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Updated: 1 hour 11 min ago

No need for 'theories' with gold -- just address the facts and documentation

Sat, 08/01/2015 - 00:44

11:40p ET Friday, July 31, 2015

Dear Friend of GATA and Gold:

Here's another financial analyst who can't be bothered with actual analysis, at least when it comes to gold: Peter Hodson of 5i Research Inc. of Waterloo, Ontario, former chairman of Sprott Asset Management.

In commentary published today in Toronto's National Post, "5 More Reasons Why Investors Shouldn't Worship Gold Right Now" --

http://business.financialpost.com/investing/investing-pro/5-more-reasons...

-- Hodson offers a paragraph titled "Conspiracy Theories Won't Help Gold." It reads:

"Every time gold goes down, the gold bugs blame the price drop on a takedown by some secret cartel working with the banks. The theory here is that governments do not want investors losing faith in fiat currencies, so they control the gold price to make paper currency look better.

... Dispatch continues below ...


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"Having once worked at a gold-focused fund company, although being a gold bug was never my thing, I've heard all the theories on gold and gold manipulation.

"These theories may not be all bogus, but if gold could not find any reason to go to US$3,000 an ounce during the financial crisis, when banks worldwide were imploding daily, then it is hard to make a bullish case for gold when financial conditions are improving daily.

"Gold is just another asset class, and its price is based on supply and demand. If the demand was there, the price would rise, regardless of any conspiracy theory. But the demand is simply not enough, so the price continues to drift down."

Your secretary/treasurer tried to post a reply to the story but the National Post seems to be rejecting it. It said:

"Gold's price is based mainly on surreptitious intervention in the market by central banks. This is not 'conspiracy theory,' though the regular secret meetings held by central banks to devise and implement a course of action are fairly described as conspiracies. Rather, this intervention is longstanding central bank policy extensively documented by the Gold Anti-Trust Action Committee here:

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

"Financial journalism should address the documentation. There's no need to evade the issue with mere 'theory.'"

Hodson and other analysts should address these questions in regard to gold:

-- Are central banks in the gold market surreptitiously or not?

-- If central banks are in the gold market surreptitiously, is it just for fun -- for example, to see which central bank's trading desk can make the most money by cheating the most investors -- or is it for policy purposes?

-- If central banks are in the gold market for policy purposes, are these the traditional purposes of defeating a potentially competitive world reserve currency, or have these purposes expanded?

-- If central banks, creators of infinite money, are surreptitiously trading a market, how can it be considered a market at all, and how can any country or the world ever enjoy a market economy again?

Again, there's no need for mere theories and surmise with the gold market. There is a need to deal with facts and documentation and to go to the source, as with any other market. If you haven't done that, don't pretend that you have.

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

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Ted Butler: Price takers and price makers

Thu, 07/30/2015 - 14:28

1:27p ET Thursday, July 30, 2015

Dear Friend of GATA and Gold:

Silver market analyst Ted Butler today reiterates his call for tighter position limits among speculators in the futures markets so that paper speculation stops setting commodity prices and is replaced by supply and demand of the actual commodity. Butler's commentary is headlined "Price Takers and Price Makers" and it's posted at 24hGold here --

http://www.24hgold.com/english/news-gold-silver-price-takers-and-price-m...

-- and at GoldSeek's companion site, SilverSeek, here:

http://www.silverseek.com/commentary/price-takers-and-price-makers-14693

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

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TF Metals Report: Heavy silver futures contract deliveries in July

Thu, 07/30/2015 - 14:14

1:13p ET Thursday, July 30, 2015

Dear Friend of GATA and Gold:

The TF Metals Report's Turd Ferguson writes today that he has never seen Comex silver futures contract deliveries as heavy as they were this month. This may not mean much imminently, he adds, but only demand for real metal will break the price suppression scheme of the futures markets. His commentary is headlined "Wrapping Up July Comex Silver Deliveries" and it's posted at the TF Metals Report here:

http://www.tfmetalsreport.com/blog/7031/wrapping-july-comex-silver-deliv...

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

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As gold price falls, miners pick derivatives to protect income

Thu, 07/30/2015 - 13:55

By Jan Harvey
Reuters
Thursday, July 30, 2015

LONDON -- Gold mining companies are turning increasingly to derivatives to lock in future revenues, as an industry still smarting from losing out on a 12-year bull run gets creative over protecting its income during the metal's current downturn.

While miners overall remain wary of hedging -- the outstanding global hedge book stood at just 6.2 million ounces at end March compared with 57.2 million a decade earlier -- those who do favour the strategy are leaning more strongly towards options.

