You are here

GATA

Subscribe to GATA feed
Updated: 2 hours 51 min ago

Alasdair Macleod: Gold -- a reasonable correction?

Thu, 06/02/2016 - 14:43

By Alasdair Macleod
GoldMoney, St. Helier, Jersey, Channel Islands
Thursday, June 2, 2016

Gold weakened during May by about $100, from a high point of $1300 to a low of $1,200.

This, for technical analysts, is entirely within the normal correction zone of a third to two-thirds of the previous rise, which would be 84 to 167 points.

So the fall is technically reasonable, and doesn't in itself signify any underlying challenge to the merits of a long position in gold. However, when looking at short-term considerations, we should look at motivations as well. And those clearly are the profit to be made by banks dealing in the paper bullion market, which they can simply overwhelm by issuing short contracts out of thin air. This card has been played successfully yet again, with the bullion banks first creating and then destroying nearly 100,000 contracts, lifting the profits from hapless bulls in the Comex market.

The banks get the money, the punters get the experience, and the evidence disappears. The futures market is demonstrably little more than a financial casino, where the house, comprising the establishment banks, always wins. Financial markets are not about free markets and purposeful pricing, which is why the vast majority of outsiders, including hedge funds, those Masters of the Universe of yore, usually lose.

This leads us to an important conclusion: The fall in prices has less to do with a change in outlook for the gold price, and more with the way a casino-like exchange stays in business. ...

... For the remainder of the commentary:

https://www.goldmoney.com/research/goldmoney-insights/gold-a-reasonable-...

ADVERTISEMENT

The Gold Mine Barrick Might Regret Having Sold


K92 Mining is poised for production at its Papua New Guinea gold project and has just listed on the Toronto Venture exchange under the symbol KNT.V.

The gold mining startup came together during one of the toughest periods in mining history.

K92's main asset is the Kainantu project, a large high-grade gold resource with extensive infrastructure including underground mine development, a mill processing facility, a fully permitted tailings pond, and paved roads. The infrastructure means K92 can aim to restart mining in the near term with minimal capital costs and seek to grow through cash-flow funded exploration on the roughly 405-square kilometer property, considered prospective for additional discoveries.

For more information, please visit:

https://ceo.ca/@tommy/the-gold-mine-barrick-might-regret-selling

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 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

Ted Butler: Hidden in full view

Thu, 06/02/2016 - 14:32

1:32p ET Thursday, June 2, 2016

Dear Friend of GATA and Gold:

Silver market analyst Ted Butler today details his belief that JPMorganChase has cornered the silver market by rigging futures prices low while acquiring real metal in anticipation of running the price up. Butler's commentary is headlined "Hidden in Full View" and it's posted at GoldSeek's companion site, SilverSeek, here:

http://silverseek.com/commentary/hidden-full-view-15617

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

ADVERTISEMENT

Silver mining stock report comes with 1-ounce silver round

Future Money Trends is offering a special 18-page silver mining stock report about how to profit with the monetary and industrial metal, 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/


Support GATA 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 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

Auto, housing debt worsens as petrodollar fades, Embry tells KWN

Wed, 06/01/2016 - 19:26

6:25p ET Wednesday, June 1, 2016

Dear Friend of GATA and Gold:

Sprott Asset Management's John Embry tells King World News today that auto loan debt in the United States has gotten junkier than mortgage debt, which is pretty junky itself, while the U.S. dollar is losing support from the oil trade. An excerpt from the interview is posted at KWN here:

http://kingworldnews.com/50-year-veteran-warns-we-are-headed-for-another...

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

ADVERTISEMENT

Buy precious metals free of value-added tax throughout Europe

Europe Silver Bullion is a fast-growing dealer sourcing its products from renowned mints, refiners, and distributors. Because of a legal loophole that will close soon, you can acquire the world's most popular bullion coins free of value-added tax throughout the European Union. You can collect your order in person at our headquarters in Tallinn, Estonia, or have it delivered in any of the 28 EU countries.

