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Updated: 6 hours 11 min ago

How JPMorgan struck gold with copper

Thu, 11/27/2014 - 11:27

10:25a ET Thursday, November 27, 2014

Dear Friend of GATA and Gold:

Reuters writer Andy Home today examines a detail of the U.S. Senate committee report on commodity market manipulation that GATA called to your attention a few days ago --

http://www.gata.org/node/14772

-- JPMorganChase's domination of the copper market and the metal's strange classification as "bullion" by U.S. government financial regulatory agencies, thereby exempting trading in the metal from ordinary anti-monopoly controls.

Home's analysis is headlined "How JPMorgan Struck Gold with Copper" and it's posted at Reuters here:

http://www.reuters.com/article/2014/11/27/jpmorgan-copper-home-idUSL6N0T...

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

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Koos Jansen: Dutch wanted their gold back more than the Bundesbank did

Thu, 11/27/2014 - 11:15

10:14a ET Thursday, November 27, 2014

Dear Friend of GATA and Gold:

Bullion Star market analyst and GATA consultant Koos Jansen today analyzes how the Netherlands central bank managed to repatriate of a lot of its gold stored with the U.S. government even as the German Bundesbank has not managed to. Jansen's conclusion: The Dutch central bank actually wanted its gold returned, the Bundesbank not so much. His commentary is headlined "Dutch Gold Repatriation: Why, How, And When" and it's posted at Bullion Star here:

https://www.bullionstar.com/blog/koos-jansen/analysis-dutch-gold-repatri...

Jansen also calls attention to a Citigroup report scoffing at the Swiss Gold Initiative, a report disparaging gold as "a 6,000-year-old bubble" that yet may continue for another 6,000 years, which would make the bubble seem rather iron-clad. Jansen's commentary on the Citigroup report is headlined "Citibank Releases Anti-Gold Report Before Swiss Gold Referendum" and it's posted at Bullion Star here:

https://www.bullionstar.com/blog/koos-jansen/citibank-releases-anti-gold...

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

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

Curbing central banks is the point of the Swiss Gold Initiative

Wed, 11/26/2014 - 18:50

Ron Paul and Other Gold Bugs Keep Fingers Crossed for Swiss Vote that Could Add $50 to Price of Gold

By Debbie Carlson
The Guardian, London
Wednesday, November 26, 2014

Swiss voters are likely to reject a November 30 referendum to force the Swiss National Bank to hold 20% of its reserves in gold, but you can't crush a gold bug.

Die-hard gold fans -- known as "gold bugs" -- aren't discouraged by the impending rejection of the Swiss people for their favorite metal. ...

... The Swiss National Bank and the major Swiss political parties are against the measure. On Sunday SNB president Thomas Jordan said the referendum would restrict the flexibility of the bank to respond to crises.

... Dispatch continues below ...


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Restricting the power of banks is the point, say the bugs.

"It is about time that the power of central banks is contained and regulated. The Swiss gold initiative, while not ideal, would be a starting point," said Marc Faber, editor of the Gloom, Boom, Doom Report, a newsletter. ...

Guillermo Barba, a Mexican independent analyst and blogger at Inteligencia Financiera Global, or Global Financial Intelligence, says the negative sentiment from politicians is influencing voters.

"It's bad propaganda's fault. Opponents are scaring voters. Swiss bureaucrats are acting like lackeys of the American establishment," he said.

"The current economic, financial and monetary situation in the world is terrible. Debts keep growing and growing, all major central banks including the Fed are still printing money like crazy and keeping artificially low interest rates," Barba said. He predicts "a global mess."

"When that happens, believe me, you will want to have your gold as close to you as possible," Barba said. ...

... For the remainder of the report:

http://www.theguardian.com/business/2014/nov/26/ron-paul-switzerland-gol...

* * *

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

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

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

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

Or by purchasing a colorful GATA T-shirt:

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

http://gata.org/node/wallstreetjournal

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

http://www.gata.org

To contribute to GATA, please visit:

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

HSBC, Goldman rigged platinum and palladium prices for years, suit says

Wed, 11/26/2014 - 18:33

By Erik Larson
Bloomberg News
Wednesday, November 26, 2014

NEW YORK -- Goldman Sachs Group Inc. and HSBC Holdings Plc were sued in New York over claims they conspired for eight years to manipulate prices for the precious metals platinum and palladium in what plaintiffs' lawyers say is the first such class-action lawsuit in the U.S.

