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Comex gold market data is likely corrupted, Sprott says

Tue, 07/29/2014 - 23:44

10:43p ET Tuesday, July 29, 2014

Dear Friend of GATA and Gold:

Comex gold market data is likely corrupted to facilitate the paper gold market's domination of the physical gold market, Sprott Asset Management CEO Eric Sprott remarks in his latest interview with Sprott Money News. Sprott praises GATA's work exposing gold market manipulation, cites GATA consultant Dimitri Speck's book "The Gold Cartel," and says he sees no need for a daily silver price-fixing mechanism. The interview is 24 minutes long but if you can read faster than you can listen, a full transcript is posted with the audio at the Sprott Money Internet site here:

http://www.sprottmoney.com/news/ask-the-expert-eric-sprott-july-2014

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

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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:

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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

London gold fixing set for new administrator by year-end

Tue, 07/29/2014 - 17:20

By Nicholas Larkin
Bloomberg News
Tuesday, July 29, 2014

LONDON -- The banks that conduct the century-old gold fixing and the London Bullion Market Association will seek proposals next month for a new administrator to run a revamped process for the benchmark by year-end.

The London Gold Market Fixing Ltd., which manages the procedure, and the LBMA will open a market consultation in late August and plan to announce a third-party administrator by the end of September, the association said in a statement today. The process will be open and not restricted to firms who pitched to run a mechanism that will replace the silver fixing on Aug. 15. ...

... For the remainder of the story:

http://www.bloomberg.com/news/2014-07-29/london-gold-fixing-set-for-new-...


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Friday-Sunday, September 19-21, 2014

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

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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

Gold likely to be under heavy attack this week, Turk tells KWN

Mon, 07/28/2014 - 23:34

10:32p ET Monday, July 28, 2014

Dear Friend of GATA and Gold:

GoldMoney founder and GATA consultant James Turk tells King World News today that the central planners are likely to throw everything they can at gold this week but there seem to be plenty of buyers around $1,300:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/7/28_Tu...

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, 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

Technical analysis of markets begins to suspect its obsolescence

Mon, 07/28/2014 - 23:08

10:26p ET Monday, July 28, 2014

Dear Friend of GATA and Gold:

Acknowledging that the usefulness of technical analysis is increasingly doubted as market manipulation intensifies, newsletter writer and technical analyst Tim W. Wood notes today that manipulation is as old as markets themselves and quotes various authorities to the effect that manipulation cannot long defeat any market's "primary trend."

But Wood's authorities all precede the seizure of absolute economic power by the U.S. government, implemented by the Federal Reserve and Treasury Department and Treasury's Exchange Stabilization Fund -- the power to create infinite amounts of money and to trade secretly in any market, power that even former central bankers now acknowledge as "financial repression."

... Dispatch continues below ...


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Wood argues that "the very basis of technical analysis is that everything is discounted into price."

Really? So on April 11, 2013, did technical analysis forecast the coordinated and overwhelming attack on the gold market by central banks that would begin on the following day? Does the foresight of technical analysis today really extend into government chancellories as policies are decided privately and then implemented by intermediaries through various instruments and mechanisms, from derivatives to high-frequency trading?

Of course the only entities with such clairvoyance are governments themselves, and it arises not from any technical analysis but from electronic surveillance.

"The only variable that I see in technical analysis, like anything else," Wood writes, "is that one person will see the data to mean one thing, while another person may see it to mean something different. We should all be able to relate to that. Therefore, opinions may vary, but still everything is discounted into price and it all boils down to the technician, his methods, and the proper interpretation."

Well, of course: Technical analysts will know which of them got it right -- afterwards.

And exactly what is the "primary trend" of a market these days? What if, in the era of absolute power in central banking, the "primary trend" of a market is only manipulation itself? What is the "primary trend" of the government bond market now that governments are buying most of the bonds? Is that even a market at all?

