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Gold and bitcoin fuel demand for each other in India

Sun, 07/27/2014 - 12:59

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

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

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

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

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

... Dispatch continues below ...


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

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

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

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

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

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

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

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

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

* * *

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Another class-action suit charges gold market manipulation

Sun, 07/27/2014 - 12:32

11:30a ET Sunday, July 27, 2014

Dear Friend of GATA and Gold:

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

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

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

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Brief video touts 'The Coming Silver Shortage'

Sun, 07/27/2014 - 12:09

11:07a ET Sunday, July 27, 2014

Dear Friend of GATA and Gold:

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

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

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

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Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:

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

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

Sat, 07/26/2014 - 16:00

3p ET Saturday, July 26, 2014

Dear Friend of GATA and Gold:

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

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

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

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

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

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Join GATA here:

Casey Research 2014 Summit
Hill Country Resort and Spa
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Friday-Sunday, September 19-21, 2014

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

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

* * *

Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Deutsche Bank, HSBC accused of silver fix manipulation

Sat, 07/26/2014 - 10:25

By Patricia Hurtado
Bloomberg News
Saturday, July 26, 2014

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

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

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

... For the remainder of the story:

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

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Friday-Sunday, September 19-21, 2014

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New Orleans, Louisiana
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https://jeffersoncompanies.com/landing/noic2014?IDPromotion=614011014520...

* * *

Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Options expiration's influence on gold cited by Eric Sprott

Fri, 07/25/2014 - 17:31

4:30p ET Friday, July 25, 2014

Dear Friend of GATA and Gold:

Sprott Asset Management's Eric Sprott, interviewed today by Sprott Money News for the weekly market wrapup, joins those calling attention to the suppressive influence on the gold price by the imminent futures contract options expiration. The interview is six minutes long and can be heard at the Sprott Money Internet site here:

http://www.sprottmoney.com/sprott-money-weekly-wrap-up

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

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To reserve your bars for delivery or arrange their storage in Singapore, Hong Kong, or Zurich, email the GoldCore team at info@goldcore.com or call our trading desk:

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

Join GATA here:

Casey Research 2014 Summit
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Friday-Sunday, September 19-21, 2014

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

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New Orleans, Louisiana
Wednesday-Saturday, October 22-25, 2014

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

* * *

Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

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

Fri, 07/25/2014 - 15:02

2p ET Friday, July 25, 2014

Dear Friend of GATA and Gold:

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

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

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

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

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

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

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

ADVERTISEMENT

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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.

Join GATA here:

Casey Research 2014 Summit
Hill Country Resort and Spa
San Antonio, Texas
Friday-Sunday, September 19-21, 2014

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

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
New Orleans, Louisiana
Wednesday-Saturday, October 22-25, 2014

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

* * *

Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

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

Fri, 07/25/2014 - 13:10

Gold War: Traders Lock Horns with Star Trading Houses

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

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

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

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

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

... Dispatch continues below ...


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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 in 2014, and it comes with a free 1-ounce silver round. Proceeds from the report's sales are shared with the Gold Anti-Trust Action Committee to support its efforts to expose manipulation in the monetary metals markets. To learn about this report, please visit:

http://fmturl.com/gata/


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

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

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

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

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

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

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

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

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

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

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

* * *

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

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New Orleans, Louisiana
Wednesday-Saturday, October 22-25, 2014

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

* * *

Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

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

Fri, 07/25/2014 - 12:57

Gold Imports Stood at 638 Tonnes in 2013-14

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

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

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

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

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

... Dispatch continues below ...


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

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

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

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

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

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

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

* * *

Join GATA here:

Casey Research 2014 Summit
Hill Country Resort and Spa
San Antonio, Texas
Friday-Sunday, September 19-21, 2014

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

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
New Orleans, Louisiana
Wednesday-Saturday, October 22-25, 2014

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

* * *

Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Gold price suppression elicits more notice

Fri, 07/25/2014 - 12:43

11:42p ET Friday, July 25, 2014

Dear Friend of GATA and Gold:

Evidence of gold price suppression ahead of futures contract options expiration abounds and is remarked upon by today's commentary by GoldCore's Mark O'Byrne --

https://www.goldcore.com/goldcore_blog/Gold_Lockdown_Until_Options_Expir...

-- and by commentary a few days ago, posted in the clear today, by the TF Metals Report's Turd Ferguson:

http://www.tfmetalsreport.com/blog/5969/next-step-their-plan

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

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

BullionStar's solution for storing bullion in Singapore is called My Vault Storage. With My Vault Storage you can store bullion in BullionStar's bullion vault, which is integrated with BullionStar'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/

Join GATA here:

Casey Research 2014 Summit
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* * *

Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:

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

The strange case of Germany's gold -- an interview with Peter Boehringer

Fri, 07/25/2014 - 12:27

11:26a ET Friday, July 25, 2014

Dear Friend of GATA and Gold:

Interviewed by Andrew Schiff for the summer edition of Euro-Pacific Capital's Global Investor Newsletter, Peter Boehringer of the campaign to repatriate Germany's gold reserves explains how the recent Bloomberg News report on the issue was so misleading and elaborates on the fraud of the fractional-reserve gold banking system.

