You are here

GATA

Subscribe to GATA feed
Updated: 4 hours 29 min ago

Koos Jansen: The Chinese precious metals market is on fire

12 hours 32 sec ago

9:11a CT Monday, October 20, 2014

Dear Friend of GATA and Gold:

China's gold demand, as signified by offtake from the Shanghai Gold Exchange, has reached "extraordinary" levels in recent days, while silver is growing shorter in supply as well, according to gold researcher and GATA consultant Koos Jansen, market analyst for Bullion Star in Singapore. Jansen's analysis is headlined "The Chinese Precious Metals Market Is on Fire" and it's posted at Bullion Star here:

https://www.bullionstar.com/article/the%20chinese%20precious%20metals%20...

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

ADVERTISEMENT

Anglo Far-East: Think Outside the BankAnglo Far-East is a global market leader and innovator that for more than two decades has provided private purchase, vaulting, security logistics, transport, and liquidation of allocated gold and silver bullion outside of the banking system. AFE clients include individuals, family offices, and institutions like banks and regulated funds.

Here's what one of our generationally wealthy clients has to say about AFE:

http://www.afeallocatedcustody.com/research/teleconferences/download-inf...

To get started, please visit:

https://secure.anglofareast.com/

Anglo Far-East: Think Outside the Bank

Join GATA here:

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

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

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

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

* * *

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Indian govt. freaks out at gold demand and will try to suppress imports again

Sun, 10/19/2014 - 20:45

Government to Re-Impose Gold Import Curbs to Check Trade Deficit

By Deepshikha Sikarwar
The Times of India, Mumbai
Monday, October 20, 2014

http://economictimes.indiatimes.com/markets/commodities/government-to-re...

NEW DELHI -- Barely months after gold import rules were eased, the government is looking to re-impose curbs as the country's insatiable appetite has led to a surge in the yellow metal coming into India, threatening to undermine the improvement in external balances.

The finance ministry's revenue department has flagged the issue and asked the Department of Economic Affairs and the Reserve Bank of India to review the May 21 relaxation in the import rules issued by the latter.

... Dispatch continues below ...


ADVERTISEMENT

Buy precious metals free of value-added tax throughout Europe

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

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

Visit us at www.europesilverbullion.com.

The so-called 80-20 rule was relaxed in May by the RBI at the behest of the finance ministry after jewellers, bullion dealers, authorised dealer banks, and trade bodies sought easier rules. Under the 80-20 scheme, nominated agencies were allowed to import gold on the condition that 20 percent of the import would be exported. The easing of rules meant more entities were allowed to import gold.

The trade deficit worsened to an 18-month high of $14 billion in September following a 450 percent rise in gold imports as importers rushed to take advantage of lower prices. "Gold imports have risen since the norms were relaxed. ... There is a concern," a finance ministry official said. "We have written to the DEA and the RBI."

In its May 21 review the central bank allowed star and premier export houses to import the yellow metal subject to some restrictions. It also allowed banks and nominated agencies to provide gold metal loans for domestic use to jewellers and bullion traders. These rules were eased to facilitate gem and jewellery exports that had declined following the import curbs on gold.

Alarm bells have also been sounded by intelligence agencies and customs offices that see imported gold meant for export purposes getting diverted to the domestic market. Gold imports rose to $3.8 billion in September from $2 billion in August. The government wants to tread with caution and take pre-emptive measures rather than be forced to react later. With capital flows expected to remain volatile over fears of the US ending its bond purchases and starting monetary tightening sometime in 2015, 2015, the government wants to keep a leash on unproductive imports.

Experts agreed with the move. "Given the country's dependence on imported commodities and fluctuation in the currency, government will take all steps to address any factor that seeks to threaten macroeconomic stability of the country," said DK Pant, chief economist for India Ratings. "Currency has also seen movement because of rising gold imports."

India had in August 2013 imposed quantitative restrictions on gold imports because of its burgeoning current account deficit, which stood at $88 billion or 4.7 percent of GDP in 2012-13, increasing its vulnerability to capital outflows and weakening the rupee. The country also increased import duty on the yellow metal in phases. In January 2012 the government imposed an import duty equal to 2 percent of value of the commodity as against the earlier specific rate of R300 per 10 grams. It subsequently raised this in phases to 10 percent.

* * *

Join GATA here:

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

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

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

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

* * *

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

China's gold hunger surprises even Russia, Ing tells KWN

Sun, 10/19/2014 - 20:17

6:15p CT Sunday, October 19, 2014

Dear Friend of GATA and Gold:

In an interview with King World News, John Ing of Maison Placements in Toronto says that even Russia is surprised by China's determination to obtain gold with which China's currency, the renminbi, could be backed. An excerpt from the interview is posted at the KWN blog here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/10/20_R...

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

ADVERTISEMENT

Free Storage with BullionStar in Singapore Until 2016

BullionStar is a Singapore-registered company with a one-stop bullion shop, showroom, and vault at 45 New Bridge Road in Singapore.

