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Updated: 10 hours 32 min ago

First Briton pleads guilty to Libor rigging

Tue, 08/19/2014 - 09:51

By Katherine Rushton
The Telegraph, London
Monday, August 18, 2014

Paul Robson, a former trader at Rabobank, has become the first Briton to plead guilty to being part of the worldwide conspiracy to rig the Libor interest benchmark.

The executive, who worked at the Dutch bank's London office, admitted before a New York court to one count of bank fraud and wire fraud, as part of a conspiracy that also involved the taxpayer-backed Lloyds Banking Group.

The scheme, which was designed to boost profits at the companies involved, which affected mortgage rates and pension payments around the world, estimated to have cost the public trillions of pounds. ...

... For the remainder of the report:

http://www.telegraph.co.uk/finance/libor-scandal/11042476/First-Briton-p...

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http://gata.org/node/wallstreetjournal

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

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Reuters: China allows 3 more banks, including Standard Chartered, to import gold

Tue, 08/19/2014 - 09:48

By A. Ananthalakshmi and Fayen Wong
Reuters
Tuesday, August 19, 2014

China has allowed three more banks, including a foreign lender, to import gold, sources with direct knowledge of the matter said, as the world's top gold buyer gears up for its strongest effort yet to gain pricing power of the metal.

The move, which brings the number of firms allowed to import gold into China to 15, comes ahead of the launch in September of a new international bullion exchange in Shanghai with which China hopes to become a price-discovery centre. ...

... For the remainder of the report:

http://uk.reuters.com/article/2014/08/19/uk-gold-china-imports-idUKKBN0G...

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* * *

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

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Or by purchasing a colorful GATA T-shirt:

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

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To contribute to GATA, please visit:

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

Koos Jansen: East Asia geared up for renminbi gold trading

Tue, 08/19/2014 - 09:44

8:40a ET Tuesday, August 19, 2014

Dear Friend of GATA and Gold:

Gold researcher and GATA consultant Koos Jansen reports today that offtake from the Shanghai Gold Exchange has been flat for four weeks. Meanwhile, Jansen writes, "China is developing its market infrastructure not only for physical gold trade but also to expand paper trading to steal pricing power from the dominant forces in the West and to promote the internationalization of the renminbi." His commentary is headlined "East Asia Geared up for RMB Gold Trading" and it's posted at Bullion Star here:

https://www.bullionstar.com/article/east%20asia%20geared%20up%20for%20rm...

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

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

* * *

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

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To contribute to GATA, please visit:

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

U.S. gold reserve likely has been leased out, Grant Williams tells KWN

Tue, 08/19/2014 - 01:04

12:02a ET Tuesday, August 19, 2014:

Dear Friend of GATA and Gold:

The U.S. gold reserve likely has been mobilized through leasing to suppress the gold price, Singapore fund manager Grant Williams tells King World News tonight, adding that eventually more nations that deposited their gold with the U.S. government will start asking for its return and it won't be available either. Williams' interview is excerpted at the KWN blog here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/8/19_Sh...

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

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Jim Sinclair Plans Market Seminar in Nashville on September 20

Mining entrepreneur and gold advocate Jim Sinclair will hold his next market seminar on Saturday, September 20, in Nashville, Tennesse. For details about attending, please visit:

http://www.jsmineset.com/2014/08/18/venue-changenashville-qa-session/


Join GATA here:

Casey Research 2014 Summit
Hill Country Resort and Spa
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Friday-Sunday, September 19-21, 2014

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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...

* * *

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

This is what gold price suppression does to the environment in Peru and elsewhere

Mon, 08/18/2014 - 23:34

There's money only for subsistence workers, none for remediating the landscape.

* * *

Getting the Gold Story in Peru, and Getting Out

By Nick Miroff
Washington Post
Monday, August 18, 2014

http://www.washingtonpost.com/blogs/worldviews/wp/2014/08/18/dispatch-ge...

Just about everyone we met in Madre de Dios, Peru, told us to stay away from the mining camps.

Even at the lunch café where we stopped after arriving in Peru's southeastern Amazon region, the family at the next table over looked deeply worried when we asked for directions. "Very dangerous," they said. "A lot of bad people there."

