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Updated: 2 hours 58 min ago

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

5 hours 13 min ago

2:54 Saturday, October 25, 2014

Dear Friend of GATA and Gold:

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

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

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

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

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

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

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

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

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

http://gata.org/node/14606

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

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

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

9 hours 59 min ago

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

* * *

IMF Introduces Floor on Interest Rates

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

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

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

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

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

... Dispatch continues below ...

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

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

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

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

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

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

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

* * *

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

Fri, 10/24/2014 - 20:23

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

By Stepan Kravchenko
Bloomberg News
Friday, October 24, 2014

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

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

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

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

... Dispatch continues below ...


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

* * *

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At King World News, Sperandeo, Celente, and Mauldin

Fri, 10/24/2014 - 12:00

9:55a CT Friday, October 24, 2014

Dear Friend of GATA and Gold:

At King World News, market analyst Victor Sperandeo says traders enjoy the current stock market because the Federal Reserve repeatedly has manipulated it back up:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/10/23_L...

Also at KWN, trends forecaster Gerald Celente says that the more governments try to keep their economies going with money creation, the more support will be given to the price of gold:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/10/24_C...

And market analyst John Mauldin says he expects powerful deflation and astonishing strength in the U.S. dollar:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/10/23_M...

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

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Paying people their worth in gold -- a first in Singapore

Fri, 10/24/2014 - 11:39

From Channel News Asia, Singapore
Thursday, October 23, 2014

http://www.channelnewsasia.com/news/singapore/paying-people-their-worth/...

SINGAPORE -- How would you like to be paid your worth in gold? Singapore-based precious metals dealer BullionStar is doing just that by rewarding staff with the commodity as salary, and it says it is the first in the country to do so.

Here is how it works: If, for example, you earn S$3,200 a month, you can choose to be paid in two gold bars each worth S$1,600. Theoretically, if you are a high earner drawing a pay of S$51,000 a month, you can choose to be paid with a one-kilogram gold bar.

Sales manager Vincent Tie is one of six employees at BullionStar who has opted to receive his salary in bullion. About 20 to 40 per cent of the 38-year-old's basic pay is given in gold.

... Dispatch continues below ...


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"If I save in a paper currency in a bank, the interest paid to me cannot beat the rate of inflation, so essentially I am losing purchasing power. That means that I am buying less with my wealth," Mr Tie said about why he went for the heavy metal option.

BullionStar said it expects more employers to take up this practice, which harks back to the old days when gold and silver were indeed currency and used to reward labour.

"Precious metals have served as money throughout most of history for some 6,000 years. So staying true to this belief that we have that precious metals might once again return in some form or shape as money, it is quite natural for us to also offer our employees salary payments in gold and silver," BullionStar CEO Torgny Persson said.

Leaving paper money aside does not mean an end to paperwork, however. Human resource experts pointed out a few things to consider if firms wish to introduce such innovative payment policies.

"All employers are obligated to pay salary within seven days of its due date. They also have to ensure that the calculations of the basic pay is clear and transparent," said Mr Erman Tan, president of the Singapore Human Resources Institute. "At a later stage all the employers are required to produce a stipulated pay slip as well. These administration issues will be part of the consideration."

The volatility of commodities is another factor. Hays Regional Director Chris Mead said: "You might be paid, say, the equivalent of S$5,000 or S$10,000 in a particular month -- then if the price of gold goes up, that is great for you. If the price of gold goes down, then that is not so good for you. So I guess an individual would need to weigh those concerns."

As for contributions for staff to the Central Provident Fund, BullionStar still makes those in cold, hard cash.

* * *

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Alasdair Macleod: Markets and reality disconnected

Fri, 10/24/2014 - 11:26

9:25a CT Friday, October 24, 2014

Dear Friend of GATA and Gold:

Government intervention in markets is only part of the disconnection of markets from reality, GoldMoney research director Alasdair Macleod writes today.

"Ordinary people have given their savings and pension funds to professionals who speculate on their behalf," Macleod writes. "It is the professionals who talk about the Yellen put, meaning that the Fed simply won't let prices fall significantly. We can fret about who is actually responsible for market distortions; instead we should ask who benefits."

Macleod's commentary is headlined "Markets and Reality Disconnected" and it's posted at GoldMoney here:

http://www.goldmoney.com/research/analysis/markets-and-reality-disconnec...