And what did technical analysis have to say about the Berlin stock market in February 1943? According to the official history of the Berlin Bourse --

http://www.boerse-berlin.com/index.php/Boerse_Berlin/History

-- "on 13 February 1943 exchange trading with continuous quotation comes to a halt. Shortly afterwards a government act rules that the Reichswirtschaftsminister will be responsible for fixing the prices for securities."

At least the Nazis were open about their market rigging. They didn't bother trading derivatives through intermediaries.

The problem with technical analysis in the current era is that it presumes the limits of previous eras. When there are no limits anymore, technical analysis of markets is about as valuable for forecasting as tea leaves, tarot cards, and chicken entrails, though maybe you can't blame technical analysts for trying to stay in business. The old days, back when markets were markets, were better.

Wood's commentary is headlined "Manipulation and Technical Analysis" and it's posted at 321Gold here:

http://www.321gold.com/editorials/wood_t/wood_t_072814.html

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

* * *

Join GATA here:

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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


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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/

Financial Times deleted gold manipulation story because it was too 'sensitive'

Mon, 07/28/2014 - 15:26

2:33p ET Monday, July 28, 2014

Dear Friend of GATA and Gold:

With great persistence and a little encouragement from GATA our friend R.B. in Britain has more or less solved the mystery of the Financial Times' quick deletion from its Internet site of its February 24 report about gold market manipulation, "Fears Over Gold Price Rigging Put Investors on Alert; German and UK Regulators Investigate."

The report has been preserved at GATA's Internet site here --

http://www.gata.org/node/13681

-- and at Zero Hedge's here:

http://www.zerohedge.com/news/2014-02-25/here-fts-gold-price-manipulatio...

The explanation is pretty much what one might expect: For the Financial Times, one of the many news organizations to which GATA repeatedly has provided its full documentation of gold price suppression by Western central banks --

http://www.gata.org/taxonomy/term/21

-- the issue is simply too "sensitive."

In fairness to the FT, please note that the issue seems to have been too "sensitive" for all those other news organizations as well.

R.B.'s account of his repeated inquiries to the Financial Times is appended.

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

* * *

In February an informative article headlined "Gold Price Rigging Fears Put Investors on Alert" by Madison Marriage appeared in the Financial Times' print edition and was posted on the newspaper's Internet site. Within hours it was removed from the FT's Internet site without explanation.

A message that replaced the article on the FT's Internet site invited readers to contact the newspaper's Customer Services department with any queries, so I telephoned the newspaper to ask why the story had been removed.

I was told by the help desk that the story had been withdrawn by the editorial team for a reason that was not yet known.

So that I might get an explanation when one was available, I e-mailed my question to the help desk four times in the next nine weeks, from February 27 to April 30, after which I finally received an e-mail reply stating that my query had been assigned a case number and that the help desk would attempt to respond within 24 hours.

As I still received no response, over the next 11 weeks I sent additional e-mails, which were forwarded to the editorial team and finally to its senior management.

My persistence for nearly five months was then partly rewarded when I was told by the Customer Services office in a telephone call that the article had been withdrawn from the FT's Internet site because its subject was "a sensitive matter" but that the editorial team could provide no further details.

-- R.B., United Kingdom.

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Casey Research 2014 Summit
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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:

http://www.gata.org

To contribute to GATA, please visit:

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

Failure of options expiration smashdown hints of gold price explosion, Embry says

Mon, 07/28/2014 - 14:53

1:50p ET Monday, July 28, 2014

Dear Friend of GATA and Gold:

Gold's firm rejection last week of the usual attempts by bullion banks to crush the price upon futures option expiration is likely a sign of an imminent price explosion, Sprott Asset Management's John Embry tells King World News today:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/7/28_Em...