Data released this month from Societe Generale and GFMS analysts at Thomson Reuters showed options structures made up 46 percent of the global hedge book by the end of the first quarter of 2015, compared with just 16 percent in the same period a year before and 11 percent in 2013. ...

... For the remainder of the report:

http://www.reuters.com/article/2015/07/30/gold-hedging-idUSL5N10945H2015...

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Alasdair Macleod: China's 1929 moment

Thu, 07/30/2015 - 12:43

11:43a ET Thursday, July 30 2015

Dear Friend of GATA and Gold:

China's stock market collapse may impede the inclusion of the renminbi in the International Monetary Fund's Special Drawing Rights and push the country toward an upward revaluation of gold, GoldMoney research director Alasdair Macleod writes today. His commentary is headlined "China's 1929 Moment" and it's posted at GoldMoney here:

https://www.goldmoney.com/research/analysis/chinas-1929-moment?gmrefcode...

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

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Howling at the moon for a change of trend for gold

Thu, 07/30/2015 - 12:16

11:27a ET Thursday, July 30, 2015

Dear Friend of GATA and Gold:

With his commentary today, "Gold and the Full Moon" --

http://321gold.com/editorials/moriarty/moriarty073015.html

-- 321Gold's Bob Moriarty notes that negative news and commentary about gold have exploded in the mainstream financial news media in recent weeks, and he construes this as such media explosions are often construed: as a contrary indicator, an indicator that a trend has run its course.

Moriarty writes: "If you have 100 investors in a room and you ask them where will gold be in six months and 100 percent of them say lower, gold can only go higher."

Certainly sentiment in the monetary metals sector is the worst it has ever been. It has been declining steadily for years and well could be worse in the days ahead, as mining companies cease production and even go out of business as the price of their product falls below the cost of production and they fail to inquire about the cause.

... Dispatch continues below ...


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This isn't to pick on Moriarty again; many other gold market observers have been making his point about sentiment as a contrary indicator. But your secretary/treasurer argues that sentiment long has been irrelevant to the monetary metals markets -- at least the sentiment of ordinary investors is irrelevant.

For the only sentiment that counts in the monetary metals markets is the sentiment of their biggest participants -- central banks and their agent bullion banks. Good luck getting them in a room, surveying them, and inducing them to give honest answers for publication or broadcast.

Of course it will never happen. Central banks run the world and even in nominal democracies they answer to no one.

So as a practical matter the most that can be done is to pick through government archives and other official records for the traces of central bank involvement and intentions with gold, as GATA has been doing for 16 years, ascertaining past policies and actions for indications of present and future policies and actions:

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

But rather than do such research or concede any legitimacy to the effort, Moriarty today goes on to assert a correlation between reverses in market direction and the appearance of the full moon, and he notes that a full moon is scheduled for tomorrow.

As the moon influences the ocean tides, it also may influence other things on Earth, including human moods and psychology. Certainly the moon has gotten pretty good notice over the years; it figures in thousands of songs, poems, photographs, and paintings. But if the moon has much to do with reversals in gold prices, it may be only because lunar cycle tables by agreement have been marked the same way at the Federal Reserve, Treasury Department, Bank for International Settlements, European Central Bank, Banque de France, People's Bank of China, and International Monetary Fund.

Of course there have been many full moons in recent years and they have done no good for gold. But Moriarty still could be on to something here, since the intervention of central banks in the gold market lately has been so obvious that they now just might look for cover even in the phases of the moon, confident that mainstream financial journalists and stock touts everywhere will happily seize any rationale for overlooking the central bank interventions that deprive their market analysis of any meaning.

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

* * *

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http://cambridgehouse.com/event/50/the-silver-summit-and-resource-expo-2...

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

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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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

Central banks are manipulating 'all' markets, Bill Gross tells CNBC

Wed, 07/29/2015 - 16:05

3p ET Wednesday, July 29, 2015

Dear Friend of GATA and Gold:

Zero Hedge this afternoon calls attention to comments made on CNBC today by former PIMCO bond buyer Bill Gross, now working for Janus Capital, who says all markets now are artificial, the products of central bank manipulation, and that real market prices cannot be discovered. By "all" markets, one might assume Gross meant to include the market that in mainstream financial journalism must never be associated by manipulation, the gold market. But somehow Gross wasn't wearing a tin-foil hat. Zero Hedge's posting, which includes the CNBC video excerpt, is here:

http://www.zerohedge.com/news/2015-07-29/bill-gross-explains-90-seconds-...