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.

Support GATA 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 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

Mike Kosares: Global mints report record silver coin sales for 2015

Wed, 06/01/2016 - 15:54

By Michael Kosares
USAGold.com, Centennial, Colorado
Wednesday, June 1, 2016

Global investors snapped up a record 89.6 million 1-ounce silver coins in 2015, according to USAGold's annual survey of global bullion coin sales. The strong 2015 showing follows an equally impressive 2014 for silver coins at 77.9 million ounces and 2013 at 85.4 million ounces. Year over year, silver bullion coin demand was up 14 percent from 2014.

Last year was a banner year for gold bullion coin sales as well -- the third best since 2002. National mints sold 3.3 million ounces in 2015 -- an impressive 30 percent increase over 2014. ...

... For the remainder of the report:

http://www.usagold.com/cpmforum/2016/06/01/global-mints-report-record-si...

ADVERTISEMENT

Buy metals at GoldMoney and enjoy international storage

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

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


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 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

GoldSeek Radio interviews GATA Chairman Bill Murphy

Wed, 06/01/2016 - 14:17

1:15p ET Wednesday, June 1, 2016

Dear Friend of GATA and Gold:

GoldSeek Radio's Chris Waltzek today interviews GATA Chairman Bill Murphy about the changing dynamics of gold and silver trading. The interview is 11 minutes long and can be head at GoldSeek here:

http://radio.goldseek.com/nuggets/murphy.05.31.16.mp3

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

ADVERTISEMENT

We Are Amid the Biggest Financial Bubble in History;
When It Bursts, Bullion Owned in the Safest Way Will Protect Wealth

With GoldCore you can own allocated -- and most importantly -- segregated coins and bars in Switzerland, Singapore, and Hong Kong.

Switzerland, Singapore, and Hong Kong remain extremely safe jurisdictions for storing bullion. Avoid exchange-traded funds and digital gold providers where you are a price taker. Ensure that you are outright legal owner of your bullion. If you do not own segregated bullion that you can visit, inspect, and take delivery of, you are exposed.

Crucial guides to storage in Singapore and Switzerland can be read here:

http://info.goldcore.com/essential-guide-to-storing-gold-in-singapore

http://info.goldcore.com/essential-guide-to-storing-gold-in-switzerland

GoldCore does not report transactions to any authority. Safety, privacy, and confidentiality are paramount when we are entrusted with storage of our clients' precious metals.

Email the GoldCore team at info@goldcore.com or call our trading desk:

UK: +44(0)203-086-9200. U.S.: +1-302-635-1160. International: +353(0)1-632-5010.

Visit us at: http://www.goldcore.com

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 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

Barrick settles investor suit over Pascua-Lama mine for $140 million

Tue, 05/31/2016 - 22:30

By Nate Raymond
Reuters
Tuesday, May 31, 2016

NEW YORK -- Barrick Gold Corp. has agreed to pay $140 million to resolve a U.S. lawsuit accusing the gold producer of concealing problems at a South American mine and of fraudulently inflating the company's market value, according to court papers.

The settlement, disclosed in papers filed today in Manhattan federal court, would resolve a class action accusing Barrick of deceiving investors about environmental problems afflicting its Pascua-Lama project on the border of Argentina and Chile.

"I am pleased we were able to reach this resolution for investors," James Hughes, a lawyer for the plaintiffs at the law firm Motley Rice, said in a statement.

Barrick in a statement confirmed the $140 million accord and said the value of the settlement is insured. ...

... For the remainder of the report:

http://www.reuters.com/article/us-barrick-gold-lawsuit-idUSKCN0YM2LI

ADVERTISEMENT

Free Storage with BullionStar in Singapore Until 2016

Bullion Star is a Singapore-registered company with a one-stop bullion shop, showroom, and vault at 45 New Bridge Road in Singapore.

