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Updated: 11 hours 9 min ago

Gene Arensberg: The gold trade seems to see little downside risk

Tue, 07/22/2014 - 23:42

10:40p ET Tuesday, July 22, 2014

Dear Friend of GATA and Gold:

The Got Gold Report's Gene Arensberg tonight looks again at trader positions in gold futures and concludes that "the gold trade," the people who do the biggest business in gold, "are currently positioned as though they do not believe that gold has any significant downside."

Arensberg's commentary is headlined "Comex Producer/Merchants in Gold, View from 30,000 Feet an Eye-Opener" and it's posted at the GGR here:

http://www.gotgoldreport.com/2014/07/comex-producermerchants-in-gold-vie...

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

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Jeremy Warner: Have central banks been breaking the law?

Tue, 07/22/2014 - 09:46

By Jeremy Warner
The Telegraph, London
Monday, July 21, 2014

http://www.telegraph.co.uk/finance/comment/jeremy-warner/10981011/Have-c...

The best way to destroy the capitalist system, the Russian revolutionary leader Vladimir Lenin is reputed to have said, is to debauch the currency.

The world's major central banks have certainly been having a fair old go at it. In the six years since the financial crisis first broke, they've been printing money like there is no tomorrow.

Fortunately, they have not yet managed to bring down the free-market system. On the other hand, they have succeeded in putting a rocket under asset prices and, in so doing, they have greatly exaggerated the wealth divide.

... Dispatch continues below ...


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In a number of cases, including the US and the UK, they have also significantly assisted governments in financing burgeoning fiscal deficits. To the extent that quantitative easing (QE) has had any effect at all, it is asset prices and governments that have been the prime beneficiaries.

This might seem something of an old issue now; the Bank of England stopped buying assets more than two years ago, while the US Federal Reserve is "tapering" fast. For the US and Britain, the age of "unconventional monetary policy" seems to be largely over.

Elsewhere, however, QE remains very much a work in progress. In Japan it's continuing at heroic pace, while on the Continent the European Central Bank is being urged by the International Monetary Fund to stop dilly-dallying in the face of deflationary pressures and get on with it.

Full marks, then, to Prof Andrew Johnstone and Trevor Pugh, of Sheffield Institute of Corporate and Commercial Law, for a new analysis, The Law and Economics of QE, which concludes that not only has QE been largely ineffectual but that it was also illegal.

Like common brigands, central banks have been acting outside the law -- their only real excuse being the supposedly higher purpose of economic necessity, a sort of Robin Hood-type operation where the ends justify the means, only with a slight flaw; by driving up the value of financial assets and real estate, QE further skews the distribution of wealth towards those with already large holdings of it. It robs from the poor and gives to the rich. Not that there is any possibility of the courts judging QE in all its various forms to be against the law, the writers concede. In Europe, the European Court of Justice has admittedly been asked to rule on ECB bond buying, but will almost certainly deem it to be a necessary price for holding the eurozone together. Never mind the law, the single currency comes first.

The director and deputy director of the IMF's Europe division said in a recent blog: "So long as the ECB buys sovereign bonds in pursuit of its mandate and in a way that has nothing to do with fiscal outcomes it can rebut the oft-heard charge that QE violates the prohibition against 'monetary financing of fiscal deficits.'" Thus does looking for ways around the law take precedence over its observation.

Lots of claims have been made for QE but no central bank has yet been able convincingly to demonstrate that it helps stimulate economic recovery. About the best that might be said for it is that it raised confidence at a critical moment in the crisis when financial and economic armageddon were threatened. But the persistence of asset purchases thereafter is much more questionable. There is not a whole lot of evidence to suggest it has played much of a role in restoring growth.

QE is supposed to work in a number of ways; it is, for instance, hard to argue that it hasn't depressed long-term interest rates. Some have benefited from this phenomenon undoubtedly, in particular mortgage holders and large companies, but it doesn't seem significantly to have reduced the cost or availability of finance to the real economy, which for many smaller companies remains high and scarce.

It was also meant to have led to "portfolio rebalancing", with investors replacing the bonds bought by the central bank with other assets such as equities. This in turn might have marginally reduced the cost of capital but, again, for the vast majority of privately-owned businesses it has made no difference at all.

Another declared purpose was to raise inflationary expectations, which in turn was meant to boost spending and wages. Again, nil effect, unless you count the scare stories in the early stages of QE of Weimar-style hyperinflation. In any case, real wages, the chief driver of domestically-generated inflation, have gone nowhere for nearly a decade now.