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

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Dear Bloomberg News: Central banks manipulate gold prices too

Wed, 07/29/2015 - 14:03

Wednesday, July 29, 2015

Mark Gilbert
Bloomberg News
731 Lexington Ave.
New York City, NY 10022

Dear Mark (if I may):

While your commentary today, "True Gold Bugs Care about Value, Not Price" --

http://www.bloombergview.com/articles/2015-07-29/true-gold-bugs-care-abo...

-- was excellent for noting that central bank interventions increasingly are determining asset prices, you were in error when you asserted that gold's value "appears to move freely depending on the whims of its buyers and sellers, rather than on the interventions of policy makers."

In fact, central bank manipulations encompass gold as well, probably more so than the prices of other assets.

... Dispatch continues below ...


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For 15 years my organization, the Gold Anti-Trust Action Committee, has been documenting the surreptitious intervention in the gold market by Western central banks. By their own admissions, the central banks are surreptitiously intervening in the gold market every day, or nearly so, to control the gold price to prevent it from becoming an accurate measure of other currency values.

This is no mere "conspiracy theory," though "conspiracy" is fairly applied when central bankers hold secret meetings to determine and implement a course of policy, as they often do. Rather this is the official record of longstanding Western central bank and government policy, a record drawn from government archives and public statements by central bankers themselves.

This intervention is easily confirmed journalistically by reviewing the records and putting the right specific questions to central banks, the Bank for International Settlements, and the International Monetary Fund, among others.

No analysis of the gold market is worth much if it fails to address these questions:

-- Are central banks in the gold market surreptitiously or not?

-- If central banks ARE in the gold market surreptitiously, is it just for fun -- for example, to see which central bank's trading desk can make the most money by cheating the most investors -- or is it for policy purposes?

-- If central banks ARE in the gold market for policy purposes, are these the traditional purposes of defeating a potentially competitive world reserve currency, or have these purposes expanded?

-- If central banks, creators of infinite money, ARE surreptitiously trading a market, how can it be considered a market at all, and how can any country or the world ever enjoy a market economy again?

A summary of the most important documentation developed by GATA over the years, some of it quite recent, complete with links to the documents themselves, is posted at our Internet site here:

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

To correct your commentary's error today, please review this documentation and pursue it in future commentary. Of course I'll be glad to provide more information.

I'll be grateful for an acknowledgment of this note, which I'm copying to your editor, Mary Duenwald, as a request for Bloomberg News to pursue this documentation as a news story. I'll be hoping to get an acknowledgment from her as well.

With good wishes.

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

* * *

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Monday-Tuesday, November 23-24, 2015

http://cambridgehouse.com/event/50/the-silver-summit-and-resource-expo-2...

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

Bron Suchecki: Gold market liquidity and manipulation

Wed, 07/29/2015 - 09:35

8:34a ET Wednesday, July 29, 2015

Dear Friend of GATA and Gold:

Perth Mint research director Bron Suchecki today disputes financial letter writer Clif Droke's assertion yesterday that the gold market is too large to be manipulated. To the contrary, Suchecki writes, the gold market can be moved by strategic trading of just a few tonnes, and, unlike Droke, he cites authority for his assertion. Suchecki's commentary is headlined "Gold Market Liquidity and Manipulation" and it's posted at the Perth Mint's Internet site here:

http://research.perthmint.com.au/2015/07/29/gold-market-liquidity-and-ma...

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

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Is gold manipulated? Clif Droke thinks he knows without looking

Tue, 07/28/2015 - 16:47

4p ET Tuesday, July 28, 2015

Dear Friend of GATA and Gold:

Echoing the commentary yesterday by 321Gold's Bob Moriarty --

http://www.gata.org/node/15595

-- gold market analyst and financial letter writer Clif Droke today marvels at what he sees as the growing pervasiveness of the belief that the gold market is manipulated.

Can GATA really have been this successful? Is it because all those other participants in the gold market are so gullible? Or has the manipulation been documented enough and visible enough that people actually have been persuaded?

In any case, in his commentary today, posted at GoldSeek, "Is the Gold Price Manipulated?" --

http://news.goldseek.com/ClifDroke/1438107705.php

-- and at 24hGold --

http://www.24hgold.com/english/news-gold-silver-is-the-gold-price-manipu...

-- Droke sets out to refute the complaint of manipulation, and a few of his assertions may deserve a reply.

... Dispatch continues below ...


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The market for gold is immensely huge and [it is] virtually impossible for any one entity to control its price swings. Beyond the very immediate term, any attempt at raising or depressing gold prices would almost certainly meet with failure. Even a coterie of interests devoted to pushing gold prices lower would meet with certain failure due to the enormous size and complexity of the market. As one well-known market analyst of the previous century commented, "... the market itself is bigger than all the ‘pools' and ‘insiders' put together. ... The great market movements are beyond the manipulation of the combined financial interests of the world."

