. "If Venezuelans do not have beer  ... this country could blow." ...

... For the remainder of the report:

http://www.ft.com/intl/cms/s/0/a64bc010-0d61-11e6-9cd4-2be898308be3.html

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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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Mike Kosares: Did Shanghai just blow a hole in the old gold market?

Fri, 04/29/2016 - 15:17

By Michael Kosares
USAGold.com, Denver
Friday, April 29, 2016

I did not want the day to pass without posting a few words on gold's significant push to the upside, now trading just shy of the $1,300 mark. To be sure, the dual positions with respect to rates on the part of the Bank of Japan (to stand pat) and the Federal Reserve (to remain ultra-dovish) played a role in the dollar's recent weakness and gold's strength. Those determinants, though, in my view, are only part of the story, and the few-percentage-point drop in the dollar against the yen over the past week is really not enough to justify a nearly $60 rise in the price of gold over the past five trading sessions.

The bigger determinant has been China's underpinning of the gold price on two different occasions over the past week after gold had taken a major turn to the downside in New York trading. ...

... For the remainder of the analysis:

http://www.usagold.com/cpmforum/2016/04/29/did-shanghai-just-blow-a-hole...

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Support GATA 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://gata.org/node/wallstreetjournal

Help keep GATA going

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OK, Globe & Mail, why do central banks intervene in gold instead of beaver pelts?

Fri, 04/29/2016 - 14:34

2p ET Friday, April 29, 2016

Dear Friend of GATA and Gold:

In an interview on CNBC seven years ago, the soon-to-be-ubiquitous James G. Rickards made an observation for the ages, an observation that could be the preface for Chapter 1 of every economics textbook that aspired to be more than disinformation for the financial class.

"When you own gold," Rickards said, "you're fighting every central bank in the world":

http://www.gata.org/node/7835

Back then Rickards enjoyed U.S. government security clearance and was even participating in Defense Department war games, so he was already pretty well informed, but even he didn't know the half of it. For when you own gold -- or even when you pursue the truth about government monetary policy -- you're also fighting nearly every mainstream news organization in the world.

... Dispatch continues below ...


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USAGold: Great prices, quick delivery -- all the time.

The latest evidence of the second aspect of this fight comes today from the Toronto Globe & Mail, which has published commentary by the newspaper's mining reporter, Ian McGugan, headlined "Gold Bugs and the Inflation Dilemma":

http://www.theglobeandmail.com/report-on-business/rob-magazine/gold-bugs...

"Gold bugs," McGugan writes, "insist bullion is a currency, and they argue that it's superior to any government-backed paper bill as a store of value because nobody can fiddle with its inherent worth. ... Sure, gold has been around for a long time, but then so have salt and beaver pelts, both of which have also been used as money at times.

"Gold may be a currency in the same limited sense that any valuable raw material, from oil to coffee beans, can function as a quasi-currency under the right conditions. However, you'll note that chief executives of gold firms still insist on being paid in dollars, not bullion. ... Gold's price is driven by gusts of emotion."

But "gold bugs" are not alone in insisting that gold is a currency. Also insisting on gold's currency function, at least when they don't think anyone else is paying attention, are central banks, which surreptitiously trade the monetary metal every day, confident that McGugan, among others, will never call attention to this.

Indeed, to cite just a few of dozens of examples:

-- In 2003 the Reserve Bank of Australia candidly acknowledged in its annual report that "foreign currency reserve assets and gold are held primarily to support intervention in the foreign exchange market":

http://www.gata.org/files/ReserveBankOfAustraliaAnnualReport2003.pdf

In its most recent annual report --

http://www.rba.gov.au/publications/annual-reports/rba/2015/pdf/2015-repo...

-- the Reserve Bank of Australia puts it this way:

"Australia's official reserve assets include foreign currency assets, gold, Special Drawing Rights (SDRs -- a liability of the IMF), and Australia's reserve position in the IMF. Reserve assets are held primarily to facilitate policy operations in the foreign exchange market."

-- The Bank for International Settlements, the central bank of the central banks, acknowledges in its annual reports that it is the gold broker for its members, constantly trading for their accounts not just gold but gold options and other derivatives:

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

-- The BIS even advertises that its services to its central bank members include secret interventions in the gold market:

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

-- The director of market operations for the Banque de France, Alexandre Gautier, recently admitted that the bank is trading gold for its own account and the accounts of other central banks "nearly on a daily basis":

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

-- And a few months ago the executive director of the Austrian central bank, Peter Mooslechner, disclosed, if inadvertently, that Asian central banks are secretly trading and intervening in the gold market while trying to acquire more of the monetary metal. There is even video of this admission:

https://www.dropbox.com/s/rtgdc8dkhvabtz2/kitco.mp4?dl=0

So if gold is not a currency as good as any other, why all this secret activity with it by central banks, especially when the salt and beaver pelts cited by McGugan remain available?

