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Paul Brodsky: The monetary system has devalued 47% in 10 years

Wed, 05/25/2016 - 11:02

10a ET Wednesday, May 25, 2016

Dear Friend of GATA and Gold:

The world's currencies have been steadily devaluing against gold over the last decade, economist and fund manager Paul Brodsky of Macro-Allocation.com writes in his new study, and he expects such devaluation to continue and increase under the coordination of monetary authorities, which will nevertheless pretend that they are doing no such thing.

In any such endeavor and all their other endeavors the monetary authorities will be powerfully assisted by the agreement of mainstream financial news organizations never to ask them any critical question about their largely surreptitious interventions in the markets.

Brodsky's study is headlined "The Global Monetary System Has Devalued 47% over the Last 10 Years" and it's posted at Zero Hedge here:

http://www.zerohedge.com/news/2016-05-24/global-monetary-system-has-deva...

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

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

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

China wants to set prices for the world's commodities

Wed, 05/25/2016 - 10:35

From Bloomberg News
Wednesday, May 25, 2016

China has put the world's traditional financial centers on notice that it wants to develop its raw material markets as hubs for setting prices, seeking to marry the country's commercial heft with a much greater say in determining how much commodities cost.

"We're facing a chance of a lifetime to become a global pricing center for commodities," Fang Xinghai, vice chairman of the China Securities Regulatory Commission, said at the Shanghai Futures Exchange's annual conference in the city on Wednesday. "On the way to realize this goal, we'll see very intense competition. We have the advantage of trading size and economic growth, but our legislation is still not sound and we lack enough talent." ...

... For the remainder of the report:

http://www.bloomberg.com/news/articles/2016-05-25/new-york-london-on-not...

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

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

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

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

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

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To contribute to GATA, please visit:

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

Venezuela fights crisis with biggest sovereign gold sale since 2007

Wed, 05/25/2016 - 10:19

By Ranjeetha Pakiam and Eddie Van Der Walt
Bloomberg News
Wednesday, May 25, 2016

Venezuela held the biggest gold sale by a central bank in eight years as the country's economic crisis deepened and the government faced concern that it may struggle to honor bond payments.

The country cut its gold reserves by 16 percent in the first quarter, following a 24-percent reduction in 2015, according to data from the International Monetary Fund. The quarterly sale was the largest by any central bank since Switzerland sold 3.2 million ounces in the third quarter of 2007. ...

... For the remainder of the report:

http://www.bloomberg.com/news/articles/2016-05-25/venezuela-s-gold-holdi...

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The Gold Mine Barrick Might Regret Having Sold


K92 Mining is poised for production at its Papua New Guinea gold project and has just listed on the Toronto Venture exchange under the symbol KNT.V.

The gold mining startup came together during one of the toughest periods in mining history.

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For more information, please visit:

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

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

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

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

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

The gold mine Barrick might regret selling

Tue, 05/24/2016 - 20:59

8:04p ET Tuesday, May 24, 2016

Dear Friend of GATA and Gold:

Resource company publicist Tommy Humphreys of CEO.CA today issued a report that may be most interesting for showing how insanely cheap the junior gold mining business remains despite the rise in the monetary metal's price since the start of the year.

The report is about K92 Mining, which last year acquired a high-grade gold property in Papua New Guinea from Barrick Gold for $2 million, a tiny fraction of the $141.5 million Barrick paid for the property in 2007 before spending another $140 million developing the property, only to start casting off assets and reducing debt as the gold price was pounded down.

Humphreys' report includes a 17-minute video interview with K92 Mining CEO Ian Stalker, a former executive with Anglogold Ashanti, who argues that Papua New Guinea, while at the edge of the developing world, actually has coherent and reliable mining law.