Bullion Star's solution for storing bullion in Singapore is called My Vault Storage. With My Vault Storage you can store bullion in Bullion Star's bullion vault, which is integrated with Bullion Star's shop and showroom, making it a convenient one-stop-shop for precious metals in Singapore.

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/

Support GATA 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 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

Brandon White: Investing is about being moral as well as right

Tue, 05/31/2016 - 12:07

By Brandon White
Tuesday, May 31, 2016

"Trader Dan" Norcini, to whose May 24 commentary --

https://traderdan.com/?p=11693

-- GATA Secretary/Treasurer Chris Powell replied Monday --

http://www.gata.org/node/16482

-- is mistaken. Investing isn't just about being "right." It is also about being moral.

If technical analysis showed a buy signal, then presumably Norcini would buy Monsanto, or cluster-bomb maker Alliant Techsystems, or a cosmetics manufacturer that tests its products on puppies.

If there is one thing I think most members of the gold community have, it is a strong sense of right and wrong. I am proud to be part of this community and struggle for honesty, transparency, and social justice.

I am proud to encourage the gold industry to maintain the highest standards against money laundering and terrorist financing. As an associate member of the London Bullion Market Association, I am proud of the LBMA’s efforts to improve working conditions for miners and to stop the gold equivalent of "blood diamonds."

... Dispatch continues below ...


ADVERTISEMENT

Silver Coins and Rounds with Employee Pricing and Free Shipping

Grab your Silver Starter Kit at cost from Money Metals Exchange, the company named "Precious Metals Dealer of the Year" by industry ratings group Bullion Directory.

Simply go to MoneyMetals.com and type "GATA" in the radio box at the top of the page.

This special silver offer contains 4 ounces of silver coins and rounds in the most popular 1-ounce, half-ounce, and 10th-ounce forms. Claim yours now, because GATA readers get employee pricing and free shipping.

So go to --

http://MoneyMetals.com

-- and type "GATA" in the radio box at the top of the page.

I am pleased to see the results of the responsible investment community in Canada, where I live, and around the world, engaging in dialogue with mining companies to improve the way they do business and make their executive compensation packages reflect company performance. (Extreme compensation for executives when share prices are down is irresponsible and offensive.)

I am all over the concept of responsible investing as it relates to the gold market precisely because of the unsustainable and hazardous nature of our financial environment. The average person does not understand how precarious things are, and so I try to fight for him.

Norcini has no idea how big the responsible investing community is. (It isn’t just people of faith.) Nor does he know how big it will get. It already represents more than $1 trillion in assets under management globally and has doubled in the last two years with no sign of slowing down. In 2011 I recognized that the responsible investment community would be an excellent platform from which to present gold. I wasn't wrong.

I believe that Bullion Management Group is now the world's most responsible precious metals company. Not only is BMG engaging in conversation with the LBMA's "Responsible Gold Guidance" program; we are also an associate member of Canada’s preeminent Responsible Investment Association. Just last week we signed on to the United Nations-endorsed principles of responsible investment by becoming a signatory to the "Six Principles of Responsible Investing." We will be drafting the press release this week and presenting it at Canada’s largest responsible investment conference the following week.

Norcini's comments reflect the typical Wall Street attitude: abhorrently agnostic to the plight of the average person.

All money managers understand that diversification is necessary for steady returns with low volatility. But most money managers fail to grasp the bigger view -- that it is the government and the banking system itself that investors need to hedge against.

Adding gold to one's portfolio as a hedge (let's call it shorting big government and big banks) has been an effective way to achieve steady returns, reduce volatility, and insure against the madness of modern banking.

Gold has provided a return of more than 350 percent since 2000. What index has done that? What bank stock has done that? What bond has done that? What currency has done that?

What do all those securities have in common? They are nothing more than promises from dubious institutions that are fraught with multiple counterparty claims.

