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New York Sun: The Fed's right mind?

Fri, 02/06/2015 - 12:10

From the New York Sun
Friday, February 6, 2015

It looks like the Federal Reserve is starting to worry about Senator Rand Paul's plan to audit the central bank. The way the Hill newspaper, which covers Congress, puts it this week is that the Fed is "lashing out" at Mr. Paul's plan, which, it said, could gain traction now that the Republicans are in control of the Senate as well as the House. It quotes the president of the Dallas Fed, Richard Fisher, as demanding, in an interview, "Who in their right mind would ask the Congress of the United States -- who can't cobble together a fiscal policy -- to assume control of monetary policy?"

Who in their right mind? How about George Washington, James Madison, Alexander Hamilton, and the rest of the rest of the authors of the Constitution. ...

If the Congress is so inept at budgeting, why has the Federal Reserve been buying up the paper it's kiting? The Fed has taken onto its books more than $2 trillion in federal debt. ...

... For the complete commentary:

http://www.nysun.com/editorials/the-feds-right-mind/89032/


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1 Expo Drive, Wan Chai
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Monday-Friday, March 23-27, 2015
http://www.minesandmoney.com/hongkong/

* * *

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

William Pesek: Is China preparing for currency war

Fri, 02/06/2015 - 09:44

By William Pesek
Bloomberg News
Friday, February 6, 2015

China has entered the global monetary-easing fray, along with more than a dozen other economies, after its central bank surprised investors by cutting reserve requirements 50 basis points to spur lending and combat deflation. But Beijing may be raring for an even bigger and more perilous fight -- in the currency markets.

Reducing the amount of cash that banks are required to set aside (to 19.5 percent), as China has just done, is largely symbolic -- a don't-panic-we're-on-top-of-things reassurance to international markets and local property developers. Still, the move is also an inflection point. China is in all likelihood about to loosen monetary policy considerably to support economic growth. If global conditions worsen, China's one-year lending rate, now at 5.6 percent, could head toward zero.

At the same time, something else is afoot in Beijing could have even greater global impact. The central bank is cooking up measures to widen the band in which its currency trades. People's Bank of China officials say it's about limiting volatility as capital zooms in and out of the economy. Let's call it what it really is: the first step toward yuan depreciation and currency war. ...

... For the remainder of the report:

http://www.bloombergview.com/articles/2015-02-06/is-china-preparing-for-...

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Join GATA here:

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1 Expo Drive, Wan Chai
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Monday-Friday, March 23-27, 2015
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Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:

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

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Federal Reserve fires back at Rand Paul

Fri, 02/06/2015 - 00:06

By Kevin Cirilli
The Hill, Washington
Thursday, February 5, 2015

The Federal Reserve is lashing out at Sen. Rand Paul's plan to give Congress more oversight over the central bank, a proposal that could gain traction in the new Republican-led Congress.

The Kentucky Republican reintroduced his "Audit the Fed" legislation last month with 30 co-sponsors, including other potential 2016 Republican presidential hopefuls, Sens. Ted Cruz of Texas and Marco Rubio of Florida.

The proposal -- once championed by his father, former Rep. Ron Paul, R-Texas -- would subject the central bank to an audit by the Government Accountability Office. Regional bank presidents from around the country are decrying the plan, which they argue could damage the economy. ...

... For the remainder of the report:

http://thehill.com/policy/finance/231822-fed-fires-back

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Mining Investment Asia Conference
Resorts World Convention Centre
8 Sentosa Gateway, Sentosa Island
Singapore
Wednesday-Friday, March 18-20, 2015

http://www.mininginvestmentasia.com/

Mines and Money Conference
Hong Kong Convention and Exhibition Centre
1 Expo Drive, Wan Chai
Hong Kong Special Administrative Region, China
Monday-Friday, March 23-27, 2015
http://www.minesandmoney.com/hongkong/

* * *

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

Obituary and funeral details for Got Gold Report's Gene Arensberg

Thu, 02/05/2015 - 22:29

9:30p ET Thursday, February 5, 2015

Dear Friend of GATA and Gold:

The funeral for Gene Arensberg, publisher of the Got Gold Report, who died Monday at Houston Baptist Hospital after complications from lung transplant surgery in September, will be held at 3 p.m. Saturday at South Park Funeral Home, 1310 North Main St., Pearland, Texas. Arensberg's obituary is posted at the funeral home's Internet site here:

http://www.southparkfunerals.com/obituaries/Eugene-Arensberg/

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


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Join GATA here:

Mining Investment Asia Conference
Resorts World Convention Centre
8 Sentosa Gateway, Sentosa Island
Singapore
Wednesday-Friday, March 18-20, 2015

http://www.mininginvestmentasia.com/

Mines and Money Conference
Hong Kong Convention and Exhibition Centre
1 Expo Drive, Wan Chai
Hong Kong Special Administrative Region, China
Monday-Friday, March 23-27, 2015
http://www.minesandmoney.com/hongkong/

* * *

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

Koos Jansen: Gold repatriation concerns in Belgium?

Thu, 02/05/2015 - 11:12

10:11a ET Monday, February 9, 2015

Dear Friend of GATA and Gold:

Bullion Star market analyst and GATA consultant Koos Jansen today notes conflicting reports about gold reserve repatriation by Belgium. In any case, Jansen writes, central banks seem to be getting more concerned about the security of their foreign-vaulted gold. His commentary is posted at Bullion Star here:

https://www.bullionstar.com/blog/koos-jansen/belgium-denies-repatriate-g...

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

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Mining Investment Asia Conference
Resorts World Convention Centre
8 Sentosa Gateway, Sentosa Island
Singapore
Wednesday-Friday, March 18-20, 2015

http://www.mininginvestmentasia.com/

Mines and Money Conference
Hong Kong Convention and Exhibition Centre
1 Expo Drive, Wan Chai
Hong Kong, China
Monday-Friday, March 23-27, 2015
http://www.minesandmoney.com/hongkong/

* * *

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

Germany's gold repatriation campaign celebrated in long profile by Bloomberg News

Thu, 02/05/2015 - 10:04

9a ET Thursday, February 5, 2015

Dear Friend of GATA and Gold:

Bloomberg News today publishes a long profile about the heroic work of the leader of Germany's gold repatriation campaign, Peter Boehringer of the German Precious Metals Society, and as the profile raises the campaign's powerful questions about the disposition of the gold reserves of the German Bundesbank and other central banks, it touches ever so briefly on the previously prohibited subject of gold market manipulation. GATA long has been pressing that subject on Bloomberg reporters and will do so again. The Bloomberg report is headlined "Where Is Mein Gold? Almost Half of Germany's Gold Is Stored in Vaults Under the Streets of Manhattan. Or Is It?" and it's posted at Bloomberg here:

http://www.bloomberg.com/news/features/2015-02-05/germany-s-gold-repatri...

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

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Mining Investment Asia Conference
Resorts World Convention Centre
8 Sentosa Gateway, Sentosa Island
Singapore
Wednesday-Friday, March 18-20, 2015

http://www.mininginvestmentasia.com/

Mines and Money Conference
Hong Kong Convention and Exhibition Centre
1 Expo Drive, Wan Chai
Hong Kong, China
Monday-Friday, March 23-27, 2015
http://www.minesandmoney.com/hongkong/

* * *

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

Gold imports by India are said to surge this year as curbs are scrapped

Wed, 02/04/2015 - 18:40

By Vrishti Beniwal and Swansy Afonso
Bloomberg News
Wednesday, February 4, 2015

Gold imports by India, the world's second-biggest user, jumped in the first 10 months of this financial year as the government eased curbs on overseas purchases.

Shipments jumped to about 940 metric tons from April through January, said two government officials with direct knowledge of the matter, asking not to be identified as the provisional data isn't public. Finance Ministry spokesman D.S. Malik didn't answer two calls to his mobile phone. Purchases fell 35 percent to 662 tons in 2013-2014, according to the Commerce Ministry.

Imports increased after the government in May allowed more agencies to bring in gold and scrapped a rule requiring shippers to re-export 20 percent of their shipments. India curbed imports in 2013 after the current-account deficit reached a record, pushing rupee to an all-time low. The south Asian nation accounted for 25 percent of global demand in 2013, according to the World Gold Council.

"Imports may be around 1,000 tons this fiscal and remain stable next year unless we see any fresh government regulations coming in," Madhavi Mehta, an analyst at Kotak Commodity Services, said by phone from Mumbai. ...