Humphreys writes that K92 Mining will list tomorrow on the Toronto Venture Exchange, a bit of a frontier itself, but that's where discoveries come from, usually after a prolonged period when nobody wants even proved-up resources that are lying around in plain sight. It's a fascinating story, though no doubt there are many similar stories these days. It's headlined "The Gold Mine Barrick Might Regret Selling" and it's posted at the CEO.CA Internet site here:

https://ceo.ca/@tommy/the-gold-mine-barrick-might-regret-selling

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

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

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

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

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

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Embry sees dollar vulnerable, expects change in market sentiment

Tue, 05/24/2016 - 18:36

5:35p ET Tuesday, May 24, 2016

Dear Friend of GATA and Gold:

Sprott Asset Management's John Embry tells King World News today that the U.S. dollar is vulnerable because of the decline of its use in the oil trade. Embry adds that he thinks a major change in market sentiment is coming. An excerpt from the interview is posted at the KWN Internet site here:

http://kingworldnews.com/50-year-veteran-warns-this-twisted-fantasy-is-a...

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

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

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

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

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To contribute to GATA, please visit:

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

Hugo Salinas Price: Mechanical 'economics'

Tue, 05/24/2016 - 13:17

12:15p ET Tuesday, May 24, 2016

Dear Friend of GATA and Gold

Mainstream economics can't distinguish between quality and quantity, Hugo Salinas Price of the Mexican Civic Association for Silver writes today, adding that, as a result, most economists "do nothing 'scientific'" but rather just "impose upon whole nations their own personal value judgments while they destroy free markets." Salinas Price's commentary is headlined "Mechanical 'Economics'" and it's posted at the association's Internet site, Plata.com.mx, here:

http://plata.com.mx/Mplata/articulos/articlesFilt.asp?fiidarticulo=288

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

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

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

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To contribute to GATA, please visit:

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

Former IMF economist asserts that gold is money as good as government bonds

Tue, 05/24/2016 - 10:56

9:59a ET Tuesday, May 24, 2016

Dear Friend of GATA and Gold:

GoldCore's Mark O'Byrne this week calls attention to commentary written this month by Harvard economics professor Kenneth Rogoff recommending that countries diversify their foreign exchange holdings away from the government bonds of developed countries and into gold.

Rogoff's argument seems to be that with interest rates already effectively at zero or below, there's nothing to be gained through the purchase of such bonds, while gold is a "low-risk asset" that offers the possibility of capital appreciation.

... Dispatch continues below ...


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But then Rogoff makes what from anyone else would be considered the rookie mistake of asserting that "gold does not pay interest," as if gold isn't leased for interest by Western governments every day in huge amounts and as if gold leasing isn't a primary mechanism of gold price suppression by those governments, the governments whose bonds Rogoff acknowledges are becoming less attractive as investments.

This rookie mistake is a little surprising since Rogoff's biography identifies him as having been the chief economist for the International Monetary Fund from 2001 to 2003, a period beginning just two years after the agency's staff reported secretly to the agency's board that major IMF member governments were concealing their gold leases and swaps to facilitate their surreptitious interventions in the gold and currency markets:

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

Rogoff's biography also identifies him as the 2011 recipient of the Deutsche Bank Prize for Financial Economics. It does not say whether he returned the prize since then upon any of the bank's admissions of market rigging and other misconduct.

But then maybe Rogoff can be forgiven that stuff because he concludes his commentary with an observation as politically incorrect as anything ever likely to be offered by someone associated with Harvard, the IMF, and Deutsche Bank: "There has never been a compelling reason for emerging markets to buy into the rich-country case for completely demonetizing gold. And there isn't one now."

If only he could have said as much publicly while serving at the IMF.

Rogoff's commentary is headlined "Emerging Markets Should Go for the Gold" and it's posted at Project Syndicate's Internet site here:

https://www.project-syndicate.org/commentary/gold-as-emerging-market-res...

O'Byrne's commentary arguing that Rogoff's commentary is important is posted at GoldCore here:

http://www.goldcore.com/us/gold-blog/buy-gold-as-extremely-low-risk-asse...