Standard Bank Group Ltd. and a metals unit of BASF SE, the world's largest chemical company, were also sued. The four companies used inside information about client purchases and sale orders to profit from price movements for the metals used in products ranging from jewelry to cars, according to a complaint filed yesterday in Manhattan federal court.

Modern Settings LLC, a jeweler that buys precious metals and derivatives set on their prices, claims the companies "were privy to and shared confidential, non-public information about client purchase and sale orders that allowed them to glean information about the direction" of prices. ...

... For the remainder of the report:

http://www.bloomberg.com/news/2014-11-25/hsbc-goldman-rigged-metals-pric...

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

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

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

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

Or 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

Tocqueville's Hathaway examines comprehensive market manipulation by central banks

Wed, 11/26/2014 - 09:27

8:28a ET Wednesday, November 26, 2014

Dear Friend of GATA and Gold:

In his new letter for investors, Tocqueville Gold Fund manager John Hathaway focuses on market manipulation by central banks and their agent investment banks.

Hathaway writes: "A new generation of central bankers has transformed the staid portfolios of their predecessors -- consisting of inactive pools of currency reserves and bullion -- into hedge funds that trade derivatives, futures contracts, and instruments too exotic to comprehend. The Chicago Mercantile Exchange invites them to do so. In Exhibit 1 of a January 29 letter to the Commodity Futures Trading Commission, the CME Group offered special discounts to central banks "outside of the United States" to trade such un-central-bank items as stock index futures, foreign exchange, agricultural commodities, energy, and of course precious metals. It would appear that the CME has become an important interchange by which central bankers can tweak the financial markets to affect the thought process and behavior of the investor."

Hathaway adds: "The modern-day central banker trades with counterparties that are giant commercial banks with derivative books of disturbing scale and complexity. It seems impossible that these commercial exposures could be constructed and maintained without the knowledge and complicity of the official sector. For example, Deutsche Bank, already a defendant in 1,000 lawsuits, claims derivative exposure that is 20 times the GDP of Germany and five times that of the entire eurozone. It is not a great leap to suggest that central-bank traders and their megabank opposites -- spawn of the same gene pool, schooled in the same institutions, career paths intertwined, frequenters of the same conferences, and just a speed-dial away -- are ideologically indistinguishable and intellectually and morally corrupt in equal proportion. We applaud the efforts of litigators and plaintiffs already in process and those in the wings, and look forward to the depositions and discoveries yet to come."

Hathaway's letter is titled "Monetary Techtonics" and it's posted at the King World News blog here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/11/26_F...

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

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

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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

Grant Williams: How could it happen?

Tue, 11/25/2014 - 20:01

7p ET Tuesday, November 25, 2014

Dear Friend of GATA and Gold:

In the new edition of his "Things That Make You Go Hmmm. ..." letter, Singapore fund manager Grant Williams writes some future history that regards GATA favorites Alasdair Macleod and Koos Jansen as prophets of a Chinese-engineered golden age -- an age golden, at least, for those who heeded the prophets and got their gold in time. Williams' letter is headlined "How Could It Happen?" and it's posted at the Mauldin Economics Internet site here:

http://www.mauldineconomics.com/ttmygh/how-could-it-happen

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

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

Central banks selling far more gold than is being mined, Embry tells KWN

Tue, 11/25/2014 - 19:31

6:30p ET Tuesday, November 25, 2014

Dear Friend of GATA and Gold:

Western central banks, Sprott Asset Management's John Embry tells King World News today, are "selling infinitely more paper gold than is being dug out of the ground, and it's being done specifically to hold down the price," creating enormous short positions that could spark a strong increase in the price. But, Embry adds, "There aren't any real markets in anything anymore." An excerpt from the interview is posted at the KWN blog here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/11/25_W...

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

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

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http://gata.org/node/wallstreetjournal

Help keep GATA going

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

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To contribute to GATA, please visit:

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

Guardian's report on Swiss Gold Initiative quotes GATA consultant Koos Jansen

Tue, 11/25/2014 - 19:14

Fears That 'Dangerous' Switzerland Referendum Could Spark Gold Rush

By Kate Connolly
The Guardian, London
Tuesday, November 25, 2014

The Swiss like referendums: there were 11 last year and there have been nine more this year, on subjects ranging from who pays for abortions to whether the state should buy a certain type of new fighter aircraft.

This Sunday there are three more, but one has attracted more attention than most – because there are fears that if it wins majority support it could trigger a worldwide gold rush.

Five million Swiss voters are to decide on a proposal that would force the central bank to triple its gold reserves. The vote is being watched closely by financial markets and governments around the world. ...