... For the remainder of the report:

http://www.bloomberg.com/news/articles/2015-02-04/gold-imports-by-india-...

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Join GATA here:

Mining Investment Asia Conference
Resorts World Convention Centre
8 Sentosa Gateway, Sentosa Island
Singapore
Wednesday-Friday, March 18-20, 2015

http://www.mininginvestmentasia.com/

Mines and Money Conference
Hong Kong Convention and Exhibition Centre
1 Expo Drive, Wan Chai
Hong Kong, China
Monday-Friday, March 23-27, 2015
http://www.minesandmoney.com/hongkong/

* * *

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

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 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

Congress indignant: Why aren't our pots calling those kettles black?

Wed, 02/04/2015 - 15:29

Strong Dollar Revives Old Currency Angst

By Shawn Donnan
Financial Times, London
Wednesday, February 4, 2015

WASHINGTON -- When Jack Lew, the US Treasury secretary, sits down on Thursday to brief the august members of the Senate finance committee on the president’s 2016 budget and plans for tax reform he will be bracing himself for a barrage of questions on at least one other subject.

A strong dollar now hitting corporate profits and US exports and an accumulating number of moves by central banks around the world to weaken their own currencies has revived an old angst on Capitol Hill and yielded new battle lines for Congress and its currency warriors.

Where once the target was China these days the push is for the administration to include tough provisions against currency manipulation in its trade agreements and particularly the Trans-Pacific Partnership, the mega trade deal with Japan and 10 other economies that is at the heart of the US international economic agenda and is nearing conclusion. ...

... For the remainder of the report:

http://www.ft.com/intl/cms/s/0/649300ee-ac13-11e4-b05a-00144feab7de.html

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Join GATA here:

Mining Investment Asia Conference
Resorts World Convention Centre
8 Sentosa Gateway, Sentosa Island
Singapore
Wednesday-Friday, March 18-20, 2015

http://www.mininginvestmentasia.com/

Mines and Money Conference
Hong Kong Convention and Exhibition Centre
1 Expo Drive, Wan Chai
Hong Kong, China
Monday-Friday, March 23-27, 2015
http://www.minesandmoney.com/hongkong/

* * *

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

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 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

Bank of Montreal gold product takes aim at big ETF market, new investors

Wed, 02/04/2015 - 09:17

By Mary Nicholson
Reuters
Wednesday, February 4, 2015

Bank of Montreal has launched a new way for investors to buy physical gold, offering greater security than private storage while going head to head with the $60 billion exchange-traded fund industry.

The launch comes at a critical time for bullion, with investors in recent weeks making a tentative return to the market after a prolonged exodus as the oil rout and euro-zone instability reignite gold's appeal as a safe-haven investment.

The first of its kind in the United States, the Canadian bank's new gold deposit receipt program (GOLDR) allows investors to buy and sell shares that are backed by physical bullion stored in Canada and that track the price of spot gold. ...

... For the remainder of the report:

http://www.reuters.com/article/2015/02/04/us-bank-of-montreal-gold-idUSK...

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Join GATA here:

Mining Investment Asia Conference
Resorts World Convention Centre
8 Sentosa Gateway, Sentosa Island
Singapore
Wednesday-Friday, March 18-20, 2015

http://www.mininginvestmentasia.com/

Mines and Money Conference
Hong Kong Convention and Exhibition Centre
1 Expo Drive, Wan Chai
Hong Kong, China
Monday-Friday, March 23-27, 2015
http://www.minesandmoney.com/hongkong/

* * *

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

Mark O'Byrne: New gold fix to be run by Western and Chinese banks, still not transparent

Tue, 02/03/2015 - 22:18

9:15p ET Tuesday, February 3, 2015

Dear Friend of GATA and Gold:

Don't get excited about the possibility that the inclusion of Chinese banks in the new mechanism for developing an international gold price benchmark in London will diminish manipulation of the gold market. That's the advice from GoldCore's Mark O'Byrne, who writes today:

"The vast bulk of decision making will still be made by banks, which generally view gold with antipathy, and apparently only members of the London Bullion Market Association will have a role in fixing the price. This lack of transparency will likely undermine the new system. It will likely be viewed as more or less an extension of the current system with which many market participants are currently dissatisfied."

