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Kosares -- Fed's influence failing; Macleod -- markets will beat central banks

Thu, 06/18/2015 - 16:17

3:16p ET Thursday, June 18, 2015

Dear Friend of GATA and Gold:

USAGold proprietor Mike Kosares writes today that the Federal Reserve's continued reluctance to raise interest rates, demonstrated again this week, will trigger still more speculative bubbles. His commentary is headlined "Fed Cracking the Whip Will No Longer Work to Keep the Tiger Sitting on Its Stool" and it's posted at USAGold here:

http://www.usagold.com/cpmforum/2015/06/18/fed-cracking-the-whip-will-no...

Meanwhile, GoldMoney's head of research, Alasdair Macleod, writes that central banks are struggling to prop up asset prices and suppress them at the same time, and it's starting to come apart, because markets will always win in the end. Macleod's commentary is headlined "Bonds and Banks" and it's posted at GoldMoney here:

https://www.goldmoney.com/research/analysis/bonds-and-banks?gmrefcode=ga...

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

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New Orleans Investment Conference
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Wednesday-Saturday, October 28-31, 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

TF Metals Report: More oddities in the Comex vaults

Thu, 06/18/2015 - 11:16

10:15a ET Thursday, June 18, 2015

Dear Friend of GATA and Gold:

Another gold repatriation movement seems to be happening, the TF Metals Report's Turd Ferguson writes today. But this repatriation, Ferguson says, is not from the vaults of the Federal Reserve Bank of New York or the Bank of England but from the account of bullion bank Scotia Mocatta. Ferguson's analysis is headlined "More Oddities in the Comex Vaults" and it's posted at the TF Metals Report here:

http://www.tfmetalsreport.com/blog/6928/more-oddities-comex-vaults

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

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

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

Koos Jansen: Bank of England custodial gold drops 351 tonnes

Thu, 06/18/2015 - 09:08

8:08a ET Thursday, June 18, 2015

Dear Friend of GATA and Gold:

Gold researcher and GATA consultant Koos Jansen reports today that the gold held on a custodial basis at the Bank of England has fallen substantially over the last year. He goes through various reports to try to untangle the official national reserves held at the bank from the gold vaulted there by commercial banks. Jansen's commentary is headlined "Bank Of England Custodial Gold Drops 351 Tonnes" and it's posted at Bullion Star here:

https://www.bullionstar.com/blogs/koos-jansen/bank-of-england-custodian-...

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

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Join GATA here:

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

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

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

Deutsche Bank FX trader admits manipulation of markets by central banks

Wed, 06/17/2015 - 22:36

And at Deutsche Bank they should know all about market rigging. Unfortunately the Bloomberg reporter lacked the sense or nerve to ask the guy to specify the markets most under manipulation.

* * *

You've Been Warned: Central Bankers Turning Less Market-Friendly

By Simon Kennedy
Bloomberg News
Wednesday, June 17, 2015

Some things seem permanent. Greece is fighting for a bailout. A Bush and a Clinton are running for the White House. FIFA is plagued by scandal.

But for those who track the world's central banks, change is afoot.

Having soothed investors for the past seven years with low interest rates, bond buying, and other interventions aimed at shoring up weak economies, monetary policy makers are slowly stepping out of markets in a variety of ways.

That leaves investors facing renewed bouts of the volatility that marked recent weeks. A record number of investors told Bank of America Merrill Lynch this month that they have taken out protection against falling stocks over the next three months.

"2015 will go down as the year when major central banks hit an inflection point in their willingness to distort and manipulate markets," said Alan Ruskin, global head of Group of 10 foreign exchange at Deutsche Bank AG in New York. "This mix of overt and subtle withdrawal of market support is a key macro driver of recent increased volatility." ...

... For the remainder of the report:

http://www.bloomberg.com/news/articles/2015-06-17/you-ve-been-warned-cen...

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

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

Hugo Salinas Price: The coming liquidation

Wed, 06/17/2015 - 21:07

8p ET Wednesday, June 17, 2015

Dear Friend of GATA and Gold:

If interest rates continue rising, banks and other bond investors stand to lose everything they made as rates were being pushed down by central banks, Hugo Salinas Price of the Mexican Civic Association for Silver writes today, adding that rising interest rates may explode all sorts of derivative instruments.