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

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Three major nations absent as China launches rival to Western development bank

Fri, 10/24/2014 - 10:32

By Brenda Goh
Reuters
Thursday, October 23, 2014

SHANGHAI -- Australia, Indonesia, and South Korea skipped the launch of a China-backed Asian infrastructure bank on Friday as the United States said it had concerns about the new rival to Western-dominated multilateral lenders.

China's proposed $50 billion Asian Infrastructure Investment Bank is seen as a challenge to the World Bank and Asian Development Bank, both multilateral lenders that count Washington and its allies as their biggest financial backers.

China, which is keen to extend its influence in the region, has limited voting power over these existing banks despite being the world's second-largest economy. ...

... For the remainder of the report:

http://www.reuters.com/article/2014/10/24/china-aiib-idUSL6N0SI26S201410...

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1055 Canada Place, Vancouver, British Columbia, Cananda
Sunday-Monday, January 18-19,2015

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

* * *

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

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To contribute to GATA, please visit:

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

First Majestic CEO wants silver miners to form counter-cartel against futures shorters

Fri, 10/24/2014 - 02:14

12:10a CT Friday, October 24, 2014

Dear Friend of GATA and Gold:

First Majestic Silver CEO Keith Neumeyer, interviewed by Future Money Trends, argues that silver miners should form a counter-cartel to combat the investment houses selling silver short on futures markets. The interview is 16 minutes long and can be heard at Future Money Trends here:

http://www.futuremoneytrends.com/trend-videos/interviews/mining-ceo-seek...

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

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

Visit us at www.europesilverbullion.com.

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

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

Vancouver Resource Investment Conference
Vancouver Convention Centre West
1055 Canada Place, Vancouver, British Columbia, Cananda
Sunday-Monday, January 18-19,2015

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

* * *

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Foreign central banks cut U.S. bond stakes to lowest since May

Fri, 10/24/2014 - 02:07

By Richard Leong
Reuters
Thursday, October 23, 2014

Foreign central banks slashed their holdings of U.S. Treasuries at the Federal Reserve to their lowest level since May, Fed data released on Thursday showed.

Analysts said the decline in U.S. government bond holdings likely stemmed from a combination of factors including booking profits on the recent rally in Treasuries, and the dollar which hit a four-plus year peak earlier this month.

"Some central banks might be selling dollars to arrest its rise against their currencies. While export-oriented countries typically like a stronger dollar, they don't want it go up too fast because they could make some imports very expensive," said Christopher Low, chief economist at FTN Financial. ...

... For the remainder of the report:

http://www.reuters.com/article/2014/10/23/usa-fed-foreigners-idUSL2N0SI3...

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Vancouver Resource Investment Conference
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Sunday-Monday, January 18-19,2015

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

* * *

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MineWeb's Williams praises GATA consultant Jansen's work on China gold demand data

Thu, 10/23/2014 - 19:57

5:53p CT Thursday, October 23, 2014

Dear Friend of GATA and Gold:

MineWeb's Lawrence Williams today praises gold researcher and GATA consultant Koos Jansen for getting to the heart of Chinese gold demand data that shows that China's gold offtake is much greater than generally reported.

Williams writes: "Once again it has taken Koos Jansen to let the world know what the real figures for Chinese gold demand and gold import figures were for last year. The data was actually published in Mandarin Chinese in September with the release of the 2014 China Gold yearbook by the China Gold Association. Yet none of the mainstream Western media seems to employ anyone who reads Chinese, or at least no one who does who may be asked to cover gold. The yearbook was apparently made available at the Beijing China Gold Congress that month."

Williams' commentary is posted at MineWeb here:

http://www.mineweb.com/mineweb/content/en/mineweb-gold-news?oid=257520&s...

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

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Chris Powell: The crucial questions financial journalism won't ask and central banks won't answer

Thu, 10/23/2014 - 17:26

Remarks by Chris Powell, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
New Orleans, Louisiana
Thursday, October 23, 2014

For many years this conference has bravely invited GATA Chairman Bill Murphy and me to speak here about the evidence of manipulation of the gold market, particularly manipulation undertaken directly or indirectly by central banks, and every year there has been new documentation to report. This documentation has been compiled at GATA's Internet site, GATA.org, whose home page you can see here --

http://www.gata.org

-- with the "Documentation" section noted at the top left, along with a section called "The Basics," which summarizes the documentation as well as the purposes and history of central bank policy of suppressing the price of gold, gold being a currency that competes with government currencies.