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

* * *

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

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

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

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

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Banks must defend Libor lawsuits after judges warn of impact

Mon, 05/23/2016 - 21:49

By Bob Van Voris
Bloomberg News
Monday, May 23, 2016

Sixteen of the world's largest banks, including JPMorgan Chase & Co. and Citigroup Inc., must face antitrust lawsuits accusing them of hurting investors who bought securities tied to Libor by rigging an interest-rate benchmark, a ruling that an appeals court warned could devastate them.

The appellate judges reversed a lower-court ruling on one issue -- whether the investors had adequately claimed in their complaints to have been harmed -- while sending the cases back for the judge to consider another issue: whether the plaintiffs are the proper parties to sue, in part because their claims, if successful, provide for triple damages that could overwhelm the banks.

"Requiring the banks to pay treble damages to every plaintiff who ended up on the wrong side of an independent Libor‐denominated derivative swap would, if appellants' allegations were proved at trial, not only bankrupt 16 of the world's most important financial institutions, but also vastly extend the potential scope of antitrust liability in myriad markets where derivative instruments have proliferated," the U.S. Court of Appeals in New York said in the ruling.

Bank of America Corp., HSBC Holdings Plc, Barclays Plc, Credit Suisse Group AG, Deutsche Bank AG, Royal Bank of Canada, and Royal Bank of Scotland Group Plc are also among the banks sued in Manhattan. ...

... For the remainder of the report:

http://www.bloomberg.com/news/articles/2016-05-23/banks-are-ordered-by-c...

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

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

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

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

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Gold is having an unusual rising correction, Turk tells KWN

Mon, 05/23/2016 - 19:50

6:49p ET Monday, May 23, 2016

Dear Friend of GATA and Gold:

GoldMoney founder and GATA consultant James Turk tells King World News today that gold is going through an unusual rising correction. Either many buyers are awfully eager to buy the dips, Turk says, or investors fear that something nasty is imminent for the world financial system and figure that gold is necessary insurance. An excerpt from Turk's interview is posted at KWN here:

http://kingworldnews.com/james-turk-this-is-why-gold-is-headed-much-high...

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

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

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

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Kinross' Paul Rollinson and after the gold rush

Sun, 05/22/2016 - 13:35

By James Wilson
Financial Times, London
Monday, May 23, 2016

http://www.ft.com/intl/cms/s/0/65aac95c-0c6c-11e6-b0f1-61f222853ff3.html

When Paul Rollinson took over as chief executive of Kinross Gold four years ago the end was in sight for the biggest gold boom in history -- and for some of the people who were part of it.

After rising 500 per cent in a decade, the market price of the precious metal had peaked. In the rush to exploit the boom, mining investments and costs had spun out of control.

Investors in gold miners such as Kinross, which had lavished $11bn on acquisitions in six years and was already writing off part of that spending, were in revolt. Tye Burt, Mr Rollinson's predecessor, was among a score of mining chief executives to lose their jobs.

... Dispatch continues below ...


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It was "the end of a champagne era", recalls Mr Rollinson. "Everything was going up, up, up, forever and ever -- and then I got the back half of the mountain, where it has been down, down, down.

"This has been the challenge -- running a business as you transition from one phase of the market into another," he says on a visit to London. After a long trip to see investors in Asia, he is on his way to a gold mining conference in Switzerland. It is a gruelling schedule but he is looking forward to dinner that evening with one of his daughters, who works in the UK capital.

Negotiating the descent has not been easy for Mr Rollinson. In his first week in the job he halted plans for the expansion of its Tasiast mine in Mauritania, the flagship development for Kinross. The project was the centrepiece of a $7.1bn acquisition of Red Back Mining in 2010, Kinross's largest deal.

After ensuing writedowns on Tasiast, the Canadian company was the first large gold miner to scrap its dividend: "That is one where you send the release out and want to crawl under your desk," recalls Mr Rollinson in his laconic drawl.

Another project in Ecuador, Fruta del Norte, was sold for much less than it had cost during the boom years; and when tension flared between Russia and the west over Ukraine, Kinross, the largest foreign investor in Russian mining, faced criticism over its strategy.