Expanding the money supply via increased central bank reserves was also supposed to have boosted bankers' willingness to lend, artificially generating the same "money multiplier" effect that rules in more normal times, when commercial bank lending and money creation is buoyant. Again, there is very little evidence that this occurred.

What very definitely did occur is that small cash savers got squeezed and debtors got bailed out.
The biggest of these debtors were governments, particularly the British, US and Japanese governments. All of them were able to borrow more cheaply than otherwise and, with the central bank mopping up supply, were able to raise a great deal more money. Central banks became enablers of continued deficit spending.

Remove the disciplines of the market, which is in effect what QE does, and governments will spend, if not with outright abandon, certainly with less concern than they would otherwise. Both in Britain and the US, much of the urgency of deficit reduction has been removed by QE.

Governments can proceed at a leisurely pace. Heck, why not make deficit spending a permanent feature of the economic landscape?

An invidious sophistry surrounds official explanations of QE, as well as a blanket denial of what it really is. No central bank will admit the unpalatable truth -- that it is backdoor monetisation of government debt -- certainly illegal under European law and possibly English law, too. As the Sheffield Institute authors argue, if you are going to use monetary means to finance government spending, you should at least be open and honest about it, as well as have a proper debate about whether QE is really the appropriate way of going about it.

In any case, underlying all this monetary manipulation is a deeply depressing set of contemporary assumptions and received wisdoms -- that government spending can somehow magic up economic growth; that politicians and regulators know better than markets how productively to allocate investment; that social equality should be the ultimate aim of all government activity. How ironic that QE has succeeded only in making this latter goal even more distant.

* * *

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Petropavlovsk's Hambro 'horrified' by gold market rigging; he should buy a GATA T-shirt

Tue, 07/22/2014 - 09:32

Hambro 'Horrified' by Tampering of London Gold Fix

By Thomas Biesheuvel
Bloomberg News
Tuesday, July 22, 2014

http://www.bloomberg.com/news/2014-07-22/hambro-horrified-by-tampering-o...

LONDON -- Peter Hambro, chairman of gold producer Petropavlovsk Plc, said he was "horrified" by the manipulation of the London fix given its importance to the industry.

"When I read the reports on what people had been doing to it, I was horrified," Hambro said in an interview today. "It is something that is really important to people in the industry. It's something that we use in a big way as we deliver our gold. That's how we price."

... Dispatch continues below ...


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Barclays Plc was fined $44 million earlier this year after a trader sought to influence the gold fix in 2012. The gold fixing takes place twice a day by phone and is used by mining companies to central banks to trade or value the metal.

The banks conducting the century-old London gold fixing and the London Gold Market Fixing Ltd., which runs the procedure, are seeking to revamp the process. Deutsche Bank's exit from the process this year as it scales back its commodities business left Societe Generale, Bank of Nova Scotia, HSBC Holdings, and Barclays to conduct fixings.

"To have something that we can rely on is vitally important," said Hambro, who previously traded bullion at Marc Rich Group and Mocatta & Goldsmid Ltd. "I look forward to its continuing existence."

* * *

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New gold miner ETF avoids primary investment in Barrick

Tue, 07/22/2014 - 00:26

11:24p Monday, July 21, 2014

Dear Friend of GATA and Gold:

Looks like you can now buy a gold-mining stock exchange-traded fund without putting the biggest part of your money in Barrick Gold, the biggest gold hedger and enabler of gold price suppression, the company that 11 years ago, by virtue of its enormous hedging, claimed to be the agent of central banks in the gold market:

http://www.gata.org/node/1858

The new ETF is the Sprott Gold Miners ETF, which began trading last week. According to its announcement, the ETF is based on the Sprott Zacks Gold Miners Index and "uses a transparent, rules-based methodology designed to identify 25 gold stocks that historically have the highest beta to the spot price of gold, with each stock's weighting in the index adjusted based on its quarterly revenue growth and long-term debt to equity":

http://www.sprottetfs.com/documents/pdfs/sgdm-pr-20140715.pdf

The ETF received favorable notice from the Wall Street Cheat Sheet, which noted that "each quarter the fund is re-weighted. This means that the fund is going to take profits on its outperformers and reallocate this capital to the underperformers. The Market Vectors Gold Miner ETF does no such thing. In fact, when the fund sees capital inflows, it pumps more money into the top performers because these are the companies that become the highest-weighted stocks in the fund."