The last two months have brought confirmation that, as we long have suspected, GATA has outlined only a small part of the surreptitious market manipulation being undertaken by central banks -- that this manipulation is actually comprehensive, that it covers nearly every major market in the world.

This confirmation is largely the work of Eric Scott Hunsader, founder of the market data and research company Nanex in Winnetka, Illinois, who publicized, through the Zero Hedge Internet site, documents recently filed with the U.S. government, two of them with the Commodity Futures Trading Commission and one with the Securities and Exchange Commission.

... Dispatch continues below ...


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The first document is a letter to the CFTC, dated January 29 this year, from CME Group, the operator of the major futures exchanges in the United States, and signed by CME Group's managing director and chief regulatory counsel, Christopher Bowen:

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

The letter notifies the CFTC of changes to CME Group's discount trading program for central banks. That is, the letter reveals that central banks are getting discounts for trading all futures on CME Group's exchanges, including the New York Commodity Exchange, the major mechanism for "price discovery" in the monetary metals.

The CME Group letter argues that letting central banks trade in futures is beneficial because it adds "liquidity" to the markets. But of course "liquidity" here might as well mean the ocean. Anyone trading against the ocean will drown.

The second document is another letter from CME Group's Bowen to the CFTC, dated August 28 this year, disclosing that CME Group is enacting rules against certain trading practices that are considered abusive and unfair, specifically "spoofing" and "quote stuffing," the abrupt placing and withdrawal of huge volumes of phony orders to mislead traders about prices:

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

The letter's implication is that such manipulative trading practices have been common on CME Group exchanges.

The third document is the CME Group's annual report to the Securities and Exchange Commission, its 10-k report:

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

CME Group's 10-k report reveals on Page 9: "Our customer base includes professional traders, financial institutions, institutional and individual investors, major corporations, manufacturers, producers, governments, and central banks."

That central banks and governments are trading both surreptitiously and comprehensively in U.S. futures markets is a transformative development. Since central banks can create and deploy infinite money, this trading means that there are probably no markets anymore in anything, mainly just government interventions. It means that democratic capitalism has been quietly overthrown by a totalitarian coup and that the world has lost the great engine of its economic and democratic progress, free markets -- without even being aware of the loss.

And yet what has been disclosed by these documents filed by the CME Group is only what was asserted 14 years ago in an essay written by the British economist Peter Warburton, an essay he titled "The Debasement of World Currency: It Is Inflation But Not As We Know It":

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

* * *

"What we see at present," Warburton wrote, "is a battle between the central banks and the collapse of the financial system fought on two fronts.

"On one front, the central banks preside over the creation of additional liquidity for the financial system in order to hold back the tide of debt defaults that would otherwise occur.

"On the other, they incite investment banks and other willing parties to bet against a rise in the prices of gold, oil, base metals, soft commodities, or anything else that might be deemed an indicator of inherent value. Their objective is to deprive the independent observer of any reliable benchmark against which to measure the eroding value not only of the U.S. dollar but of all fiat currencies.

"Equally, they seek to deny the investor the opportunity to hedge against the fragility of the financial system by switching into a freely traded market for non-financial assets.

"The central banks have found the battle on the second front much easier to fight than the first. Last November [November 2000] I estimated the size of the gross stock of global debt instruments at $90 trillion as of mid-2000. How much capital would it take to control the combined gold, oil, and commodity markets? Probably no more than $200 billion, using derivatives.

"Moreover, it is not necessary for the central banks to fight the battle themselves, although central bank gold sales and gold leasing have certainly contributed to the cause. Most of the world's large investment banks have overtraded their capital so flagrantly that if the central banks were to lose the fight on the first front, the stock of the investment banks would be worthless.

"Because their fate is intertwined with that of the central banks, investment banks are willing participants in the battle against rising gold, oil, and commodity prices."

* * *

That is, as the saying goes, the futures markets are not manipulated; the futures markets are the manipulation.

As Warburton noted, if a commodity has a futures market, the price of that commodity likely is being manipulated, and probably suppressed, by surreptitious trading by central banks and their agents. As a result most market prices now are probably mere illusions, holograms created in large part in the trading rooms of central banks, like the trading room at the Federal Reserve Bank of New York.