Madre de Dios is the center of illegal gold mining in the western Amazon. The miners' dredging equipment and the mercury they use to tease gold out of alluvial sediments has led to some of the most appalling environmental destruction anywhere in South America, turning lush forests into lunar wastelands.

... Dispatch continues below ...


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Photographer Dominic Bracco and I wanted to see it up close. But the jungle camps where the miners work are notoriously lawless and miles from any help. Foreigners -- especially foreigners with cameras -- are not welcome.

Our timing wasn’t good, either. The Peruvian government had been cracking down on the miners, raiding their camps and dynamiting their machinery to try to drive them out of the forest. But the only way we'd be able to talk to the miners and see their operations up close would be to go without soldiers or police.

Braulio, a young cabdriver we met in Puerto Maldonado, the boom-town capital of Madre de Dios, seemed to be our guy. He told us his padrino (godfather), Don Vicente, was running a crew in a gold pit a couples of miles into the forest, and he could take us out there to meet him.

Two days later, we crammed into Braulio's battered Suzuki hatchback and headed for the camps. We also brought along a former park ranger and taxi-driver colleague of Braulio's for added security.

Soon after we turned off the paved highway into the forest, it was clear the Suzuki wouldn't make it. The mud was too deep, and the main access road had been wrecked by a government raid.

Dirt bikes were the only way in. We hired two motorcycle taxis outside a grimy cantina and rode three to a bike, zipping down jungle trails and across rickety bridges of rattling planks that looked as if they were salvaged from an Indiana Jones set, and about as old.

Everywhere we went, we drew hostile stares.

Miners heading to and from the camps shouted at us from passing motorcycles, cursing the bike cabbies for bringing us in.

It was a jarring ride through ruined landscapes of man-made deserts and sickly craters. I'd never seen humans do anything so hideous to the planet. In just a few years, vast stands of forest had been totally annihilated, as if hit by a massive napalm strike.

Then we saw the pits. Dominic jumped off the bike and started taking pictures as casually as possible, but it was as if our arrival had triggered a silent alarm.

Almost immediately we were surrounded by angry men demanding to know why we were there. Are you environmentalists? they asked.

More and more miners appeared out of the gold pits, shouting in Quechua, the Incan language, and swarming around us. We'd kicked over a hornet's nest.

They were not in a cheerful mood. The government had been raiding the area several times a month, scattering everyone into the forest and torching the camps.

An older man in rubber boots pushed through the crowd to confront us. His teeth were black from chewing coca and his broken nose was so askew it practically pointed at his ear.

"They're journalists!" he declared. The crowd tightened around us.

Braulio tried to quiet them. "No, it's okay!" he shouted, holding up his hands. "They're tourists!"

Now, I should say: I have been to journalism school. I have even read the part of The Washington Post ethics guidelines where it says to always tell the truth if someone asks if you are a reporter.

But I'm pretty sure this one wasn’t in the handbook. By then, 40 to 50 men and boys had encircled us.

I swallowed the speech I'd been preparing about how we were there to tell the miners’ side of the story, and kept my mouth shut.

Braulio’s “tourist” lie wasn’t much help anyway. "We don't allow tourists here," growled the man with the sideways nose.

I nudged Braulio. What about his godfather?

"We're here to see Don Vicente, my godfather," Braulio announced, apparently remembering our cover story.

"Ah, Don Vicente," said the black-toothed man. He knew him. He existed after all. The noose around us seemed to slacken.

Don Vicente was several miles deeper into the forest, the miners said. We'd come back to visit another time, we told them, thank you very much.

More men were arriving. But the crowd had loosened up enough for us to wiggle back onto the bikes and ease away without looking like we were running.

On the way back, we stopped at another mining camp, but once again drew an uneasy crowd after we introduced ourselves as journalists. I jotted down a few quick interviews with some of the friendlier miners, and with several miners' wives who ran little cantinas fashioned from tarps and tree branches. Dominic stood back and shot pictures as fast as he could.

The miners were boiling with rage at the government.

“What are we supposed to do -- go home and chew our nails?” said Marina Tapia, a 50-year-old café proprietor with gold-capped teeth and a floral apron. She said she and her husband had put their two sons through engineering school with the money they socked away working in the camps.