Salinas Price writes: "Banking systems are investors in bonds, and bonds make up an important part of their assets. In Europe, if the assets of the banking system fall by only 4 percent, then the whole European banking system is bankrupt. A collapse in bond prices caused by rises in interest rates would be deadly for the whole European banking system, and if Europe collapses, the rest of the world would have to follow suit."

Salinas Price's commentary is headlined "The Coming Liquidation" and it's posted at the association's Internet site, Plata.com, here:

http://plata.com.mx/mplata/articulos/articlesFilt.asp?fiidarticulo=265

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

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

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

Sprott's Embry on Greek futility, overvalued stocks, undervalued monetary metals

Wed, 06/17/2015 - 16:59

3:58p ET Wednesday June 17, 2015

Dear Friend of GATA and Gold:

Sprott Asset Management's John Embry was interviewed today by USAWatchdog's Greg Hunter, discussing the lack of tolerable solutions for Greece, the overvaluation of stocks and real estate, and the undervaluation of the monetary metals. Embry's interview is 25 minutes long and is posted at USA Watchdog here:

http://usawatchdog.com/next-financial-calamity-unavoidable-john-embry/

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

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New Orleans Investment Conference
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Wednesday-Saturday, October 28-31, 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

For the moment, China wants gold held down as much as Western central banks do

Wed, 06/17/2015 - 12:21

11:26a ET Wednesday, June 17, 2015

Dear Friend of GATA and Gold:

A friend asks what is meant by the Bank of China's joining the London gold price-fixing process --

http://www.gata.org/node/15455

-- and whether it will tend to support the gold price, since China seems to be accumulating so much metal.

The Bank of China is not China's central bank -- that's the People's Bank of China -- but like all big banks in China, the Bank of China is owned and operated by the government and so in whatever it does it must be construed to be implementing government policy.

... Dispatch continues below ...


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China may want the gold price to go up at some point, but if China lately had wanted to gold price to go up, it would have gone up already.

With its massive foreign-exchange reserves, China long has been able to run any market in the world, and thus for some years now nothing has happened in any major market without China's assent.

China must have at least co-operated with the Western central bank attack on gold in April 2013, if only by declining to exercise the "Chinese put" that many analysts said had supported the gold market. Since that time China almost certainly has wanted the gold price held down, probably, as the sharpest analysts have speculated --

http://www.gata.org/node/11373

-- to facilitate gold's transfer from West to East in anticipation of a worldwide currency devaluation that will devalue unsupportable debt with it, boost the gold price, reliquefy central banks holding gold, and restore gold as government-recognized money.

Amid the now-comprehensive if largely surreptitious intervention by central banks in the gold market and major futures markets around the world, intervention extensively documented by GATA --

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

-- gold is likely to rise only when China wants it to or when the major central banks all together want it to and stop their shorting, leasing, swapping, and high-frequency futures trading.

Theoretically gold also could go up if enough non-governmental investors worldwide ever got wise and bought enough real metal and took it out of the government-controlled financial system. But that would require being alerted by independent and honest mainstream financial news organizations exposing the manipulation of markets by central banks, and there aren't any.

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

* * *

Join GATA here:

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

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

GATA's Ed Steer interviewed at Canadian Investor Conference

Wed, 06/17/2015 - 11:36

10:34a ET Wednesday, June 17, 2015

Dear Friend of GATA and Gold:

GATA board member Ed Steer, editor of the daily Ed Steer's Gold and Silver Digest letter --

http://www.edsteergoldandsilver.com

-- which this month separated from Casey Research, was interviewed by Cambridge House's Vanessa Collette at the recent Canadian Investor Conference in Vancouver, discussing China's accumulation of gold, the prospects for silver, and the potential effects of rising interest rates. The interview is six minutes long and can be seen at You Tube here:

https://www.youtube.com/watch?v=DuHQr9xehEI

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

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Join GATA here:

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

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

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

Australian researchers producing cyanide-free gold with Barrick in Nevada

Tue, 06/16/2015 - 14:15

Eureka! A Solid-Gold Solution to Make Archimedes Proud

By Roger Nicoll
Commonwealth Scientific and Industrial Research Organization
Canberra, Australia
Tuesday, June 16, 2015

"Eureka!" cried the ancient Greek scholar Archimedes as he (allegedly) ran naked through the streets of Syracuse. He'd just discovered a method to prove the purity of gold by measuring its density, and was decidedly proud of his finding.