"One reason that the gold was unavailable for quick delivery," Boehringer says, "could be multiple ownerships of our bars at the Fed. Given today's global fractional gold banking scheme, an (allegedly physically existing) bar in a central bank vault could have more than 10 owners and could thereby show up in more than 10 central bank balance sheets as either 'physical gold' or 'gold claim.' These two completely different balance sheet items have not been properly differentiated for many decades now. We are potentially talking about non-existent physical bars at a magnitude of tens of thousands of tonnes."

The Euro-Pacific newsletter headlines the interview "The Strange Case of German Gold -- An Interview with Peter Boehringer" and it's posted about halfway down the newsletter here:

http://www.europac.net/research_analysis/newsletters/global_investor_new...

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

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* * *

Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:

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Or 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

Markets are at unprecedented extremes, Kaye tells KWN

Thu, 07/24/2014 - 22:45

9:45p ET Thursday, July 24, 2014

Dear Friend of GATA and Gold:

Hong Kong fund manager William Kaye today tells King World News that markets are at unprecedented extremes and so he is hesitant to make predictions but thinks gold and silver will rebound after futures options expiration next week:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/7/24_Ma...

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

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Friday-Sunday, September 19-21, 2014

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Wednesday-Saturday, October 22-25, 2014

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

* * *

Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:

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

Lawsuit charges that half of Chicago futures are illegal 'wash' trades

Thu, 07/24/2014 - 22:34

9:34p ET Thursday, July 24, 2014

Dear Friend of GATA and Gold:

Jim Sinclair calls attention to a report by Pam Martens of Wall Street on Parade about a lawsuit charging that half of all futures trades on the Chicago Mercantile Exchange are illegal "wash" trades, trades in which the buyer and seller are essentially the same party:

http://wallstreetonparade.com/2014/07/lawsuit-stunner-half-of-futures-tr...

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

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http://fmturl.com/gata/


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Friday-Sunday, September 19-21, 2014

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Wednesday-Saturday, October 22-25, 2014

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

* * *

Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:

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

So what if there's no gold if people are happy to take paper and electrons?

Thu, 07/24/2014 - 14:46

1:48p ET Thursday, July 24, 2014

Dear Friend of GATA and Gold:

Gold fund manager Egon von Greyerz, interviewed today by King World News, notes that gold deposit discoveries have collapsed and that the time required for turning a deposit into a mine has lengthened. Von Greyerz argues that this foretells much higher gold prices.

Not necessarily. For new deposits of paper are being found all the time -- it's a renewable resource -- and there always will be an infinite supply of electrons and numbers for use in assembling bank and investment house balance statements.

As long as "gold" investors are happy to accept paper and electrons instead, gold mining can stop entirely without having the slightest impact on gold's price. Indeed, all metal itself could vanish without consequence.

The key to the gold price is neither supply nor demand at all but whether investors and certain governments will ever wise up to the fractional-reserve gold banking system, whether they will ever realize that, as the British economist Peter Warburton wrote in 2001 --

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

-- the primary objective of central banking is to deprive the world of what he called a "stable numeraire."

That is, the key to the gold price is ... little GATA, which is pretty sad, but that's all there is so we'll have to make do as best we can.

Von Greyerz's interview is excerpted at the KWN blog here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/7/24_Sh...

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

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


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Wednesday-Saturday, October 22-25, 2014

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* * *

Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:

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Or by purchasing a colorful GATA T-shirt:

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

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To contribute to GATA, please visit:

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

U.S. gold ETF delivers first physical bullion coins; holdings grow

Thu, 07/24/2014 - 01:44

By Frank Tang
Reuters
Wednesday, July 23, 2014

NEW YORK -- Merk Gold Trust, a bullion-backed exchange-traded fund that allows its shares to be redeemed for physical gold, said on Wednesday it has made its first delivery in dozens of U.S. gold coins to an investor.

The ETF, launched by Palo Alto, California-based Merk Funds in May to offer a liquid trading product with the benefits of physical gold bullion, has accumulated 40,000 ounces in two months even in a bearish gold market. ...

... For the full story:

http://www.reuters.com/article/2014/07/23/gold-etf-delivery-idUSL2N0PY24...

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* * *

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

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U.K. hastens negotiations for currency-rigging settlement

Wed, 07/23/2014 - 15:29

By Lindsay Fortado, Suzi Ring, and Gavin Finch
Bloomberg News
Wednesday, July 23, 2014

http://www.bloomberg.com/news/2014-07-23/u-k-fca-said-to-near-fx-rigging...