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

Customers can buy, store, sell, or request physical withdrawal of their bullion through My Vault Storage® online around the clock. Storage is FREE until 2016 and will have the most competitive rates in the industry thereafter.

For more information, please visit Bullion Star here:

https://www.bullionstar.com/

Join GATA here:

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

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

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

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

* * *

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Sprott covers Chinese demand, GLD's decline, and investor mistakes

Sun, 10/19/2014 - 15:06

2p ET Sunday, October 19, 2014

Dear Friend of GATA and Gold:

Eric Sprott, CEO of Sprott Asset Management in Toronto, was interviewed last week by the TF Metals Report's Turd Ferguson, discussing gold demand from China, the removal of gold from the exchange-traded fund GLD, methods of evaluating mining stocks, the mistakes gold and silver investors have made in recent years, and the continuing deviation of gold and silver prices from historical norms. The interview can be heard at the TF Metals Report's Internet site here:

http://www.tfmetalsreport.com/podcast/6236/discussion-eric-sprott

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

ADVERTISEMENT

Own Allocated -- and Most Importantly --
Segregated Coins and Bars In Switzerland

Zurich, Switzerland, remains an extremely safe location for storing coins and bars of the monetary metals. If you do not own segregated physical coins and bars that you can visit, inspect, and take delivery of, you are vulnerable. International diversification remains vital to investors.

GoldCore can accomplish this for you.

Read GoldCore's "Essential Guide to Gold Storage In Switzerland" here:

http://info.goldcore.com/essential-guide-to-storing-gold-in-switzerland

Email the GoldCore team at info@goldcore.com or call our trading desk:

UK: +44 (0)203 086 9200 -- U.S.: +1-302-635-1160 -- International: +353 (0)1 632 5010


Join GATA here:

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

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

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

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

* * *

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Could India eventually produce as much gold as China?

Sun, 10/19/2014 - 14:53

Nobody would laugh at the rupee anymore.

* * *

Is India Sitting on a Gold Mine?

An interview with Sandeep Lakhwara, managing director of Deccan Gold Mines

By Rajalakshmi Nirmal
The Hindu, Chennai, India
Sunday, October 19, 2014

India has very large resources of gold, several geological studies say. One estimate (2005 study) puts the country's primary gold resources at about 491 tonnes. But the country hardly finds a mention in the global list of large miners. It produces just three-four tonnes of gold annually. Sandeep Lakhwara, managing director of Deccan Gold Mines, a listed gold exploration and mining company, talks about the issues faced by the industry and the country’s prospective gold reserves.

* * *

Q: For how many years have you been in this business? How many operating mines do you have currently?

A: We have been in this business for the last 12 years, but essentially we are still explorers and do not have operating mines yet. We are prospecting in many regions within the country -- almost in 60-70 places. We are fairly optimistic of at least a dozen of these yielding deposits that are mineable. The grades may vary from 1-2 gm a tonne to 3-4 or 5 grams a tonne.

... Dispatch continues below ...


ADVERTISEMENT

Silver mining stock report comes with 1-ounce silver round

Future Money Trends is offering a special 18-page silver mining stock report about how to profit with the monetary and industrial metal in 2014, and it comes with a free 1-ounce silver round. Proceeds from the report's sales are shared with the Gold Anti-Trust Action Committee to support its efforts to expose manipulation in the monetary metals markets. To learn about this report, please visit:

http://fmturl.com/gata/


How many gold mines are operational in India now? What is the potential for India to become a large gold producer?

Currently there is only one gold mine that is operational -- the Hutti gold mine in Karnataka. It produces about three tonnes of gold per annum. The potential in India is huge. Over the next two decades we could produce about 300 tonnes per annum, similar to what China produces currently. China started mining two-three decades ago and is one of the world's largest producers.

Does India really have such large reserves?

We believe so. However, unless you explore, it is difficult to ascertain the actual quantity of reserves. But to find and produce 300 tonnes over the next two or three decades is not an unreasonable assessment.

What is the process involved in exploring?

First and foremost, based on historical data and study by the Geological Society of India, we zero in on a particular area we think may have potential and apply for a Reconnaissance Permit (RP), which gives us the right to explore that area.

In India, the RP is granted generally for a period of three years. If after doing basic exploration we find that the area has a strong potential, we then apply for a prospecting licence.

This gives us the right to undertake full drilling in that area. The various rock samples we obtain from drilling are then analyzed to narrow down to the area where the potential for a gold deposit is high. We then apply for a mining license.

How much time does it take to find a deposit?

Globally, it takes about 10 years to make a discovery from the time you start exploring. But in India it takes longer, because of the time taken to obtain licenses. In India the RPs take one or two years, prospecting licenses about two to five years, and another five years or more to obtain a mining license. There are some licenses that are pending for more than a decade. The delay has mainly been due to lack of clarity in the regulatory system and the lengthy process for approval.

For a prospecting licence, for instance, you start at the Tahsildar level in the village where you are prospecting. Then the file goes all the way to the Centre to the Ministry of Mines, and again comes all the way down for actual execution.

What is the cost of exploration?