This is what even the ancients recognized as an "ipse dixit," an assertion made without authority -- "He said it himself." Besides, is the gold market or any market really bigger than institutions that are fully empowered to create infinite money -- central banks? Infinite is bigger than anything else. As for that "well-known market analyst of the previous century," he likely was not living in the age of modern central banking, the age when infinite money came within the reach of governments.

One commonly shared belief among gold bugs who subscribe to the manipulation theory is belief in a global conspiracy. Probably the most famous example of this is the Illuminati concept. Illuminati theorists believe in a highly organized group of elite individuals within government, industry, and finance who share the common goal of undermining the sovereignty of nations and establishing a one-world government.

Good grief! GATA wants to review the records of the Bank for International Settlements, the Federal Reserve, the Treasury Department, the Exchange Stabilization Fund, the European Central Bank, the Banque de France, and the G-10 Gold and Foreign Exchange Committee, among other government agencies, and Droke can cite only the Illuminati, a straw man for market analysts who won't examine the documents of government policy and won't put a single critical question to any central bank. GATA has peppered central banks with questions and has even sued a couple of them for critical information. Their objections have shown that they have plenty to hide. Droke should try attending them before he disparages complaints of conspiracy.

While there's no denying that conspiracies and monopolies do exist, there's also no denying that for every attempt at controlling an industry or a commodity there is a counterbalance. Within any group of would-be monopolists there are those who can never agree on a common plan for gaining control; common experience teaches this (as anyone familiar with corporate politics knows). Further, there are always other parties who would also like to gain total control in opposition to other conspiracy groups. In other words, there is no one overriding "Illuminati" monopoly group, but multiple groups of would-be controllers competing amongst themselves.

But what exactly is the "counterbalance" to institutions authorized to create and dispose infinite money? And with gold price suppression, we're talking less about "conspiracies" than about longstanding government policy, though "conspiracy" is a perfectly apt term for central banking, insofar as it involves regular secret meetings called to determine courses of action, like the meetings held every month by the BIS, ECB, and Federal Reserve.

There are several questions which should be asked by those who subscribe to the gold manipulation theory. To begin with, why would manipulators actively seek to push prices lower when there is less to be gained by a lower gold price than a higher one? The manipulation crowd is presumably in favor of multinational businesses which comprise the global economy. It's well known that higher commodity prices reflect a healthy outlook for big business due to the increased demand for raw materials and industrial inputs. Gold being the strongest barometer for commodities demand, a falling gold price is more apt to reflect deflation, which is the bane and scourge of big business. If anything, manipulators would have more interest in raising gold prices, not crashing them.

Still more mere "ipse dixits" when answers to Droke's questions can be found throughout the official documents of gold price suppression, which we'll cite below. Essentially governments have sought to suppress the gold price because gold is a potentially competitive currency whose value, if set in a free market, powerfully influences the value of government currencies and bonds and the level of interest rates.

Secondly, what interest could gold manipulators have in lowering gold prices when it automatically presumes a stronger dollar? A stronger currency does no favors to the U.S. economy over the longer term. It results in lower export prices for U.S. manufacturers and strains profit margins. As the Wall Street Journal reported on April 24, the strong dollar has been "wreaking havoc" on the profit margins of American multinationals. A stronger dollar forces multinationals to raise prices in order to offset currency issues, yet as WSJ pointed out, this only tends to depress profits due to lower sales.

Yes, there may be times when governments want gold to rise to devalue their currencies and debts generally. Yet as one of his undersecretaries told Secretary of State Henry Kissinger at the State Department in April 1974, gold is "the reserve-creating instrument" for central banks, whoever has the most gold can determine its value and the value of other currencies, and that value has to be suppressed and gold excluded from the world financial system to maintain the dominance of the U.S. dollar as the world reserve currency.

In fact if a gold conspiracy did exist, the only conceivable reason for knocking down prices would be for the sole purpose of allowing the manipulators to buy the gold back at bargain levels. This in turn would allow them to profit from the inevitable bull market which always eventually follows a long-term bear market. To this end, I can't recall gold bugs discussing manipulation during the glory years between 2002 and 2011 when the gold price was rocketing to all-time highs. Indeed, it would seem that cries of "manipulation!" are selectively applied to only those times when gold's prospects have dwindled.