Mr Rollinson also had to fight to prove that his appointment was the change that Kinross needed.

As the miner's previous head of corporate development, and before that as an investment banker who advised the company on some deals, Mr Rollinson admits he might have seemed to investors like more of the same as they had had before. He had been involved in some of the decisions investors had criticised. Mr Burt was also previously a banker.

"On paper you might go, 'Here's another banker ... here we go again'," he says. "We just got our heads down."

Four years on, his transition from banker to miner seems to suit both Mr Rollinson and Kinross. The miner's shares have doubled in the past 12 months. In March, Mr Rollinson was at last able to unveil a definitive plan to develop Tasiast at a much lower cost.

And his stewarding of spending meant Kinross had the cash to snap up assets in the US from Barrick Gold, its larger rival, which helpfully reduced Kinross's overall exposure to higher-risk countries.

Not least, Mr Rollinson, who looks the image of a tough miner but is softly spoken, is at last having some luck with the gold price, which has risen since the start of 2016. "It is hard to believe we would all be high-fiving when gold got back to $1,200 an ounce but we certainly are, and it seems to be holding in there pretty firmly," he says.

Mr Rollinson has dual nationality: He was born in the UK but grew up in Canada, where his father worked in mining. He studied geology, and started his working life in Canada's wide open spaces. "I was living in the wilderness all year round in a tent and I had some amazing experiences. It was my love of the outdoors that got me into this in the first place."

But a key to his career may have been the finance classes he took while completing a postgraduate degree in mining engineering. On graduating he went into mining banking and a career in a succession of investment banks. He advised Kinross before Mr Burt asked him to join the miner in 2008.

"My intention was always to get back into mining ... that is ultimately where my passion is," Mr Rollinson says.

What has helped his time at Kinross, he says, is that while he came from banking he also had plenty of technical mining knowledge. As he puts it: "I can speak a few languages -- geology, mining, corporate finance." Many miners lost sight of some mining basics, such as the importance of asset quality, during the go-go years: Mr Rollinson says he has brought 70 technical staff into Kinross, adding that much of their job is to argue why projects should not be done, rather than rush them through as fast as possible.

"I call them The Terminators," he says. "Every time you look at an opportunity -- it is like an ice cube. The minute those guys get hold of it, it starts melting. It is 'Forget it -- take that out -- that's aggressive' ... those are the guys that matter."

Stopping things has been a big feature of Kinross under Mr Rollinson. He describes the original project to expand Tasiast as like a plan for a house that was increasingly difficult to afford to build: today's is a smaller and cheaper project. "Instead of building new, we are renovating," Mr Rollinson says.

The original project could have hurt the company, he says. "What scared me was [that] we would get it half built in that overheated environment, over budget, and we might put ourselves in some jeopardy." Not to put so much at risk was, he says, "a pretty important lesson for me".

Another lesson has been experience of Kinross in Russia, bringing Mr Rollinson reluctantly into the political arena. At the height of tension with Moscow over Ukraine in 2014, Canada's government tried to persuade business leaders, including Mr Rollinson, not to attend an economic forum in St Petersburg.

"That was tough but we had to say -- we have employees, we have stakeholders, we have shareholders, we don't want to get involved in politics, and with respect we intend to participate. And we did," says Mr Rollinson.

Kinross has a seat on Russia's Foreign Investment Advisory Council, alongside the likes of BP and Siemens. "We have been in Russia for more than 20 years ... we are 98 per cent Russian. We are employing and training Russians," says Mr Rollinson, while noting that Kinross's mines, in Russia's far east, are geographically closer to Toronto than they are to Moscow.

Reluctantly drawn into talking about Kinross's past deals, and his role in them, Mr Rollinson says many have worked out well and points out that the most criticised, the Red Back Mining acquisition, was voted through by shareholders.

Now he prefers to look forward. Kinross last year acquired a US mine in Nevada from Barrick, the world's largest gold producer by volume, and the gleam in Mr Rollinson's eye suggests he believes he has got a good deal.