O'Byrne's analysis is headlined "New Gold Fix to Be Run By Western and Chinese Banks -- Still Not Transparent" and it's posted at GoldCore here:

http://www.goldcore.com/us/gold-blog/new-gold-fix-run-western-chinese-ba...

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

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Join GATA here:

Mining Investment Asia Conference
Resorts World Convention Centre
8 Sentosa Gateway, Sentosa Island
Singapore
Wednesday-Friday, March 18-20, 2015

http://www.mininginvestmentasia.com/

Mines and Money Conference
Hong Kong Convention and Exhibition Centre
1 Expo Drive, Wan Chai
Hong Kong Special Administrative Region, China
Monday-Friday, March 23-27, 2015
http://www.minesandmoney.com/hongkong/

* * *

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

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

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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Got Gold Report's Gene Arensberg dies

Tue, 02/03/2015 - 21:20

8:19p ET Tuesday, February 3, 2015

Dear Friend of GATA and Gold:

Our dear friend Gene Arensberg, publisher of the Got Gold Report --

http://www.gotgoldreport.com/

-- died yesterday at Houston Methodist Hospital as a result of complications from lung transplant surgery undertaken in September.

For years Arensberg was a major contributor to the cause of free and transparent markets in the monetary metals, an incisive observer, and, most important, a kind, helpful, and gentle soul whom one was always glad to see, and who will be terribly missed.

Funeral plans will be dispatched as they become available.

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

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Peter Degraaf: Commercials suppress monetary metals in 'casino' futures market

Tue, 02/03/2015 - 21:08

8:06p ET Tuesday, February 3, 2015

Dear Friend of GATA and Gold:

Also sounding like GATA tonight in his latest financial letter is market analyst Peter Degraaf, who has sounded like GATA before.

Degraaf writes: "While we invest to protect our nest egg against inflation by owning gold and silver, we are aware that when the commercial gold and silver dealers are heavily 'net short' in the futures market, they will spend hundreds of millions of dollars more, in the form of futures contracts, in an effort to drive the price down so that the previous short positions can be covered. When the futures market becomes a casino, without honest supervision (as now), the entity with the deepest pockets can control the price (in the short run). They can do this until the demand for physical gold forces them to finally run for cover."

Of course "the short run" lately has started to seem awfully long to investors in the monetary metals, but as the little red-haired girl sang, "the sun will come out tomorrow," and Degraaf's commentary, headlined "Playing Their Game," is posted at GoldSeek here:

http://news.goldseek.com/GoldSeek/1422989637.php

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

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

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Clive Maund: The golden age of QE and the fiat endgame

Tue, 02/03/2015 - 20:42

7:42 ET Tuesday, February 3, 2015

Dear Friend of GATA and Gold:

In his latest commentary, dated January 29, financial letter writer Clive P. Maund sounds a lot like GATA as he complains about market manipulation.

Maund writes: "A dramatic example of such gargantuan manipulation may be about to play out in the London stock markets. The normal interpretation of the giant pattern forming in the UK FTSE index, which we looked at not long ago, using traditional technical analysis, is that a huge triple top is completing. But the government may be able to avert this outcome by simply doing 'quantitative easing' on a sufficient scale to head this off and force an upside breakout. All they have to do is keep pumping money at a sufficient rate and make sure it reaches those whose task it is to keep the market levitated. This is the 'new paradigm' that we wrote of near the start -- never before have governments had such power to control markets. ...

"The other side of this manipulation coin is that they also have to power to beat down things they don't like, such as gold and silver, by endless waves of naked shorting. But this will work only until the gap between the physical and paper price becomes untenably large. Given the rampant global QE now underway and the resulting destruction of currencies, and that most of the available physical gold in the world has already been bought up by Asian countries, most notably China, their power to beat down the paper price of gold looks spent, and it is starting to rise again, after the onslaught of the past three years."

