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To most Indians, gold paperization scheme has little appeal

Mon, 06/01/2015 - 22:06

Gold Monetisation Scheme May Not Attract Major Segment of Gold Owners

By Chandralekha Mukerji
The Times of India, Mumbai
Monday, June 1, 2015

http://economictimes.indiatimes.com/wealth/savings-centre/analysis/gold-...

The gold monetisation scheme aims to unlock the value of the common man's gold jewellery lying idle in a locker. This is why the minimum deposit has been kept as low as 30 grams and returns have been made tax-free to sweeten the deal.

However, these may not be enough to lure people to park their gold in a scheme that offers 1 gram for every 100 in a year. The Times reached out to a cross-section of consumers and found they were not very enthused by the scheme.

Experts say the scheme will not appeal to major segments that invest in gold. Buyers of gold jewellery, for instance, won't like to part with their ornaments.

All the gold that Jammu-based Jitendra has is in the form of jewellery for his wife Neha. "She uses that jewellery, so the 1-2% return offered by the scheme is irrelevant for a small investor like me," he says.

... Dispatch continues below ...


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Also, gold jewellery, especially inherited, has sentimental value and many won't like to see it melted down.

"People may still deposit the coins and bullion. However, convincing Indians, who think 10 times before even using their jewellery as collateral, to actually melt them for a minuscule return of 1-2% will be very difficult," says Mimi Partha Sarathy, managing director of Sinhasi Consultants, a Bengaluru-based wealth management firm.

The melting part is a big put-off. Pune-based engineer Lahariya, 29, has 20% of his investment portfolio in gold, mostly jewellery. "Even though my wife uses it occasionally, I cannot put it in a scheme that requires me to melt it. It's better lying idle in a locker," says Lahariya.

But emotional attachment is only one factor.

The average gold investor is a conservative person who doesn't like to part with his gold for a certificate from the bank. Bengaluru-based Lalitha Iyer, 56, who recently retired from Wipro, is a keen investor in real estate and gold.

"On the face of it, it looks like a good scheme. However, I'm concerned about the security and genuineness in case I want to redeem in it gold form at the end of the tenure," says Iyer.

A bigger problem is that submitting your gold could open a can of tax worms. True, the bank will not ask any questions when you submit the gold. But this is not an amnesty scheme and the tax department might want to know if you have paid wealth tax on the gold in previous years.

Though wealth tax has been abolished, even inherited jewellery was liable to wealth tax until the previous financial year.

"People with significant gold holdings will be wary. After all, you are asking them to declare their assets at a bank which can be easily backtracked," says Sumeet Vaid, founder & CEO at Freedom Financial Planners. "Most of the holdings are unaccounted with no purchase receipts, especially inherited items.

Even if the purchase is from accounted sources, investors do not usually keep receipts of purchase," says Anil Rego, CEO and Founder, Right Horizons Wealth Planners.

Even so, this is a great opportunity for those who buy gold bullion as an investment. If you are the kind of person who buys gold coins and bars on a regular basis, you can use this scheme to enhance your returns. Just buy the gold and submit it to the bank.

This is precisely what Nashik-based Sandeep Kulkarni intends to do when buying gold for his baby daughter Adnika.

"Instead of buying jewellery for her, I will buy 24-carat gold bars and get 1-2% additional return on the investment," he says.

As an investment, right now, it looks as if investment in the scheme will surely fetch a 1% higher price for every year that you keep the gold in the scheme. However, keep in mind that you will be getting the interest in the form of gold.

If the price of gold goes up, it's very good for you because even the interest will go up (though marginally).

If the price is Rs 27,000 for 10 grams today and rises to Rs 30,000 by next year, the investor gets gold worth Rs 30,300.

If the value of gold falls, you lose in the same proportion.

If the price falls to Rs 25,000, you will get gold worth Rs 25,250.

* * *

Join GATA here:

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

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

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

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

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Avery Goodman: Gold supply tightness spreads from London to New York

Mon, 06/01/2015 - 14:28

1:27p ET Monday, June 1, 2015

Dear Friend of GATA and Gold:

Tightness in the physical gold market seems to have spread from London to New York, securities lawyer Avery B. Goodman writes today, noting that more gold could be claimed for delivery in the June gold futures contract on the New York Commodities Exchange than there is registered gold in Comex warehouses, a circumstance that Goodman thinks may be unprecedented.

Goodman writes that a default on Comex contracts is unlikely because the U.S. government almost certainly would make gold available surreptitiously, perhaps through the secret gold swap arrangements whose arrangements the Federal Reserve confirmed, perhaps inadvertently, to GATA in 2009. But if the gold price is not allowed to rise significantly, Goodman adds, there will be bigger supply problems.

Goodman's commentary is headlined "Gold Market Tightness Puts COMEX Clearing Members on the Edge Of Default" and it's posted at Seeking Alpha here:

http://seekingalpha.com/article/3227026-gold-market-tightness-puts-comex...

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

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Join GATA here:

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

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

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

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

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Free-market advocates, don't lose heart -- Join GATA in New Orleans in October

Sun, 05/31/2015 - 11:37

10:35a ET Sunday, May 31, 2015

Dear Friend of GATA and Gold:

Advocates of free markets seem to be losing heart as much as investors in the monetary metals are, but they'll be back in force -- in fact, stronger than ever -- this October 28-31 at the New Orleans Investment Conference. Once again GATA Chairman Bill Murphy and your secretary/treasurer will be among the speakers.