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

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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
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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

GoldCore's O'Byrne discusses market manipulation with Jan Skoyles on 'Get Real'

Mon, 07/28/2014 - 14:21

1:20p ET Monday, July 28, 2014

Dear Friend of GATA and Gold:

Interviewed on "Get Real," the television program of The Real Asset Co.'s Jan Skoyles, GoldCore's Mark O'Byrne discusses silver's prospects, its effective greater practical rarity than gold, and manipulation of the gold and silver markets and GATA's work exposing it. The program is 28 minutes long and can be viewed at YouTube here:

https://www.youtube.com/watch?v=6CJrYx-7XZI

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
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Friday-Sunday, September 19-21, 2014

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

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:

http://www.gata.org

To contribute to GATA, please visit:

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

Possible discrepancy in GLD's gold bar accounting

Mon, 07/28/2014 - 13:08

12:05p ET Monday, July 28, 2014

Dear Friend of GATA and Gold:

The Perth Mint's Bron Suchecki today calls attention to what seems like a serious discrepancy in the gold exchange-traded fund GLD's accounting of its gold bars. The discrepancy is headlined "GLD Trade Spreadsheet vs. GLD Bar List" and is detailed at the Screwtape Files blog here:

http://screwtapefiles.blogspot.com.au/2014/07/gld-trade-spreadsheet-vs-g...

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
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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

Lloyds Bank fined $370 million for rigging Libor

Mon, 07/28/2014 - 12:18

By Matt Scuffham and Huw Jones
Reuters
Monday, July 28, 2014

Britain's Lloyds Banking Group has agreed to pay fines totaling $370 million to U.S. and British authorities investigating its part in a global interest rate rigging scandal and manipulating fees for a UK government lending scheme.

The settlement is the seventh joint penalty handed out by American and British regulators in connection with the attempted manipulation of the London interbank offered rate, or Libor, and other similar benchmarks used to price around $450 trillion of financial products worldwide. The misconduct related to Libor rates for sterling, the U.S. dollar, and Japanese yen. ...

... For the remainder of the story:

http://www.reuters.com/article/2014/07/28/us-lloyds-libor-idUSKBN0FX13H2...

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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: The coming slump

Mon, 07/28/2014 - 09:27

8:27a ET Monday, July 28, 2014

Dear Friend of GATA and Gold:

Calculations of national gross domestic product are bogus because they omit too much even as most of what they measure is only monetary inflation, which mainly transfers wealth from its creators to the issuers of money and credit. That's what GoldMoney research director Alasdair Macleod writes today in his new commentary, "The Coming Slump," posted at GoldMoney here:

http://ww.goldmoney.com/research/analysis/the-coming-slump?gmrefcode=gat...

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:

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

Gene Arensberg: Comex swap dealers hedging a massive long play on silver?

Sun, 07/27/2014 - 21:22

8:20p ET Sunday, July 27, 2014

Dear Friend of GATA and Gold:

Some really big money has just taken a huge long position in silver, the Got Gold Report's Gene Arensberg writes tonight as he analyzes futures market trader positioning data. Arensberg says the positioning looks like what happened when gold blasted off at the end of 2010. His commentary is headlined "Comex Swap Dealers Hedging a Massive Long Play on Silver?" and it's posted at the Got Gold Report here:

http://www.gotgoldreport.com/2014/07/comex-swap-dealers-hedging-a-massiv...

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
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...

* * *

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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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Gold and bitcoin fuel demand for each other in India

Sun, 07/27/2014 - 12:59

Gold for Bitcoin Is New Fad as E-Currency Count Nears 500 Mark

By the Press Trust of India
via Business Standard, New Delhi
Sunday, July 27, 2014

http://www.business-standard.com/article/pti-stories/gold-for-bitcoin-ne...

In a fresh possible headache for regulators, including in India, "gold for bitcoin" trades are emerging as a new fad in the world of anonymous transactions, fueling further the appetite for virtual currencies.

This comes at a time when the count of virtual currencies available in the market is fast moving closer to the 500 mark, although the price of top-ranked bitcoin has begun showing signs of stability at around $500-$600 level after remaining highly volatile for most part of its half a decade existence.

... Dispatch continues below ...


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According to bitcoin traders, the stabilisation in bitcoin rates is making the case stronger for exchanging them for gold, which currently trades at less than $1,300 per ounce or about Rs28,000 per 10 grams in India.