“The government treats us like thieves,” she said, standing next to the edge of a massive pit, where several dredgers were running. Others around her nodded.

It was interesting to hear the miners say they knew they were destroying the forest, and seem disturbed, even embarrassed, by it. But ultimately they said the damage was justified if it meant pulling their families out of poverty.

The longer we stayed to talk, the more we also seemed to be attracting people who really didn't want us there. It was time to split.

On the ride back to the highway, Braulio told us a Peruvian TV crew had been badly beaten when they showed up at the camps a few months earlier.

Maybe we got the tourist treatment after all.

* * *

Join GATA here:

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Friday-Sunday, September 19-21, 2014

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New Orleans, Louisiana
Wednesday-Saturday, October 22-25, 2014

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

* * *

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

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Or by purchasing a colorful GATA T-shirt:

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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


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Jim Sinclair Plans Market Seminar in Nashville on September 20

Mining entrepreneur and gold advocate Jim Sinclair will hold his next market seminar on Saturday, September 20, in Nashville, Tennesse. For details about attending, please visit:

http://www.jsmineset.com/2014/07/28/nashville-qa-session-announced/

Randgold CEO just shrugs as gold mining industry produces more metal at a loss

Mon, 08/18/2014 - 23:25

10:25p ET Monday, August 18, 2014

Dear Friend of GATA and Gold:

In the report appended here Randgold Resources CEO Mark Bristow complains to Bloomberg News today that the gold-mining industry is boosting supply to the market even while mining the metal at an increasing loss. Overlooking the gold mining industry's silence and the silence of its supposed trade association, the World Gold Council, in the face of the longstanding Western central bank policy of gold price suppression, Bristow seems not to understand even half the problem.

Randgold shareholders might ask Bristow if he's aware of any of the documentation archived by GATA here --

http://www.gata.org/taxonomy/term/23

-- and if he plans to do anything about it. If he's not and he doesn't, he'll have one more reason to be shaking his head at his brain-dead industry.

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

* * *

Ill-Disciplined Gold Miners Deal Loss to Their Industry

By Thomas Biesheuvel
Bloomberg News
Monday, August 18, 2014

http://www.bloomberg.com/news/2014-08-18/ill-disciplined-gold-miners-dea...

LONDON -- Gold producers opening new mines are hurting efforts to revive industry returns following the biggest price slump last year in more than three decades, according to Randgold Resources Ltd. Chief Executive Officer Mark Bristow.

Bloomberg's Chart of the Day shows how world gold output breached an annual 3,000 metric tons for the first time last year. That's while demand dropped 11 percent to 4,080 tons and gold prices tumbled 28 percent, the biggest slide since 1981. In the first half of 2014, demand also shrank 7.2 percent from the same period a year earlier, according to World Gold Council data.

... Dispatch continues below ...


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"The downside is driven by the industry continuing to supply gold at a loss," Bristow said in an interview. "We're not disciplined as an industry. We're not in good shape as a gold mining industry." Randgold's stock is the best performing among major companies with producing mines in the past decade.

Investors that cut gold holdings as prices fell from highs have yet to plunge back in. The metal held in exchange-traded products totaled 1,728 tons by Aug. 13, according to data compiled by Bloomberg. That's after it slumped by a third to 1,763 tons last year and touched a record 2,632 tons in 2012.

Gold prices have also struggled to make headway after a first-quarter rebound. The metal's up 10 percent in 2014 after rising as much as 16 percent to the year's high on March 17. The Philadelphia Stock Exchange Gold & Silver Index has recovered less than a quarter of the value it lost last year, when the gauge of 30 global gold and silver producers sank 49 percent.

Goldcorp Inc., the largest gold producer by market value, started mining at its Cerro Negro mine in Argentina last month, while its Eleonore project in Quebec is scheduled to begin producing this year. Newmont Mining Corp., the largest U.S. gold producer, said last month that it will build a mine in Suriname for as much as $1 billion that will start production in 2016.

