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Updated: 11 hours 21 min ago

S. Africa's gold mines offer wage increases of up to 13%

Mon, 06/29/2015 - 15:34

By Kevin Crowley
Bloomberg News
Monday, June 29, 2015

South African gold-mining companies tabled a five-year wage offer to the industry's unions that falls short of demands for increases of more than 80 percent.

AngloGold Ashanti Ltd., the world's third-biggest producer of the metal, offered to raise entry-level workers' pay by 13 percent annually starting July 1, while Sibanye Gold Ltd. and Harmony Gold Mining Co. proposed 11 percent and 7.8 percent respectively, they said in a joint statement on a website set up for the wage talks.

The National Union of Mineworkers, the industry's biggest labor group, wants basic pay to be raised to at least 10,500 rand ($854) monthly from about 5,700 rand now. The inflation rate was 4.6 percent in May. ...

... For the remainder of the report:

http://www.bloomberg.com/news/articles/2015-06-29/south-africa-s-gold-pr...

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http://gata.org/node/wallstreetjournal

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

Koos Jansen: New Chinese fund cites gold's 'superiority'

Mon, 06/29/2015 - 12:53

11:53a ET Monday, June 29, 2015

Dear Friend of GATA and Gold:

Gold researcher and GATA consultant Koos Jansen today provides an English translation of a report about China's plan for the Silk Road Gold Fund, whose aim is "bringing gold's superiority into play." Jansen's commentary is headlined "Gold Fund to Serve the New Strategy of the Silk Road, Lead the New Gold Development" and it's posted at Bullion Star here:

https://www.bullionstar.com/blogs/koos-jansen/gold-fund-to-serve-the-new...

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

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New Orleans Investment Conference
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https://jeffersoncompanies.com/landing/2014-av-powell

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

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

Alasdair Macleod: The euro crisis

Mon, 06/29/2015 - 12:47

11:47a ET Monday, June 29, 2015

Dear Friend of GATA and Gold:

GoldMoney head of research Alasdair Macleod writes today that Greece's acknowledgment of bankruptcy puts the solvency of the European Central Bank in doubt as well. He concludes with an observation about gold's prospects against continued central bank intervention. Macleod's commentary is headlined "The Euro Crisis" and it's posted at GoldMoney here:

https://www.goldmoney.com/research/analysis/the-euro-crisis?gmrefcode=ga...

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

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New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, October 28-31, 2015

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

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

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

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

Or by purchasing a colorful GATA T-shirt:

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

Dave Kranzler: Market intervention creep

Mon, 06/29/2015 - 12:33

Don't Panic -- The Fed Is Control of the Markets

By Dave Kranzler
Investment Research Dynamics
Monday, June 29, 2015

If today's market action does not convince the last skeptics that the U.S. financial markets are completely rigged, nothing will.

The action in the U.S. markets today after the Greece/EU situation hit a wall today demonstrates the degree of control the Fed and the U.S. central planners have over the markets now. ...

Ever since 1987, and since President Reagan signed the executive order that authorized the Plunge Protection Team to prop up the stock markets, there's been market intervention "creep" in this country. Robert Rubin's role as secretary of treasury was to transition the Working Group on Financial Markets from its stock market-propping function into a full-fledged, all-encompassing market intervention mechanism. ...

... For the full commentary:

http://investmentresearchdynamics.com/dont-panic-the-fed-is-control-of-t...

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

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

Financial system cracks, gold somehow falls, no one in authority will ask why

Mon, 06/29/2015 - 11:53

10:56a ET Monday, June 29, 2015

Dear Friend of GATA and Gold:

No one who has followed GATA for a while could have thought last night, as Greece collapsed financially and the foundations of the European Union and its currency were shaken, that gold would do anything but decline or be held steady under surreptitious central bank intervention in the markets.

But at least today's price action, the most anomalous since the otherwise inexplicable smashes down in April 2013, may awaken a few of the more oblivious analysts who purport to cover the gold market.

... Dispatch continues below ...


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A couple of old observations on this point may be worth revisiting today.

At GATA's Gold Rush 21 conference in Dawson City, Yukon Territory, in August 2005, the late South African investment adviser Peter George said: "For the last 10 years the central banks have effectively shown that when there's a real crisis, gold actually goes down, and then it's so blatant, it's a joke."