The exploration cost involves the cost of geological surveying, sampling, assaying, drilling, and the cost varies depending on the size of the resource (the larger the resource, higher the cost), the type of ore and the kind of drilling.

Let me tell you about a particular mine at Ganajur, in Karnataka, where Deccan Gold has applied for a mining license. Since this is an open-pit mine, the cost of mining would be about $400-600 an ounce. The global cost of mining, which is about $950-1,000 an ounce, is for underground mines.

Why do we not see many private players in gold mining?

Regulatory hurdles are the main reasons. The time it takes to obtain approvals and licenses makes the whole project economically unviable. Opening up of the sector can help explore the untapped gold reserves within the country. This, in turn, can reduce our dependence on gold imports.

* * *

Join GATA here:

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

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

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

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

* * *

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

In Silver Doctors interview, GATA secretary discusses developments in market manipulation

Sat, 10/18/2014 - 12:46

11:45a ET Saturday, October 18, 2014

Dear Friend of GATA and Gold:

Interviewed for about a half hour this week by Silver Doctors, your secretary/treasurer discussed recent developments in market manipulation, speculated that gold will be revalued overnight by major central banks as part of a general world currency revaluation, and cautioned that China's drive to obtain gold isn't intended to establish a free market in gold but to wrest control of the gold market from the United States. The interview can be heard at the Silver Doctors Internet site here:

http://www.silverdoctors.com/chris-powell-gold-to-be-revaluated-upwards-...

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

ADVERTISEMENT

Sinclair's Next Market Seminar Is Nov. 15 in San Francisco

Mining entrepreneur and gold advocate Jim Sinclair will hold his next market seminar from 10 a.m. to 3 p.m. on Saturday, November 15, at the Holiday Inn at San Francisco International Airport in South San Francisco, California. Admission will be $100. For more information and to register, please visit:

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


Join GATA here:

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

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

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

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

* * *

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Silver futures ripe for short squeeze and 'cash settlement' default, Sprott says

Sat, 10/18/2014 - 12:01

11a ET Saturday, October 18, 2014

Dear Friend of GATA and Gold:

Sprott Asset Management CEO Eric Sprott, interviewed for the Sprott Money News weekly review, notes that the Ebola virus problem is far worse than government officials have said, that the world economy is too, that the monetary metals futures markets are easily manipulated by big money, but that the silver futures market is ripe for a short squeeze that will end in the default of "cash settlement." The interview is 15 minutes long and can be heard at the Sprott Money Internet site here:

http://www.sprottmoney.com/sprott-money-weekly-wrap-up

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

ADVERTISEMENT

Buy metals at GoldMoney and enjoy international storage

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

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


Join GATA here:

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

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

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

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

* * *

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

LBMA gets 8 proposals to replace century-old gold fixing

Fri, 10/17/2014 - 15:18

By Nicholas Larkin
Bloomberg News
Friday, October 17, 2014

LONDON -- Intercontinental Exchange Inc., the London Metal Exchange, and CME Group Inc. and Thomson Reuters Corp. are among firms shortlisted to develop and run a replacement for the century-old London gold fixing benchmark.

Autilla Ltd. (Sapient) and EBS are also on the short list, the London Bullion Market Association said in a statement today. Ten companies submitted eight proposals, some of them joint.

The LBMA, which said last week firms will present at a seminar on Oct. 24, expects a market consensus to emerge next month and the chosen method adopted by year-end or early 2015. ...

... For the remainder of the report:

http://www.bloomberg.com/news/2014-10-17/lbma-gets-8-proposals-to-replac...

ADVERTISEMENT

Anglo Far-East: Think Outside the BankAnglo Far-East is a global market leader and innovator that for more than two decades has provided private purchase, vaulting, security logistics, transport, and liquidation of allocated gold and silver bullion outside of the banking system. AFE clients include individuals, family offices, and institutions like banks and regulated funds.

Here's what one of our generationally wealthy clients has to say about AFE:

http://www.afeallocatedcustody.com/research/teleconferences/download-inf...

To get started, please visit:

https://secure.anglofareast.com/

Anglo Far-East: Think Outside the Bank

Join GATA here:

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

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

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

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

* * *

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

China gold production seen falling, prompting more imports

Fri, 10/17/2014 - 12:58

China Gold Output Growth to Slow to Less Than 1% By 2018, BMI Says

By Jan Harvey
Reuters
Friday, October 17, 2014

LONDON -- Growth in gold mine output from No. 1 producer China is set to slow significantly in coming years in the face of declining ore grades and waning profitability, analysts Business Monitor International said on Friday.

Lower mine production will pave the way for rising imports to meet persistent strength in demand from Chinese consumers, BMI analyst Xinying Chia said, while domestic mining companies will also look overseas to boost production. ...

... For the remainder of the report:

http://www.reuters.com/article/2014/10/17/china-gold-mining-idUSL6N0SC2O...

ADVERTISEMENT

Buy precious metals free of value-added tax throughout Europe

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

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

Visit us at www.europesilverbullion.com.