* * *

Join GATA here:

Casey Research 2014 Summit
Hill Country Resort and Spa
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Friday-Sunday, September 19-21, 2014

http://www.caseyresearch.com/summit/2014-fall

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New Orleans, Louisiana
Wednesday-Saturday, October 22-25, 2014

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

* * *

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

Thai traders say spot gold exchange requires more study

Mon, 08/18/2014 - 23:07

By Nuntawun Polkuamdee
Bangkok Post
Bangkok, Thailand
Tuesday, August 19, 2014

http://www.bangkokpost.com/business/news/427460/traders-spot-gold-exchan...

Despite a mutual agreement in principle between the market regulator and gold traders, a gold exchange will not start operating this year, gold traders say after a discussion yesterday.

The seven dealers -- Globlex Holding Management, Classic Gold Futures, GT Gold Bullion, YLG Group, Ausiris, MTS Gold, and Hua Seng Heng Commoditas -- control 90 percent of the country's gold trading market in terms of both physical gold and gold derivatives markets.

Gold Traders Association chairman Jitti Tangsithpakdi said even though each GTA member expected gold trading to decline without a local spot gold market, details about trading, the management structure of the exchange and regulation still required further study.

... Dispatch continues below ...


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"Building a spot exchange is quite sensitive, so we need to be careful and seriously discuss the matter with all traders," he said.

Mr Jitti said it would take more than six months for an exchange to be ready for operation, but it is essential if Thailand wants to maintain its leading trading position in the region.

Thailand has had the world's fifth-largest gold futures board and been ASEAN's largest gold importer for two years now, but Singapore last year introduced an unofficial gold exchange that is gaining ground.

Early next month, the SET and the GTA will visit the Shanghai Gold Exchange, a non-profit and self-regulating exchange in China, following a recent visit by the gold traders to Hong Kong's century-old bullion exchange.

"The Hong Kong gold exchange is the largest bullion trading board in Asia-Pacific at 500 times Thailand's trading volume, so we can learn from them," said Mr Jitti.

SET president Kesara Manchusree said her bourse would design the initial model for the new exchange by adapting the operation and management structure of the advanced Chinese markets, but some details would be adjusted to fit Thailand's more liberal environment.

"We expect to see a clear structure for the gold exchange this year," she said, adding that the traders still had some conditions requiring approval from all stakeholders.

Mrs Kesara said the gold exchange was part of plans to develop the commodities and derivatives markets in terms of product variety and trading values.

The idea to set up a spot gold exchange in Thailand was initiated last year by the Bank of Thailand to regulate physical gold trading after it found discrepancies between spot market trades and the US-dollar value of transactions.

* * *

Join GATA here:

Casey Research 2014 Summit
Hill Country Resort and Spa
San Antonio, Texas
Friday-Sunday, September 19-21, 2014

http://www.caseyresearch.com/summit/2014-fall

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...

* * *

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

Grant Williams: Thinker, trader, holder. Why?

Mon, 08/18/2014 - 22:32

9:34p ET Monday, August 18, 2014

Dear Friend of GATA and Gold:

In the new edition of his "Thngs That Make You Go Hmmm. ..." letter, Singapore fund manager Grant Williams suggests that Asian central bank demand will be decisive for the gold price eventually, and he extensively praises gold researcher and GATA consultant Koos Jansen for calculating Chinese gold demand better than anyone else.

Williams writes: "If you really want to understand what the reality might very well be, then from time to time you need to take a little leap of imagination when considering the activities of the Chinese central bank and open your mind to possibilities that the mainstream just refuses to entertain.

"Nobody -- and I mean nobody -- does that better than my friend Koos Jansen.

"Koos watches gold data more closely than just about anybody else in the world (Nick Laird, if you're reading this, you’ve still got Southern Hemisphere bragging rights, my friend); and, crucially, he is one of the few who is happy to ignore what he's told by officials and do the math himself.

"Now when it comes to gold and China, that takes an incredible amount of hard work. However, when he does that work, the numbers Koos comes up with are quite extraordinary and -- for my money -- likely to be far more accurate than anything coming out of the People's Bank of China."

Williams' new letter is headlined "Thinker, Trader, Holder. Why?" and is posted at the Mauldin Economics Internet site here"

http://www.mauldineconomics.com/ttmygh/thinker-trader-holder-why

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

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Own Allocated And -- Most Importantly -- Segregated Bullion

If you do not own segregated physical coins and bars that you can take delivery of, you do not own bullion. International diversification remains key, and Hong Kong, Singapore, and of course Zurich remain the safest locations for owning and storing segregated bullion.