The Wall Street Cheat Sheet commentary is here:

http://wallstcheatsheet.com/business/2-reasons-to-check-out-sprotts-new-...

Of course GATA is no investment adviser, but nobody who wants a free and transparent market in the monetary metals can be enthusiastic about any investment that abets gold price suppression.

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

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Liam Halligan: The dollar's 70-year dominance is coming to an end

Mon, 07/21/2014 - 19:27

By Liam Halligan
The Telegraph, London
Friday, July 19, 2014

http://www.telegraph.co.uk/finance/comment/liamhalligan/10978178/The-dol...

In early July 1944, delegates from 44 countries gathered at the Mount Washington Hotel in Bretton Woods, New Hampshire. A three-week summit took place, at which a new system was agreed to regulate the international monetary and financial order after the Second World War.

The US was already the world's commercial powerhouse, having eclipsed the British Empire several decades earlier. America was also on course to be among the victors of "Europe's conflict", even though its economy was largely unscathed by war. As such, Bretton Woods was US-dominated and produced a settlement largely on US terms.

Seventy years ago this week, that fateful summit ended. Its close marked the moment the dollar's unquestionable supremacy was secured. Since then, global commerce has been conducted largely in dollars and leading economies have held the greenback as their primary reserve currency.

... Dispatch continues below ...


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The same system remains intact today, with the lion's share of commercial settlements worldwide still clearing the US banking system -- even if the parties involved have nothing to do with the States.

The dollar's hegemony continues to be cemented, meanwhile, by the operations of the International Monetary Fund and World Bank. Founded at Bretton Woods, they're both Washington based, of course, and controlled by America, despite some Francophone window-dressing.

The advantages this system bestows on the US are enormous. "Reserve currency status" generates huge demand for dollars from governments and companies around the world, as they're needed for reserves and trade. This has allowed successive American administrations to spend far more, year-in year-out, than is raised in tax and export revenue.

By the early Seventies, US economic dominance was so assured that even after President Nixon reneged on the dollar's previously unshakeable convertibility into gold, amounting to a massive default, dollar demand kept growing.

So America doesn't worry about balance of payments crises, as it can pay for imports in dollars the Federal Reserve can just print. And Washington keeps spending willy-nilly, as the world buys ever more Treasuries on the strength of regulatory imperative and the vast liquidity and size of the market for US sovereign debt.

It is this "exorbitant privilege" – as French statesman Valéry Giscard d'Estaing once sourly observed – that has been the bedrock of America's post-war hegemony. It is the status of the dollar, above all, that's allowed Washington to get its way, putting the financial squeeze on recalcitrant countries via the IMF while funding foreign wars. To understand politics and power it pays to follow the money. And for the past 70 years, the dollar has ruled the roost.

This won't change any time soon. Something just took place, though, which illustrates that dollar reserve currency status won't last forever and could be seriously diluted. Last week, seven decades on from Bretton Woods, the governments of Brazil, Russia, India and China led a conference in the Brazilian city of Fortaleza to mark the establishment of a new development bank that, whatever diplomatic niceties are put on it, is intent on competing with the IMF and World Bank.

It's long been obvious the BRICs are coming. The total annual output of these four economies has spiralled in recent years, to an astonishing $29.6  trillion (£17.3 trillion) last year on a PPP-basis adjusted for living costs. That's within spitting distance of the $34.2 trillion generated by the US and European Union combined.

America's GDP, incidentally, was $16.8 trillion on World Bank numbers, and China's was $16.2 trillion -- within a whisker of knocking the US off its perch. The balance of global economic power is on a knife-edge. Tomorrow is almost today.

Consider also that the BRICs collectively hold sway over 50 percent of global currency reserves, rising to almost three-quarters if you take the emerging markets as a whole. The G7 nations between them control only 20 percent -- and less than 8 percent if you exclude Japan.

Based on such balance sheets, we're now seeing institutional change. The new BRICs Development Bank, modelled on the IMF, will have a $100bn currency reserve available to lend around the world, giving distressed debtor nations an alternative to the "Washington consensus."

For a long time, the BRICs have been paying in to the IMF, yet been denied additional influence over what happens to the money. Belgium has more votes than Brazil, Canada more than China.