Yes, some analysts lately have speculated that China has joined the Western central banks in suppressing the gold price precisely so China can obtain more metal inexpensively. But this is speculation, not fact, and it would be nice if we could stick to facts -- the documentation -- when examining this issue. Droke may not be able to recall "gold bugs discussing manipulation during the glory years between 2002 and 2001 when the price was rocketing to all-time highs, but he could find plenty of that in GATA's dispatch archive. We've been complaining about gold market manipulation since our founding in 1999. Droke purports to be refuting complaints of gold market manipulation, but his admission of ignorance of GATA's work shows that he is not the least familiar with those complaints.

Finally, if the conspiracy theorists truly believe that the gold price is subject to manipulation, why do they advocate owning gold? This is probably the biggest inconsistency of their hypothesis. Why even touch gold if its price is subject entirely to the whims of an elite group of power brokers? Could it be that the ringleaders of the conspiracy theorists haven't bothered to smooth out this dissonance because so many of them have a vested interest in promoting gold coins?

GATA can speak only for itself. But one reason for owning gold is a belief that enough publicity will help expose the manipulation, push investors out of imaginary gold underwritten by central banks and into real metal, and liberate gold into a free market, wherein its value relative to other currencies will rise. In any case GATA isn't telling people how to invest and is not an investment adviser. It's a nonprofit educational and civil rights organization aiming to advance free markets, especially in the monetary metals.

If Droke is ever interested in reviewing and rebutting specifically the major documents of gold price suppression by central banks, he can find them here:

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

In the meantime, no analysis of the gold market is worth anything if it fails to address these questions, which Droke has failed to address even as he pontificates about everything else:

-- Are central banks in the gold market surreptitiously or not?

-- If central banks are in the gold market surreptitiously, is it just for fun -- for example, to see which central bank's trading desk can make the most money by cheating the most investors -- or is it for policy purposes?

-- If central banks are in the gold market for policy purposes, are these the traditional purposes of defeating a potentially competitive world reserve currency, or have these purposes expanded?

-- If central banks, creators of infinite money, are surreptitiously trading a market, how can it be considered a market at all, and how can any country or the world ever enjoy a market economy again?

Of course since he is selling subscriptions to a newsletter of technical analysis, Droke has a powerful interest in ignoring the documentation of central bank intervention in the gold market, for it would reveal that he has been analyzing mere holograms, and he'd be out of business. But if GATA ever succeeds, there will be plenty of actual markets for him to analyze again.

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

* * *

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TF Metals Report: Comex gold leverage widens to record

Tue, 07/28/2015 - 13:14

12:13p ET Tuesday, July 28, 2015

Dear Friend of GATA and Gold:

Leverage for the big bullion banks in the New York Commodities Exchange's gold futures contracts now has reached 116 times the metal available on the exchange, the TF Metals Report's Turd Ferguson reports today.

Ferguson writes: "Is this fair and does this market discover an accurate representation of price when it uses a leverage of paper to physical at 116 times? And this is where this is all just one big scam. With no boundaries or limits placed on the bullion banks that issue these paper contracts, what's to stop them from extending the leverage to 200X? Maybe 300X? How about 500X?"

Ferguson concludes: "All we can do is continue to force the banks' leverage even higher by removing physical metal from their system and placing it out of their collective reach."

His analysis is headlined "Comex Leverage Widens to Record" and it's posted at the TF Metals Report here:

http://www.tfmetalsreport.com/blog/7027/comex-leverage-widens-record

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

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GATA Chairman Murphy interviewed on China's reserves, latest attack on gold

Tue, 07/28/2015 - 09:14

8:13a ET Tuesday, July 28, 2015

Dear Friend of GATA and Gold:

GATA Chairman Bill Murphy, interviewed by Elijah Johnson of FinanceAndLiberty.com, discusses China's lowballing its gold reserves, the latest manipulative attack on the gold market, and gold's prospects generally. The interview is 12 minutes long and can be heard at YouTube here:

https://www.youtube.com/watch?v=6a6vcMbfvRc

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

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Dave Kranzler: GLD is being looted by bullion banks shorting gold

Mon, 07/27/2015 - 22:59

9:58p ET Monday, July 27, 2015

Dear Friend of GATA and Gold:

Dave Kranzler of Investment Research Dynamics tonight reviews evidence that the exchange-traded fund GLD is being used as a source of metal for the bullion banks shorting gold, an essential part of the Western central bank gold price suppression scheme. His commentary is headlined "GLD Continues to Be Looted While the Public Loads Up with Physical" and it's posted at the IRD Internet site here:

http://investmentresearchdynamics.com/gld-continues-to-be-looted-while-t...