Join GATA here:

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

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

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

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

* * *

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Hard to make a case for a strong dollar now, Barron tells KWN

Fri, 10/17/2014 - 00:37

11:35p ET Thursday, October 16, 2014

Dear Friend of GATA and Gold:

Mining entrepreneur Keith Barron tells King World News tonight that "it's very difficult to make a case for a strong-dollar policy right now." He expects the Federal Reserve to return to "quantitative easing." An excerpt from the interview is posted at the KWN blog here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/10/16_W...

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

ADVERTISEMENT

Free Storage with BullionStar in Singapore Until 2016

BullionStar is a Singapore-registered company with a one-stop bullion shop, showroom, and vault at 45 New Bridge Road in Singapore.

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

Customers can buy, store, sell, or request physical withdrawal of their bullion through My Vault Storage® online around the clock. Storage is FREE until 2016 and will have the most competitive rates in the industry thereafter.

For more information, please visit Bullion Star here:

https://www.bullionstar.com/

Join GATA here:

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

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

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

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

* * *

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Excessive debt is collapsing world economy, von Greyerz tells KWN

Thu, 10/16/2014 - 15:38

2:35p ET Thursday, October 16, 2014

Dear Friend of GATA and Gold:

Excessive debt is pushing the world's economy toward collapse, Swiss gold fund manager Egon von Greyerz tells King World News today, adding that governments will not be able to buy enough assets to maintain equity values. An excerpt from the interview is posted at the KWN blog here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/10/16_T...

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

ADVERTISEMENT

Own Allocated -- and Most Importantly --
Segregated Coins and Bars In Switzerland

Zurich, Switzerland, remains an extremely safe location for storing coins and bars of the monetary metals. If you do not own segregated physical coins and bars that you can visit, inspect, and take delivery of, you are vulnerable. International diversification remains vital to investors.

GoldCore can accomplish this for you.

Read GoldCore's "Essential Guide to Gold Storage In Switzerland" here:

http://info.goldcore.com/essential-guide-to-storing-gold-in-switzerland

Email the GoldCore team at info@goldcore.com or call our trading desk:

UK: +44 (0)203 086 9200 -- U.S.: +1-302-635-1160 -- International: +353 (0)1 632 5010


Join GATA here:

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

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

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

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

* * *

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

TF Metals Report: The current cap

Thu, 10/16/2014 - 14:09

1:10p ET Thursday, October 16, 2014

Dear Friend of GATA and Gold:

Bullion banks are capping the gold futures price, overwhelming speculative demand with their shorting, to preserve the downtrend line in the gold price chart, the TF Metals Report's Turd Ferguson reports today. Ferguson's commentary is headlined "The Current Cap" and it's posted at the TF Metals Report here:

http://www.tfmetalsreport.com/blog/6233/current-cap

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

ADVERTISEMENT

Silver mining stock report comes with 1-ounce silver round

Future Money Trends is offering a special 18-page silver mining stock report about how to profit with the monetary and industrial metal in 2014, and it comes with a free 1-ounce silver round. Proceeds from the report's sales are shared with the Gold Anti-Trust Action Committee to support its efforts to expose manipulation in the monetary metals markets. To learn about this report, please visit:

http://fmturl.com/gata/


Join GATA here:

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

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

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

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

* * *

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Ambrose Evans-Pritchard: World economy so damaged it may need permanent QE

Wed, 10/15/2014 - 18:41

By Ambrose Evans-Pritchard
The Telegraph, London
Wednesday, October 15, 2014

http://www.telegraph.co.uk/finance/economics/11165982/World-economy-so-d...

Combined tightening by the United States and China has done its worst. Global liquidity is evaporating.

What looked liked a gentle tap on the brakes by the two monetary superpowers has proved too much for a fragile world economy, still locked in "secular stagnation." The latest investor survey by Bank of America shows that fund managers no longer believe that the European Central Bank will step into the breach with quantitative easing of its own, at least on a worthwhile scale.

Markets are suddenly prey to the disturbing thought that the 5 1/2-year expansion since the Lehman crisis may already be over, before Europe has regained its prior level of output. That is the chief reason why the price of Brent crude has crashed by 25 percent since June. It is why yields on 10-year US Treasuries have fallen to 1.96 percent, and why German Bunds are pricing in perma-slump at historic lows of 0.81 percent this week.

... Dispatch continues below ...


ADVERTISEMENT

Sinclair's Next Market Seminar Is Nov. 15 in San Francisco

Mining entrepreneur and gold advocate Jim Sinclair will hold his next market seminar from 10 a.m. to 3 p.m. on Saturday, November 15, at the Holiday Inn at San Francisco International Airport in South San Francisco, California. Admission will be $100. For more information and to register, please visit:

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


We will find out soon whether or not this a replay of 1937 when the authorities drained stimulus too early, and set off the second leg of the Great Depression.

If this growth scare presages the end of the cycle, the consequences will be hideous for France, Italy, Spain, Holland, Portugal, Greece, Bulgaria, and others already in deflation, or close to it. The higher their debt ratios, the worse the damage.