Check out "The Seven Key Storage Must-Haves" here:

http://info.goldcore.com/how-to-store-gold-bullion-the-seven-key-must-ha...

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

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

Join GATA here:

Casey Research 2014 Summit
Hill Country Resort and Spa
San Antonio, Texas
Friday-Sunday, September 19-21, 2014

http://www.caseyresearch.com/summit/2014-fall

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...

* * *

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

Central banks aim to scare 'trend followers' away from gold, Turk tells KWN

Mon, 08/18/2014 - 21:53

8:54p ET Monday, August 18, 2014

Dear Friend of GATA and Gold:

Central banks trying to suppress the price of gold, GoldMoney founder and GATA consultant James Turk tells King World News today, are most afraid that "trend followers" will jump into the market and suppression tactics are aimed at scaring them out. Turk's interview is excerpted at the KWN blog here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/8/18_Tu...

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

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* * *

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

U.S. doesn't really still have the gold it leased, Kaye tells KWN

Mon, 08/18/2014 - 14:54

1:55p ET Monday, August 18, 2014:

Dear Friend of GATA and Gold:

Hong Kong fund manager William Kaye, apparently replying to recent comments by fund manager and geopolitical analyst James G. Rickards --

http://www.gata.org/node/14317

-- today tells King World News that he doesn't believe that the U.S. government still has custody of the gold it has leased into the market. Rather, Kaye says, the gold has been shipped largely to Asia. An excerpt from his interview is posted at the KWN blog here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/8/18_Tr...

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

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Jim Sinclair Plans Market Seminar in Nashville on September 20

Mining entrepreneur and gold advocate Jim Sinclair will hold his next market seminar on Saturday, September 20, in Nashville, Tennesse. For details about attending, please visit:

http://www.jsmineset.com/2014/08/18/venue-changenashville-qa-session/


Join GATA here:

Casey Research 2014 Summit
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New Orleans, Louisiana
Wednesday-Saturday, October 22-25, 2014

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

* * *

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

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Or 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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AngloGold to discontinue London listing to cut costs

Mon, 08/18/2014 - 14:09

From the Financial Times, London
Monday, August 18, 2014

http://www.ft.com/intl/fastft

The cost-cutting in the gold mining industry has reached London.

AngloGold Ashanti, Africa's gold miner, said it intends to cancel the listing of its shares on the London Stock Exchange to cut costs.

Gold miners have been squeezing costs to cope with a decline in the price of the yellow metal, which has dropped 32 percent since touching $1,900 in September 2011.

AngloGold says the bulk of the trading of its shares is on the Johannesburg Stock Exchange and the New York Stock Exchange. The company added that it "wishes to streamline its administrative procedures and reduce costs arising from listings on multiple stock exchanges."

The miner's shares will stop trading in London on September 22.

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


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Jim Sinclair Plans Market Seminar in Nashville on September 20

Mining entrepreneur and gold advocate Jim Sinclair will hold his next market seminar on Saturday, September 20, in Nashville, Tennesse. For details about attending, please visit:

http://www.jsmineset.com/2014/07/28/nashville-qa-session-announced/

Gold price suppression covered in USA Watchdog's interview of 'Turd Ferguson'

Mon, 08/18/2014 - 13:09

12:08p ET Monday, August 18, 2014

Dear Friend of GATA and Gold:

Greg Hunter of USA Watchdog has interviewed TF Metals Report proprietor Turd Ferguson, also known as Craig Hemke, in a 22-minute discussion that covers gold price suppression and can be viewed at the TF Metals Report here:

http://www.tfmetalsreport.com/blog/6040/turd-greg-hunter-usa-watchdog

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

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Casey Research 2014 Summit
Hill Country Resort and Spa
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Friday-Sunday, September 19-21, 2014

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New Orleans Investment Conference
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Wednesday-Saturday, October 22-25, 2014

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

* * *

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:

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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

In Vietnam, gold sales are down but premiums are up

Mon, 08/18/2014 - 09:43

Gold Loses Shine in Vietnam as Retail Sales Slump

From Thanh Nien News
Ho Chi Minh City, Vietnam
Monday, August 18, 2014

http://www.thanhniennews.com/business/gold-loses-shine-in-vietnam-as-ret...