Together with the resolution of the saga over Tasiast's expansion, he says Kinross now has "good momentum."

"People are feeling good about the business. It's been a slog, I can't tell you it hasn't -- it's been hard work. But people are seeing the fruits of their labour ... what we have to do is keep our focus and keep working hard."

* * *

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

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

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

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

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

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To contribute to GATA, please visit:

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

Counterfeit gold and silver coins burning buyers

Fri, 05/20/2016 - 15:07

By John Matarese
WCPO-TV9, Cincinnati, Ohio
Friday, May 20, 2016

The price of gold is heading up again in 2016, as investors worry about the safety of the stock market. As a result, you may be noticing more radio commercials and online ads for gold coins.

But before you invest, coin experts are warning you to beware counterfeits that are flooding the market right now.

At Coins Plus -- a downtown Cincinnati landmark for 40 years -- owner Brad Karoleff now spends a lot of his time checking for counterfeits.

In one hand, he held up a 1-ounce U.S. eagle gold coin, worth over $1,000. In the other: an identical looking Chinese knockoff, worth maybe a dollar.

"Some off them are getting pretty good," Karoleff said. "They will fool the average person, and, worse, even some professionals have been fooled." ...

... For the remainder of the report:

http://www.wcpo.com/money/consumer/dont-waste-your-money/counterfeit-gol...

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

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Alasdair Macleod: The eurozone is the greatest danger

Thu, 05/19/2016 - 22:00

By Alasdair Macleod
GoldMoney.com, St. Helier, Jersey, Channel Islands
Thursday, May 19, 2016

Worldwide, markets are horribly distorted, which spells danger not only to investors, but to businesses and their employees as well, because it is impossible to allocate capital efficiently in this financial environment.

With markets everywhere disrupted by interventions from central banks, governments, and their sovereign wealth funds, economic progress is being badly hampered, and therefore so is the ability of anyone to earn the profits required to pay down the highs levels of debt we see today. Money that is invested in bonds and deposited in banks may already be on the way to money heaven, without complacent investors and depositors realizing it.

It should become clear in the coming weeks that price inflation in the dollar, and therefore the currencies that align with it, will exceed the Fed's 2 percent target by a significant amount by the end of this year. This is because falling commodity prices last year, which subdued price inflation to under 1 percent, will be replaced by rising commodity prices this year. That being the case, CPI inflation should pick up significantly in the coming months, already reflected in the most recent estimate of core price inflation in the US, which exceeded 2 percent. Therefore, interest rates should rise far more than the small amount the market has already factored into current price levels. ...

... For the remainder of the analysis:

https://www.goldmoney.com/the-eurozone-is-the-greatest-danger?gmrefcode=...

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

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http://gata.org/node/wallstreetjournal

Help keep GATA going

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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GoldMoney launches gold payroll and gold payout applications for BitGold business platform

Wed, 05/18/2016 - 21:13

Company Announcement
via Business Wire, San Francisco, California
Wednesday, May 18, 2016

TORONTO -- GoldMoney Inc., a financial technology company that operates a global, full-reserve, and gold-based financial services platform, is pleased to announce the launch of gold payroll and gold payout applications for the BitGold Business platform. The engineering and launch of the gold payout application completes another milestone in the build out of the BitGold B2B and B2C ecosystem.

The gold payout application is a free-enterprise software tool for BitGold Business accounts that allows clients to set up and automate recurring payments to anyone with an email address or mobile phone number. The payout application is designed to streamline international payroll, dividends, rebates, reward payments, partner and affiliate payouts, micro-payments, and more. Built on top of a global, closed-loop, and full-reserve account structure, the payout application allows for instant settlement of cross-border value transfers, which can also be automated to settle into any currency given the global nature of gold. ...

... For the remainder of the announcement:

http://www.businesswire.com/news/home/20160518005674/en/GoldMoney-Launch...