Forward-looking credit swaps already suggest that the US Federal Reserve will not be able to raise interest rates next year, or the year after, or ever, one might say. It is starting to look as if the withdrawal of $85 billion of bond purchases each month is already tantamount to a normal cycle of rate rises, enough in itself to trigger a downturn.

Put another way, it is possible that the world economy is so damaged that it needs permanent QE just to keep the show on the road.

Traders are taking bets on capitulation by the Fed as it tries to find new excuses to delay rate rises, this time by talking down the dollar. "Talk of 'QE4' and renewed bond buying is doing the rounds," said Kit Juckes from Societe Generale.

Gentle declines in the price of oil are typically benign, a shot in the arm for companies and consumers alike. The rule of thumb is that each $10 drop in the price adds 0.3 percent to GDP growth over the next year.

Crashes are another story. They signal global stress, doubly dangerous today because the whole industrial world is one shock away from a deflation trap, a psychological threshold where we batten down the hatches and wait for cheaper prices. That is the Ninth Circle of Hell in economics. Lasciate ogni speranza.

The world is also more stretched. Morgan Stanley calculates that gross global leverage has risen from $105 trillion to $150 trillion since 2007. Debt has risen to 275 percent of GDP in the rich world, and to 175 percent in emerging markets. Both are up 20 percentage points since 2007, and both are historic records. The Bank for International Settlements warns that the world is on a hair trigger. The slightest loss of liquidity can have "violent" effects.

Saudi Arabia has clearly shifted strategy, aiming to force high-cost producers out of business across the globe rather than defend OPEC cartel prices by slashing its own output to offset rises in Libyan supply. Bank of America thinks the Saudis are targeting $85 a barrel, partly to squeeze three enemies, Iran, Russia, and the Caliphate.

If crude prices stay low for long, almost all the major oil producers will have to start dipping into their foreign reserves to fund their welfare states and military apparatus. The "fiscal break-even" price needed to cover the budget is $130 for Iran, $115 for Algeria and Bahrain, $105 for Iraq, Russia, and Nigeria, and almost $100 even for Abu Dhabi. The Saudis themselves are probably well above $90 by now.

This means that they will have to sell holdings of foreign bonds, assets, and gold to plug the gap. Russia has run through $7 billion in recent days defending the rouble. The scale of this could be huge, and it comes at a time when China has stopped accumulating reserves for its own reasons, taking away the biggest global source of fresh purchases.

Nor does the chain reaction stop there. Lower prices chill the US shale industry, which has lifted US (liquids) output from 7 million barrels a day (b/d) to 11.6 million since 2008 and turned America into the world's biggest producer. Bank of America says the pain starts at around $75 for the most costly fields. "Shale oil output is very sensitive to price conditions," it said.

The US Energy Department says oil and gas companies have been amassing huge debts drilling for marginal output in ever more hostile regions. Net debt rose $106 billion in the year to March, on top of $73 billion of asset sales. Yet revenues were stagnating even when crude prices were above $100. The fossil fuel nexus has spent $5 trillion since 2008, and much of this is at risk. It has in itself become a systemic threat.

Yet the oil crash is not merely a supply story. "There has been a rapid collapse of demand," said Edwin Morse from Citigroup. The International Energy Agency says demand fell by 50,000 b/d in France, and 45,000 b/d in Italy in August, below earlier estimates. China's oil demand is no longer rising by half a million b/d each year. It has slowed to a quarter a million.

The global slowdown has caught the global authorities off-guard, as it always does. Above all, it has confounded the central banking fraternity. In thrall to "creditism," it insists that QE works by forcing down interest rates across the maturity curve. Ergo, Fed tapering does not matter so long as rates stay low. By the same logic, ECB policy is "accommodative" because rates have collapsed, a claim that would have Milton Friedman turning in his grave.

Monetarists say this is a cardinal error, bound to cause serial mishaps. Indeed, Robert Hetzel from the Richmond Fed blames the Lehman crisis and all that followed on monetary overkill in early to mid-2008, arguing in his book "The Great Recession" that the Fed ignored the warning signs that M2 money was buckling.

We forget that the Venetian Grain Board regulated commerce over the centuries by altering the quantity of money, not interest rates. So did the Bank of England in the 18th century, injecting liquidity when Easterly winds brought ships into London. The Bank continued to target the quantity of money in the early 20th century when QE was known as open market operations. Quantity was Friedman's lodestar in his great opus.

Quantity is not doing very well. The Center for Financial Stability in New York says "Divisia M4" -- its measure of broad money growth -- has fallen to 2.5 percent from around 6 percent in early 2013. The US economy can perhaps handle some loss of dollar liquidity. The world as a whole cannot. There are $11 trillion of cross-border loans outstanding, and two thirds are still in US dollars. Emerging-market companies have borrowed a further $2 trillion in dollars since 2008.