The institutions governing the global economy have failed to keep pace with reality. Modest reforms giving the large emerging markets more power, agreed with much fanfare in 2007 and again in 2010, have been stalled by Washington lawmakers. The BRICs have now called time, setting up their own, rival institution based in Shanghai.

The key to the dollar's future is petrocurrency status -- whether it's used for trading oil and other leading commodities. Here, too, change is afoot. China's voracious energy appetite and America's increased focus on domestic production mean the days of dollar-priced energy look numbered.

Beijing has struck numerous agreements with Brazil and India that bypass the dollar. China and Russia have also set up rouble-yuan swaps pushing America's currency out of the picture. But if Beijing and Moscow – the word's largest energy importer and producer respectively -- drop dollar energy pricing, America's reserve currency status could unravel.

That would undermine the US Treasury market and seriously complicate Washington's ability to finance its vast and still fast-growing $17.5  trillion of dollar-denominated debt.

In May, Beijing and Moscow signed a huge multi-decade gas supply contract, to sit alongside a similar oil deal agreed in 2009. No one knows what share of this energy trade will be on a yuan-rouble basis -- and the two governments aren't saying. This question, seemingly inane, is among the most important diplomatic issues of our time.

At the moment, although Russia's export partners do sometimes settle in roubles, most Sino-Russian trade is still in dollars. But the combination of this new gas deal, and western sanctions on Russia -- has seen Moscow and Beijing step up bilateral efforts to facilitate large-scale non-dollar settlement.

With western anti-Russia sanctions likely to be tightened again after the tragic shooting of a Malaysian passenger plane over Ukrainian airspace, Beijing's response will be closely scrutinised. I, for one, expect the Chinese to say little until it's clearly established who grounded the plane and why.

Although the dollar's reserve status won't end overnight, the global payments system is now moving inexorably towards that outcome. The US currency accounted for just 33 percent of all foreign exchange holdings in 2013, on IMF numbers, down from 55 percent in 2001.

Within a decade or so, a "reserve currency basket" may emerge, with central banks storing wealth in a mix of dollars, yuan, rupee, reals and roubles, as well as precious metals. Perhaps some kind of synthetic bundle of the world's leading currencies will be developed, with emphasis placed, after years of Western money-printing, on assets backed by commodities and other tangibles.

I also believe central banks may include cyber-currencies (such as bitcoin) in their reserves. If you think that's mad, consider that mankind has long sought scarcity -- be it with shells, stones or metallic elements -- to store wealth. Now the money-printing taboo has been broken by yet another generation, it makes sense to use complex computer algorithms to ensure that only a certain amount of a particular currency unit can ever exist.

The dollar's status is a big question. Judging the outcome is more akin to star-gazing than scientific economics. But the establishment of this BRIC Development bank, timed to coincide with the anniversary of Bretton Woods, is an audacious and significant move. The world's emerging giants now have thumbscrews on the West.

* * *

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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:

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

Turk notes weakening 'flash crashes'; Embry knocks Yellen's disinformation

Mon, 07/21/2014 - 18:57

5:57p ET Monday, July 21, 2014

Dear Friend of GATA and Gold:

"Flash crashes" in gold and silver, the attacks of market-rigging central planners, are having less effect, GoldMoney founder and GATA consultant James Turk tells King World News today. "With both gold and silver -- as well as the mining stocks -- being so undervalued," Turk says, " the central planners can't keep downward pressure on the precious metals for days or even weeks like they used to."

Turk's interview is excerpted at the KWN blog here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/7/21_Ja...

Meanwhile Sprott Asset Management's John Embry, also interviewed at KWN, disputes last week's statement to Congress by Federal Reserve Chairwoman Janet Yellen. "That is one of the most naive statements I've ever read," Embry says. "There is untruth in virtually every assumption. I think there is a much stronger probability that economic activity in the United States is already contracting. This means monetary policy is going to have to be aggressive rather than accommodative or the system is going to collapse."

Embry's interview is excerpted at KWN here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/7/21_Jo...