And in commentary written with former Assistant U.S. Treasury Secretary Paul Craig Roberts, Kranzler explains how futures trading has pre-empted exchange of actual metal in setting gold and silver prices. Their commentary is headlined "Supply and Demand in the Gold and Silver Futures Markets" and it's posted at Roberts' Internet site here:

http://www.paulcraigroberts.org/2015/07/27/supply-demand-gold-silver-fut...

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

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No, Bob Moriarty, we don't want to live with market rigging

Mon, 07/27/2015 - 14:52

2:02p ET Monday, July 27, 2015

To hear 321Gold.com's Bob Moriarty tell it, GATA has conquered the world and now has more influence on the markets than the central banks we long have been clamoring against.

For in his commentary today, "Capitulation in Gold" --

http://321gold.com/editorials/moriarty/moriarty072715.html

-- Moriarty writes:

"Speaking of GATA, they have done billions of dollars of damage to investors. Somehow they convinced tens of thousands of people that when gold went from $252 to $1,923 it was being suppressed, and like the gold derivatives time bomb, gold was going to explode one day soon. If someone was manipulating gold from $252 to $1,923, it wasn't down. Actually if you bought lumber or soybeans and they made the same percentage move as gold did from 1999 to 2011 and you didn't sell, it's because you are too stupid to recognize the difference between an investment and a religion."

... Dispatch continues below ...


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Yet throughout gold's price rise, the gold market was subject to frequent interventions, most instigated by central banks, that panicked retail longs and allowed the bullion banks, agents of the central banks, to cover their short positions and begin the market-rigging cycle all over again, slowing gold's restoration as a competitive currency. That's not so hard to understand.

As for the investment and religion businesses, Moriarty is in the former but GATA is in neither.

Moriarty continues: "On Sunday night a week ago someone slammed gold when it was at $1,130 and dropped it to $1,080 in seconds. Billions of dollars that nervous investors had put in stop-loss orders on their long positions were wiped out in that time frame. It was deliberate and designed to steal from investors. It is called 'running the stops' and every guy who was ever a commodity broker or stockbroker understands what happened. It's perfectly legal. All those guys who claim to believe that manipulation is the most important issue in investing should have had buy orders well below the November low in gold because that was really predictable."

But if it was "really predictable," where was Moriarty's commentary predicting it? Indeed, where was the commentary of other experienced market analysts predicting it? To the contrary, much commentary following the attack on gold actually found it extraordinary because of the sheer volume and suddenness of short sales, which implied central bank involvement. Such involvement was quickly suspected even by analysts who have never shown any interest in the possibility of surreptitious central bank intervention in the gold market.

As for "perfectly legal," British authorities have arrested a guy who trades S&P futures from the basement of his parents' home outside London, accusing him of causing the May 2010 "flash crash" in the equity markets. The trader has been charged with one count of wire fraud, 10 counts of commodities fraud, 10 counts of commodities manipulation, and one count of "spoofing," and the "perfectly legal" defense does not seem to have worked for him.

But it does work for governments, which have fully authorized themselves to trade all markets in secret. That's what the U.S. Exchange Stabilization Fund is about --

http://www.treasury.gov/resource-center/international/ESF/Pages/esf-inde...

-- and presumably that is why CME Group, operator of the major futures exchanges in the United States, provides discounts to central banks and governments for their surreptitious trading on CME Group exchanges:

http://www.gata.org/node/14385

http://www.gata.org/node/14411

Of course "perfectly legal" does not mean perfectly fair. For should investors in countries purporting to have free markets have to be trading in ignorance against government agencies that are authorized to create infinite money?

Moriarty continues: "I doubt if any of the 'manipulation-conspiracy' people actually care about making money."

That's a good point, though at least in regard to GATA it is not the accusation Moriarty intends. In fact GATA is a nonprofit, federally tax-exempt civil rights and educational organization based in the United States that seeks to expose market manipulation and restore free markets, particularly in the monetary metals. Of course as individuals we'd all like to make money but you can't do that as a nonprofit, federally tax-exempt organization. You do that as an individual or as a business.

Moriarty continues: "Gold shares have been on the block for the last six months. If you were smart enough to buy them, you will be just fine. Sure, some are going to disappear, but while the 'manipulation-conspiracy' people are whining about how terrible it is for a financial product to be manipulated, you are going to own a lot of 10-20-baggers from here."

So there's Moriarty's real grievance with GATA: By warning investors about the rigging of the monetary metals markets and the challenges they face, GATA is getting in the way of his touting the stocks in which he has invested, like the touting contained in the paragraphs immediately preceding his criticism of GATA today.