But overwhelming as the power to create and deploy infinite money surreptitiously through central banks is, it is not the decisive power of governments. No, the decisive power of governments is the power to stifle or intimidate news organizations. For if people are ever informed that a market is rigged, they won't participate in it and the rigging will lose its usefulness.

For 15 years GATA has done a fair job documenting the manipulation of markets by central banks and their agents. But publicizing that manipulation has been part of GATA's work as well, and in that respect we have not succeeded much. We can get on television in Asia and Russia but we strain for the occasional citation by Western news organizations.

We have sent the recent CME Group documents to most major financial news organizations and to many financial letter writers, and as far as we can determine, not one has posed any question about them to the authorities or written or broadcast anything about them.

As with GATA's other documentation, no one disputes these documents either. They simply cannot be acknowledged. They give the game away.

Maybe that will change on Saturday, when this conference will have the remarkable opportunity of questioning Alan Greenspan, who was chairman of the Federal Reserve for more than 17 years, from August 1987 to January 2006. If Greenspan is in a mood to be candid, we may learn a lot without having to interrogate him as a prosecutor would. If Greenspan is not in a mood to be candid, extracting anything useful from him will be tedious, requiring his interrogators to be very specific and to brandish documentation.

Of course I suspect that Greenspan may not care to be candid. So let me suggest a few very specific and detailed questions for him.

Question 1: Mr. Greenspan, in your testimony to Congress in July 1998, in which you urged Congress not to legislate regulation of derivatives --

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

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

Did you mean that gold lending by central banks was intended to suppress or control gold's price -- that Congress didn't have to worry about someone cornering the gold market because central banks already had it cornered? With their many years of selling, lending, and swapping of gold, have central banks been underwriting the bullion banking business because it is a mechanism by which governments control the gold price?

Question 2: Mr. Greenspan, in recent years right down to the present, have central banks or governments been trading in the gold market and related markets? Are they trading in the gold and related markets now? If so, what has been and is the objective of that trading? Is it to make money, to obtain more gold, or to control gold's price?

Question 3: Mr. Greenspan, did central banks and governments trade in the gold market and related markets when you were chairman of the Federal Reserve? How about any agency of the U.S. government -- not just the Fed but the Treasury Department or any other agency? If there was such trading, what was its objective? Was it to control the gold price because gold is a currency competing or potentially competing with government currencies?

Question 4: Mr. Greenspan, when you were chairman of the Fed you were also, by virtue of that office, a member of the Board of Directors of the Bank for International Settlements. The annual report of the BIS --

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

-- says the BIS "transacts foreign exchange and gold on behalf of its customers, thereby providing access to a large liquidity base in the context of, for example, regular rebalancing of reserve portfolios or major changes in reserve currency allocations. The foreign exchange services of the bank encompass spot transactions in major currencies and Special Drawing Rights as well as swaps, outright forwards, options, and dual currency deposits. In addition, the bank provides gold services such as buying and selling, sight accounts, fixed-term deposits, earmarked accounts, upgrading and refining, and location exchanges."

Additionally, in a presentation to potential central bank members at BIS headquarters in Basel, Switzerland, in June 2008, the BIS advertised, as being among its services to its members, secret interventions in the gold and currency markets:

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

Further, in a speech to a BIS conference in Basel in June 2005, the head of the bank's monetary and economic department, William R. White, said that a primary purpose of international central bank cooperation is "the provision of international credits and joint efforts to influence asset prices -- especially gold and foreign exchange -- in circumstances where this might be thought useful":

http://www.gata.org/node/4279

So: While you were chairman of the Federal Reserve and a member of the BIS board, did the BIS operate in the gold market on behalf of any of its members to influence the gold price, and, if so, exactly how and for what purposes? Were such operations in the gold market public and announced or were they kept secret? If they were kept secret, why?