Bitcoins, which command about $8 billion in market value, have stumbled from one controversy to another as the unregulated currency is prone to misuse and its links to gold trades could be another.

Some firms and traders have begun aggressively selling bitcoins in exchange for gold, while new websites and portals are cropping up almost every day to cash in on this new frenzy, according to industry players.

Besides, the bitcoin industry is looking at India and China in a big way as both these populous nations have a long history with gold and consume hundreds of tonnes of the precious metal every year.

"Gold for bitcoin" trades can also facilitate additional virtual demand for both the assets, compounding the woes of befuddled regulators, which are already finding it difficult to rein in bubbles created by gold, while the yellow metal is also being used extensively for black-money transactions.

While countries and financial watchdogs have tightened the screws on the bitcoin industry, especially after a series of debacles, including the Silk Road episode, the failure of the Mt Gox exchange, and persistent money-laundering charges, the gold-for-bitcoin trades could have wider implications.

"Both the assets need to be 'mined' -- one physically and the other one electronically," a bitcoin trader says. "They are also limited in nature. Also, both of them threaten the paper money system as alternatives. Besides, black money can be kept in both or change hands as per convenience."

The marketplaces for digital currencies have grown at an exponential rate with over 1,400 platforms online alone. Thanks to low transaction costs and the difficult-to-trace nature of transactions, bitcoins also are being accepted by traditional small and big businesses.

While India is yet to put in place any separate guidelines for bitcoins and other virtual currencies, the Reserve Bank of India has already warned against their use due to potential risks associated with such transactions.

* * *

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Another class-action suit charges gold market manipulation

Sun, 07/27/2014 - 12:32

11:30a ET Sunday, July 27, 2014

Dear Friend of GATA and Gold:

Zero Hedge yesterday called attention to another class-action lawsuit, filed this month in federal court in New York, alleging gold market manipulation against five investment banks. Like others, this suit seems to draw heavily on the research of GATA's late board member Adrian Douglas and author and GATA consultant Dimitri Speck. Zero Hedge's commentary is headlined "'London Fix' Gold Rigging By Bullion Bank Exposed In Class-Action Lawsuit: The Complete Charts" and it's posted here:

http://www.zerohedge.com/news/2014-07-26/london-fix-gold-rigging-bullion...

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

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Help keep GATA going

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Brief video touts 'The Coming Silver Shortage'

Sun, 07/27/2014 - 12:09

11:07a ET Sunday, July 27, 2014

Dear Friend of GATA and Gold:

A brief promotional video created by the new Internet site Crush The Street entertainingly makes the case for a substantial increase in silver prices -- and, implicitly, for intensified efforts at price suppression by government and its associated investment banks. (Now if only paper silver could be used in solar-power generation panels and other electronic devices.) The video is titled "The Coming Silver Shortage," it's 4 1/2 minutes long, and it's posted here:

http://www.crushthestreet.com/videos/mini-documentaries/coming-silver-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:

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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:

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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

Arensberg: Goldman's scare tactics failing; Maguire: Smashdowns spur offtake

Sat, 07/26/2014 - 16:00

3p ET Saturday, July 26, 2014

Dear Friend of GATA and Gold:

The Got Gold Report's Gene Arensberg writes today that Goldman Sachs' bearish calls on gold don't seem to be achieving much traction. Goldman and other big shorts in the monetary metals remain very vulnerable to a squeeze, Arensberg writes. His commentary is headlined "Goldman's Bearish Gold Call Tired, Comex Swap Dealers Squeeze-Vulnerable" and it's posted at the GGR here:

http://www.gotgoldreport.com/2014/07/goldmans-bearish-gold-call-tired-co...

Meanwhile at King World News, London metals trader Andrew Maguire says government agencies continue to bid stealthily for gold whenever the gold cartel tries smashing the paper price:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/7/26_Ma...

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 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

Deutsche Bank, HSBC accused of silver fix manipulation

Sat, 07/26/2014 - 10:25

By Patricia Hurtado
Bloomberg News
Saturday, July 26, 2014

NEW YORK -- Deutsche Bank, HSBC Holdings, and Bank of Nova Scotia were accused in a lawsuit of rigging the price of billions of dollars in silver, an allegation similar to earlier suits involving the London gold fix.