China is no longer tightening, but it is not loosening much either. It is actively steering down the growth rate of M2 money even though house prices have been falling for five months, industrial output has stalled, and factory gate inflation has dropped to minus 1.8 percent. President Xi Jinping seems resolved to break China's credit bubble early in his 10-year term, come what may. This will not be pretty. Standard Charted says debt has reached 250 percent of GDP, off the charts for a developing economy.

Property curbs have been lifted. The central bank has injected small bursts of liquidity into the banking system. But this time China has not let rip with credit from the state banking system to keep the game going. "We cannot rely again on increasing liquidity to stimulate economic growth," Premier Li said last month.

He is targeting jobs, not growth, willing to deflate the economy and purge excess capacity in the steel and shipbuilding industries as long as unemployment does not rise much above 5 percent. This may be the right course for China, but it is an unpleasant shock for those across the globe who feed the dragon for a living.

China will eventually blink if the slowdown deepens, and so will the Fed in Washington. First the markets will have to learn the hard way that they have mispriced the reality of a broken global economy.

* * *

Join GATA here:

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

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

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

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

* * *

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Miner Fresnillo looks to hedge some gold output

Wed, 10/15/2014 - 09:44

From Reuters
Wednesday, October 15, 2014

Mexican miner Fresnillo Plc reported a small drop in quarterly silver production and said it could hedge a part of its gold output to protect its recent investment in the Herradura corridor in northern Mexico.

Shares in the miner fell as much as 3.4 percent on Wednesday morning, making the stock one of the top percentage losers on the FTSE 100 index.

An increasing numbers of precious metals miners, battered by last year's steep drop in prices, are selling planned output forward to better control their cash flow. ...

... For the remainder of the report:

http://uk.reuters.com/article/2014/10/15/fresnillo-output-idUKL3N0SA2UV2...

ADVERTISEMENT

Buy metals at GoldMoney and enjoy international storage

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

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


Join GATA here:

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

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

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

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

* * *

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Gold imports by India seen rising more than fourfold last month

Wed, 10/15/2014 - 09:40

By Pratik Parija
Bloomberg News
Wednesday, October 15, 2014

NEW DELHI, India -- Gold imports by India, the largest user after China, probably surged more than fourfold last month on expectations declining prices would boost festival demand.

Purchases are estimated at about 95 metric tons compared with 15 tons to 20 tons in September last year, said Bachhraj Bamalwa, a director at the All India Gems & Jewellery Trade Federation. The government raised import taxes for a third time in August last year after a month earlier obliging importers to set aside 20 percent of purchases for re-export as jewelry.

India represented 25 percent of global demand in 2013. Imports of gold were valued at $3.75 billion in September, 450 percent more than a year earlier, the Commerce Ministry estimates. Buying and gifting of gold is considered auspicious and the most favorable time is the festival of Dhanteras, two days before Diwali which occurs on Oct. 23. Festivals run through November and the wedding season follows to early May. ...

... For the remainder of the report:

http://www.bloomberg.com/news/2014-10-15/gold-imports-by-india-seen-risi...

ADVERTISEMENT

Anglo Far-East: Think Outside the BankAnglo Far-East is a global market leader and innovator that for more than two decades has provided private purchase, vaulting, security logistics, transport, and liquidation of allocated gold and silver bullion outside of the banking system. AFE clients include individuals, family offices, and institutions like banks and regulated funds.

Here's what one of our generationally wealthy clients has to say about AFE:

http://www.afeallocatedcustody.com/research/teleconferences/download-inf...

To get started, please visit:

https://secure.anglofareast.com/

Anglo Far-East: Think Outside the Bank

Join GATA here:

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

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

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

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

* * *

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Gold stubs Swiss National Bank's toe, and the Financial Times says 'ouch!'

Tue, 10/14/2014 - 21:13

On its own hook the FT's "news" story accuses the Swiss gold initiative of "absurdities," mockery the newspaper has yet to hurl against central banks even as they intervene openly in every market and resort to "negative interest rates." Yes, in the FT's view only gold as money can be "absurd." And largely surreptitious control of the valuation of all capital, labor, goods, and services in the world by an unelected, supra-national elite isn't totalitarian -- it's good government! Central banking, heil!

* * *

Swiss Fight to Block Public Gold Vote

By Delphine Strauss
Financial Times, London
Tuesday, October 14, 2014

http://www.ft.com/intl/cms/s/0/a886cb26-53b4-11e4-8285-00144feab7de.html

Switzerland's central bank is flexing its muscles to defend its cap on the Swiss franc. Its battle to fend off deflation -- in which it sees the exchange rate as its chief weapon -- is already complicated by the slide in the euro that followed European Central Bank easing. Now the SNB is fighting on a new front: to block a populist motion that would force it to almost treble the proportion of reserves held in gold.

At the end of November, Swiss citizens will vote on an initiative that calls on the central bank to hold at least 20 per cent of its assets in gold; to repatriate any gold stored abroad; and to refrain from selling any gold in future.

... Dispatch continues below ...


ADVERTISEMENT

Buy precious metals free of value-added tax throughout Europe

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

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

Visit us at www.europesilverbullion.com.