George's comment is preserved on video at the 38-second mark in the top frame here:

http://gata.org/node/20

And as your secretary/treasurer has remarked for years, as he did again two years ago --

http://gata.org/node/12994

-- "War and the threat of war ... actually send the gold price down because they prompt even more intervention by central banks. Indeed, if the Northern Hemisphere was destroyed in a nuclear war, the U.S. Exchange Stabilization Fund would sell enough futures contracts in Johannesburg, Sydney, and Rio de Janeiro to knock the gold price down by 25 percent; CPM Group's Jeff Christian would attribute the crash to new hedging by mining companies expecting further declines in price, though the war had brought mine production to an end in the Northern Hemisphere; and what remained of the mainstream financial news media would quote Christian without putting a critical question to him or to any central bank. (Actual journalism is never attempted in regard to gold.)"

Zero Hedge today remarks acidly on this phenomenon in an item headlined "Gold Tumbles Despite UK Mint Seeing Europeans Rush to Buy Bullion":

http://www.zerohedge.com/news/2015-06-29/gold-tumbles-despite-uk-mint-se...

If you know anyone in the monetary metals business or financial news media who doubts this or doesn't understand it, you can send him GATA's summary of the purposes, history, and documentation of the Western central bank gold price suppression scheme:

http://www.gata.org/node/14839

And if you're invested in monetary metals mining companies that fail to acknowledge this scheme and agitate against it -- that is, most mining companies -- you might ask yourself why.

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

* * *

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Hilton New Orleans Riverside Hotel
Wednesday-Saturday, October 28-31, 2015

http://noic2015.eventbrite.com/?aff=gata

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

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

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

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To contribute to GATA, please visit:

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

TF Metals Report: The criminality of the Comex

Sun, 06/28/2015 - 20:01

7p ET Sunday, June 28, 2015

Dear Friend of GATA and Gold:

The TF Metals Report's Turd Ferguson tonight powerfully echoes a point long made by silver market rigging whistleblower Ted Butler: that the monetary metals futures markets have been captured by naked short-selling speculators and completely perverted to destroy price discovery in the markets they are supposed to be serving.

Ferguson asks why this is allowed to continue. GATA answers that question with extensive documentation here:

http://www.gata.org/node/14839

But back in 2001 the British economist Peter Warburton figured it all out in principle long before anybody else did:

http://www.gata.org/node/8303

Where does it all end?

In his novel "1984," written in 1949, George Orwell wrote that it wouldn't end. "If you want a picture of the future," Orwell wrote, "imagine a boot stamping on a human face -- forever."

But somehow much of the world has held on for three decades longer than Orwell thought possible. Dissent survives, and Ferguson's -- headlined "The Criminality of the Comex" -- is posted at the TF Metals Report here:

http://www.tfmetalsreport.com/blog/6952/criminality-comex

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

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

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

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

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

Or by purchasing a colorful GATA T-shirt:

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

Greece to shut banks and stock exchange on Monday as crisis deepens

Sun, 06/28/2015 - 14:47

By Lefteris Papadimas and John O'Donnell
Reuters
Sunday, June 28, 2015

Greece's banks and stock exchange will be shut on Monday after creditors refused to extend the country's bailout and savers queued to withdraw cash, taking Athens' standoff with the European Union and the International Monetary Fund to a dangerous new level. ...

The head of Piraeus Bank, one of Greece's top four banks, speaking after a meeting of the country's financial stability council, said banks would be shut on Monday while a financial industry source told Reuters the Athens stock exchange would not open.

... For the remainder of the report:

http://www.reuters.com/article/2015/06/28/us-eurozone-greece-idUSKBN0P40...

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New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, October 28-31, 2015

http://noic2015.eventbrite.com/?aff=gata

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

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

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

BIS scolds its own central bank members: You've made a mess of everything

Sun, 06/28/2015 - 13:26

World Is Defenseless Against Next Financial Crisis, BIS Warns

By Peter Spence
The Telegraph, London
Sunday, June 28, 2015

http://www.telegraph.co.uk/finance/economics/11704051/The-world-is-defen...

The world will be unable to fight the next global financial crash as central banks have used up their ammunition trying to tackle the last crises, the Bank of International Settlements has warned.

The so-called central bank of central banks launched a scatching critique of global monetary policy in its annual report:

http://www.bis.org/publ/arpdf/ar2015e.htm

The BIS claimed that central banks have backed themselves into a corner after repeatedly cutting interest rates to shore up their economies.