New Orleans is so much more than a party town renowned for the night life of the French Quarter. From the Mississippi River and its steamboats and cruise ships to museums to professional football to the daily art, music, and food festival of Jackson Square to the swamp and bayou tours to some of the best restaurants in the world, New Orleans is not only an exciting destination for the whole family -- it is also affordably priced. It is awfully hard to attend a conference there and not have a great time.

... Dispatch continues below ...


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This year's conference has added some outstanding speakers, particularly social critic Mark Steyn and geopolitical strategist and author Jim Rickards.

Conference organizer Brien Lundin, editor of Gold Newsletter --

https://jeffersoncompanies.com/gold-newsletter/home

-- wrote about it in detail in Gold Newsletter last week. His commentary is appended and includes a link to the conference Internet site's registration page that will give GATA credit for your registration. Check it out. We'd love to see you there.

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

* * *

Legends in the Fall

By Brien Lundin, Editor
Gold Newsletter, Metairie, Louisiana
Thursday, May 28, 2016

With the Federal Reserve attempting to begin "normalization" of interest rates ... with the season heating up for one of the most important presidential elections in recent memory ... with stocks setting record highs while the rest of the world embarks on hand--over-fist quantitative easing ... and with precious metals and mining stocks bouncing along a long-term bottom that promises enormous profits during the inevitable recovery ... it is critical that you attend "the world's greatest investment event" to chart a safe, profitable path forward.

And we've enlisted just the people to show you.

I know that things may have seemed quiet on the New Orleans Conference front, but we've been busily working on this year's faculty for months, sending invitations to many of today's leading authorities in every aspect of geopolitics and investing.

I'm proud to say that we've just about finalized everything ... and we're bringing not only many of your old favorites but a number of exciting new speakers to our podium.

Consider some of the legendary authorities we've lined up for New Orleans 2015:

-- Dr. Charles Krauthammer. No introduction needed. Fresh from his rhetorical battle with Doug Casey at last year's event, the world's most influential columnist is eager to return and reveal to his New Orleans Conference friends the latest assaults on personal freedom coming out of Washington.

-- Mark Steyn. One of today's most eloquent and entertaining commentators, Steyn is a best-selling author and perhaps the world's leading free-speech activist. A staunch defender of personal liberty who refuses to be muzzled, he single-handedly reversed a trend of legalized censorship in Canada and is now advancing a seminal court case in the United State that will help prevent harassment of climate change skeptics. I think Steyn is the closest you'll find to a modern-day Mark Twain or H.L. Mencken, and I'm confident you'll agree. Take a look at his Internet site (steynonline.com) and make sure you're in New Orleans to enjoy his wit and insights in person.

-- Jim Rickards. A lawyer, economist, and investment banker with 35 years of Wall Street experience, Rickards is the author of two New York Times bestsellers, "Currency Wars" and "The Death of Money." More important to us, Rickards boasts an unparalleled network of friends and colleagues in the highest reaches of Wall Street and government who provide the intelligence backing his stunning forecasts.

-- Dr. Marc Faber. The congenital contrarian and shrewd Swiss investment adviser returns to New Orleans, bringing his no-holds-barred views along with biting wit and wisdom. As always, Faber's analyses are not to be missed. But watch out for a new wrinkle this year.

-- Peter Schiff. The irrepressible market commentator and thorn in the side of conventional Wall Street talking heads everywhere, Schiff was confidently predicting the credit crisis of 2008 even while others called him crazy. What's his next big prediction? You'll find out in New Orleans.

-- Doug Casey. Your friendly neighborhood anarcho-capitalist will once again provide his inimitable take on the world at large, including his big-picture view of politics and markets. But don't expect the same old Doug. We're giving him a new responsibility this year to get some decidedly different outlooks.

-- Dennis Gartman. Today's most closely watched professional trader, Gartman has an inside view to the hottest strategies being employed by the most successful hedge funds. Gartman will reveal all, including insights you'll never see on television, to our audience in New Orleans.

-- Dr. Larry Reed. The Indiana Jones of economists, Reed is president of the Foundation for Economic Education (FEE.org), renowned as the world's oldest
free-market economics organization. Having traveled to 81 countries as a journalist reporting on underground movements, hyperinflation, and economic reform, Reed has helped foster the cause of freedom across the globe, often at great personal risk. He may well be the most articulate, persuasive, and passionate advocate for personal liberty today, and his presentation in New Orleans will be remembered for years to come.

And that's not all. In addition to those listed above, this year's New Orleans Conference will feature dozens of top experts, including Rick Rule, Adrian Day, Frank Holmes, Marin Katusa, Brent Cook, Mary Anne and Pamela Aden, Mark Skousen, Peter Ricchiutti, Eric Coffin, Scott Gibson, Ian McAvity, Nick Hodge, Chris Powell, Bill Murphy, and more.

Throw in our scintillating special panel presentations, our spectacular opening and closing receptions, and other celebrations throughout the event, and you get something that we'll be talking about for many years to come.