Question 5: Mr. Greenspan, by virtue of your chairmanship of the Fed, you were also a member of the Board of Governors of the International Monetary Fund. In March 1999, while you were a member of the IMF board, the IMF staff presented the IMF board with a secret report that has been posted on the Internet site of the Gold Anti-Trust Action Committee:

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

The secret IMF staff report said central banks objected to the staff's proposal to require them to make a forthright public accounting of their gold swaps and lending. Such a public accounting would have required central banks to distinguish gold in central bank vaults from gold that had been swapped or loaned by central banks. The secret IMF staff report said central banks objected to such a forthright accounting of their gold reserves out of "a desire to preserve the confidentiality of foreign exchange market intervention for a period, in order to enhance its effectiveness."

While you were Fed chairman and a member of the IMF board, did the IMF intervene secretly in the gold and foreign exchange markets, and, if so, on whose behalf and for what purposes? Did the Fed, U.S. Treasury Department, U.S. State Department, or any other U.S. government agency advocate or concur with any such intervention? Why was such intervention kept secret?

Question 6: Mr. Greenspan, in a letter to the Gold Anti-Trust Action Committee in September 2009 --

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

-- Fed Governor Kevin M. Warsh wrote that the Fed has secret gold swap arrangements with foreign banks. Did the Fed have such arrangements during your chairmanship? If so, with whom were these arrangements undertaken and what were their purposes? And why must these arrangements be kept secret?

Question 7: Mr. Greenspan, during your tenure as Fed chairman, how many markets were the Fed and other U.S. government agencies trading in, directly or through intermediaries? Was such trading by U.S. government agencies for their own accounts or for the accounts of other governments and central banks, or both? And which markets were involved and what was the objective of such trading?

Question 8: Mr. Greenspan, do the Fed or other U.S. government agencies have any connection to the huge interest rate derivative positions that, according to the U.S. comptroller of the currency, are held by JPMorganChase, a primary dealer in U.S. government securities? Are these positions really U.S. government positions or the positions of other governments or central banks, undertaken to defeat market forces on interest rates?

* * *

Of course these questions might be useful for interviewing not just Alan Greenspan but any current or former central banker -- if the world ever gets any financial news organizations willing to put critical questions to central banks.

Instead, of course, while surreptitious central bank intervention in the markets is setting the value of all capital, labor, goods, and services in the world, the first rule of financial journalism is that central banks are never to be questioned about anything important.

In any case GATA aims to continue its work on behalf of free and transparent markets and limited and accountable government. We're a nonprofit educational and civil rights organization recognized as federally tax-exempt by the U.S. Internal Revenue Service, so financial contributions to GATA are federally tax-deductible. We're also close to broke, so we would be especially grateful for any support from you now. Donations can be made through our Internet site, GATA.org.

Thanks for your kind attention.

* * *

Join GATA here:

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* * *

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Big nations snub Beijing bank launch after US lobbying

Wed, 10/22/2014 - 23:03

Jamil Anderlini
Financial Times, London
Tuesday, October 22, 2014

http://www.ft.com/intl/cms/s/0/41c3c0a0-59cd-11e4-9787-00144feab7de.html

BEIJING -- China will officially launch a new $50 billion Asia Infrastructure Investment Bank on Friday as it steps up its challenge to global financial institutions like the World Bank that it feels are dominated by America and its allies.

But only 20 mostly small economies, many of them effectively client states of China, will become founding members of the bank at Friday's ceremony in Beijing after Washington lobbied furiously to stop other countries from signing up.

When it first unveiled its plan to establish the bank last year, Beijing extended a broad invitation and several European states, as well as Australia, Indonesia, and South Korea initially showed interest.

But thanks to pressure from the US -- conveyed by US diplomats in Beijing, Washington, and other capitals -- none of these countries will join the bank at this stage, although some are hoping to be involved later.

... Dispatch continues below ...


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India will be the only large economy to sign up to the Chinese initiative at the ceremony in the Great Hall of the People in Beijing on Friday morning, according to people familiar with the matter.

It will be joined by Mongolia, Uzbekistan, Kazakhstan, Sri Lanka, Pakistan, Nepal, Bangladesh, Oman, Kuwait, Qatar, and all of the Association of Southeast Asian Nations except Indonesia.

Indonesia excused itself from being involved at this stage, saying the newly installed government had not yet had time to consider Beijing's proposal.

By Wednesday evening three of the agreed signatory countries were waiting for final approval from their highest level of government.

The AIIB will initially be capitalised with $50 billion, most of it contributed by China, which has told other countries it hopes to quickly increase that amount to $100 billion.