LONDON -- Talks to reach the first settlement in the currency-rigging probe are accelerating, with Britain's markets regulator preparing to reach a deal with a group of banks this year, people with knowledge of the talks said.

The Financial Conduct Authority is in talks with banks including Barclays Plc, Citigroup Inc., JPMorgan Chase & Co., and UBS AG, said the people, who asked not to be identified because the discussions are private. Royal Bank of Scotland Group Plc and HSBC Holdings Plc may also be part of the group settlement, one of the people said.

... Dispatch continues below ...


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The FCA is trying to fast-track the process and may levy any fines in the coming months, three of the people said. The watchdog is seeking to keep the scope of the deal narrow to speed up the settlement, two of the people said.

The talks are still continuing and an agreement may stretch into next year, the people added.

Representatives of the banks and FCA in London declined to comment on the talks.

Regulators and prosecutors are scrutinizing allegations that dealers at the world’s biggest banks traded ahead of their clients and colluded to rig the WM/Reuters rate, a benchmark that pension funds and money managers use to determine what they pay for foreign currencies.

More than 25 traders have been fired, suspended, or put on leave after the allegations emerged last year.

U.K. prosecutors at the Serious Fraud Office opened a criminal investigation into alleged fraudulent conduct in currency markets this week.

* * *

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* * *

Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:

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Or 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

Pento sees QE cycle repeating; Rule finds resource prices surprisingly strong

Wed, 07/23/2014 - 15:19

2:15p ET Wednesday, July 23, 2014

Dear Friend of GATA and Gold:

Fund manager Michael Pento predicts to King World News that when the Federal Reserve stops "quantitative easing," there will be a crash in asset prices and then the Fed will start up QE all over again:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/7/23_Th...

And Sprott Asset Management's Rick Rule tells KWN that resource prices are surprisingly strong even though there is no economic recovery:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/7/23_A_...

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

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

Visit us at www.europesilverbullion.com.

Join GATA here:

Casey Research 2014 Summit
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Friday-Sunday, September 19-21, 2014

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New Orleans, Louisiana
Wednesday-Saturday, October 22-25, 2014

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

* * *

Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:

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Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

The revolving door in U.S. government regulation has never spun faster

Wed, 07/23/2014 - 15:12

U.S. Swaps Regulator O'Malia to Head Bank Lobby Group

By Douwe Miedema and Michelle Price
Reuters
Wednesday, July 23, 2014

A member of the U.S. Commodity Futures Trading Commission will become the new head of a bank lobby group that is fighting the derivatives regulator in court over a crucial new rule curtailing Wall Street.

The International Swaps and Derivatives Association said on Wednesday that Scott O'Malia, a Republican who often voted against new CFTC policy in the wake of the financial crisis, will become the trade group's next chief executive.

O'Malia will start his new job as of Aug. 18, ISDA said. The news came only days after O'Malia said he planned to leave the CFTC as of Aug. 8. ...

... For the rest of the story:

http://www.reuters.com/article/2014/07/23/us-regulator-derivatives-swaps...

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http://fmturl.com/gata/


Join GATA here:

Casey Research 2014 Summit
Hill Country Resort and Spa
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Friday-Sunday, September 19-21, 2014

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New Orleans Investment Conference
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New Orleans, Louisiana
Wednesday-Saturday, October 22-25, 2014

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

* * *

Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Gene Arensberg: The gold trade seems to see little downside risk

Tue, 07/22/2014 - 23:42

10:40p ET Tuesday, July 22, 2014

Dear Friend of GATA and Gold:

The Got Gold Report's Gene Arensberg tonight looks again at trader positions in gold futures and concludes that "the gold trade," the people who do the biggest business in gold, "are currently positioned as though they do not believe that gold has any significant downside."

Arensberg's commentary is headlined "Comex Producer/Merchants in Gold, View from 30,000 Feet an Eye-Opener" and it's posted at the GGR here:

http://www.gotgoldreport.com/2014/07/comex-producermerchants-in-gold-vie...

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

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


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Wednesday-Saturday, October 22-25, 2014

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

* * *

Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:

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

Jeremy Warner: Have central banks been breaking the law?

Tue, 07/22/2014 - 09:46

By Jeremy Warner
The Telegraph, London
Monday, July 21, 2014

http://www.telegraph.co.uk/finance/comment/jeremy-warner/10981011/Have-c...

The best way to destroy the capitalist system, the Russian revolutionary leader Vladimir Lenin is reputed to have said, is to debauch the currency.

The world's major central banks have certainly been having a fair old go at it. In the six years since the financial crisis first broke, they've been printing money like there is no tomorrow.