But if you don't act soon, you might miss it all. That's because there's limited room in our host hotel, and we're about to open up registration to our speakers' subscriber lists and other "outside" groups. So you don't have months or even weeks to go before you lock in your place at this year's New Orleans Conference. You need to act now.

I don't want your place at this historic event to be taken up by someone who's never even been to our conference, or who isn't a valued Gold Newsletter subscriber. So please act now to secure a spot for you and your guests. In fact, if you act before June 12, I can guarantee you a free spot in our exclusive Gold Club. That's a $189 value for you and each of your guests -- at no charge. Plus, you'll save up to $400 by registering now.

So call us toll free at 800-648-8411 to lock in your spot at our blockbuster 40th Anniversary event, or click here --

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

-- and enter promo code FREEGOLDCLUB to register online at the discounted rate.

* * *

Join GATA here:

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

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

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

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

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

How BitGold intends to become a new standard

Sun, 05/31/2015 - 11:27

By Suzanne McGee
The Guardian, London
Sunday, May 31, 2015

http://www.theguardian.com/money/us-money-blog/2015/may/31/bitgold-new-s...

When Josh Crumb and his colleague started out, they just wanted to figure out a way to allow people to pay for a cup of coffee with gold.

Yes, you read that correctly. With gold.

In the more than four decades since president Richard Nixon abolished the gold standard -- the pledge that a dollar was worth 1/35th of an ounce of gold -- there has been no formal link between the value of the precious metal and that of the dollar or any other of the world’s other chief currencies. That has driven a group of economists and policymakers crazy; they argue that the demise of the gold standard lies behind all of America’s economic woes since Nixon’s 1971 edict. Rand Paul, one of the current crop of Republican candidates for president, is among those arguing that it’s time to at least study the idea of linking the dollar to gold.

... Dispatch continues below ...


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For Crumb and Roy Sebag, the founders of BitGold Inc, whatever the world's politicians and central bankers choose to do about gold and the dollar (or gold and the Euro, or gold and the yen) is interesting, but irrelevant to their own business plans. They've already married gold and the dollar, in what Crumb describes as "a personal gold standard." The Toronto-based company's product is simple: It offers clients the ability to deposit gold in their BitGold accounts, and then use those funds (or their value in their local currency) to make mortgage or car payments -- or simply to pay for a coffee.

Essentially, in BitGold, one of the financial world's newest innovations -- the digital currency -- has run full tilt into one of its oldest concepts, gold as a medium of exchange. The idea for the latter probably predates recorded history, while digital currencies are in the midst of radically redefining the very meaning of the concept, and in the very earliest stages of what could prove to be an enormous shakeout in the way global financial systems function today.

Bitcoin, of course, is the most familiar variant of these digital currencies. Now 6 years old, it has been the focus of considerable turmoil over the last several months. Law enforcement officials shut down the Silk Road underground marketplace where (allegedly) users could even hire hitmen and pay for their services using the digital currency, bypassing central banks and pesky tax reporting requirements. US District Court Judge Katherine Forrest sentenced Silk Road's founder, Ross Ulbricht, to life in prison on Friday.

Bitcoin is alluring to both those who suggest that cash is dead and the future of currency is digital, as well as to libertarians who would prefer that their financial transactions remain well beyond the eagle eyes of annoying government agencies. Its early years have been bumpy -- the Mt Gox clearinghouse for the digital currency went bankrupt after cyberthieves made off with some $500 million or so of clients' assets -- and its long-term fate remains uncertain. After all, it's an entirely new concept, and its valuation (in dollar terms) has been tremendously volatile. If your boss still insists on paying you in dollars, and decide to convert them to bitcoins, and then try to live entirely in the bitcoin economy, you shouldn't expect everything to work as smoothly as it would if you had a conventional Bank of America checking account.

But what BitGold is up to is something rather different. Don't let the moniker fool you, says Crumb; he's not trying to turn gold into bitcoins. "We think that's a bad idea."

That being said, it's still a next-generation banking concept, and one that relies on some of the same concepts as does bitcoin, or other digital currencies. "It works like a bank, but it's gold," says Crumb, who has a background in metals trading and investment banking. The similarity to bitcoin, or any other digital currency, he says, lies in the fact that clients can hold whatever they want as ‘money' -- in this case, gold. "As long as you can pay Starbucks, or whoever, the US dollars, or whatever currency they require at their cash registers or point of sale terminals, that's fine."

And it's BitGold's job to make that connection, spinning gold into dollars, rubles, yen, or whatever else its clients want. Those clients may like to view their gold as money, but since Starbucks doesn't share that opinion, BitGold will serve as a facilitator, accepting the client's gold deposits and then, when the client wants to make a purchase, turning it into the local currency -- a Brazilian real, or Japanese yen, or Russian ruble -- at whatever rate the prevailing price of gold on the global market dictates.

Except, that is, for US dollars. So far, the Canadian startup hasn't tried to launch its business in the United States. "It would be incredibly complex" from a legal and regulatory standpoint, Crumb says, although he argues that all the financial backing within Silicon Valley of bitcoin eventually will pave the way for the acceptance in the United States of all kinds of new banking models. "We don't want to fight those battles, but a lot of the clarity we need is coming," he adds.