"Gold continues to trigger impetuous and irrational reactions in many people," Sergio Rossi, professor of macroeconomics and monetary economics at Fribourg University, told the Swiss news agency SDA.

Others say it has rather emphasised the flaws in the monetary system. "It has shown just how unsustainable the debt-based monetary system we have is," said Koos Jansen, an Amsterdam-based gold analyst for the Singaporean precious-metal dealer BullionStar.

"The Swiss initiative is merely part of a increasing global scramble toward gold and away from the endless printing of money. Huge movements of gold are going on right now. Recently the Dutch repatriated 122 tons, Germany is bringing home its gold from the US, while the BRIC countries are accumulating large quantities of it for their banks.

"While those behind the Swiss initiative have often been portrayed as crazy, they're merely acting out of fear that their central bank is losing control of its monetary policy, and of the Swiss franc being sucked into this currency war and losing its value," he said.

Switzerland left the gold standard only in 1999, the last country in the world to do so. "They regret what they did and want to get back to the safety of gold, especially in the current environment," Jansen added. ...

... For the remainder of the report:

http://www.theguardian.com/world/2014/nov/25/fears-switzerland-referendu...

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

* * *

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

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 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

French populist leader joins gold repatriation campaign

Tue, 11/25/2014 - 14:15

1:16p ET Tuesday, November 25, 2014

Dear Friend of GATA and Gold:

Marine Le Pen, leader of the populist National Front political party in France and likely France's next president if the country should last until another election, has picked up the gold repatriation issue by writing to the governor of the central bank, the Banque de France. Le Pen's letter, translated from French to English, is posted at her party's Internet site here:

https://translate.google.com/translate?sl=auto&tl=en&js=y&prev=_t&hl=en&...

An official of the central bank disclosed last year that it is secretly trading gold for its own account and for other central banks "nearly on a daily basis":

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

That same official said this month that central banks are managing their gold reserves "more actively" these days, while worrying more about "auditability," perhaps since the gold sometimes is construed to be in more than one place at the same time:

http://www.gata.org/node/14716

As their national anthem enjoins the French: Aux armes, citoyens. Formez vos bataillons -- particularly around the Banque de France.

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

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Sunday-Monday, January 18-19,2015

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

* * *

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

Gold's backwardation worsens despite rising price, Turk tells KWN

Mon, 11/24/2014 - 20:43

7:40p ET Monday, November 24, 2014

Dear Friend of GATA and Gold:

Gold's price has been rising but its backwardation has been worsening, GoldMoney founder and GATA consultant James Turk tells King World News tonight, adding that while the war against gold by central planners remains fierce, they will lose just as they lost upon the collapse of the London Gold Pool in 1968. An excerpt from the interview is posted at the KWN blog here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/11/24_L...

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

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

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

* * *

Support GATA by purchasing 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

Ben Davies' 'Bubble-ology' describes central banking's destruction of markets

Mon, 11/24/2014 - 15:29

2:30p ET Monday, November 24, 2014

Dear Friend of GATA and Gold:

With his new study, "Bubble-ology," Hinde Capital CEO Ben Davies describes the "financialization" of the world economy by central banks, their market-destroying interventions and, really, their destruction of basic productivity. Davies' study is posted here:

http://clearslide.com/v/pgv5vs

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

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

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

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

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

* * *

Support GATA by purchasing 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

Miles Franklin's Holter, TF Metals Report sense trouble with Comex gold

Mon, 11/24/2014 - 14:54

1:55p ET Monday, November 24, 2015

Dear Friend of GATA and Gold:

Miles Franklin market analyst Bill Holter writes today that he sees signs that someone is trying to corner the December gold contract on the New York Commodity Exchange:

http://blog.milesfranklin.com/is-comex-being-cornered

The TF Metals Report's Turd Ferguson also sees signs of strain in Comex gold:

http://www.tfmetalsreport.com/blog/6393/november-delivery-comex-odyssey

Your secretary/treasurer doesn't pay much heed to the Comex data, figuring that any shortages of metal for delivery there can always be remedied with by a call from the uncomfortably short bullion bank to the Federal Reserve Bank of New York, imploring the latter to send over the necessary metal by dipping into whatever is left of the German Bundesbank's deposit. The Bundesbank won't mind.