These low interest rates have in turn fuelled economic booms, encouraging excessive risk taking. Booms have then turned to busts, which policymakers have responded to with even lower rates.

... Dispatch continues below ...


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Claudio Borio, head of the organisation's monetary and economic department, said: "Persistent exceptionally low rates reflect the central banks' and market participants' response to the unusually weak post-crisis recovery as they fumble in the dark in search of new certainties."

"Rather than just reflecting the current weakness, they may in part have contributed to it by fuelling costly financial booms and busts and delaying adjustment. The result is too much debt, too little growth and too low interest rates.

"In short, low rates beget lower rates."

The BIS warned that interest rates have now been so low for so long that central banks are unequipped to fight the next crises.

"In some jurisdictions, monetary policy is already testing its outer limits, to the point of stretching the boundaries of the unthinkable," the BIS said.

Policymakers in the eurozone, Denmark, Sweden and Switzerland have taken their interest rates below zero in an attempt to support their economies, contributing to a decline in bond yields.

Extraordinarily low interest rates are not a "new equilibrium" said Jaime Caruana, general manager of the BIS, rejecting the theory of so-called "secular stagnation" which some economists blame for the continued decline in global lending rates.

"True, there may be secular forces that put downward pressure on equilibrium interest rates … [but] we argue that the current configuration of very low rates is neither inevitable, nor does it represent a new equilibrium," he said.

Mr Caruana said that interest rate hikes "should be welcomed," as global economies have started to grow at close to their historical averages, and a slump in oil prices has provided the global economy with a boost.

The BIS report described the threat of a new bust in advanced economies as a "main risk," with many reaching the top of the economic cycle.

The economies worst hit by the last crisis are now suffering the costs of persistent ultra-low rates, the organisation said, which could "inflict serious damage on the financial system", sapping banks and weakening their balance sheets and their ability to lend.

And the continued misallocation of resources during busts prompted by central banks's rock-bottom interest rates has also hammered productivity growth, the BIS said, as a prolonged reliance on debt had been used in its place.

This problem is compounded as the world's populations continue to age, the organisation warned, making debt burdens harder to bear. Yet politicians have relied too much on temporary growth boosts by using debt, rather than making painful choices, said the BIS.

Mr Caruana said that during booms, workers and capital are shifted to slow-growing sectors, with a "long-lasting negative" impact on productivity growth. "Misallocated labour needs to move from these sectors to other parts of the economy," he said.

The BIS said that the current turmoil in Greece typified the kind of "toxic mix" of private and public debt being used as a solution to economic problems, rather than making the proper commitment "to badly needed" structural reforms.

Mr Caruana said that policymakers must now focus on the supply side of the economy, introducing the right reforms, rather than continue to lean on debt which will inevitably undermine growth.

* * *

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

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

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

Or by purchasing a colorful GATA T-shirt:

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

http://gata.org/node/wallstreetjournal

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To contribute to GATA, please visit:

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

Brien Lundin: Proof of gold market manipulation

Sun, 06/28/2015 - 12:20

By Brien Lundin, Editor
Gold Newsletter, Metairie, Louisiana
Thursday, June 25, 2015

https://jeffersoncompanies.com/gold-newsletter/about-gold-newsletter

As long-time readers know, I've been skeptical that the anyone in the U.S. government is manipulating the gold market on a daily basis. That skepticism is rooted in my confidence that the government would screw up any attempts at active, high-tech manipulation. Just look at their inability to prevent the Chinese from obtaining confidential personnel files on tens of millions of Americans -- after having already seen them hack into the system once without downloading the files.

To quote the great 20th-century philosopher Ringo Starr, "Everything the government touches turns to crap."

No, a minute-by-minute manipulation of the gold market isn't within the capabilities of the Washington bureaucracy. But somebody is doing it -- of that there is no longer any doubt -- and they're doing it by the millisecond.

... Dispatch continues below ...


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That's the conclusion of a number of comprehensive analyses by Nanex (www.nanex.net), a company that offers software and data that tracks quotes and trades on the major U.S. equity exchanges sequentially. In other words, quote by quote, trade by trade, by the millisecond. That alone is a great service. But under the direction of CEO Eric Hunsader, Nanex has also conducted investigations of many anomalous trading events in the markets and has tracked the rise and impact of high-frequency trading. Their research site --

http://nanex.net/NxResearch

-- deserves browsing by anyone interested in shenanigans now being perpetrated on a daily basis by HFTs and their algo trading software.