Not that BitGold is going to sit around and just wait for that to happen to tackle what could become its largest market: the United States: stuffed full of gold bugs just like Rand Paul. Only last week, the Canadian company snapped up the operations and intellectual property of Goldmoney.com, agreeing to pay approximately $49m not only for the latter's gold vault storage business, but also for its toehold operating in the United States. With relationships already established with major bullion-dealing banks, Goldmoney's existing business, Crumb figures that BitGold could be in a position to roll out its offerings in parts of the United States "within a few months."

In the meantime, the company's stock -- publicly traded on the Toronto Stock Exchange since it took a back-door approach to an initial public offering in January, acquiring an already-public mining company in what is known as a reverse takeover -- offers US gold bugs with a taste for risk and adventure another way to join the party. When the transaction was finally approved, it began trading on the TSX Venture Exchange on 21 May at only 90 cents a share; it has since traded as high as $8 a share. That has some experienced analysts -- many of whom have witnessed speculative mining ventures come and go in Canada -- raise their eyebrows in incredulity.

Crumb is imperturbable. For starters, he has some powerful friends and allies -- not only veteran gold bugs such as Eric Sprott, a Canadian asset manager, and Alex Soros, son of famed hedge fund manager George Soros, whose Soros Brothers Investments is among BitGold's investors. Then, there's his conviction that the public is itching for a product just like this -- especially those with only a few thousand dollars in savings, being offered accounts that pay little or no interest by conventional banks. BitGold, in contrast, will allow them to store their gold for free (an instant savings) and -- or so Crumb argues -- give them a hedge against inflation that might eat away at the value of those savings.

Officially, inflation is almost non-existent, but Crumb points out that in fact, volatile food costs, gasoline prices and other expenses ensure that's less true in practice. "If 30% of your costs are commodities, then you should have 30% of your assets in gold," he argues. The answer to that problem? Why, gold, of course -- and a bank account tied to gold, via BitGold.

Incidentally, Crumb and his colleagues and backers aren't positioning their business as a way to speculate on gold prices, although even a casual glance at the company's stock price suggests that's precisely how some of their investors view it. (Perhaps we can't blame them, given the bear market in gold in dollar terms.) He's not even going to enter the lists and joust against those economists who think that returning to the gold standard is the dumbest idea since, well, New Coke. (Not a single economist in a recent poll thought this would help ensure price stability or improve the employment picture for the average American.) His focus is much narrower.

"If we're right, we've built the next PayPal," he says. "If we're wrong, we've just built another one of those bullion trading businesses."

Either way, all that glitters will be golden.

* * *

Join GATA here:

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

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

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

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

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Texas also aims to repatriate its gold ... from HSBC in New York

Sat, 05/30/2015 - 22:47

A Gold Rush in Texas?

By Anna M. Tinsley
Fort Worth Star-Telegram
Saturday, May 30, 2015

http://www.star-telegram.com/news/politics-government/article22707600.ht...

AUSTIN, Texas -- Texas -- long known for cattle, cowboys, and oil -- could soon be on the map for something much different.

Gold.

State Rep. Giovanni Capriglione asked the Legislature to create a Texas Bullion Depository, where Texas could store its gold, which is now in New York, and where others could keep their precious metals.

The Southlake Republican must have the golden touch, because the House and the Senate have signed off on his plan and his bill appears headed to Gov. Greg Abbott for consideration.

... Dispatch continues below ...


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"We are not talking Fort Knox," Capriglione said. "But when I first announced this, I got so many emails and phone calls from people literally all over the world who said they want to store their gold ... in a Texas depository.

"People have this image of Texas as big and powerful ... so for a lot of people, this is exactly where they would want to go with their gold."

And other precious metals.

House Bill 483 would let the Texas comptroller's office establish the state's first bullion depository at a location yet to be determined.

Capriglione's changes to the bill must be approved by Monday, the last day of the 84th legislative session.

The goal is to create a secure facility that would allow the state to bring home more than $1 billion in gold bars that are owned by the University of Texas Investment Management Co. and are now housed at the Hong Kong and Shanghai Bank in New York.

"The depository would be an agency of the state located in the Office of the Comptroller, directed by an administrator appointed by the Comptroller with the advice and consent of the Governor, Lieutenant Governor and Senate," according to a fiscal analysis of the bill.

The depository could also hold deposits of gold and other precious metals from financial institutions, cities, school districts, businesses, individuals and countries.

"This will allow for bullion to be deposited here, as well as any other investments that … any state agencies, businesses or individuals have," Capriglione said.

Storage fees will be charged, perhaps generating revenue for the state. For instance, Texas pays about $1 million a year to store its gold in New York, Capriglione said.

A fiscal note attached to the bill states that the depository will have "an indeterminate fiscal impact" on the state, depending on the number of transactions and fees, but says it's too early to determine the extent.

"It's unusual," said Cal Jillson, a political science professor at Southern Methodist University. "So far as I know, there are no states with bullion depositories."

Supporters of the bill include the Conservative Republicans of Texas and Texans for Accountable Government. No opposition was registered.

This is Capriglione's second attempt to create the depository. Two years ago, then-Gov. Rick Perry was on board, saying work was moving forward on "bringing gold that belongs to the state of Texas back into the state."