With that amount, the AIIB would already be nearly two-thirds the size of the $165-billion Manila-based Asian Development Bank, which China sees as far too influenced by Japan and the US.

The new bank will initially focus on building a "new silk road," Chinese President Xi Jinping's initiative to open new trade routes to Europe. Projects will include a direct railway link from Beijing to Baghdad.

China's push for a regional institution that it would control reflects Beijing's frustration at Western dominance of existing multilateral bodies.

For years Chinese leaders have demanded a greater say in institutions like the World Bank, IMF, and ADB but reforms to better reflect China's increased economic importance and power have been painfully slow.

The AIIB and a "BRICs bank" that includes Brazil, Russia, India, South Africa, and China "represent the first serious institutional challenge to the global economic order established at Bretton Woods 70 years ago this summer," according to Matthew Goodman, a scholar at the Center for Strategic and International Studies in Washington. "Less clear is how much of a substantive improvement these new institutions will make to global governance -- or even to the interests of the countries championing them," he said.

Western diplomats say China and the US have played a cat-and-mouse game in recent months, with Beijing misleading some European countries into believing that other European capitals had already joined the initiative and Washington pressuring its allies to ignore Chinese overtures.

US officials have said they do not want to support an initiative Washington thinks is unlikely to promote good environmental, procurement, and human rights standards in the way the World Bank and ADB are required to do.

But Chinese officials view American opposition as an attempt to contain its global rise and its ambition to be the dominant power in Asia.

"You could think of this as a basketball game in which the US wants to set the duration of the game, the size of the court, the height of the basket, and everything else to suit itself," said Wei Jianguo, a former vice-minister of commerce. "In fact, the US just wants to exclude China from the game."

* * *

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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http://gata.org/node/wallstreetjournal

Help keep GATA going

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

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

Goldcorp chief says Asian buying will support price of gold

Wed, 10/22/2014 - 22:50

By James Wilson and Michael Hunter
Financial Times, London
Wednesday, October 22, 2014

Demand from China and other parts of Asia will support the price of gold, the chief executive of one of its largest miners said, as the precious metal traded near its strongest level in six weeks.

Chuck Jeannes of Goldcorp said he saw "as much clarity in the market as there has ever been," with a "floor" created by strong demand whenever gold reached or fell below about $1,200 per ounce.

"The anecdotal evidence is that gold goes down and physical demand goes up," Mr. Jeannes said in an interview with the Financial Times. "A huge number of physical buyers in the world see gold as a bargain below $1,200." ...

... For the remainder of the report:

http://www.ft.com/intl/cms/s/0/3a1a0d40-59c4-11e4-8771-00144feab7de.html


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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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Barron interviewed on 'peak gold,' mining costs, and Swiss referendum

Wed, 10/22/2014 - 12:27

10:24a CT Wednesday, October 22, 2014

Dear Friend of GATA and Gold:

Geologist and mining entrepreneur Keith Barron, interviewed by financial journalist Lars Schall for Matterhorn Asset Management's Gold Switzerland Internet site, discusses the mining industry's understatement of its exploration costs, the overstatement of the world's gold supply, the likelihood that the world has seen "peak gold" production, and the importance of the Swiss gold repatriation referendum, among other topics. The interview is 47 minutes long and can be heard at Gold Switzerland here:

https://goldswitzerland.com/i-believe-we-have-seen-peak-gold-keith-barro...

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

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


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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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Top bullion consumer China works on first gold forwards, options

Wed, 10/22/2014 - 12:02

By A. Ananthalakshmi and Fayen Wong
Reuters
Tuesday, October 21, 2014

The Shanghai Gold Exchange is working on plans for China's first forwards and options in gold, sources say, potentially putting China ahead in the race to set an Asian pricing benchmark that might eventually rival the London gold fix.

China, which overtook India last year to become the world's biggest consumer of gold, bans trading in commodity options and forwards at present to limit speculation.

But Beijing is setting the stage for the launch of such derivatives as it opens up its markets, and gold could be among the first commodities on the list, although it remains unclear when trading might start. ...

... For the remainder of the report:

http://www.reuters.com/article/2014/10/22/us-china-gold-idUSKCN0IB034201...