Fortunately, they have not yet managed to bring down the free-market system. On the other hand, they have succeeded in putting a rocket under asset prices and, in so doing, they have greatly exaggerated the wealth divide.

... Dispatch continues below ...


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In a number of cases, including the US and the UK, they have also significantly assisted governments in financing burgeoning fiscal deficits. To the extent that quantitative easing (QE) has had any effect at all, it is asset prices and governments that have been the prime beneficiaries.

This might seem something of an old issue now; the Bank of England stopped buying assets more than two years ago, while the US Federal Reserve is "tapering" fast. For the US and Britain, the age of "unconventional monetary policy" seems to be largely over.

Elsewhere, however, QE remains very much a work in progress. In Japan it's continuing at heroic pace, while on the Continent the European Central Bank is being urged by the International Monetary Fund to stop dilly-dallying in the face of deflationary pressures and get on with it.

Full marks, then, to Prof Andrew Johnstone and Trevor Pugh, of Sheffield Institute of Corporate and Commercial Law, for a new analysis, The Law and Economics of QE, which concludes that not only has QE been largely ineffectual but that it was also illegal.

Like common brigands, central banks have been acting outside the law -- their only real excuse being the supposedly higher purpose of economic necessity, a sort of Robin Hood-type operation where the ends justify the means, only with a slight flaw; by driving up the value of financial assets and real estate, QE further skews the distribution of wealth towards those with already large holdings of it. It robs from the poor and gives to the rich. Not that there is any possibility of the courts judging QE in all its various forms to be against the law, the writers concede. In Europe, the European Court of Justice has admittedly been asked to rule on ECB bond buying, but will almost certainly deem it to be a necessary price for holding the eurozone together. Never mind the law, the single currency comes first.

The director and deputy director of the IMF's Europe division said in a recent blog: "So long as the ECB buys sovereign bonds in pursuit of its mandate and in a way that has nothing to do with fiscal outcomes it can rebut the oft-heard charge that QE violates the prohibition against 'monetary financing of fiscal deficits.'" Thus does looking for ways around the law take precedence over its observation.

Lots of claims have been made for QE but no central bank has yet been able convincingly to demonstrate that it helps stimulate economic recovery. About the best that might be said for it is that it raised confidence at a critical moment in the crisis when financial and economic armageddon were threatened. But the persistence of asset purchases thereafter is much more questionable. There is not a whole lot of evidence to suggest it has played much of a role in restoring growth.

QE is supposed to work in a number of ways; it is, for instance, hard to argue that it hasn't depressed long-term interest rates. Some have benefited from this phenomenon undoubtedly, in particular mortgage holders and large companies, but it doesn't seem significantly to have reduced the cost or availability of finance to the real economy, which for many smaller companies remains high and scarce.

It was also meant to have led to "portfolio rebalancing", with investors replacing the bonds bought by the central bank with other assets such as equities. This in turn might have marginally reduced the cost of capital but, again, for the vast majority of privately-owned businesses it has made no difference at all.

Another declared purpose was to raise inflationary expectations, which in turn was meant to boost spending and wages. Again, nil effect, unless you count the scare stories in the early stages of QE of Weimar-style hyperinflation. In any case, real wages, the chief driver of domestically-generated inflation, have gone nowhere for nearly a decade now.

Expanding the money supply via increased central bank reserves was also supposed to have boosted bankers' willingness to lend, artificially generating the same "money multiplier" effect that rules in more normal times, when commercial bank lending and money creation is buoyant. Again, there is very little evidence that this occurred.

What very definitely did occur is that small cash savers got squeezed and debtors got bailed out.
The biggest of these debtors were governments, particularly the British, US and Japanese governments. All of them were able to borrow more cheaply than otherwise and, with the central bank mopping up supply, were able to raise a great deal more money. Central banks became enablers of continued deficit spending.

Remove the disciplines of the market, which is in effect what QE does, and governments will spend, if not with outright abandon, certainly with less concern than they would otherwise. Both in Britain and the US, much of the urgency of deficit reduction has been removed by QE.

Governments can proceed at a leisurely pace. Heck, why not make deficit spending a permanent feature of the economic landscape?

An invidious sophistry surrounds official explanations of QE, as well as a blanket denial of what it really is. No central bank will admit the unpalatable truth -- that it is backdoor monetisation of government debt -- certainly illegal under European law and possibly English law, too. As the Sheffield Institute authors argue, if you are going to use monetary means to finance government spending, you should at least be open and honest about it, as well as have a proper debate about whether QE is really the appropriate way of going about it.

In any case, underlying all this monetary manipulation is a deeply depressing set of contemporary assumptions and received wisdoms -- that government spending can somehow magic up economic growth; that politicians and regulators know better than markets how productively to allocate investment; that social equality should be the ultimate aim of all government activity. How ironic that QE has succeeded only in making this latter goal even more distant.

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