The banks unlawfully manipulated the price of the metal and its derivatives, an investor claims in a complaint filed yesterday in federal court in Manhattan. The banks abused their position of controlling the daily silver fix to reap illegitimate profit from trading, hurting other investors in the silver market who use the benchmark in billions of dollars of transactions, according to the suit.

"The extreme level of secrecy creates an environment that is ripe for manipulation," according to the complaint. "Defendants have a strong financial incentive to establish positions in both physical silver and silver derivatives prior to the public release of silver fixing results, allowing them to reap large illegitimate profits." ...

... For the remainder of the story:

http://www.bloomberg.com/news/2014-07-25/deutsche-bank-hsbc-accused-of-s...

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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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To contribute to GATA, please visit:

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Options expiration's influence on gold cited by Eric Sprott

Fri, 07/25/2014 - 17:31

4:30p ET Friday, July 25, 2014

Dear Friend of GATA and Gold:

Sprott Asset Management's Eric Sprott, interviewed today by Sprott Money News for the weekly market wrapup, joins those calling attention to the suppressive influence on the gold price by the imminent futures contract options expiration. The interview is six 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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* * *

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

Maguire says CME aids gold price rigging; Hugo S-P warns of threat to cash

Fri, 07/25/2014 - 15:02

2p ET Friday, July 25, 2014

Dear Friend of GATA and Gold:

The Chicago Mercantile Exchange this month reduced margin requirements for gold futures contracts to protect investment banks that were naked short and vulnerable to a squeeze, London metals trader Andrew Maguire tells King World News in the first installment of a two-part interview today.

"The game is so obvious," Maguire says, that "sovereign and central bank buyers are rewarded by sitting back and waiting for these banks to defend billions of dollars of paper bets as it gives the sovereign buyers a monthly opportunity to accumulate large bullion at a discount. And that is exactly what we've been seeing."

Part 1 of Maguire's interview is posted at the KWN blog here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/7/25_Ma...

And Hugo Salinas Price, president of the Mexican Civic Association for Silver, tells KWN that there will be "continued abuse of fiat money to fund the socialist state" and more limits on cash, "and people need to be prepared for that":

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/7/25_Bi...

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

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Europe Silver Bullion is owned and operated by North American and European experts in selling, storing, and transporting precious metals. We have an extensive product inventory of silver, gold, platinum, and palladium, and our network spans the world.

Visit us at www.europesilverbullion.com.

Join GATA here:

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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

India's gold import restrictions turn into political patronage for trading houses

Fri, 07/25/2014 - 13:10

Gold War: Traders Lock Horns with Star Trading Houses

By Ram Sahgal
The Times of India, Mumbai
Friday, July 25, 2014

http://economictimes.indiatimes.com/markets/commodities/gold-war-traders...

A war is brewing in the gold market with traders led by the All-India Bullion and Jewellers Association complaining to the Reserve Bank of India that its May 21 decision to allow premier and star trading houses to import gold for local sales has given half a dozen export houses a dominant position in the market and raised imports of the metal.

The RBI claimed that one of the complainants from the trade is likely to initiate action shortly, considering that the sharp rise in imports has happened during the traditionally slack month of June.

The trading houses strongly contested the claims of traders. They say the RBI's action had improved supplies and reduced the premium on gold, and that the traders' claims of the surge in gold imports are exaggerated.

... Dispatch continues below ...


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http://fmturl.com/gata/


Four members of Delhi-based All India Bullion and Jewellers Association on Wednesday told C.D. Srinivasan, a chief general manager of the RBI, that the move to allow star trading houses to import gold for sale in the domestic market against the past two years' import performance has helped the big players import larger quantities than banks, which can import the metal only against their past three years' export performance.

Consequently, the star trading houses have gained greater control over supply in the domestic market than banks and other RBI-nominated agencies.