"If we own it," Perry has said, "I will suggest to you that that's not someone else's determination whether we can take possession of it back or not."

In 2013, the Legislature ended before Capriglione could win approval of the bill.

Jillson said the bill's sentiment is consistent with the anti-federal approach that conservative lawmakers have taken this year.

"It's in line with the idea that Texas is exceptional and needs to keep a distance from the federal government that respects individual states' depositories," he said.

Capriglione said developing rules for the depository could take six months. But it could be a whole new industry for the state, he said.

"What I'm really hoping to do is to create a central storehouse of commodities," he said. "I'm hoping we can start working on it as soon as the governor signs off on it."

* * *

Join GATA here:

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

https://jeffersoncompanies.com/new-orleans-investment-conference/home

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

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

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Koos Jansen: Will the renminbi be fully convertible in 2015?

Sat, 05/30/2015 - 10:33

9:30a ET Saturday, May 30, 2015

Dear Friend of GATA and Gold:

Full international convertibility of China's currency is essential to China's influence on the gold price, gold researcher and GATA consultant Koos Jansen notes today in the first installment of a series about whether it will happen this year, as is increasingly suspected. Jansen's commentary is headlined "Will the Renminbi Be Fully Convertible in 2015?" and it's posted at Bullion Star here:

https://www.bullionstar.com/blogs/koos-jansen/will-the-renminbi-be-fully...

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

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Wednesday-Saturday, October 28-31, 2015

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

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

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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

Financial letter writer Mark Leibovit interviews GATA Chairman Bill Murphy

Sat, 05/30/2015 - 10:14

9:15a ET Saturday, May 30, 2015

Dear Friend of GATA and Gold:

Financial letter writer Mark Leibovit this week interviewed GATA Chairman Bill Murphy about GATA's work exposing manipulation of the gold market. The interview is six minutes long and can be heard here:

http://leibovitvrnewsletters.com/wp-content/uploads/2015/05/BILL-MURPHY-...

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

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

https://jeffersoncompanies.com/new-orleans-investment-conference/home

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

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

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

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To contribute to GATA, please visit:

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

Currency wars, gold pools, and Comex potential claims per deliverable ounce

Fri, 05/29/2015 - 13:28

12:21p ET Friday, May 29, 2015

Dear Friend of GATA and Gold:

An excellent overview of the worldwide great game in gold, outlining what is known and the possibilities for what is unknown, was posted today at Jesse's Crossroads Cafe. Jesse reviews why big money never puts the gold futures markets into the short squeeze to which they are so plainly vulnerable. He also identifies the political and economic factions around the world that likely have an interest in the gold market. His commentary is headlined "Currency Wars, Gold Pools, and Comex Potential Claims Per Deliverable Ounce" and it's posted here:

http://jessescrossroadscafe.blogspot.com/2015/05/currency-wars-gold-pool...

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

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

https://jeffersoncompanies.com/new-orleans-investment-conference/home

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

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

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

U.S. Mint ends rationing of silver eagles -- but for how long?

Fri, 05/29/2015 - 13:19

12:17p ET Friday, May 29, 2015

Dear Friend of GATA and Gold:

Coin News reports today that the U.S. Mint has ended its rationing of U.S. silver eagle coins. It's not clear whether the end of rationing is intended to be permanent or if rationing might be reinstated along with reductions and even suspension of production if demand increases enough. The Coin News report is here:

http://www.coinnews.net/2015/05/29/us-mint-to-lift-2015-american-silver-...

Bix Weir of the Road to Roota Internet site notes that U.S. law appears to require the mint to produce the coins as necessary to meet demand, which would seem to forbid rationing production. But, Weir adds, following the intent of the law might turn the mint into a greater engine of silver market offtake and undermine the longstanding U.S. government policy of suppressing the price of the monetary metals:

http://www.roadtoroota.com/public/1571.cfm

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

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Join GATA here:

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

https://jeffersoncompanies.com/new-orleans-investment-conference/home

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

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

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Alasdair Macleod: Euro-sclerosis?

Fri, 05/29/2015 - 12:22

11:20a ET Friday, May 29, 2015

Dear Friend of GATA and Gold:

Greece's insolvency is calling into question the solvency of the European Central Bank and the reliability of the euro, GoldMoney research chief Alasdair Macleod argues. "It just doesn't seem sensible to take such enormous risks with a currency that has existed for only 13 years," Macleod writes. His analysis is headlined "Euro-sclerosis?" and it's posted at GoldMoney here:

https://www.goldmoney.com/research/analysis/euro-sclerosis?gmrefcode=gat...

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

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

https://jeffersoncompanies.com/new-orleans-investment-conference/home

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

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

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Ted Butler: Curiouser and curiouser

Fri, 05/29/2015 - 00:01

11p ET Thursday, May 28, 2015

Dear Friend of GATA and Gold:

Silver miners must petition the U.S. Commodity Futures Trading Commission for answers about the grotesque speculative positions in silver futures contracts if the rigging of the silver market is ever to be broken, whistleblower Ted Butler writes tonight. His commentary is headlined "Curiouser and Curiouser" and it's posted at GoldSeek's companion site, SilverSeek, here --

http://www.silverseek.com/commentary/curiouser-and-curiouser-14455

-- and at 24hGold here:

http://www.24hgold.com/english/news-gold-silver-curiouser-and-curiouser....