Maund's commentary is headlined "The Golden Age of QE and the Fiat Endgame" and it's posted at his Internet site, CliveMaund.com, here:

http://www.clivemaund.com/article.php?art_id=3391

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


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Dan Popescu: Five reasons to buy gold and silver in 2015

Tue, 02/03/2015 - 17:19

4:15p ET Tuesday, February 3, 2015

Dear Friend of GATA and Gold:

Goldbroker's Dan Popescu today offers five reasons to buy the monetary metals, with the best ones perhaps being that central banks are increasingly at odds with each other and that the developed world's debt has reached unsustainable levels and can only be repudiated directly or inflated away. Popescu's analysis is headlined "Five Reasons to Buy Gold and Silver in 2015" and it's posted at Goldbroker here:

https://www.goldbroker.com/news/five-reasons-buy-gold-silver-2015-707

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

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Three Greek banks tap 2 billion euros in emergency funding, sources tell Reuters

Tue, 02/03/2015 - 17:00

By George Georgiopoulos
Reuters
Tuesday, February 3, 2015

ATHENS, Greece -- Three of Greece's four major banks have started to tap emergency funding from the Greek central bank as some depositors have withdrawn their money due to political uncertainty, two sources familiar with the situation told Reuters on Tuesday.

Greek banks are facing a new crisis after Prime Minister Alexis Tsipras's left-wing government stormed to power last week with a pledge to abandon a bailout lifeline keeping the country afloat.

Tightening liquidity conditions ahead of a Jan. 25 election prompted the Bank of Greece to ask the European Central Bank to approve the emergency liquidity line for all the country's top lenders -- National, Piraeus, Alpha, and Eurobank. ...

... For the remainder of the report:

http://uk.reuters.com/article/2015/02/03/uk-eurozone-greece-banks-exclus...

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D-Day for insolvent West may be Feb. 28, Turk tells KWN

Mon, 02/02/2015 - 18:02

5p ET Monday, February 2, 2015

Dear Friend of GATA and Gold:

Greece's election of a new government may be the first step in the Western world's recognition that it is insolvent and that its debts cannot be paid at current values, GoldMoney founder and GATA consultant James Turk tells King World News today. February 28 may be decision day, Turk says, because that is when another big loan to Greece is scheduled to be delivered even as the new government is rejecting the loan's terms. The debt bust, Turk says, will boost the monetary metals, as they have no counterparty risk. Turk's interview is excerpted at the KWN blog here:

http://kingworldnews.com/historic-revolt-corrupt-western-banksters-now-u...

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

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* * *

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

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Help keep GATA going

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Fed is out of ammo, Embry tells King World News

Mon, 02/02/2015 - 17:44

4:45p ET Monday, February 2, 2015

Dear Friend of GATA and Gold:

Sprott Asset Management's John Embry tells King World News today that the monetary metals markets have a strengthening tone to them and that the U.S. Federal Reserve is out of ammunition for propping up the equity markets. An excerpt from Embry's interview is posted at the KWN blog here:

http://kingworldnews.com/world-now-facing-dangerous-terrifying-crisis-mo...

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

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Campaign to audit Federal Reserve gathers pace

Mon, 02/02/2015 - 17:38

Sam Fleming and Barney Jopson
Financial Times, London
Monday, February 2, 2015

http://www.ft.com/intl/cms/s/0/182e3278-aa2e-11e4-8f91-00144feab7de.html

The US Federal Reserve is coming under the most political pressure it has faced since the financial crisis, as Republicans who say it lacks transparency attempt to subject its monetary policy deliberations to external audit.

Republicans who took control of both houses of Congress this year want to use their new power to push for laws that would expose the Fed’s rate-setting and quantitative easing policies to formal review.

... Dispatch continues below ...


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The Fed has long been a whipping boy of anti-government conservatives who dislike its power and perceived opacity. But interest in reforming the central bank is now spreading to the Republican establishment.

Janet Yellen, who chairs the US central bank, is likely to face questions on the topic this month in congressional testimony. Bill Huizenga, the Republican vice-chairman of the House subcommittee on monetary policy and trade, said the Fed was a "massive labyrinth of very opaque gears and levers" and that "very few people understand the why; the how."

He said: "There is this walled-off area -- this is a no fly-zone. In an open society when you are making significant decisions that impact a lot of people, why would we have this opaqueness on purpose?"

Last week, the conservative senators Rand Paul and Ted Cruz -- both 2016 presidential aspirants -- jointly introduced a bill to force the Fed to open its books.

Its co-sponsors include the Republican Senate majority leader Mitch McConnell, whose spokesman said: "The leader believes we should have more transparency."