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

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Buy metals at GoldMoney and enjoy international storage

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

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


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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:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Koos Jansen: Chinese wholesale gold demand year to date is nearly 1,000 tonnes

Sun, 07/20/2014 - 16:34

3:30p Sunday, July 20, 2014

Dear Friend of GATA and Gold:

Chinese wholesale gold demand for the year through July 11 has reached 998 tonnes, gold researcher and GATA consultant Koos Jansen reports today. While offtake from the Shanghai Gold Exchange for the week ending July 11 was somewhat diminished, Jansen writes, copper has been trading in backwardation in Shanghai for two weeks. Jansen's commentary is posted at Bullion Star's Internet site here:

https://www.bullionstar.com/article/chinese%20gold%20demand%20998

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

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

For more information, please visit Bullion Star here:

https://www.bullionstar.com/

Join GATA here:

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

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

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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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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

UK's Serious Fraud Office to launch criminal probe into forex rigging

Sun, 07/20/2014 - 16:14

By Harriet Dennys
The Telegraph, London
Sunday, July 20, 2014

http://www.telegraph.co.uk/finance/currency/10978850/Serious-Fraud-Offic...

The Serious Fraud Office is poised to launch the first criminal investigation into alleged rigging of the L3 trillion-a-day foreign exchange markets at leading City banks.

The financial watchdog is expected to announce the move as early as this week, according to reports, raising the spectre of further multimillion-pound fines for Britain's biggest banks over their behaviour during and after the financial crisis.

Investigators are expected to examine whether individual traders personally benefited by manipulating benchmark forex prices. It is claimed that traders colluded via online chatrooms in groups with names such as the Bandits' Club, the Dream Team, and the Cartel.

... Dispatch continues below ...


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The SFO's criminal inquiry into alleged currency markets rigging in London, home to more than 40 percent of the world's foreign exchange trading, will join global investigations into forex market abuse by watchdogs across Europe, Asia, and the US.

The UK's principal financial regulator, the Financial Conduct Authority, launched an investigation into global currency markets last October.

In March the Bank of England appointed Lord Grabiner QC to adjudicate on whether any bank officials were involved in manipulating the forex market between 2005 and 2013.

The SFO yesterday declined to set a date on the launch of its forex-rigging inquiry. It said in a statement: "We are receiving and examining complex data on this topic. When we open a criminal investigation, that decision will be announced in the usual way."

But Ross McEwan, the chief executive of Royal Bank of Scotland, said last Friday that he believes the forex probe could prove an even more serious problem for British banks than the Libor scandal, for which RBS last year paid a $612 million (L358 million) fine.

Asked whether the FX investigation could be a bigger problem for the industry than Libor, Mr McEwan told London's LBC radio station: "Unfortunately, it has the hallmarks."

He added: "We're still doing a lot of investigation. We're going through millions and millions of emails, chatrooms, conversations to see what actually went wrong, if anything, in this area.

"Unfortunately, I have the feeling that this is a sort of Libor case again. The difference this time is that we haven't sat back and denied it. We've gone into it and are doing the investigation hand in hand with the authorities."

The UK's so-called Big Four banks -- Lloyds, Barclays, HSBC, and RBS -- are also under pressure from the Competition and Markets Authority, which is expected to fire the starting gun on a full-blown competition inquiry into the banking sector on Friday.

* * *

Join GATA here:

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Friday-Sunday, September 19-21, 2014

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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:

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

GATA needs help, so please consider buying a T-shirt

Sun, 07/20/2014 - 13:02

12:14p ET Sunday, July 20, 2014

Dear Friend of GATA and Gold:

Challenging all the money and power in the world, GATA long has operated more or less on a shoestring. This has largely been our own fault, insofar as we have put most of our effort into research and clamor and little into fundraising. The situation has gotten critical over the last year as central banks have intensified their efforts to suppress monetary metals prices, most of the monetary metals mining industry has chosen to curl up and die guietly rather than fight back, and metals investors have suffered serious losses.

Since we're fanatics in pursuit of free and transparent markets, limited and accountable government, and fair dealing among nations, we're not discouraged at all. We have evidence that our work has had a substantial impact, influencing government policy and market opinion around the world despite a blackout in the mainstream financial news media. And it is a bit of a triumph for us that central banks intervening against the monetary metals have had to give up all subtlety for their interventions since April last year. They have gotten more scared of losing control of the markets they have been rigging than they are scared of getting caught, but the more they are caught, the less effective their rigging will be and the more likely they will be to lose control completely.

... Dispatch continues below ...


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GATA means to keep pressing them and we don't need a lot simply to stay in business and keep the flag flying. We don't have the expense of the World Gold Council's lovely offices in downtown London and its many highly paid employees. We can continue to operate on the electricity, telephone, and Internet service in our executives' homes.