McGugan overlooks all this when he asserts that "gold's price is driven by gusts of emotion." Well, maybe the emotion of central banks, or, more likely, their policy purpose, which the government archives show usually has been to suppress gold's price but every few decades has been to raise it so as to devalue their currencies and the debts denominated in them.

All the major documents of surreptitious intervention in the gold market and the deception of investors by central banks, including those compiled by GATA here --

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

-- and here --

http://www.gata.org/node/16377

-- long have been provided to the Globe & Mail, and the newspaper has been urged to try putting to central banks even one critical, specific question about their involvement in the gold market. That is, the Globe & Mail has been urged to attempt actual journalism. But this week McGugan's column was the best the newspaper could do, and the best he could do was to liken gold to beaver pelts.

* * *

Also overlooking the documentation, though he is increasingly alone in the gold world, is 321Gold's Bob Moriarty, whose chest thumping this week, headlined "The Two Best Calls Ever on a Gold Bottom" --

http://www.321gold.com/editorials/moriarty/moriarty042816.html

-- declares: "While the manipulation and flat-earth crowd doesn't ever mention it, platinum went down more than gold and no one is screeching about how platinum is suppressed. All commodities went down, including gold and silver. Most commodities went down more than silver and gold but that is never mentioned."

Not quite. Actually, that central bank policy, exercised through the trading of derivatives, has aimed at the suppression of commodity prices generally was perhaps first explained in detail in 2001 by the British economist Peter Warburton, whose seminal essay, "The Debasement of World Currency -- It's Inflation, But Not as We Know It," has been cited by GATA many times over the years:

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

Further, GATA often has publicized the discovery by Eric Scott Hunsader, founder of the market data firm Nanex in Winnetka, Illinois, of the documents filed with the U.S. Securities and Exchange Commission and U.S. Commodity Futures Trading Commission showing that central banks and governments are secretly trading all the U.S. commodity futures markets:

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

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

A week ago GATA called attention to speculation at Zero Hedge that central bank intervention in the commodity markets has shifted to raising prices to avert deflation:

http://www.gata.org/node/16400

Moriarty continues: "Early this year gold was higher in relative terms against oil, platinum, and commodities in general than ever in history. But that doesn't fit the manipulation mantra so none of the permabulls will ever mention that any more than they will discuss perfectly normal corrections."

But there is no inconsistency in complaints about market manipulation and price suppression if, as GATA has maintained, central banks are surreptitiously intervening in all markets. Of course GATA doesn't know exactly what trades central banks are placing in these markets every day and cannot always distinguish central bank interventions from "normal corrections," if, given the pervasiveness of interventions lately, any market can be trading normally. But at least GATA acknowledges this intervention and would like to know the details. Moriarty merely denies it while declining to dispute any of the documentation -- presumably because his main business is resource stock promotion and recognition of government intervention in the resource markets would make that promotion more difficult.

GATA hopes that the resource stocks Moriarty is promoting go up as the truth helps markets break free of surreptitious intervention and the producing class prevails in its seemingly eternal struggle with the financial class. Moriarty seems to hope that his resource stocks go up just because he's promoting them.

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

* * *

Support GATA 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 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

Deutsche Bank tires quickly of its experiment with integrity

Fri, 04/29/2016 - 12:55

Head of Deutsche Bank Integrity Committee to Resign

By James Shotter
Financial Times, London
Thursday, April 28, 2016

http://www.ft.com/intl/cms/s/0/9256f338-0d82-11e6-b41f-0beb7e589515.html

Georg Thoma is to resign from Deutsche Bank's supervisory board after coming under fire from other board members in a battle over how to deal with the German bank's past scandals.

The veteran corporate lawyer was brought on to the board by chairman Paul Achleitner in 2013 and headed the integrity committee, whose remit includes overseeing the bank's efforts to comply with legal and regulatory requirements.

However, Mr Thoma's approach left him at odds with some colleagues, and on Sunday, Alfred Herling, Deutsche's vice-chairman, took the unusual step of publicly criticising his actions in Germany's Frankfurter Allgemeine
Sonntagszeitung.

... Dispatch continues below ...


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Mr Herling accused Mr Thoma of "overzealousness," saying that he "goes too far when he demands ever wider investigations and more and more lawyers come marching up," and adding that the costs were "no longer proportionate."

Meanwhile, Henning Kagermann, the former head of German software group SAP who is also a board member at Deutsche, told the newspaper that "for all the diligence that we have exercised, it is important for us that Deutsche Bank finally ... devotes all its energy to looking to the future."

Deutsche said in a statement that Mr Thoma would resign immediately from his role as chairman of the integrity committee and leave the supervisory board after a one-month notice period. The bank has begun the search for a permanent successor.