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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:

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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

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

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Koos Jansen: It's official -- China's gold demand in 2013 was 2,199 tonnes

Wed, 10/22/2014 - 11:56

10:54a CT Wednesday, October 22, 2014

Dear Friend of GATA and Gold:

The China Gold Association has confirmed that China's gold offtake in 2013 reached 2,200, Bullion Star market analyst and GATA consultant Koos Jansen reports today. That would constitute most of world gold mine production and the figure apparently does not include purchases by the People's Bank of China, which remain the most sensitive state secret.

"Why the Western media don't report on these numbers is a mystery," Jansen writes. "This data is not a secret. Yet the Chinese have been trying to hide it as much as possible and it looks like either they're being helped by Western institutions or these institutions are ignorant."

Of course there is still another explanation: that Western financial news organizations and the World Gold Council very much intend not to deal with this issue honestly, since doing so would impugn the whole Western financial system, built as it is on currency and commodity market rigging.

Jansen's report is headlined "China Gold Association: 2013 Gold Demand 2199 Tonnes" and it's posted at Bullion Star here:

https://www.bullionstar.com/blog/koos-jansen/china-gold-association-2013...

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

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* * *

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

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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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Currency wars are back: 'Export your deflation to someone else'

Wed, 10/22/2014 - 11:33

By David Goodman, Lucy Meakin, and Ye Xie
Bloomberg News
Wednesday, October 22, 2014

http://www.bloomberg.com/news/2014-10-22/currency-wars-evolve-with-goal-...

Currency wars are back, though this time the goal is to steal inflation, not growth.

Brazil Finance Minister Guido Mantega popularized the term "currency war" in 2010 to describe policies employed at the time by major central banks to boost the competitiveness of their economies through weaker currencies. Now, many see lower exchange rates as a way to avoid crippling deflation.

Weak price growth is stifling economies from the euro region to Israel and Japan. Eight of the 10 currencies with the biggest forecasted declines through 2015 are from nations that are either in deflation or pursuing policies that weaken their exchange rates, data compiled by Bloomberg show.

... Dispatch continues below ...


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"This beggar-thy-neighbor policy is not about rebalancing, not about growth," David Bloom, the global head of currency strategy at London-based HSBC Holdings Plc, which does business in 74 countries and territories, said in an Oct. 17 interview. "This is about deflation, exporting your deflationary problems to someone else."

Bloom puts it in these terms because, when one jurisdiction weakens its exchange rate, another's gets stronger, making imported goods cheaper. Deflation is a both a consequence of and contributor to the global economic slowdown that's pushing the euro region closer to recession and reducing demand for exports from countries such as China and New Zealand.

Bank of Japan Governor Haruhiko Kuroda said last month he'd welcome a lower exchange rate to help meet his inflation target and may extend the nation's unprecedented stimulus program to achieve that. Like his Japanese counterpart, European Central Bank President Mario Draghi has acknowledged the need for a weaker euro to avoid deflation and make exports more competitive, though he's denied targeting the exchange rate specifically.

After the Argentine peso, which is plunging following a debt default and devaluation, the yen will be the biggest loser among major currencies by the end of 2015, according to median strategist forecasts compiled by Bloomberg as of yesterday. A 6.1 percent decline is predicted, which would build on a 5.3 percent slide since June.

The euro is also expected to be among the 10 biggest losers, with strategists seeing a 5.6 percent drop. The yen traded at 106.92 per dollar 10:33 a.m. in London, while the euro bought $1.2695.

At 0.3 percent in September, annual inflation in the 18-nation bloc remains a fraction of the ECB's target of just under 2 percent. Gross-domestic-product growth flat-lined in the second quarter, while Germany, Europe's biggest economy, reduced its 2014 expansion forecast this month to 1.2 percent from 1.8 percent.

Disinflationary pressures in the euro area are starting to spread to its neighbors and biggest trading partners. The currencies of Switzerland, Hungary, Denmark, the Czech Republic, and Sweden are forecast to fall from 4 percent to more than 6 percent by the end of next year, estimates compiled by Bloomberg show, partly due to policy makers' actions to stoke prices.

"Deflation is spilling over to central and eastern Europe," Simon Quijano-Evans, the London-based head of emerging-markets research at Commerzbank AG, said yesterday by phone. "Weaker exchange rates will help" them tackle the issue, he said.