But someday even the foreign custodial gold vaulted with the U.S. government may be exhausted and free markets, fair dealing among nations, and simple truth may start breaking out all over, a great day announced, if not by Comex, then by something even grander:

Gabriel will warn you.
Some early morn you
Will hear his horn,
Rooty-tootin'.

https://www.youtube.com/watch?v=OqvlucAVoqI

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

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

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

* * *

Support GATA by purchasing 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

Zero Hedge: Ukraine sells gold to 'optimize' FX reserves

Mon, 11/24/2014 - 13:00

11:59a ET Monday, November 24, 2014

Dear Friend of GATA and Gold:

Citing a statement by the Ukrainian central bank --

http://bank.gov.ua/control/uk/publish/article?art_id=12252943&cat_id=558...

-- Zero Hedge reports that Ukraine has confirmed selling gold for U.S. dollars in the name of "optimizing" its foreign exchange reserves:

http://www.zerohedge.com/news/2014-11-24/ukraine-central-bank-admits-gol...

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

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

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

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

* * *

Support GATA by purchasing 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: China's govt. and private gold reserves likely total 16,000 tonnes

Mon, 11/24/2014 - 12:53

11:50a ET Monday, November 24, 2014

Dear Friend of GATA and Gold:

China's government and private gold reserves likely total almost 16,000 tonnes, Bullion Star market analyst and GATA consultant Koos Jansen figures today, calling attention to a Deutsche Bank report estimating that the People's Bank of China is accumulating gold at a rate of 500 tonnes per year. Jansen's commentary is posted at Bullion Star here:

https://www.bullionstar.com/blog/koos-jansen/total-chinese-gold-reserves...

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

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

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

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

* * *

Support GATA by purchasing 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

China ready to cut rates again on fears of deflation, sources tell Reuters

Mon, 11/24/2014 - 09:42

By Kevin Yao
Reuters
Monday, November 24, 2014

BEIJING -- China's leadership and central bank are ready to cut interest rates again and loosen lending restrictions, concerned that falling prices could trigger a surge in debt defaults, business failures, and job losses, said sources involved in policy-making.

Friday's surprise cut in rates, the first in more than two years, reflects a change of course by Beijing and the central bank, which had persisted with modest stimulus measures before finally deciding last week that a bold monetary policy step was required to stabilize the world's second-largest economy. ...

... For the remainder of the report:

http://www.reuters.com/article/2014/11/24/us-china-economy-policy-exclus...

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

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

* * *

Support GATA by purchasing 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

GoldSeek Radio interviews GATA Chairman Murphy and Peak Prosperity's Martenson

Sun, 11/23/2014 - 22:38

9:44p ET Sunday, November 23, 2014

Dear Friend of GATA and Gold:

GATA Chairman Bill Murphy and Chris Martenson of Peak Prosperity are interviewed today about the prospects for the monetary metals by GoldSeek Radio's Chris Waltzek. Martenson is interviewed first and Murphy's segment begins at the 45:30 mark here:

http://radio.goldseek.com/

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

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

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

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

* * *

Support GATA by purchasing 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

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 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

Hinde Capital's Davies calls turn in markets, favors gold and even mining shares

Sun, 11/23/2014 - 22:06

9:07p ET Sunday, November 23, 2014

Dear Friend of GATA and Gold:

Hinde Capital CEO Ben Davies, in commentary posted at King World News, predicts the "Weimarization of equity" and a turn in the markets, making it a time to buy not just gold but gold mining shares. Davies' commentary is posted at the KWN blog here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/11/24_T...

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

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

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

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

* * *

Support GATA by purchasing 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

Gold market is manipulated, Grant Williams tells Lars Schall

Sun, 11/23/2014 - 16:51

3:53p ET Sunday, November 23, 2014

Dear Friend of GATA and Gold:

Interviewed by the German financial journalist Lars Schall for Matterhorn Asset Management's Gold Switzerland, Singapore fund manager and "Things That Make You Go Hmmm. ..." letter editor Grant Williams says there's no doubt that the gold market is manipulated, that the only question is how much, and that because of central bank intervention there's not much left to free markets. Schall and Williams cover other subjects, including the nature of money, the abuse of money creation and credit, the likelihood of returning to a gold standard, and the Swiss Gold Initiative. The interview is an hour long and can be heard at Gold Switzerland here:

http://goldswitzerland.com/gold-is-a-belief-grant-williams/

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

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Join GATA here:

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

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

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

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

* * *

Support GATA by purchasing 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

Senate report shows how easily banks can rig gold, copper, and other markets

Sun, 11/23/2014 - 11:25

10:30a ET Sunday, November 23, 2014

Dear Friend of GATA and Gold:

The heavy involvement of investment banks in commodity trading creates the potential for market manipulation and conflicts of interest in the gold market, and exchange-traded gold funds may be mechanisms of market manipulation contrary to the basics of supply and demand, according to the 396-page report published last week by the Permanent Subcommittee on Investigations of the U.S. Senate's Committee on Homeland Security and Governmental Affairs.