A letter presented by the association to Srinivasan, which the Economic Times has reviewed, claims that gold imports in June doubled to 106 tonnes from a month ago, thanks to the trading houses accounting for 75 tonnes or 70 percent of the imports. Banks, other nominated agencies, and export-oriented units are believed to have imported the rest.

Demand for gold tends to be slack in June and July as no festivities fall in these months.

Since these trading houses can directly export gold, they were able to export the mandated 20 percent of the first imported consignment post value addition, under the 80-20 rule, more quickly than nominated banks, which have to find export clients first. They were thus able to complete three or four transactions during the month against just a single transaction by banks, the letter alleged.

Further, a member present at the meeting told the Economic Times that since the large players have their own set of preferred clients in the domestic market, 80 percent of a consignment left after the 20 percent exported was provided to them to the exclusion of many bullion dealers and jewellers.

These charges were hotly contested by the likes of Rajesh Exports and Edelweiss, part of the six or seven export houses allowed by the RBI to import gold under the 80:20 rule since May 21. Officials from these two companies said that once the export obligation was complete under the 80-20 rule, they had provided gold to many constituents of the gold market.

"The RBI's move has greatly improved gold supply in the domestic market, because of which premiums have sharply declined from $20-25 an ounce (around 32 grams) to just $2-3 per ounce," said Rajesh Mehta, executive chairman of Rajesh Exports.

"These complaints are the handiwork of a few associations whose members have gained at the cost of the consumer who was being charged hefty premiums because supplies were constrained prior to premier and star trading houses being allowed to sell under 80-20."

An Edelweiss official agreed with Mehta and said he found the association's import figure "hugely inflated" because of probable "double counting."

"Overall the supply is in deficit and considering the demand in the pipeline we should see higher premiums between September and December," said Sudheesh Nambiath, senior analyst for GFMS Thomson Reuters, a precious metals consulting firm. "The current discount in the market reflects a seasonally low point with respect to demand. I think any measures to roll back policies to pre-May 21 can strain the jewellery industry significantly."

* * *

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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:

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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

Indian gold imports fell 25% over year -- not counting smuggling, of course

Fri, 07/25/2014 - 12:57

Gold Imports Stood at 638 Tonnes in 2013-14

By the Press Trust of India
via Financial Express, New Delhi
Friday, July 25, 2014

http://www.financialexpress.com/news/gold-imports-stood-at-638-tonnes-in...

Gold imports in 2013-14 stood at 638 tonnes, a decline of 25 per cent over the previous fiscal year, Parliament was informed today.

The quantity of gold imported in 2012-13 was 845 tonnes and in 2011-12 it was 919 tonnes, Minister of State for Finance Nirmala Sitharaman said in a written reply in the Lok Sabha.

In the April-June period of current fiscal, the quantum of gold import stood at 221 tonnes while in value terms it was Rs 54,792 crore, she said.

... Dispatch continues below ...


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The value of gold imported was at Rs 2.28 lakh crore during 2011-12, Rs 2.45 lakh crore in 2012-13 and Rs 1.60 lakh crore in 2013-14.

Sitharaman said the cases of gold smuggling had gone up in 2013-14 at 2,441. In 2012-13 and 2011-12 the number of such cases stood at 869 and 500 respectively.

Following a sudden spurt in gold import in the beginning of 2013, the government had hiked import duty on the precious metal to 10 per cent in phases.

Also the government and the Reserve Bank imposed certain other import restrictions, including linking of imports to exports to prevent outgo of foreign exchange, adding to instances of smuggling.

Sitharaman said the Central Board of Excise and Customs has communicated to all field formations to keep a close watch on the trend of smuggling of gold.

Other intelligence agencies, like the DRI, are also keeping a close watch on gold smuggling, she added.

High gold imports also pushed up the current account deficit as it rose to USD 88.2 billion or 4.7 per cent of GDP in 2012-13. Through import curbs, the CAD has been brought down to USD 32.4 billion or 1.7 per cent in 2013-14.

* * *

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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:

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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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