The "Save our Swiss Gold" initiative -- launched by members of the ultra-conservative Swiss People's Party -- seeks to tap into a current of Swiss public opinion that is fiercely proud of the country's independence, and unsettled by the economic struggles of its neighbours. But it has drawn criticism from across the political spectrum.

The government has rejected the idea, saying last year that "gold no longer has any meaning for monetary policy." Parliament voted against it by a large majority.

For the central bank, the measures are not merely an anachronism: they pose an immediate threat. Since September 2011, when it promised to buy as much foreign currency as needed to stop the Swiss franc strengthening past SFr1.20 to the euro, the SNB's foreign currency holdings have ballooned -- rising from about SFr204bn at the end of 2010 to SFr470bn in August. Despite the difficulty of managing such a rapid increase, the SNB says the minimum exchange rate is still "the key instrument to avoid an undesirable tightening of monetary conditions."

The gold initiative could, if it passed, blow a hole in this policy.

Jean-Pierre Danthine, vice-chairman of the SNB's governing board, said last week that the central demand, to hold 20 per cent of assets in gold, "would severely restrict the conduct of monetary policy." If this limit had existed when the SNB first enforced its minimum exchange rate, he argued, the central bank would have had to buy gold in huge quantities as well as euro -- "which would almost certainly have caused the foreign exchange markets to doubt our resolve to enforce the rate."

It is rare for the SNB to take such a stance on what is purportedly a political issue, so these comments show how sensitive policy makers are when it comes to the credibility of their policy on the franc. Thomas Jordan, chairman, said in September the SNB had not had to intervene to enforce the policy since 2012. But the Swiss franc is still trading close to SFr1.20 to the euro -- with the euro's weakness and renewed global risk aversion keeping it under upward pressure. There is continued speculation that the SNB may eventually resort to negative deposit rates -- as the ECB has done -- to keep the currency in check.

The central bank is also deeply concerned about its ability to manage its vast reserves. Mr Danthine pointed out that a ban on gold sales could mean that gold eventually accounted for the bulk of the SNB's assets -- it would be obliged to buy gold every time its balance sheet expanded and to sell euro every time it contracted.

He also noted that gold holdings would not earn interest or dividends, and underlined other absurdities inherent in the initiative, such as repatriating gold stored in the UK or Canada, where it could most easily be sold if needed, or stipulating that reserves meant for use in emergencies could not be sold at all.

It is not yet clear whether the measures stand any real prospect of becoming law. Population growth and mass communication have made it easier to gather the 100,000 signatures needed to put initiatives to a public vote in Switzerland, but only 10 of 66 initiatives that have gone to referenda since 2000 have passed. Opinion polls will not appear until later this month, and have proved unreliable before previous votes.

But Scotland's independence referendum last month was a reminder of how rapidly political risks can come to the fore in currency markets. Analysts at Nomura warn that speculators may test the exchange rate floor if initial polling results were to show support for the public vote in coming weeks.

The vote warrants close attention, says Derek Halpenny, a strategist at Bank of Tokyo Mitsubishi. He thinks the SNB could -- given a long enough lead-in time -- both increase its gold holdings to the level the initiative requires, and maintain its minimum exchange rate. This could have knock-on effects in forex markets, because it would need to convert euro into dollars to fund gold purchases.

Analysts say the other logical possibility -- meeting the 20 per cent criterion by shrinking foreign exchange reserves -- would make it impossible to enforce the cap on the franc.

In the long term, though, Mr Halpenny argues that "a shift back towards much larger gold holdings would only help reinforce the franc's safe-haven status. ... The imposition of a limit would be seen as reducing the ability of the authorities to devalue the franc in order to lift inflation."

* * *

Join GATA here:

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

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

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

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

* * *

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Oil price dip is Saudi bow to China, Leeb tells King World News

Tue, 10/14/2014 - 20:51

7:50p ET Tuesday, October 14, 2014

Dear Friend of GATA and Gold:

Fund manager Stephen Leeb tonight tells King World News that the decline in oil prices may be part of a scheme between Saudi Arabia and China to facilitate their trade as Saudi Arabia moves out of the United States' political orbit. An excerpt from the interview is posted at the KWN blog here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/10/14_H...

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

ADVERTISEMENT

Free Storage with BullionStar in Singapore Until 2016

BullionStar is a Singapore-registered company with a one-stop bullion shop, showroom, and vault at 45 New Bridge Road in Singapore.

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

Customers can buy, store, sell, or request physical withdrawal of their bullion through My Vault Storage® online around the clock. Storage is FREE until 2016 and will have the most competitive rates in the industry thereafter.

For more information, please visit Bullion Star here:

https://www.bullionstar.com/

Join GATA here:

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

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

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

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

* * *

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Fighting back, First Majestic delays sale of silver amid price weakness

Tue, 10/14/2014 - 20:38

7:42p ET Tuesday, October 14, 2014

Dear Friend of GATA and Gold:

Ninety-nine point nine percent of gold and silver mining companies and their executives are brain-dead, merely geologists and accountants, unaware of the monetary nature of their product and how their product is priced by surreptitious market intervention by central banks. But here and there certain companies and their executives have a clue, and First Majestic Silver Corp. today again proclaimed itself to have far more than a clue.