Gold purchases by retail customers in Vietnam, the world's seventh-largest gold consumer, fell 42 percent year-on-year to 19.3 tons in the April-June quarter, according to the latest World Gold Council report.

Gold bar sales dropped to 16.5 tons, down 45 percent from the second quarter of 2013 while jewelry purchases hit 2.8 tons, down 17 percent.

... Dispatch continues below ...


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Vietnamese investors have tended to store gold as a hedge against inflation. However, with an improving economy and slowing inflation, many are seeking to invest in stocks and property or simply to collect deposit interest, Vietnam News Agency quoted Nguyen Thanh Long, Chairman of the Vietnam Gold Traders Association, as saying.

Vietnam's gold investment market remains under state control, with gold bars auctioned by the central bank at regular intervals.

"2014 has seen a pause in the schedule of the central bank's gold auctions, causing a supply squeeze that has kept the domestic price premium high at around US$100-150/oz [more than global prices]," the World Gold Council said in its report.

"As a result, interest in chi rings (plain, gold rings with low markups) as an investment proxy remains high and will increase if tight supply conditions persist in the bar market," the council continued, adding that "unofficial flows continue to supplement the official supply."

Domestic gold prices stood at VND36.62 million ($1,721) a tael by roughly noon on August 18, up around 5.7 percent compared with early January. A tael equals to 1.2 ounces.

The World Gold Council ranked Vietnam as the world's seventh largest gold consumer last year with 92.2 tons worth $4.16 billion, up 20 percent versus 2012.

* * *

Join GATA here:

Casey Research 2014 Summit
Hill Country Resort and Spa
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Friday-Sunday, September 19-21, 2014

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Wednesday-Saturday, October 22-25, 2014

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* * *

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

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Or by purchasing a colorful GATA T-shirt:

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

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To contribute to GATA, please visit:

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

Koos Jansen: Global gold trade declines in the first half of 2014

Mon, 08/18/2014 - 08:59

8a ET Monday, August 18, 2014

Dear Friend of GATA and Gold:

Western gold exports to China were down in the first half of this year but the long-term upward trend continues, gold researcher and GATA consultant Koos Jansen reports today. His commentary is headlined "Global Gold Trade Declines in H1 2014" and it's posted at Bullion Star here:

https://www.bullionstar.com/article/global%20gold%20trade%20overview%20h...

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

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* * *

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

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Or 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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Could mobile phone recycling extend gold price suppression for years?

Sun, 08/17/2014 - 13:58

1p ET Sunday, August 17, 2014

Dear Friend of GATA and Gold:

This week the BBC reported some details on a subject of which most gold investors may be generally aware: that mobile telephones typically contain a small amount of gold. Speculating on the prospects for recycling that gold, the BBC concluded that it probably would not accomplish much.

"About 2,700 tonnes of gold are produced every year from mining -- about 7.4 tonnes per day," the BBC said. "To get that from mobile phones we'd need to recycle 300 million of them. And if we did that every day, the world's estimated seven billion mobile phones in active use would run out in 23 days."

... Dispatch continues below ...


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But 23 days' worth of gold supply is really not so minor in the age of gold price suppression. For the BBC report overlooked two crucial questions:

-- In the hands of central banks and their bullion bank agents, how much paper gold could be hypothecated and rehypothecated from those recycled phones and sold into the market to help suppress the price of the once and possibly future world reserve currency?

-- And could the BBC itself and other mainstream financial news organizations continue to be relied upon not to report about the purposes and mechanisms of gold price suppression? (See http://www.gata.org/taxonomy/term/23.)

Recycling that was creative enough might extend the gold price suppression scheme for many years while giving it a politically correct sheen.

The BBC report is appended.

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

* * *

How Much Gold Can We Get from Mobile Phones?

By Keith Moore and Faizal Farook
British Broadcasting Corp., London
Friday, August 15, 2014

http://www.bbc.com/news/blogs-magazine-monitor-28802646

It's said that a bag of used mobile phones contains a gram of gold. There are a lot of mobile phones in the world, so, William Kremer asks, how much of the gold we need can we get from them?