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

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Join GATA here:

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

https://jeffersoncompanies.com/new-orleans-investment-conference/home

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

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

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Guardian: Austrian repatriation arises from fear of new Auric Goldfinger and Pussy Galore

Thu, 05/28/2015 - 22:52

It would be hard to miss the point more spectacularly than this.

* * *

Austria's Central Bank to Repatriate L3.5 Billion of Gold Reserves from UK

By Phillip Inman
The Guardian, London
Thursday, May 28, 2016

http://www.theguardian.com/business/2015/may/29/austrias-central-bank-to...

Austria's central bank plans to repatriate £3.5bn of its gold reserves currently stored in Britain -- amounting to 80% of its entire stocks -- after auditors warned against the risks of keeping a majority in a foreign country.

The Austrian National Bank will spend the next five years flying gold bars back to Vienna to raise its own stocks to half the total of 280 tonnes.

The move echoes Germany's plan in 2013 to repatriate all of its gold stocked in France as well as some of the reserves held in the United States, to ensure at least 50% was kept on German soil by 2020.

... Dispatch continues below ...


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Until now the Austrian National Bank has relied on the Bank of England to watch over most of its L6.7 billion gold reserves. The BoE looks after much of the world's gold as most central banks send some of the stocks to London for safekeeping.

Now the BoE's stock of the precious metal will be reduced to 30%, while Austria will hold 50% and Switzerland 20%.

The Austrian authorities appeared to be conscious of the perils of bulk-storing gold in the manner of Fort Knox in the US, made famous by Auric Goldfinger's attempted heist in the third James Bond film.

The fictional villain seeks to corner the gold market in his position as treasurer of Smersh, the arch enemy of MI6. However, the decision was taken earlier this year, before the Hatton Garden robbery, which saw millions of pounds of precious metals and jewels stolen and resulted in mass arrests this month.

The central bank shifted its position after a report by the Austrian court of audit in February, which warned of a "heightened concentration risk" linked to storing the majority of its reserves in Britain.

At the time, the bank had argued that the policy was warranted because London was a major international centre for the gold trade. London's bullion market is the largest in the world and attracts buyers from Europe, Asia, Africa, and US.

Transport of the bullion is likely to be arranged with one of the four main security firms listed by the London Bullion Market -- Brink’s, G4S, Malca-Amit Commodities, and VIA-MAT, most of which operate out of business units near Heathrow airport.

It is likely the bars will be flown out of the country in five-tonne batches, on specially commissioned and heavily guarded planes.

Vienna confirmed that it would begin to repatriate 92.4 tonnes this summer. A further 47.6 tonnes will be transferred from Britain to Switzerland.

Last year Swiss voters rejected a proposal to force the central bank to bring back gold reserves from Britain and Canada.

* * *

Join GATA here:

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

https://jeffersoncompanies.com/new-orleans-investment-conference/home

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

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

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Forex's 'last look' practice gets curbed

Thu, 05/28/2015 - 12:44

By Chiara Albanese
The Wall Street Journal
Wednesday, May 27, 2015

Two of the world's biggest currency-trading platforms plan to restrict a controversial industry practice in which banks can pull out of trades at the last moment if the market moves against them.

Thomson Reuters Corp. and BATS Global Markets Inc. will limit the practice, known as "last look," on their platforms in coming weeks in a move aimed at increasing transparency in the foreign-exchange market.

The change comes amid a broader shake-up of the trading industry prompted by concerns about traders' efforts to manipulate a range of financial markets. Markets for precious metals, interest rates, stocks, and currencies have all come under scrutiny from regulators in recent years because of allegations of inappropriate behavior. ...

... For the remainder of the report:

http://www.wsj.com/articles/forexs-last-look-practice-gets-curbed-143276...

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

https://jeffersoncompanies.com/new-orleans-investment-conference/home

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

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

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Austrian central banker acknowledges general trend toward gold repatriation

Thu, 05/28/2015 - 11:49

Austria Plan to Repatriate Gold Not Linked to Brexit Talk: Nowotny

By Michael Shields
Reuters
Thursday, May 28, 2015

http://www.reuters.com/article/2015/05/28/us-austria-gold-nowotny-idUSKB...

VIENNA, Austria -- A decision by the Austrian central bank to repatriate some gold from London by 2020 is "absolutely not" related to the possibility that Britain will leave the European Union, Governor Ewald Nowotny told a news conference on Thursday.

He said it instead reflected a trend among central banks, including Germany's Bundesbank, to hold more reserves at home.

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

https://jeffersoncompanies.com/new-orleans-investment-conference/home

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

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

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Austrian central bank to repatriate some gold from London

Thu, 05/28/2015 - 11:31

By Michael Shields
Reuters
Thursday, May 28, 2015

http://www.reuters.com/article/2015/05/28/austria-gold-idUSV9N0VR01A2015...

Austria's central bank plans to repatriate some of its gold reserves from Britain after facing criticism for storing too much of the precious metal abroad, the bank said today.