Of particular interest to us, Nanex has identified and examined some "flash crashes" that occurred last year and this year in gold. This Zero Hedge post --

http://www.zerohedge.com/news/2015-06-24/gold-silver-slammed-mini-flash-...?

-- describes Nanex's study of the most recent such event, on Tuesday, June 25, when "15 minutes after GDP data was released -- showing Q1 was indeed as weak as expected and inventories suggesting Q2 will be just as weak -- someone decided it was an appropriate time to dump over half a billion dollars of notional gold on the futures market. ..." (Emphasis by Zero Hedge.)

The Nanex studies can get a bit technical but they are fascinating. For instance, their examination of a flash crash that occurred on January 6, 2014, showed how gold was forced down over $30 in less than 100 milliseconds. By breaking the groups of trades into jumps in the exchange sequence numbers, they were able to identify nine groups where the sum of the trade sizes was precisely 338 contracts.

At the time of this flash crash, blame was placed on someone's "fat finger" trade. As Nanex concluded, "This was not the result of a fat finger, but rather the work of a high-frequency trading algorithm that paused and (probably) tested the market before continuing. A fat finger would not have such distinguishing features. What is disturbing about this algorithm is that it carefully waited so as not to trip the CME's stop logic and halt the stock. The halt was from the more lenient volatility circuit breaker after the price declined $30 in less than a second. This algo appears to have been more concerned about preventing an immediate halt rather than getting the best prices. Since the value of the trades was close to $500 million, there aren't a lot of suspects."

To me this is ironclad evidence that someone is manipulating the market in a very sophisticated way, and not necessarily for profit-driven reasons. And as
Nanex observed, the list of actors who can employ $500 million in what was essentially a single trade is short.

In this case, the evidence was even convincing enough to prompt the CME into action, whereupon it recently fined Mirus Futures LLC $200,000 for failing "to adequately monitor the operation of its trading platform (Zenfire) and the connectivity of its trading system (Zenfire) with Globex. This failure resulted in unusually large and atypical trading activity by several of the firm's customers and caused the mass entry of order messages by Zenfire, which resulted in a disruptive and rapid price movement in the February 2014 gold futures market and prompted a Velocity Logic event."

As Zero Hedge notes, Mirus was sold to Ninja Trader about a year ago and all the people behind the scheme have probably now scattered to different HFT enclaves.

So, yes, the manipulation of gold and silver is ongoing. But don't count on any sweeping regulatory action to rein in HFTs or their backers until they trip up the more important markets that Wall Street is involved in.

* * *

Join GATA here:

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Shanghai Gold Exchange in talks to list products on CME

Fri, 06/26/2015 - 11:50

From Reuters
Friday, June 26, 2015

SHANGHAI -- The Shanghai Gold Exchange is in talks to list its bullion products on CME Group's trading platform and launch yuan-denominated bullion contracts in Dubai, an exchange official said.

China, the top producer and a leading consumer of gold, is seeking to boost its global presence in the bullion market and increase the use of its currency, while also opening its own markets to foreign players.

State-run SGE, the world's biggest physical bullion exchange, will initially list its products and prices on CME, whose members and clients will be allowed to trade the Chinese exchange's products, SGE Vice President Shen Gang told an industry conference on Thursday. ...

... For the remainder of the report:

http://www.reuters.com/article/2015/06/26/us-gold-china-sge-idUSKBN0P610...


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

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

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Incrementum's 'In Gold We Trust' report for 2015 -- valuation anomalies galore

Thu, 06/25/2015 - 23:21

10:28p ET Thursday, June 25, 2015

Dear Friend of GATA and Gold:

Liechtenstein-based asset management firm Incrementum partners Ronald-Peter Stoeferle and Mark J. Valek today published the firm's annual "In Gold We Trust" report, a magisterial review of gold's standing in the financial markets.

The report identifies many anomalies suggesting that gold now may be more undervalued since King Croesus of ancient Lydia recognized its potential as money and minted the first gold coins, or at least since GATA Chairman Bill Murphy, toward the end of the long night of the organization's founding in 1998, mistakenly put a Louis d'or into a vending machine in pursuit of a Dr. Pepper.