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

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

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

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Help keep GATA going

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

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To contribute to GATA, please visit:

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Doug Pollitt: Devaluing dollar and debt by revaluing gold is getting respectable

Wed, 05/18/2016 - 10:40

9:40a ET Wednesday, May 18, 2016

Dear Friend of GATA and Gold:

May's market letter by Doug Pollitt of Pollitt & Co. in Toronto reflects on the growing respectability of devaluing the U.S. dollar and debt by the upward revaluation of gold. Devaluation of the dollar against gold in 1934 was, Pollitt writes, the most successful provision of President Franklin D. Roosevelt's New Deal. Pollitt's letter is headlined "Pimco Goes Full Goldbug" and he has kindly given GATA permission to share it with you in PDF format here:

http://www.gata.org/files/PollittMarketLetter-05-2016.pdf

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

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

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

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

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

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AttachmentSize PollittMarketLetter-05-2016.pdf1.14 MB

TF Metals Report: The epic battle continues

Tue, 05/17/2016 - 20:30

7:29p ET Tuesday, May 17, 2016

Dear Friend of GATA and Gold:

The TF Metals Report's Turd Ferguson shows today how yesterday's seemingly unprovoked smash of gold futures prices was another attack by the bullion banks that have -- or have been lent by central banks -- the power to create infinite amounts of imaginary metal for price suppression.

Ferguson writes: "Having the ability to create an endless supply of anything gives you direct control over whatever market you 'make.' And for three years this has provided a stream of easy profits for these bank trading desks. They would simply issue as many new contracts as necessary to wait out the specs. Eventually price would top out and momentum would stall. All it would take was usually one good shove from the banks and down would go price. The specs would all rush for the exits and the banks would use the ensuing selling to buy back and cover nearly all their recently issued shorts."

Ferguson's analysis is headlined "The Epic Battle Continues" and it's posted at the TF Metals Report here:

http://www.tfmetalsreport.com/blog/7631/epic-battle-continues

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

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

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

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To contribute to GATA, please visit:

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'Audit the Fed' movement is taking a big step forward in Congress this week

Tue, 05/17/2016 - 10:27

By Jeff Cox
CNBC, New York
Monday, May 16, 2016

An effort to conduct an unconventional audit of the Federal Reserve is gaining traction in Washington and on its way to a potentially important milestone this week.

The Federal Reserve Transparency Act will undergo the markup process this week in the House Oversight and Government Reform Committee. A product of the "Audit the Fed" movement, the bill seeks not a financial exam of the U.S. central bank but rather a peek behind the curtain of how monetary decision-making happens. The markup comes after several failed efforts to move the legislation ahead, and supporters believe there now is enough backing in Congress to go forward.

The Fed's policymaking arm, the Federal Open Market Committee, does not meet in public and only communicates its decisions through carefully worded statements at the end of its meetings and through officials' remarks at speaking engagements and through the press. ...

... For the remainder of the report:

http://www.cnbc.com/2016/05/16/the-audit-the-fed-movement-is-taking-a-bi...

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

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

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

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To contribute to GATA, please visit:

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

Armed gangs confound Venezuela's bid to exploit gold mines

Tue, 05/17/2016 - 09:45

By Anatoly Kurmanaev
The Wall Street Journal
Tuesday, May 17, 2016

LA PARAGUA, Venezuela -- Five years after Venezuela nationalized much of its mining industry, President Nicolas Maduro is inviting multinational firms back in to try to revive the country's dying economy. But standing between the companies and the minerals are up to 100,000 illegal miners and armed gangs, some of which evidently enjoy cozy relations with local military commanders.

In February, Mr. Maduro unveiled a plan to auction 27 million acres of new concessions in an area he designated as the Orinoco Mining Arc. The government estimates the area holds 7,000 tons of gold, which if certified would make Venezuela’s gold deposits second only to Australia's.

Mr. Maduro signed deals that month with China's fourth-largest coal miner Yankuang Group, construction giant China CAMC Engineering Co. and Spokane, Washington-based independent miner Gold Reserve Ltd. He said more contracts worth billions of dollars are coming.