GATA's friend J.H. points out these findings on Page 38 of the report:

"Possible conflicts of interest permeate virtually every type of commodity activity. If the bank's affiliate leases an electrical power plant, the bank may attempt to use regional pricing conventions to boost its profits, even at the expense of clients that pay the higher electricity costs. If the bank's affiliate mines coal while the bank trades coal swaps, the bank may ask its affiliate to store the coal rather than sell it to help restrict supplies, and benefit from long swap positions, while causing its counterparties to incur losses. If the bank's affiliate operates a commodity-based exchange-traded fund backed by gold, the bank may ask the affiliate to release some of the gold into the marketplace and lower gold prices, so that the bank can profit from a short position in gold futures or swaps, even if some clients hold long positions.

... Dispatch continues below ...


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"A fourth problem with mixing banking and commerce is that, in the context of physical commodities, it invites market manipulation and excessive speculation in commodity prices. If a bank's affiliate owns or controls a metals warehouse, oil pipeline, a coal-shipping operation, refinery, grain elevator, or exchange-traded fund backed by physical
commodities, the bank has the means to affect the marginal supply of a commodity and can use those means to benefit the bank's physical or financial commodities trading positions. If a bank's affiliate controls a power plant, the bank can 'manipulate the availability of energy for advantage' or to obtain higher profits."

And on Page 368: "At the same time, a commodity-backed ETF can have a significant impact on the price and volatility of the underlying commodity, even when a precious metal is involved. For example, gold-related ETFs first surfaced in 2004, with dozens of similar ETFs springing up over time. Today, it has become clear that significant movements in the gold-related ETFs have had direct impacts on the price of physical gold.

"As one analyst in the field noted: 'You watch the flow of money. ... No matter what the supply-and-demand fundamentals [for physical gold] may suggest, if that money’s flowing, those prices are going to move.'

"The Wall Street Journal cited as a possible explanation for the impact of gold ETFs on physical gold prices the relatively small size of the gold market, estimated at $236 billion in annual sales in 2012, and the ETFs' significant share of those sales."

Starting on Page 353, the report describes JPMorganChase's acquisition of the copper market, thanks in large part to an exemption from position limits granted by the Federal Reserve and Office of the Comptroller of the Currency to banks trading copper, an exemption previously granted only to banks trading gold and silver. The implication of the copper exemption is that the U.S. government decided that manipulating gold and silver prices was not enough if the major industrial metal was still able to trade freely and broadcast inflation signals as gold and silver also would do if they were traded freely.

Interesting as it is, the Senate report really has done little more than reiterate the old principle, the first premise of anti-trust law, that if a market participant is big enough, it can push any market around. Unfortunately that premise has been pretty much overlooked in the United States since Wall Street took over both major political parties.

Also unfortunately, if predictably, the Senate report does not touch on direct but surreptitious government intervention in the commodity markets, though sensational documentation of such recently became available, documentation that central banks and governments are receiviing volume discounts for surreptitiously trading all major commodity futures contracts in the United States:

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

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

Apparently the work of exposing that surreptitious intervention will continue to be left to outsiders like GATA.

The Senate report is posted at GATA's Internet site here:

http://www.gata.org/files/SenateReportOnBanks&Commodities-11-20-2014.pdf

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

* * *

Join GATA here:

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

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

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

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

* * *

Support GATA by purchasing 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

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AttachmentSize SenateReportOnBanks&Commodities-11-20-2014.pdf3.93 MB

New York Sun: Fair and balanced Fed?

Sun, 11/23/2014 - 10:08

From the New York Sun
Sunday, November 23, 2014

So just where is Janet Yellen going by inviting left-wing groups into the boardroom of the Federal Reserve to give her their views on monetary policy? Is the Fed chairman prepared to extend the same courtesy to conservative groups?

Those questions are being raised after Mrs. Yellen and several other members of the central bank's board of governors met at Washington with a group of left-wing critics of the central bank. They are being raised by American Principles in Action, a right-of-center group that is mounting a campaign for sound money. ...

... For the remainder of the commentary:

http://www.nysun.com/editorials/fair-and-balanced-fed/88939/

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