These anomalies are why Incrementum remains bullish on gold. But while the report includes a chapter on "financial repression" -- central bank intervention to defeat markets and expropriate investors -- it seems not to mention the biggest mechanism of repression, gold price suppression, which, documented extensively by GATA here --

http://gata.org/node/14839

-- largely explains the anomalies cited in the report and must temper bullishness about gold.

Despite that omission, the report should get people wondering about those anomalies, and it's posted in PDF format at Incrementum's Internet site here:

http://www.incrementum.li/wp-content/uploads/2015/06/In_Gold_we_Trust_20...

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

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AttachmentSize InGoldWeTrust2015.pdf7.06 MB

Alasdair Macleod: Managing trade deficits

Thu, 06/25/2015 - 16:34

By Alasdair Macleod
GoldMoney.com, St. Helier, Jersey, Channel Islands
Thursday, June 25, 2015

Currency devaluation is seen by nearly every macro-economist to be the cure for trade deficits.

Recently they have recommended it to Greece, arguing for the reintroduction of the drachma so that the Greek economy can become "competitive" and "rebalanced." This widespread assumption is easily demonstrated to be incorrect.

Empirical evidence confirms the error: In the post-war years Germany and Japan were the strongest exporting nations despite persistent rises in their exchange rates, and the UK consistently the weakest, despite the sought-after benefit of sterling depreciation. Hong Kong dropped currency management entirely in favor of a currency board tied rigidly to the US dollar, and despite having to import everything, managed very well. ...

... For the remainder of the commentary:

https://www.goldmoney.com/research/analysis/managing-trade-deficits?gmre...

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LBMA to start reporting OTC gold trade soon; exchange model seen costly

Thu, 06/25/2015 - 09:40

By A. Ananthalakshmi
Reuters
Thursday, June 25, 2015

SHANGHAI -- The London Bullion Market Association could soon take steps to report trades of the over-the-counter gold market, but the prospect of higher costs makes an exchange-traded model unattractive to participants for now, its chief executive said.

The LBMA had commissioned consultancy EY, formerly known as Ernst & Young, to review the London gold market and recommend further developments including the possibility of creating an exchange for gold trading in the city.

More than $5 trillion worth of gold transactions are made over the counter in London every year. The OTC market, where trades are executed via dealer networks as opposed to a centralized exchange, exceeds the trading of gold futures.

"Our next step following the EY recommendations, certainly trade reporting is going to be a big first one," CEO Ruth Crowell said, ahead of the LBMA Bullion Market Forum to be held here today.

Currently no data is available for the bilateral OTC trades, leading to complaints of lack of transparency in the market. ...

... For the remainder of the report:

http://www.reuters.com/article/2015/06/25/us-china-goldconference-lbma-i...

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China plans to launch yuan gold fix by end of this year

Thu, 06/25/2015 - 09:28

By A. Ananthalakshmi
Reuters
Thursday, June 25, 2015

SHANGHAI -- China plans to launch a yuan-denominated gold fix by the end of 2015 via the Shanghai Gold Exchange in a move aimed at giving the world's biggest bullion producer and consumer more influence over pricing.

The first public confirmation made by an exchange official comes after Reuters cited sources in February on the proposal for the fix to be set through trading on the SGE, the world's biggest physical bullion exchange.

"We will be introducing a renminbi-denominated fix at the right moment. We are hoping to introduce it by the end of the year," Shen Gang, SGE's vice president, said at the LBMA Bullion Market Forum in Shanghai on Thursday. ...

... For the remainder of the report:

http://finance.yahoo.com/news/china-plans-launch-yuan-gold-095318339.htm...

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San Diegans shun chance to get $160 silver bar for $10

Wed, 06/24/2015 - 17:29

4:32p ET Thursday, June 25, 2015

Dear Friend of GATA and Gold:

Political provocateur Mark Dice today posted an amusing video demonstrating the financial ignorance of pedestrians outside a coin shop in San Diego, California, where he tried without success to sell a 10-ounce silver bar for $10, about $150 less than what the shop presumably would have purchased it for.

Of course Dice probably would not have had any trouble unloading the bar at such a discount in Mumbai, Shanghai, Saigon, or any number of cities on the other side of the world, or maybe not in any country that doesn't presume to issue the world reserve currency -- which may be the bigger conclusion to be drawn here, the carefree ignorance of Americans having not really been news for a few decades now.