Moriarty concludes: "All financial markets are manipulated. Live with it."

This observation by Moriarty is actually progress, since, when GATA began, he and others like him denied any manipulation of the monetary metals markets at all. Now that market manipulation is so obvious that anyone who denies it risks losing all credibility, the former deniers can only try to minimize it.

As for "living with" market manipulation, Moriarty is welcome to do so, and maybe he'll grant others the right not to.

In the meantime, no analysis of the gold market is worth anything if it fails to address four questions:

-- Are central banks in the gold market surreptitiously or not?

-- If central banks are in the gold market surreptitiously, is it just for fun -- for example, to see which central bank's trading desk can make the most money by cheating the most investors -- or is it for policy purposes?

-- If central banks are in the gold market for policy purposes, are these the traditional purposes of defeating a potentially competitive world reserve currency, or have these purposes expanded?

-- If central banks, creators of infinite money, are surreptitiously trading a market, how can it be considered a market at all, and how can any country or the world ever enjoy a market economy again?

GATA urges Moriarty and all others who claim to analyze the gold market to answer these questions. Documentation responsive to those questions is available here:

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

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

* * *

Join GATA here:

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

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

The Silver Summit and Resource Expo 2015
Hyatt Regency Hotel, San Francisco
Monday-Tuesday, November 23-24, 2015

http://cambridgehouse.com/event/50/the-silver-summit-and-resource-expo-2...

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

India's Rajesh Exports acquires Swiss gold refiner Valcambi

Mon, 07/27/2015 - 13:52

By Swansy Afonso
Bloomberg News
Monday, July 27, 2015

Rajesh Exports Ltd., India's biggest maker and exporter of gold jewelry, said it bought Swiss gold refiner Valcambi SA for $400 million.

The cash purchase of Valcambi from Newmont Mining Corp. helps ensure gold supplies to India, the world's largest consumer of the metal after China, Bangalore-based Rajesh Exports said in an exchange filing on Monday. Its shares rallied to close at the highest level since at least July 2000.

"On a theoretical basis Valcambi is capable of supplying the entire gold requirement of India," said Chairman Rajesh Mehta. Credit Suisse Group AG has agreed to fund 30 percent to 35 percent of the acquisition through long-term debt, which Rajesh Exports plans to repay through Valcambi's future earnings, Mehta said at a news conference in Mumbai. ...

... For the remainder of the report:

http://www.bloomberg.com/news/articles/2015-07-27/india-rajesh-exports-p...

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Monday-Tuesday, November 23-24, 2015

http://cambridgehouse.com/event/50/the-silver-summit-and-resource-expo-2...

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

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

Bron Suchecki: How much gold does China really have?

Mon, 07/27/2015 - 13:41

12:40p ET Monday, July 27, 2015

Dear Friend of GATA and Gold:

Hypothesizing painstakingly from Chinese gold market data, Perth Mint research director Bron Suchecki estimates that the Chinese government's gold reserves, including metal held by government-owned banks, total about 4,500 tonnes, or about 2,800 tonnes more than the People's Bank of China this month reported as its own gold reserves.

Suchecki attributes to Chinese policy a steady accumulation of gold that divides it between the government and China's population at a ratio of 55 to 45 in favor of the population.

Suchecki's analysis is headlined "How Much Gold Does China Really Have?" and it's posted at the Perth Mint's Internet site here:

http://research.perthmint.com.au/2015/07/27/how-much-gold-does-china-rea...

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

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Monday-Tuesday, November 23-24, 2015

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

Hedge funds are holding first-ever gold net-short position

Sat, 07/25/2015 - 16:08

By Joe Deaux
Bloomberg News
Saturday, July 25, 2015

Hedge funds are holding the first ever bet on a decline in gold prices since the U.S. government started collecting the data in 2006.

The funds and other speculators shifted to a net-short position of 11,345 contracts in New York futures and options in the week ended July 21, according to figures from the U.S. Commodity Futures Trading Commission.

Gold futures on Friday fell to the lowest since 2010 on the Comex, and the short wagers show investors expect the rout to deepen. Bullion has fallen almost every day in July, leaving the metal poised for the biggest monthly decline since June 2013. ...

... For the remainder of the report:

http://www.bloomberg.com/news/articles/2015-07-24/hedge-funds-hold-first...