Mr Achleitner said Mr Thoma had given Deutsche "outstanding service" during his time on the board. "He has implemented processes of great importance and benefit to the bank. The supervisory board is determined to continue its work of investigating possible misconduct and to draw lessons for the future," he said.

Mr Thoma did not immediately respond to a request for comment.

The boardroom spat comes just three weeks before Deutsche's annual shareholder meeting on May 19, at which the bank's
supervisory board is likely to come under scrutiny.

One small shareholder has requested a special audit of whether members of Deutsche's supervisory board or management board breached their obligations in how they dealt with some of the bank's legal entanglements.

The motion requests that the audit ascertain whether there were management failings in relation to a number of investigations, including the Libor scandal.

Among other things, it requests an investigation into whether Deutsche had to pay heavier fines because members of its management or supervisory board obstructed, misled, or failed to co-operate sufficiently with authorities.

* * *

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 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

Dissatisfied Zero Hedge employee feeds his resentments to Bloomberg

Fri, 04/29/2016 - 09:37

8:35a ET Friday, April 29, 2016

Dear Friend of GATA and Gold:

A dissatisfied employee has quit Zero Hedge and fed his complaints to Bloomberg News, which gleefully recounts them today:

http://www.bloomberg.com/news/articles/2016-04-29/unmasking-the-men-behi...

Zero Hedge quickly replies:

http://www.zerohedge.com/news/2016-04-29/full-story-behind-bloombergs-at...

In any case, Bloomberg will remain a news organization that tells people what the government and financial establishment don't object to their knowing, and Zero Hedge will remain a news organization that tells people what the government and financial establishment would prefer them not to know.

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

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

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

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

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

Or 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

Following ancients, explorers hunt gold in the Egyptian desert

Fri, 04/29/2016 - 00:52

Still another rich country insisting on being poor.

* * *

By The Associated Press
via The New York Times
Thursday, April 28, 2016

EASTERN DESERT, Egypt -- Off the off-road tracks deep in Egypt's eastern desert, prospectors are ramping up the hunt for the treasure once revered by the pharaohs as the "skin of the gods" -- gold.

Essential for ancient artifacts like the famed burial mask of Tutankhamun and still highly desired in Middle Eastern culture today, gold has been mined in Egypt for millennia. But experts say the country is heavily underexplored and that modern technology now allows much deeper excavation of the ancient sites shown on pharaonic treasure maps.

If developed, gold and mineral mining could prove a boon to the country at a time it is desperate for foreign currency, and provide jobs for its burgeoning population of 90 million. But miners and experts say current legislation is out of step with global practices and doesn't give enough incentives to bring in foreign investment.

"Mining has been going on here for over 5,000 years, but in the 21st century it's essentially virgin ground," said Mark Campbell, president of the Canadian exploration company Alexander Nubia, which is increasing its drilling this year in a 1,070-square mile area in the desert. "Exploring for gold and minerals in Egypt today with modern technology is like having a map where X marks the spot." ...

... For the remainder of the report:

http://www.nytimes.com/aponline/2016/04/28/world/middleeast/ap-ml-egypt-...

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Support GATA 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 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

Putin's decade-old dream realized as Russia to price its own oil

Fri, 04/29/2016 - 00:10

By Eduard Gismatullin
Bloomberg News
Wednesday, April 27, 2016

Russian President Vladimir Putin is on the verge of realizing a decade-old dream: Russian oil priced in Russia.

The nation's largest commodity exchange, whose chairman is Putin ally Igor Sechin, is courting international oil traders to join its emerging futures market. The goal is to increase revenue from Urals crude by disconnecting the price-setting mechanism from the world's most-used Brent oil benchmark. Another aim is to move away from quoting petroleum in U.S. dollars.

If Russia is going to attract international participation in Russian-based pricing, the Kremlin will need to persuade traders it's not simply trying to push prices up, some energy analysts said. The government is dependent on oil revenue to fund its budgets.

"The goal is to create a system where Russian oil is priced and traded in a fair and straightforward way," said Alexei Rybnikov, president of the St. Petersburg International Mercantile Exchange, or Spimex, in a phone interview. ...

... For the remainder of the report:

http://www.bloomberg.com/news/articles/2016-04-28/putin-s-decade-old-dre...

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Support GATA 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 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

Alasdair Macleod: Taking the petro out of the dollar

Thu, 04/28/2016 - 15:29

2:30p ET Thursday, April 28, 2016

Dear Friend of GATA and Gold:

With China moving to internationalize its currency and Saudi Arabia looking for another sugar daddy, GoldMoney's Alasdair Macleod writes, the oil trade's decades-long support of the U.S. dollar may be coming to an end. Macleod's commentary is headlined "Taking the Petro Out of the Dollar" and it's posted at GoldMoney's Internet site here:

https://www.goldmoney.com/research/goldmoney-insights/taking-the-petro-o...

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

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 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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