Some Republicans are also renewing a longstanding push for the central bank to follow mechanical rules in setting monetary policy, drawing on the work of the economist John Taylor.

Some economists say this sort of constraint would be hazardous, with Paul Krugman, the Nobel prize-winning economist, writing last week that it was a "really terrible idea".

Ted Truman, a former Fed official and now a senior fellow at the Peterson Institute for International Economics in Washington, said the idea would remove "a substantial amount of the operational independence of the Federal Reserve". He said Ms Yellen could be forced to spend a lot of time debating the Republican reform proposals in the coming two years, even though any bill would probably be vetoed by President Barack Obama.

Ms Yellen said last year that she would "forcefully" oppose efforts to advance the "audit the Fed" legislation, saying it was important that her institution was free from short-term political interference.

Auditing the Fed was long the signature issue of Ron Paul, the libertarian former Republican presidential candidate and father of Rand Paul, who blamed the central bank for contributing to the financial crisis. But his lone campaign has now evolved into a broader populist movement.

Richard Shelby, who as chairman of the Senate banking committee controls which bills it sends for votes on the floor, told Bloomberg news agency last week that he was "very interested in some type of audited Fed, especially the portfolio".

"We should make sure that what they do, they’re doing right -- and there are a lot of questions about the portfolio of the Fed coming from [quantitative easing]," he said.

Democrats are opposed to the Republican push. Sherrod Brown, the top Democrat on the Senate banking committee, had supported previous initiatives to make the Fed more transparent, said a spokeswoman. "But he does not see how this [new Republican 'audit the Fed'] legislation will benefit working Americans, which he thinks should be a top priority of the Fed at this time."

However, the Fed's cause in Congress is being complicated amid discontent among Democrats over the performance of the New York Federal Reserve. In November, Jack Reed, a Rhode Island Democratic senator, introduced legislation that would require the New York Fed’s president to undergo a public confirmation process, including appointment by the president and approval by the Senate.

Calls to audit the Fed are jostling for the attention of Republican leaders with a host of issues, ranging from energy liberalisation to healthcare reform, now that the party controls both houses of Congress for the first time since 2006.

When Republicans in the House of Representatives advanced "audit the Fed" legislation last year, it was attacked by Maxine Waters, the senior Democrat on the House financial services committee, who said it would revoke the Fed’s independence, shake confidence in its decision-making and create unnecessary uncertainty in monetary policy.

* * *

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* * *

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

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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

Has Swiss National Bank adopted a secret currency peg?

Mon, 02/02/2015 - 14:55

By Matt Clinch
CNBC, New York
Monday, February 2, 2015

There is growing speculation that the Swiss National Bank has set a new target for the country's currency, as the Swiss franc continues to tick lower against the euro.

Swiss newspaper Schweiz am Sonntag reported Sunday that the SNB was aiming to keep the Swissie trading between 1.05-1.10 euros ($1.19-$1.24), citing sources with knowledge of the situation. It comes after the banks shocked markets by dropping its 3-year-old peg of 1.20 Swiss francs per euro on January 15. ...

New data today also fueled talk that the central bank could be intervening once again, revealing that the amount of cash that banks hold with the SNB rose again last week. These "sight deposits" can be used by the central bank to intervene with its own currency.

A spokesperson for the SNB told CNBC that the bank does not comment on media reports. ...

... For the remainder of the report:

http://www.cnbc.com/id/102388389

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

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

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Chinese banks to join new gold fix in March

Mon, 02/02/2015 - 08:56

By Henry Sanderson
Financial Times, London
Monday, February 2, 2015

The replacement for the near-century old London gold fix will start in March, with the hope of attracting at least 11 members, including Chinese banks for the first time.

UK financial authorities are undertaking an assessment of financial benchmarks in the wake of a series of scandals, including the gold fix.

The presence of Chinese banks would give the world's second-largest consumer of the yellow metal a greater say in the global gold price. Participants in the fix aggregate orders from clients on to a platform to determine the price. ...

... For the remainder of the report:

http://www.ft.com/intl/cms/s/0/bdd0079c-a894-11e4-ad01-00144feab7de.html...

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Monday-Friday, March 23-27, 2015
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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:

http://www.gata.org

To contribute to GATA, please visit:

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

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