Gold is not a promise. Gold does not need a portfolio manager. Gold does not need an institution. Gold will never file for bankruptcy. Gold can never be worthless. Gold cannot be dishonest. Gold is the exact opposite of, and competition to, government-issued money -- and that is why it is disparaged.

If gold is really a "barbarous relic," then why do all major central banks own it? It’s simple: Gold is a hedge against themselves. I'd love to hear a central banker admit it.

-----

Brandon White is an analyst for Bullion Management Group in Markham, Ontario, Canada (http://bmgbullion.com/), and can be reached at b.white@bmgbullion.com.

* * *

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

New York Sun: Libertarians without gold

Mon, 05/30/2016 - 22:30

From the New York Sun
Monday, May 30, 2016

Two really excellent pieces have gone up on the Web this afternoon in respect of the Libertarian ticket of Governor Gary Johnson for president and Governor William Weld for vice president. The first one, by Ira Stoll, focuses on the Libertarian default in respect of foreign policy; the Wall Street Journal touches on that too, and both stress the choice the Johnson-Weld ticket represents in the face of Donald Trump and Hillary Clinton (or Bernard Sanders). We share both the Journal's and Mr. Stoll's concerns.

What we'd been hoping for from the Libertarians is a focus on monetary reform. This was a central plank of the one-time Libertarian candidate, Ron Paul, now retired. As a Republican, Paul brought his campaign for honest money to a head in the 2012 primaries, when, for a few moments, he was running neck and neck in the polls with the sitting president, Barack Obama. We don't mind saying we're disappointed in the failure of Messrs. Johnson and Weld on this head. ...

... For the remainder of the commentary:

http://www.nysun.com/editorials/libertarians-without-gold/89604/

ADVERTISEMENT

Direct Ownership and Storage of Precious Metals
Outside the Banking System in Zurich and Singapore

Goldbroker.com is a precious metals investment company that enables investors to own and store gold directly in their own name (no mutualized ownership) in Zurich and Singapore.

Goldbroker's clients are not exposed to any counterparty risks. They own gold and silver in their own names (the ownership certificate cites the name of the investor and serial number of his bars) and they have storage accounts opened in their own name as well. So Goldbroker.com's storage partner knows the exact identity of each investor. Goldbroker.com doesn't store in the name of its clients; rather, Goldbroker's clients store personally. All investors have direct access to their gold and silver bars.

Goldbroker.com was launched in 2011 so that investors would avoid any counterparty risk when investing in physical gold and silver.

Goldbroker.com is listed among GATA's recommended monetary metals dealers:

http://www.gata.org/node/173

To invest or learn more, please visit:

https://www.goldbroker.com/


Support GATA 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 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

Maybe they're quaint, but some people do invest as 'some sort of movement'

Mon, 05/30/2016 - 12:44

11:51a ET Monday, May 30, 2016

Dear Friend of GATA and Gold:

"Trading and investing," market analyst Dan Norcini wrote the other day --

https://traderdan.com/?p=11693

-- "are about making wise decisions to attempt to increase your wealth. They are not about joining in some sort of movement. Leave that for those who are more interested in 'being right about things' (in their own minds) rather than being successful. Do not forget this."

As GATA is not an investment adviser but a civil rights and educational organization, it doesn't presume to tell people how to invest, though if they are going to invest in gold, of course GATA would prefer, for the sake of the free and transparent markets we pursue, that they purchase real metal and not imaginary metal, not mere claims against financial institutions that, at the behest of governments, are doing their best to control the metal's price by creating imaginary supply.

... Dispatch continues below ...


ADVERTISEMENT

USAGold: Coins and bullion since 1973

USAGold, well known for its Internet site, USAGold.com, offers contemporary bullion coins and bullion-related historic gold coins for delivery to private investors in the United States, Europe, Canada, Australia, and New Zealand. It is one of the oldest and most respected names in the gold industry, with thousands of clients and an approach to investment that emphasizes guidance and individual needs over high-pressure sales tactics. The firm's zero-complaint record at the Better Business Bureau makes it an ideal match for the conservative, long-term investor looking for a reliable contact in the gold business.