Hungary and Switzerland entered deflation in the past two months, while Swedish central-bank Deputy Governor Per Jansson last week blamed his country's falling prices partly on rate cuts the ECB used to boost its own inflation. A policy response may be necessary, he warned.

While not strictly speaking stimulus measures, the Swiss, Danish, and Czech currency pegs -- whether official or unofficial -- have a similar effect by limiting gains versus the euro.

Measures like these are necessary because, even after a broad-based dollar rally, eight of the Group of 10 developed-nation currencies remain overvalued versus the dollar, according to a purchasing-power parity measure from the Organization for Economic Cooperation & Development.

Some central banks have GDP, rather than inflation, in their sights. That's particularly true of exporters, for whom a lower exchange rate makes their goods cheaper.

New Zealand, where second-quarter annual inflation was the fastest in 2 1/2 years, announced last month its biggest currency intervention in seven years, sending the local dollar to a 13-month low.

The so-called kiwi will drop 6 percent to 75 U.S. cents by the end of 2015, the median estimate of 33 strategists surveyed by Bloomberg shows. That follows an 8.9 percent slide since mid-year, the third-biggest among 31 major currencies.

Goldman Sachs Group lowered its forecast for the shekel on Oct. 6, citing the Bank of Israel's efforts to combat its first slide into deflation since 2007. Its measures have included rate cuts and local-currency sales. Goldman Sachs sees the shekel falling to 3.9 per dollar in 12 months, from 3.7438 today and compared with a previous estimate of 3.66.

"Deflation is such a major part of the story that dealing with that, by whatever means necessary, is key," Simon Derrick, the London-based chief currency strategist at Bank of New York Mellon Corp., said Oct. 17 by phone. "If that involves getting the currency lower, then so be it. You have to deal with it."

* * *

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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:

http://www.gata.org

To contribute to GATA, please visit:

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

James G. Rickards: In the year 2024

Tue, 10/21/2014 - 21:08

7:06p CT Tuesday, October 21, 2014

Dear Friend of GATA and Gold:

Writing for The Daily Reckoning, fund manager, author, and geopolitical strategist James G. Rickards imagines life in the year 2024 as being under the totalitarian control of a world central bank that has outlawed not only gold but also markets and money itself. While Rickards' nightmare scenario is the perfectly logical consequence of the trend of central banking, we still have a few years to push the world toward a different future. Rickards' essay is headlined "In the Year 2024" and it's posted at The Daily Reckoning here:

http://dailyreckoning.com/a-glimpse-into-the-year-2024/

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

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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:

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To contribute to GATA, please visit:

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

Kinross to sell halted Ecuador gold project to Lundin company

Tue, 10/21/2014 - 20:51

By Nicole Mordant
Reuters
Tuesday, October 21, 2014

Kinross Gold Corp has agreed to sell its halted Fruta del Norte gold project in Ecuador to a company belonging to the Swedish-Canadian Lundin family for $240 million, Kinross and the company, Fortress Minerals Corp., said today.

Toronto-based Kinross acquired the project in 2008 with its $1.2 billion friendly takeover of Aurelian Resources, and once called it "one of the most exciting gold discoveries of the past 15 years."

But last year it suspended work on the gold project, Ecuador's largest, saying the government had refused to compromise over a 70 percent windfall tax. Last June Kinross took a $720 million charge on the project and has been looking to sell it.

The government of Ecuador has indicated its support for the transaction, Kinross said. ...

... For the remainder of the report:

http://www.reuters.com/article/2014/10/21/kinross-fortress-ecuador-idUSL...

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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

Von Greyerz: Swiss gold referendum aims squarely at market manipulation

Tue, 10/21/2014 - 20:26

6:24p CT Tuesday, October 21, 2014

Dear Friend of GATA and Gold:

Swiss gold fund manager Egon von Greyerz today comments to King World News about the opinion poll showing strong support for the Swiss gold repatriation referendum proposal.

Von Greyerz says: "The yes campaign starts this Thursday with a press conference. This is when it will put forward its arguments for this initiative. The Swiss government is against this initiative, as all governments are, because it takes away the government's ability to manipulate the currency and gold markets. Switzerland sold 50 percent of its gold at the bottom of the market between 2000 and 2005. This has already cost the Swiss government 29 billion Swiss francs."

Von Greyerz's interview is excerpted at the KWN blog here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/10/21_T...

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

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Business Design Centre
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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:

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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