The Austrian National Bank, which administers Austria's 280 tonnes of gold reserves, said by 2020 50 percent of the reserves would be kept in Austria, 30 percent in London, and 20 percent in Switzerland.

The bank currently keeps 80 percent of its gold reserves, which have been unchanged since 2007, in Britain, 17 percent in Austria and 3 percent in Switzerland.

In February the bank rejected criticism of its gold storage policy from the country's Court of Audit. At the time it insisted that keeping the bulk of the reserves in London was in the country's best interests but also said a policy review was under way.

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Bullion Star's solution for storing bullion in Singapore is called My Vault Storage. With My Vault Storage you can store bullion in Bullion Star's bullion vault, which is integrated with Bullion Star's shop and showroom, making it a convenient one-stop-shop for precious metals in Singapore.

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Join GATA here:

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

https://jeffersoncompanies.com/new-orleans-investment-conference/home

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

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

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Direxion Asset Management closing 3X leveraged gold ETF

Wed, 05/27/2015 - 22:34

Company Announcement
via PRNewswire
Tuesday, May 26, 2015

NEW YORK -- The Direxion Shares ETF Trust II has decided to liquidate and close the Direxion Daily Gold Bull 3X Shares (BAR) exchange-traded fund based on the recommendation of Direxion Asset Management LLC, the fund's sponsor.

Due to the fund's inability to attract sufficient investment assets, Direxion believes the fund cannot continue to conduct its business and operations in an economically efficient manner. As a result, Direxion concluded that liquidating and closing the fund would be in the best interests of the fund and its shareholders.

Shares of the Fund will stop trading on the NYSE Arca Inc. and will no longer be open to purchase by investors after the close of regular trading on June 19, 2015. Shareholders may sell their holdings in the fund prior to June 19 and those transactions may be subject to customary brokerage charges. Between June 22 and June 26 shareholders may be able to sell their shares only to certain broker-dealers and there is no assurance that there will be a market for the fund during that time.

On June 26 the Fund will liquidate its assets and distribute cash pro rata to shareholders who have not previously redeemed or exchanged their shares. These payments are taxable and will include any accrued capital gains and dividends. The fund's net asset value will reflect the costs of closing the fund as calculated on the liquidation date. The fund will close when the distributions are complete. ...

... For the remainder of the announcement:

http://www.prnewswire.com/news-releases/direxion-asset-management-closin...

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Switzerland, Singapore, and Hong Kong remain extremely safe jurisdictions for storing bullion. Avoid exchange-traded funds and digital gold providers where you are a price taker. Ensure that you are outright legal owner of your bullion. If you do not own segregated bullion that you can visit, inspect, and take delivery of, you are exposed.

Crucial guides to storage in Singapore and Switzerland can be read here:

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Join GATA here:

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

https://jeffersoncompanies.com/new-orleans-investment-conference/home

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

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

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Chinese mining group buys $710 million in gold and copper assets

Wed, 05/27/2015 - 13:49

Chinese Firm Zijin Mining Group Buys US$710 Million in Gold and Copper Assets

By Jing Yang
South China Morning Post, Hong Kong
Wednesday, May 27, 2015

http://www.scmp.com/business/commodities/article/1810014/chinese-firm-zi...

Zijin Mining Group will buy US$710 million worth of gold and copper mining assets from two Canadian companies in the Democratic Republic of Congo and Papua New Guinea with funds raised through a private placement in the Shanghai stock market.

Zijin told the Shanghai and Hong Kong stock exchanges on Tuesday it would buy a 49.5 per cent stake in the Kamoa copper project in the Democratic Republic of Congo from Ivanhoe Mines for US$412 million.

Zijin already owns 9.9 per cent of Ivanhoe, which recorded a net loss of US$52.9 million last year following a net loss of US$80.6 million in 2013.

... Dispatch continues below ...

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Fujian-based Zijin will also pay Barrick Gold Corp US$298 million for a 49.5 per cent interest in the Porgera gold mine in Papua New Guinea.

The two companies have also entered into a strategic agreement to collaborate on future projects.

"We are excited to leverage our competitive strengths together, to start with at Porgera, while exploring additional joint opportunities for the future," Zijin chairman Chen Jinghe said in a statement.

"Substantial synergies and value may be realised by bringing to Barrick the expertise and relationships that Zijin offers, including low-cost capital from Chinese institutions, leading Chinese engineering and construction skills, and Chinese machinery," Toronto-based Barrick said.

To fund the acquisitions, Zijin would issue up to 2.4 billion new shares in a private placement on the Shanghai stock market, raising up to 10 billion yuan (HK$12.5 billion), the company said.

The proceeds will also finance the construction of Zijin's two existing copper mines, as well as replenish working capital.

The deals come on the heels of Beijing's unveiling of a 100 billion yuan gold fund in support of Chinese firms' overseas investments in the precious metal in countries along the "Silk Road".

China is the world's largest gold producer, accounting for 14 per cent of global production, according to the World Gold Council.

About 21 per cent of output comes from Africa, with Central Asia and eastern Europe contributing 5 per cent.

The three regions are encompassed in Beijing's Silk Road Economic Belt and Maritime Silk Road strategy.