Please call 1-800-869-5115x100 and ask for the trading desk, or visit:

http://www.USAGold.com

USAGold: Great prices, quick delivery -- all the time.

But GATA is aware of a school of thought that, quaint as it may seem, indeed advocates investing as part of "some sort of movement." It calls itself "socially responsible investing" --

https://en.wikipedia.org/wiki/Socially_responsible_investing

-- and it is well-established, particularly among Catholics who take their religion seriously:

http://www.aquinasfunds.com/about.html

https://www.avemariafunds.com/about-us/fund-family-profile.html

People involved with "socially responsible investing" want to prosper but aim to do so in accordance with their religious or moral principles -- that is, in accordance with "being right about things" ("in their own minds," of course, as if Norcini doesn't seek to be right in his own mind).

But regardless of whether investors want to restrict themselves with religious or moral principles -- want to profit in some ways but not in others -- they well might want to know as much as possible about what they are getting into. This is where the work of most technical analysts like Norcini has been failing, since it refuses to recognize and account for the massive interference with markets, particularly the monetary metals markets, by governments and central banks, creators of infinite money with which they can and do push price charts around, turning charts into mere holograms, depriving them of whatever meaning they otherwise might have.

Also still in fashion is what might be called psychological analysis of markets, as evidenced by last week's commentary by market letter writer Mike Swanson of Wall Street Window, who calculated that spikes in public interest in market manipulation, including manipulation of the gold market, signify buying opportunities:

http://wallstreetwindow.com/node/12846

Market manipulation, Swanson scoffs, is just the excuse investors use when they have lost money.

Maybe, but so much market manipulation lately has been admitted and punished with fines and financial settlements that it has to be taken more seriously than Swanson takes it.

Indeed, both technical analysis and psychological analysis must ignore surreptitious intervention in markets by governments and central banks or else they would be out of business. That's why neither analysis can ever address certain crucial questions:

-- Are central banks and governments trading surreptitiously in the gold, commodity, equity, and bond markets or not?

-- If central banks and governments are trading surreptitiously in those markets, is it just for fun -- for example, to see which government trading desk can make the most money by cheating the most investors -- or is it for policy purposes?

-- If central banks and governments, creators of infinite money, are surreptitiously trading the markets, what becomes of the market economy?

-- And if central banks and governments, creators of infinite money, are surreptitiously trading markets, how can the sentiment of ordinary investors matter much? How can anything in the markets matter more than the sentiment of central banks and governments?

Documentation of this surreptitious trading by central banks and governments is overwhelming and has been compiled by GATA here:

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

Does any technical analyst, psychological analyst, mainstream financial journalist, or central bank or government official dare to address any of it? It hasn't happened yet.

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

* * *

Support GATA 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 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

China fixes yuan at more than five-year low against dollar

Mon, 05/30/2016 - 09:48

By Gregor Stuart Hunter
The Wall Street Journal
Monday, May 30, 2016

China's central bank set the daily yuan fixing at its weakest level against the dollar in more than five years on Monday, after hawkish comments from Federal Reserve Chairwoman Janet Yellen boosted the strength of the U.S. currency.

The People's Bank of China set its daily reference rate for the yuan at 6.5784, the weakest level since February 2011 and 0.45 percent lower than Friday's fixing point. Onshore, the yuan is allowed to trade 2 percent above and below the so-called fix.

The U.S. dollar index, which tracks the dollar's strength against a basket of six currencies, rose 0.4 percent to 95.888 in early Asian trading. The move follows Yellen's comments late Friday that it would be "appropriate" for the Fed to "gradually and cautiously" increase interest rates in the coming months. ...

... For the remainder of the report:

http://www.wsj.com/articles/china-fixes-yuan-at-more-than-five-year-low-...