Dice's video is 4 1/2 minutes long and can be seen at You Tube here:

https://www.youtube.com/watch?v=RJm3cRRvPoM

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

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TF Metals Report: The silver short bubble

Wed, 06/24/2015 - 16:48

3:45p ET Wednesday, June 24, 2015

Dear Friend of GATA and Gold:

The TF Metals Report's Turd Ferguson today marvels at the record open interest in silver futures on the New York Commodity Exchange, which, he argues, is a "short bubble" about to pop.

On the other hand, if the U.S. government, which creates infinite amounts of the world reserve currency, is essentially behind the shorting, it can go on forever, or at least until real metal runs out or the dollar ceases to be the world reserve currency.

Ferguson's commentary is headlined "The Silver Short Bubble" and it's posted at the TF Metals Report's Internet site here:

http://www.tfmetalsreport.com/blog/6942/silver-short-bubble

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

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Another excuse for U.S. government to keep shorting gold futures

Wed, 06/24/2015 - 16:07

Terror Group Supporters Reveal Photographs of Gold Coins on Social Media

From the Daily Mail, London
Tuesday, June 23, 2015

ISIS supporters have been showing off the depraved jihadi group's latest propaganda ploy on social media -- the Islamic State's own currency.

Several images of gold coins have been claimed as the long-awaited and much-talked-about currency of ISIS. One of the coins appears to have a detailed image of corn husks blowing in the wind whilst another coin has a map of the world. ...

... For the remainder of the report:

http://www.dailymail.co.uk/news/article-3136312/Is-ISIS-s-currency-Terro...

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To contribute to GATA, please visit:

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Zero Hedge: Gold and silver slammed in mini-flash crash

Wed, 06/24/2015 - 11:49

From Zero Hedge, New York
Wednesday, June 24, 2015

Fifteen minutes after GDP data was released -- showing Q1 was indeed as weak as expected and inventories suggesting Q2 will be just as weak -- someone decided it was an appropriate time to dump over half a billion dollars of notional gold on the futures market. ...

... For the remainder of the report:

http://www.zerohedge.com/news/2015-06-24/gold-silver-slammed-mini-flash-...

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

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

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

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

Or by purchasing a colorful GATA T-shirt:

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

New York Sun: The Bernanke ten-spot

Tue, 06/23/2015 - 21:35

From the New York Sun
Tuesday, June 23, 2015

Now he tells us. The former chairman of the Federal Reserve, Ben Bernanke, is claiming in a blog post that he's a huge fan of Alexander Hamilton.

Mr. Bernanke qualifies America's first treasury secretary as "among the greatest of our founders for his contributions to achieving American independence and creating the Constitution alone. In addition to those accomplishments, however, Hamilton was without doubt the best and most foresighted economic policymaker in U.S. history."

So Mr. Bernanke is opposing the demotion of Hamilton from his featured spot on the 10-dollar bill.

The irony of this is that while chairing the Federal Reserve, Mr. Bernanke traduced every principle Hamilton held dear, particularly the idea of sound money defined by Congress. It was Hamilton who wrote the first law Congress passed under the authority the Constitution grants it to coin money and regulate the value there of, and of foreign coin, and to fix the standard of weights and measures. That piece of legislation, the Coinage Act of 1792, is the final fruit of what Hamilton envisaged in respect of money and the purest record of how he thought about the dollar. ...

... For the full commentary:

http://www.nysun.com/editorials/the-bernanke-ten-spot/89200/

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

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

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

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

Or by purchasing a colorful GATA T-shirt:

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

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To contribute to GATA, please visit:

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

Ronan Manly: London gold fix prior to this year wasn't really so primitive

Tue, 06/23/2015 - 00:23

11:20p ET Monday, June 22, 2015

Dear Friend of GATA and Gold:

The London daily gold price fixing prior to this year's supposedly great reforms was almost surely not as primitive as its participants and mainstream news organizations have maintained, gold researcher and GATA consultant Ronan Manly writes today. Manly compiles evidence that the fixing long has been largely computerized, adding that this technology may have facilitated market manipulation. He suggests that financial journalists look into it, but of course those who work for respectable news organizations won't dare do so if they want to keep their jobs.

Manly's analysis is headlined "The Pre-2015 London Gold Fixings -- More Technologically Advanced Than Reported" and it's posted at Bullion Star here:

https://www.bullionstar.com/blogs/ronan-manly/the-pre-2015-london-gold-f...

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

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