But our officers do make considerable sacrifices of their time -- they are stuck in this struggle for its duration -- and with more resources we can do more research, support the work of our consultants, make more presentations to the people who most should learn what's really going on, undertake more lawsuits, and strike more blows for the cause.

This is not a general fundraising appeal. Our side is probably hurting too much for that and we're not going to keep exploiting our best friends. Rather, it's just the preface to our announcement that a hundred more GATA T-shirts are available for sale at $30 each, plus a small shipping charge, thereby facilitating smaller contributions that will give donors a little tangible evidence of their support.

The shirts are emblazoned with the colorful GATA painting by Alain Despert and are available in medium, large, and extra-large sizes. If we sell them all, we'll recover the cost of their manufacture and our merchandise fulfillment house's processing cost and come out ahead by a thousand dollars or so.

They can be viewed and purchased by credit card at GATA's Internet site here:

http://gata.org/tshirts

And if you don't want another T-shirt cluttering your closet but still would like to help GATA, please visit:

http://gata.org/node/16

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

* * *

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

Gene Arensberg: Futures trading positions hint at strong rises for gold, silver

Sun, 07/20/2014 - 11:48

10:50a ET Sunday, July 20, 2014

Dear Friend of GATA and Gold:

Big investment houses that trade gold and silver are extremely vulnerable to a short squeeze, the Got Gold Report's Gene Arensberg writes today after more review of the latest futures trader positioning reports.

"Our view," Arensberg writes, "is that gold and silver are in the formative, difficult-for-many-traders-to-believe stage of a nascent but powerful bull market. We believe that gold and silver are beginning to price in something ahead -- something we cannot yet see clearly but that nevertheless is real enough to underpin this market with ample buying pressure, even into managed sell-downs."

Arensberg's commentary is headlined "Comex Mercenary Swap Dealer Banks Way Short Silver Too, Vulnerable to a Squeeze" and it's posted at the GGR here:

http://www.gotgoldreport.com/2014/07/comex-mercenary-swap-dealer-banks-w...

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
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

Ing, Celente, Farage interviewed by King World News

Sat, 07/19/2014 - 12:46

11:45a ET Saturday, July 19, 2014

Dear Friend of GATA and Gold:

In interviews at King World News, market analyst John Ing notes gold's bounce back quickly after another "flash crash":

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/7/19_Le...

Trends forecaster Gerald Celente expects that war will distract people from the collapsing economy:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/7/18_Ge...

And United Kingdom Independence Party leader Nigel Farage says Europe's banks remain disasters waiting to happen:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/7/18_Ni...

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

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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

Gene Arensberg: Gold longs weren't stampeded as likely was expected last week

Sat, 07/19/2014 - 12:29

11:28a ET Saturday, July 19, 2014

Dear Friend of GATA and Gold:

Last week's attack on gold in the futures market accomplished little dumping of long positions, the Got Gold Report's Gene Arensberg writes today.

"With the gold trade (producer/merchants) having so few hedges now, and the mercenary swap-selling banks so overly short, and now with managed money showing us all that they were not running for the hills last Monday and Tuesday but instead more or less held their ground for a fight, would anyone actually feel comfortable on the short side with all the geopolitical smoke in the air and with gold equities showing some spunk recently?"

Arensberg's commentary is headlined "Comex Large Trader Positioning for Gold Holds Surprises in July 15 Data" and it's posted at the Got Gold Report here:

http://www.gotgoldreport.com/2014/07/comex-large-trader-positioning-for-...

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

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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

Options expiration will help gold more than international turmoil, Sprott says

Fri, 07/18/2014 - 22:55

9:50p ET Friday, July 18, 2014

Dear Friend of GATA and Gold:

Sprott Asset Management CEO Eric Sprott, interviewed by Sprott Money News for their weekly market roundup, says he doesn't expect international turmoil to do much for gold, but economies are not recovering and he expects gold to do well after the price suppression connected to this month's futures options expiration. The interview is 8 minutes long and can be heard at the Sprott Money Internet site here:

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

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

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To reserve your bars for delivery or arrange their storage in Singapore, Hong Kong, or Zurich, 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

Gene Arensberg: Silver was sold Tuesday at $104 million per minute for 30 minutes

Fri, 07/18/2014 - 20:19

7:23p ET Friday, July 18, 2014

Dear Friend of GATA and Gold:

Gene Arensberg of the Got Gold Report writes tonight that on Tuesday this week, as the monetary metals came under attack again from out of the blue, with the only news being Federal Chairwoman Janet Yellen's expression of reluctance to raise interest rates, someone sold silver at the rate of $104.5 million per minute for 30 minutes, more than $3 billion worth.