"This is a magnificent source of wealth that will begin substituting petroleum as our only source of foreign earnings," he said.

But at the illegal Arenosa gold mine in the heart of the Orinoco Mining Arc, gang leader Ramon said he had other plans. On a recent day, dozens of his henchmen armed with pistols, shotguns, and machine guns stood guard surrounding the mines. Around them, hundreds of wildcatters dug pits with shovels amid blaring salsa music. ...

... For the remainder of the report:

http://www.wsj.com/articles/armed-gangs-confound-venezuelas-bid-to-explo...

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

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

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

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

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

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To contribute to GATA, please visit:

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

Paulson cut gold bets again as Soros, others rushed back

Tue, 05/17/2016 - 09:38

By Devika Krishna Kumar
Bloomberg News
Tuesday, May 17, 2016

Gold bull John Paulson slashed his bets on bullion while billionaire investor George Soros and other big funds returned to the metal for the first time in years, filings showed on Monday, as prices staged their biggest rally in nearly 30 years.

New York-based hedge fund Paulson & Co, led by John Paulson, one of the world's most influential gold investors, slashed its investment in SPDR Gold Trust, the world's biggest gold exchanged-traded fund, by 17 percent to 4.8 million shares, U.S. Securities and Exchange Commission filings showed on Monday.

It was Paulson's third cut to his SPDR stake in a year and saw him drop to the third largest investor in the fund from second, behind BlackRock and First Eagle Investment Management.

"If you were already long, which clearly Paulson was, maybe he's just taking some profits off the table," Mike Dragosits, senior commodities strategist at TD Securities said. ...

... For the remainder of the report:

http://www.reuters.com/article/us-investments-funds-gold-idUSKCN0Y72C4

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

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

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

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

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

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To contribute to GATA, please visit:

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

University of Michigan to invest in gold, copper mining fund

Tue, 05/17/2016 - 09:31

By Janet Lorin
Bloomberg News
Monday, May 16, 2016

The University of Michigan plans to invest $30 million in a fund that will buy North American gold and copper mines from distressed companies.

The school, with a $10 billion endowment as of June 30, plans to make the investment with Waterton Mining Parallel Fund, which is managed by Waterton Global Resources Management in Toronto, according to an agenda for the Board of Regents meeting on May 19.

Gold is the best-performing major metal this year after silver amid rising concern over negative rates in Europe and Japan and whether the Federal Reserve will be able to tighten further.

"These opportunities arise from the financial distress of mining companies who took on significant amounts of debt for M&A activity prior to the collapse in commodity prices since 2011," Kevin Hegarty, chief financial officer at University of Michigan, wrote in the request for approval. "Now looking to strengthen their balance sheets, these financially distressed companies are selling assets to raise cash and reduce debt levels." ...

... For the remainder of the report:

http://www.bloomberg.com/news/articles/2016-05-16/university-of-michigan...

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

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

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Make America gold again: Calls for everyone's favorite standard are back

Tue, 05/17/2016 - 09:19

By Michelle Jamrisko
Bloomberg News
Tuesday, May 17, 2016

When times are tough, new economic theories get a better hearing. Maybe some old ones too.

The gold standard is one of the oldest ideas about money, but the hardest of hard-money hawks sense an opening to breathe new life into it. Decades ago, the amount of cash circulating in a country was often limited by the stash of bullion held in its coffers. Especially since 2008, developed-world policy has headed in the exact opposite direction, expanding the powers of central banks to stoke growth. Helicopter drops of money, potentially the next new thing, would be a giant leap further.

For those in the U.S. who see much risk and little benefit in the current course, gold is still a rallying point. And their audience may be growing.

"The fringe has become the mainstream," said Jesse Hurwitz, a U.S. economist at Barclays Capital in New York. He sees the gold standard as a bad idea but "something we'll increasingly talk about." ...

... For the remainder of the report:

http://www.bloomberg.com/news/articles/2016-05-17/make-america-gold-agai...

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

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

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

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

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

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