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

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

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

BIS ran attack on gold and short squeeze is imminent, Maguire tells KWN

Sat, 07/25/2015 - 13:53

12:50p ET Saturday, July 25, 2015

Dear Friend of GATA and Gold:

In commentary posted today at King World News, London metals trader Andrew Maguire provides evidence that last week's attack on the gold price was operated through the Bank for International Settlements, that commercial traders have turned speculators short and gotten themselves long, and that a short squeeze is imminent. Maguire's commentary is posted at KWN here:

http://kingworldnews.com/andrew-maguire-a-gold-and-silver-tsunami-is-for...

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

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Monday-Tuesday, November 23-24, 2015

http://cambridgehouse.com/event/50/the-silver-summit-and-resource-expo-2...

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

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

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To contribute to GATA, please visit:

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

Silence from the gold mining industry and timidity from the World Gold Council

Sat, 07/25/2015 - 12:27

11:33a ET Saturday, July 25, 2015

Dear Friend of GATA and Gold:

On Friday your secretary/treasurer sought comment from the World Gold Council and the investor or media relations offices of six large gold mining companies about last Sunday night's attack on the gold market. Only Newmont Mining responded, saying it had no comment. Not responding were the gold council, Barrick Gold, Goldcorp, Kinross, Anglogold Ashanti, and Agnico-Eagle.

The gold council's statement about the attack, conveyed to you by GATA Friday evening --

http://www.gata.org/node/15588

-- was discovered by your secretary/treasurer not in the "News and Events" and "Press Releases" section of the council's Internet site --

http://www.gold.org/news-and-events

-- but rather in the "Tweets" section --

https://twitter.com/GOLDCOUNCIL

-- where it had been almost immediately overshadowed by an item about jewelry purchases in India. One could have gotten the impression that the council was not eager to be seen addressing the issue.

... Dispatch continues below ...


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And yet one GATA supporter was a bit encouraged by the council's statement. He wrote:

"This was probably the most interesting statement I've seen the World Gold Council issue. They acknowledged gold as money, something they've been loathe to do. They are acknowledging all our observations about shady activity in the gold market and expressing some rationales, but quietly. It's almost as if they want to protest but someone is keeping them from making a direct protest and this is the best they are permitted to do. If they really wanted to bury this, why issue a statement at all?

"I think that in the fullness of time someone in the gold council will rat out what is going on over there. Perhaps the council is dominated by government interests but has some people who are sympathetic to gold as money. Yes, gold investors and mining companies needed a full-throated protest of last week's attack and didn't get it, and yes, the gold council was still a little defensive about the status quo. Yet my expectations for the gold council are so low that the council actually exceeded them for once. I don't admire the council by any means, but I do wonder what they're up to with this statement."

Well, here's a guess: The attack on gold was so extreme and so obviously a market manipulation that the council figured that its own relevance would evaporate if it had absolutely nothing to say but that saying anything relevant risked upsetting the market-rigging establishment to which the council is so closely connected. So it said something timid and quickly buried it.

But eventually even the World Gold Council may realize that it will be out of business if the gold price is taken down to zero. Then central banks will no longer need the council's help in getting the price down.

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

* * *

Join GATA here:

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

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

The Silver Summit and Resource Expo 2015
Hyatt Regency Hotel, San Francisco
Monday-Tuesday, November 23-24, 2015

http://cambridgehouse.com/event/50/the-silver-summit-and-resource-expo-2...

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

Bron Suchecki: The message behind the Chinese gold reserves announcement

Sat, 07/25/2015 - 11:49

10:48a ET Saturday, July 25, 2015

Dear Friend of GATA and Gold:

Perth Mint research director Bron Suchecki has done a spectacular job compiling and analyzing interpretations of China's latest gold reserve announcement, which, he writes, likely was aimed at influencing and even misleading various audiences.

In a particularly astute observation, Suchecki writes:

Knowing that a lower-than-expectations figure would likely be negative for gold prices, China may well have considered it fortuitous that the gold price was weak at the same time they wanted to encourage people to invest in the stock market. As Jim Rickards tweeted, "China is still buying gold and favors a lower price. So timing the big 'reveal' for when gold prices are weak anyway makes perfect sense," both for the State Administration of Foreign Exchange in terms of acquiring more gold and for discouraging domestic investors from shifting money from the stock market to gold.

Suchecki's analysis is headlined "The Message Behind the Chinese Gold Reserves Announcement" and it's posted at the Perth Mint's Internet site here:

http://research.perthmint.com.au/2015/07/24/the-message-behind-the-chine...

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

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Join GATA here:

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

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

The Silver Summit and Resource Expo 2015
Hyatt Regency Hotel, San Francisco
Monday-Tuesday, November 23-24, 2015

http://cambridgehouse.com/event/50/the-silver-summit-and-resource-expo-2...

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

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