Of course it was all paper silver, but still -- somebody had $3 billion to spend for silver price suppression and, perhaps, currency market support, and, as Arensberg adds, silver really didn't flinch all that much.

As your secretary/treasurer remarked Tuesday night --

http://www.gata.org/node/14210

-- central banks and their bullion bank agents no longer care about being caught rigging the monetary metals markets, which probably signifies a certain desperation.

Arensberg's commentary is posted at the Got Gold Report here:

http://www.gotgoldreport.com/2014/07/gold-and-silver-disaggregated-cot-r...

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

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Visit us at www.europesilverbullion.com.

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

At KWN, Von Greyerz warns of bail-ins, exchange controls, counterfeit gold

Fri, 07/18/2014 - 12:03

11a ET Friday, July 18, 2014

Dear Friend of GATA and Gold:

Interviewed by King World News, Swiss gold fund manager Egon von Greyerz warns of bank bail-ins, exchange controls, and counterfeit gold bars:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/7/17_Ex...

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

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Silver mining stock report comes with 1-ounce silver round

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

http://fmturl.com/gata/


Join GATA here:

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: BIS seems to be edging away from dollar and toward gold

Fri, 07/18/2014 - 11:57

10:56a ET Friday, July 18, 2014

Dear Friend of GATA and Gold:

A recent interview with the general manager of the Bank for International Settlements, Jaime Caruana, suggests that the bank is edging away from Keynesianism, monetarism, and the U.S. dollar and becoming more partial to gold as the base of the international monetary order, GoldMoney research director Alasdair Macleod writes today.

"Even though central bankers in the political firing line only know expansionary monetary policies," Macleod writes, "it is clear that influential opinion in many quarters is building against them. It is too early to talk of a new monetary regime, but not too early to talk of the current one's demise."

Macleod's commentary is titled "Monetary Discord" and it's posted at GoldMoney here:

http://www.goldmoney.com/research/analysis/monetary-discord?gmrefcode=ga...

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

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


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

Dallas radio program interviews GATA Chairman Murphy

Fri, 07/18/2014 - 00:29

11:30p ET Thursday, July 17, 2014

Dear Friend of GATA and Gold:

GATA Chairman Bill Murphy was interviewed for 13 minutes yesterday on the Dan Cofall program on KFXR-AM1190 in Dallas, discussing GATA's research into gold price suppression. The interview has been archived at Cofall's Internet site and begins at the 34:15 mark here:

http://dancofall.com/?powerpress_pinw=2331-podcast

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

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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

Amity Shlaes: You can take a vacation but inflation doesn't

Thu, 07/17/2014 - 11:30

10:26a ET Thursday, July 17, 2014

Dear Friend of GATA and Gold:

While central bankers say there's not enough inflation, the historian Amity Shlaes writes this week that you might disagree if you try taking a vacation. Her commentary, "Inflation Vacation," is posted at National Review here:

http://www.nationalreview.com/article/382859/inflation-vacation-amity-sh...

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:

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

New York Sun: The Fed in danger

Thu, 07/17/2014 - 11:20

10:16a Thursday, July 17, 2014

Dear Friend of GATA and Gold:

Congress, the New York Sun editorializes today, is beginning to notice the growing arbitrariness of the Federal Reserve's power, its involvement in presidential politics, and its failure to improve economic conditions, and critical questions are arising. The Sun's editorial is headlined "The Fed in Danger" and it's posted here:

http://www.nysun.com/editorials/the-fed-in-danger/88785/

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

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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

Roberts and Kranzler: Insider trading and financial terrorism on Comex

Thu, 07/17/2014 - 09:44

8:45a ET Thursday, July 17, 2014

Dear Friend of GATA and Gold:

Former Assistant U.S. Treasury Paul Craig Roberts and market analyst Dave Kranzler explain the gold price smashdowns of the last few days in their new commentary, "Insider Trading and Financial Terrorism on Comex," posted at Roberts' Internet site here:

http://www.paulcraigroberts.org/2014/07/16/insider-trading-financial-ter...

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

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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

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