First Majestic announced that it won't sell its metal into the recent weakness in the silver futures markets. In a statement the company said:

"Silver prices declined 19 percent in the third quarter, representing the second largest quarterly decline since the financial crisis in 2008. As a result of this weakness, the company decided to temporarily suspend silver sales in an attempt to maximize future profits. This suspension of sales will result in lower revenues and earnings for the third quarter. However, it is likely that these inventories of unsold ounces will instead be sold in the fourth quarter. As of September 30, 2014, approximately 934,000 ounces of silver were held in inventory."

This isn't the first time that First Majestic has withheld production amid price weakness. The company and its chief executive officer, Keith Neumeyer, long have acknowledged that the monetary metals are monetary and subject to attack by issuers of other forms of money. Unlike most other gold and silver mining companies, First Majestic is not inclined to cooperate with such attacks. It even mints its own silver rounds, bars, and ingots and sells them directly to the public:

https://www.store.firstmajestic.com/

First Majestic's statement is posted at the company's Internet site here:

http://tinyurl.com/ol8j9fq

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

ADVERTISEMENT

Silver mining stock report comes with 1-ounce silver round

Future Money Trends is offering a special 18-page silver mining stock report about how to profit with the monetary and industrial metal in 2014, and it comes with a free 1-ounce silver round. Proceeds from the report's sales are shared with the Gold Anti-Trust Action Committee to support its efforts to expose manipulation in the monetary metals markets. To learn about this report, please visit:

http://fmturl.com/gata/


Join GATA here:

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

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

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

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

* * *

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Silver price-fixing lawsuits consolidated in Manhattan federal court

Tue, 10/14/2014 - 16:20

By Brendan Pierson
Reuters
Tuesday, October 14, 2014

NEW YORK -- Litigation alleging that Deutsche Bank, Bank of Nova Scotia, and HSBC illegally fixed the price of silver has been centralized in Manhattan federal court.

Lawsuits filed by investors since July over the alleged price-fixing were consolidated on Tuesday in the U.S. District Court for the Southern District of New York, following an order issued last Thursday by the U.S. Judicial Panel on Multidistrict Litigation, a special body of federal judges that decides when and where to consolidate related lawsuits.

The panel ruled that the cases should be handled by U.S. District Judge Valerie Caproni in Manhattan, who is already overseeing similar litigation over alleged gold price-fixing.

... For the remainder of the report:

http://www.reuters.com/article/2014/10/14/antitrust-silver-idUSL2N0S91QO...

ADVERTISEMENT

Sinclair's Next Market Seminar Is Nov. 15 in San Francisco

Mining entrepreneur and gold advocate Jim Sinclair will hold his next market seminar from 10 a.m. to 3 p.m. on Saturday, November 15, at the Holiday Inn at San Francisco International Airport in South San Francisco, California. Admission will be $100. For more information and to register, please visit:

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


Join GATA here:

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

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

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

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

* * *

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

South Africa's gold CEOs ready for mergers as prices decline

Tue, 10/14/2014 - 09:20

By Kevin Crowley
Bloomberg News
Tuesday, October 14, 2014

JOHANNESBURG, South Africa -- South Africa's gold miners are ready for mergers and acquisitions as the falling price of bullion forces companies to cut costs and repay debt.

"Maybe there's some smart consolidation that can take place on a regional basis," Sibanye Gold Ltd. Chief Executive Officer Neal Froneman said last week. "I think there will be. I think it's the right time. I think it's necessary. I don't think my counterparts in the industry are on completely different pages either." The company is the country's biggest producer of the metal.

Gold's 27 percent drop since the start of last year has prompted executives to consider deals as a way of cutting costs in South Africa's aging mines and insulating investors from risks such as labor strikes in the country that's the world's sixth-biggest producer of the metal. AngloGold Ashanti Ltd. failed in its attempt last month to split its local mines from its international operations only because investors balked at the accompanying $2.1 billion share sale.

"We're probably a good target right now," Graham Briggs, CEO of Harmony Gold Mining Co., South Africa's third-largest bullion producer, said in an interview last week. "A low share price, we're fairly good with our cost control. If we had bigger management fees to take out, it would be even more of an advantage. We have low debt."

... For the remainder of the report:

http://www.bloomberg.com/news/2014-10-13/south-africa-gold-ceos-ready-fo...

ADVERTISEMENT

Buy metals at GoldMoney and enjoy international storage

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

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


Join GATA here:

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

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

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

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

* * *

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Pages

Disclaimer: You, and only you, are responsible for your actions.

Do your research well.

 

Copyleft: Feel free to redistribute as you please. Give credit where credit is due.

You can't own someone else's thoughts.

 

 

Sitemap

NT4B Update

Get email updates when new content is published!

BullionStar

BullionStar, Bullion, Star, Singapore, Gold, Silver

Best of the Web