There be gold in them thar smartphones, said the European commissioner for the environment, Janez Potocnik, last month. He didn't use those exact words, but that was the general idea.

"The business case is clear," he said, as he launched revised waste and recycling targets for the EU. "There's gold in waste -- literally. It takes a ton of ore to get 1 gram of gold. But you can get the same amount from recycling the materials in 41 mobile phones."

This seems to be largely correct, whether the commissioner was talking about an imperial ton, or a metric tonne. (One is 1,016 kilograms, the other 1,000 kilograms.)

In gold-rich ore deposits, there are concentrations of gold at one or two parts per million, says Dave Holwell, an economic geologist at the University of Leicester. That equates to 1 or 2 grams per tonne.

And the idea that 41 handsets contain 1 gram of gold stems from a United Nations report on electronic waste. Brussels-based technology company Umicore told the BBC you can actually get this amount of gold from just 35 phones.

To look at it another way, Umicore says a tonne of old phones (weighed without their batteries) yields about 300 grams of gold.

But the business case may not be as clear as the commissioner claims. At current gold prices, the amount in your handset is worth less than L1 ($1.67). While Umicore says extracting gold from phones is commercially viable, another company, London's Genuine Solutions Group, told the BBC it makes little or no money this way.

The wider point of Potocnik's speech was to promote what he called "the circular economy."

"In essence we propose to make Europe a society without waste: to take the 600 million tons of materials contained in our waste and pump them back into productive use in the economy," he said.

Of course you can recycle gold from a range of different products, but how far could we satisfy our appetite for gold from phones alone? According to Dave Holwell, about 2,700 tonnes of gold are produced every year from mining -- about 7.4 tonnes per day. To get that from mobile phones we'd need to recycle 300 million of them. And if we did that every day, the world's estimated seven billion mobile phones in active use would run out in 23 days.

* * *

Join GATA here:

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Friday-Sunday, September 19-21, 2014

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New Orleans, Louisiana
Wednesday-Saturday, October 22-25, 2014

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

* * *

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

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Or by purchasing a colorful GATA T-shirt:

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

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To contribute to GATA, please visit:

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

Mike Kosares: Fed's new vice chairman, Stanley Fischer, speaks out

Sat, 08/16/2014 - 22:31

9:33p ET Saturday, August 16, 2014:

Dear Friend of GATA and Gold:

Mike Kosares of Centennial Precious Metals in Denver tonight calls attention to the first speech of the new vice chairman of the Federal Reserve, Stanley Fischer, who said the first objective of central banks at the moment must be to try to restore economic growth. This, Kosares writes, argues against expecting an increase in interest rates any time soon, since raising rates always causes a recession. He adds that low interest rates correlate with a rising gold price, though, of course, lately they also have correlated with gold price suppression by central banks. Kosares' commentary is headlined "Stanley Fischer Speaks Out" and it's posted at Centennial's Internet site, USAGold, here:

http://www.usagold.com/cpmforum/2014/08/16/stanley-fischer-speaks-out/

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

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Jim Sinclair Plans Market Seminar in Nashville on September 20

Mining entrepreneur and gold advocate Jim Sinclair will hold his next market seminar on Saturday, September 20, in Nashville, Tennesse. For details about attending, please visit:

http://www.jsmineset.com/2014/07/28/nashville-qa-session-announced/


Join GATA here:

Casey Research 2014 Summit
Hill Country Resort and Spa
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Friday-Sunday, September 19-21, 2014

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

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

* * *

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

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Or 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

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Stoferle, Celente, Fleckenstein, Cashin, and Leeb at KWN

Sat, 08/16/2014 - 17:36

4:35p ET Saturday, August 16, 2014

Dear Friend of GATA and Gold:

There's a full plate of commentary this weekend at King World News:

Fund manager Ronald-Peter Stoferle identifies the trouble caused by the suppression of interest rates:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/8/16_Th...

Trends forecaster Gerald Celente provides examples of the continuing decline of the world economy:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/8/15_Ge...