ADVERTISEMENT

The Gold Mine Barrick Might Regret Having Sold


K92 Mining is poised for production at its Papua New Guinea gold project and has just listed on the Toronto Venture exchange under the symbol KNT.V.

The gold mining startup came together during one of the toughest periods in mining history.

K92's main asset is the Kainantu project, a large high-grade gold resource with extensive infrastructure including underground mine development, a mill processing facility, a fully permitted tailings pond, and paved roads. The infrastructure means K92 can aim to restart mining in the near term with minimal capital costs and seek to grow through cash-flow funded exploration on the roughly 405-square kilometer property, considered prospective for additional discoveries.

For more information, please visit:

https://ceo.ca/@tommy/the-gold-mine-barrick-might-regret-selling

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 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

For how many millennia do John Plender and the FT plan to disparage gold?

Sun, 05/29/2016 - 10:33

9:41a ET Sunday, May 29, 2016

Dear Friend of GATA and Gold:

Annoyed at former International Monetary Fund economist Kenneth Rogoff for having lent some respectability to gold this month, for having recommended that developing countries hold less of their foreign exchange reserves in zero-interest developed-nation bonds and more in gold --

http://www.gata.org/node/16466

-- Financial Times columnist John Plender today can't concede Rogoff's point without disparaging the monetary metal:

http://www.ft.com/intl/cms/s/0/8174208e-21bb-11e6-9d4d-c11776a5124d.html

"Gold," Plender writes, "has been a bubble for millennia."

Some bubble! Don't millennia compare pretty well with the individual human lifespan? For how many millennia are Plender and the Financial Times planning to keep disparaging the monetary metal?

... Dispatch continues below ...


ADVERTISEMENT

Silver mining stock report comes with 1-ounce silver round

Future Money Trends is offering a special 18-page silver mining stock report about how to profit with the monetary and industrial metal, 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/


Repeating the appalling rookie mistake Rogoff himself made, Plender writes that gold "yields no dividends or interest," though central banks and others lend gold at interest every day just as government currencies are lent at interest.

Then Plender knocks gold for volatility and "capriciousness."

Of course the Financial Times could always shed a little light on gold's volatility and capriciousness by inquiring into the long and continuing history of surreptitious intervention in the gold market by Western central banks, which, when they don't think anyone outside their circle is listening, acknowledge that they trade gold and gold derivatives "nearly on a daily basis" to control and usually suppress the monetary metal's price and thereby protect their own currencies.

Extensive documentation of this market rigging has been compiled by the Gold Anti-Trust Action Committee here --

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

-- and this documentation often has been given to journalists at the Financial Times, including Plender himself.

Inadvertently showing how easy it would be for journalists to validate this documentation, just a few weeks ago the president of the Federal Reserve Bank of New York, William Dudley, clumsily refused at a public forum in Virginia to answer a question about whether the Fed is involved in gold swaps --

http://www.gata.org/node/16341

-- gold swaps having been identified by a secret 1999 report of the International Monetary Fund as a primary mechanism of gold price suppression:

http://www.gata.org/node/12016

Of course the Financial Times is entitled to its politics -- statist and establishment as opposed to individualist and questioning. But the FT purports to be a news organization as well as an advocate of a political ideology. So the FT should show more interest in exposing what governments are doing in what are mistakenly assumed to be free markets.

The FT should not be opining so arrogantly about gold's place in the world monetary system without first putting to central banks a few critical questions about their surreptitious involvement in the gold market and the policy purposes behind it. And yet as far as your secretary/treasurer can tell, the FT has never attempted that. Indeed, the first rule of journalism at the Financial Times seems to be: Never put a critical question to a central bank.

As a result, when it comes to gold and indeed much else, the FT remains capable only of disinformation.

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

* * *

Support GATA 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 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

Pages

Join Forum

To prevent automated spam submissions leave this field empty.

Best of the Web