China also overtook India in 2013 as the world's top consumer of the metal. The World Gold Council predicts that demand from China's private sector will increase 20 per cent to at least 1,350 tonnes per year from the current level of 1,132 tonnes by 2017.

Bucking the industry trend as a result of stagnant gold prices, Zijin clocked up 2.3 billion yuan in net profit last year, and netted 415 million yuan in the first quarter of this year.

* * *

Join GATA here:

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

https://jeffersoncompanies.com/new-orleans-investment-conference/home

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

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

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

LIBOR riggers included Bank of England's 'Hammer' in their e-mail plotting

Wed, 05/27/2015 - 12:36

Bank of England Official Received Emails Relating to Libor Manipulation, Prosecutor Says

By David Enrich
The Wall Street Journal
Wednesday, May 27, 2015

LONDON -- A senior Bank of England official received emails that were part of an alleged campaign to rig benchmark interest rates, according to evidence presented in a London trial today.

Martin Mallett, who at the time was the chief currencies dealer at the Bank of England, was among a couple dozen recipients of emails sent in 2007 by brokers allegedly working at the behest of former bank trader Tom Hayes. The recipients were blind carbon-copied on the messages.

In the emails, the brokers sent out daily suggestions for where a variety of banks should set the London interbank offered rate, or Libor. Mukul Chawla, the prosecutor trying Mr. Hayes, said those emails were used in an attempt to skew interest rates for the benefit of Mr. Hayes, at the time a trader in Tokyo at UBS AG.

Mr. Mallett, nicknamed "The Hammer," was sent the emails at his hammer@bankofengland.co.uk address. ...

... For the remainder of the report:

http://www.wsj.com/articles/boe-official-received-emails-relating-to-lib...

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Join GATA here:

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

https://jeffersoncompanies.com/new-orleans-investment-conference/home

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

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

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Texas could create its own Fort Knox to store gold

Wed, 05/27/2015 - 09:41

By Mike Ward
Houston Chronicle
Tuesday, May 26, 2015

http://www.houstonchronicle.com/news/politics/texas/article/Texas-could-...

AUSTIN, Texas -- Texas could get its own version of Fort Knox, the impenetrable repository for the nation's gold bullion, if the Legislature gets its way.

Under House Bill 483, approved unanimously on Tuesday by the state Senate, Comptroller Glenn Hegar would be authorized to establish and administer the state's first bullion depository at a site not yet determined.

... Dispatch continues below ...


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No other state has its own state bullion depository, officials said.

Sen. Lois Kolkhorst, R-Brenham, said the state and its agencies have more than $1 billion worth of gold that now is kept in secure facilities in other states. She said there is concern that fortune should be in Texas.

An official analysis of the bill explains: "The establishment of a Texas Bullion Depository would allow the state, state agencies, and private individuals to store precious metals utilizing a secure Texas-based depository to reduce reliance on out-of-state facilities and to insulate their assets from unstable market forces."

The new depository would be operated as an office within the comptroller's agency.

"Would this be like Fort Knox?" asked Sen. Juan Hinojosa, D-McAllen. "If I have gold in my possession, can I deposit it?"

Yes, Kolkhorst said, the new depository would be available for his deposits and those of other Texans, and would save the state money.

"The state has gold, and several years ago (the University of Texas Investment Management Corp.) purchased just under a billion dollars worth of gold," she said. "Most of the bullion depositories are in New York -- there may be a small one in Delaware -- and they charge the state a fee to store each bar of gold."

The United States Bullion Depository, located at Fort Knox in Kentucky, adjacent to a U.S. Army base by the same name, was built in the late 1930s to hold the nation's gold reserves. Its name has become synonymous with impenetrable security. In addition to holding the country's gold reserves, Fort Knox has been used as secure storage for vital documents over the years, including the Declaration of Independence and the U.S. Constitution.

Kolkhorst said UTIMCOin March had 5,610 gold bars in its portfolio, an investment worth $645 million, and was being charged a storage fee of $108 per bar by a bullion depository in New York City, a total of more than $605,000 a year.

HB 483 was filed by Rep. Giovanni Capriglione, R-Southlake, the president of a private equity company, and is co-authored by 31 other colleagues. It passed the House 140-1 this month.

"New York will hate this," Kolkhorst said of the bill that now goes to Gov. Greg Abbott to be signed into law. "To me, that and the fact that it will save Texas money makes it a golden idea."

* * *

Join GATA here:

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

https://jeffersoncompanies.com/new-orleans-investment-conference/home

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

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

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Busted metals traders distract from larger manipulation problem

Tue, 05/26/2015 - 23:14

10:14p ET Tuesday, May 26, 2015

Dear Friend of GATA and Gold:

Seth Mason, founder of the Solidus Center, a nonprofit organization that aims to highlight the faults of the Federal Reserve, calls attention to the longstanding price-suppressive effect of the U.S. futures markets on gold and silver prices. Mason concludes that the U.S. Commodity Futures Trading Commission has allowed market rigging on a massive scale for many years. Mason's commentary is headlined "Busted Metals Traders Distract from Larger Manipulation Problem" and it's posted at GoldSeek here:

http://news.goldseek.com/GoldSeek/1432669015.php

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

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Join GATA here:

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

https://jeffersoncompanies.com/new-orleans-investment-conference/home

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

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

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

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