Fund manager Bill Fleckenstein expects the equity markets to collapse as the Federal Reserve tries to stop its bond buying, causing the Fed to crank it up again:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/8/15_Fl...

Market analyst Art Cashin worries about a squeeze in bonds and bond derivatives:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/8/15_Sh...

And fund manager Stephen Leeb says the United States is desperate to stop an alliance of Germany, Russia, and China:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/8/15_U....

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

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http://fmturl.com/gata/


Join GATA here:

Casey Research 2014 Summit
Hill Country Resort and Spa
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Friday-Sunday, September 19-21, 2014

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New Orleans, Louisiana
Wednesday-Saturday, October 22-25, 2014

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

* * *

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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


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Jim Sinclair Plans Market Seminar in Nashville on September 20

Mining entrepreneur and gold advocate Jim Sinclair will hold his next market seminar on Saturday, September 20, in Nashville, Tennesse. For details about attending, please visit:

http://www.jsmineset.com/2014/07/28/nashville-qa-session-announced/

Ferguson says HUI has turned up; Speck's 'Gold Cartel' reviewed favorably

Sat, 08/16/2014 - 17:25

4:25p ET Saturday, August 16, 2014

Dear Friend of GATA and Gold:

The TF Metal Report's Turd Ferguson argues today that the HUI gold mining index has bottomed and promises large gains for the remainder of the year. His commentary is headlined "As the HUI Turns" and it's posted at the TF Metals Report here:

http://www.tfmetalsreport.com/blog/6036/hui-turns

And independent investor Ben Kramer-Miller, writing at Seeking Alpha, reviews GATA consultant Dimitri Speck's book "The Gold Cartel." Speck, Kramer-Miller writes, has provided "proof beyond a reasonable doubt" of gold price suppression by central banks and their agent bullion banks. Registration is needed to gain access to the review, which is posted at Seeking Alpha here:

http://seekingalpha.com/article/2418755-book-review-dimitri-specks-the-g...

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

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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:

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Join GATA here:

Casey Research 2014 Summit
Hill Country Resort and Spa
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Friday-Sunday, September 19-21, 2014

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

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

* * *

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

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To contribute to GATA, please visit:

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

GoldCore: New LBMA silver price still not transparent

Fri, 08/15/2014 - 12:35

11:33a ET Friday, August 15, 2014

Dear Friend of GATA and Gold:

GoldCore's daily commentary today complains that the new silver pricing mechanism in London is not transparent and seems rushed and incomplete. The commentary is headlined "New LBMA Silver Price Still Not Transparent" and it's posted at GoldCore here:

http://www.goldcore.com/goldcore_blog/new-lbma-silver-price-still-not-tr...

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

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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.

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For more information, please visit Bullion Star here:

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Join GATA here:

Casey Research 2014 Summit
Hill Country Resort and Spa
San Antonio, Texas
Friday-Sunday, September 19-21, 2014

http://www.caseyresearch.com/summit/2014-fall

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...

* * *

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

Alasdair Macleod: No escape from the dollar as the currency standard

Fri, 08/15/2014 - 12:05

11a ET Friday, August 15, 2014

Dear Friend of GATA and Gold:

Developing countries may be able to trade with each other without the U.S. dollar but so many dollars are floating around the world and constituting so much of central bank reserves that there may be no getting away from the dollar standard without crashing the world financial system. That's the argument today of GoldMoney research director Alasdair Macleod, whose commentary, headlined "No Escape from the Dollar as the Currency Standard," is posted at GoldMoney here:

http://www.goldmoney.com/research/analysis/no-escape-from-the-dollar-as-...

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

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Own Allocated And -- Most Importantly -- Segregated Bullion

If you do not own segregated physical coins and bars that you can take delivery of, you do not own bullion. International diversification remains key, and Hong Kong, Singapore, and of course Zurich remain the safest locations for owning and storing segregated bullion.

Check out "The Seven Key Storage Must-Haves" here:

http://info.goldcore.com/how-to-store-gold-bullion-the-seven-key-must-ha...

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

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

Join GATA here:

Casey Research 2014 Summit
Hill Country Resort and Spa
San Antonio, Texas
Friday-Sunday, September 19-21, 2014

http://www.caseyresearch.com/summit/2014-fall

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...

* * *

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

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