Thankfully, these days we favor blog posts to running naked through the streets when we make important new discoveries… but it doesn't mean we can't still give a good shout:

"Eureka! We've found a way to produce cyanide-free gold!"

We've been working with an American company, Barrick, at their Goldstrike plant in Nevada to produce the first gold bar that doesn't involve cyanide extraction. Cyanide is, of course, highly toxic and an environmental hazard. The new process we're so excited about uses a chemical called thioshulphate, which will greatly reduce the environmental risks and costs associated with gold production.

Thiosulphate has long been seen as a potential alternative to cyanide for liberating gold from ores, but it has proved difficult to master -- until now. Thanks to the new process, which incorporates patented technology we've developed with Barrick, the company will be able to process and profit from 4 million tonnes of stockpiled ore that was uneconomic to process by traditional methods. ...

... For the remainder of the report:

http://csironewsblog.com/2015/06/16/eureka-a-solid-gold-solution-to-make...

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Join GATA here:

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

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

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

Bank of China joins auction setting gold prices in London

Tue, 06/16/2015 - 09:24

By Eddie van der Walt
Bloomberg News
Tuesday, June 16, 2015

Bank of China Ltd. will become the first Chinese bank to join the auction process that sets gold prices in the London market.

The bank, along with seven other lenders, will start participating in the twice-daily electronic auction, according to a statement from the London Bullion Market Association on Tuesday. While China is the world's largest bullion buyer, it has never directly played a role in determining London gold prices.

The addition of a Chinese bank is another sign that China is increasing its influence in gold and currency markets worldwide as the country seeks to make the yuan a viable competitor to the dollar. The Bank of China's part in the gold auction shows the nation is stepping into the global market, the lender wrote in a press release today. ...

... For the remainder of the report:

http://www.bloomberg.com/news/articles/2015-06-16/bank-of-china-to-parti...

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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:

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

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

Greece has stronger position than its creditors, Turk tells KWN

Mon, 06/15/2015 - 21:13

8:13p ET Monday, June 15, 2015

Dear Friend of GATA and Gold:

Greece has the stronger position in its confrontation with the European Union, the European Central Bank, and the International Monetary Fund over its unpayable debt, GoldMoney founder and GATA consultant James Turk tells King World News today.

"The Athens government has asked all cities and other governmental bodies to move their available cash into accounts at the central bank," Turk says, "This is being reported in the mainstream media as a way for the central government to get its hands on more cash, but that is not correct. It is to prevent the European Central Bank from taking this cash of governmental bodies when the ECB finally bails in the private Greek banks."

Turk's interview is excerpt at the KWN blog here:

http://kingworldnews.com/turbulence-in-major-markets-to-be-sparked-by-gr...

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

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

http://fmturl.com/gata/


Join GATA here:

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

http://noic2015.eventbrite.com/?aff=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 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: Rectification of Chinese gold trade rules

Mon, 06/15/2015 - 14:09

1:09p ET Monday, June 15, 2015

Dear Friend of GATA and Gold:

Gold researcher and GATA consultant Koos Jansen today clarifies two rules about gold trading in China. Customers of the Shanghai Gold Exchange, he writes, can use domestic renminbi to buy contracts on the international gold exchange in Shanghai. And non-standard gold bars made in China do not have to be sold through the exchange, just standard bars. His report is headlined "Rectification of Chinese Gold Trade Rules" and it's posted at Bullion Star here:

https://www.bullionstar.com/blogs/koos-jansen/rectification-on-chinese-g...

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

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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:

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Bond traders want prices concealed to sustain liquidity

Sun, 06/14/2015 - 19:16

FINRA Summons Banks and Asset Managers over Market Fears

Robin Wigglesworth and Joe Rennison
Financial Times, London
Sunday, June 14, 2015

NEW YORK -- A US financial regulator has summoned a clutch of senior executives from banks and asset managers for two meetings to explore potential solutions to a liquidity crunch confronting bond markets.

According to people familiar with the matter, the Financial Industry Regulatory Authority, or FINRA, has called the meetings to discuss the tougher bond trading environment, a phenomenon that some people -- including Blackstone's Stephen Schwarzman, JPMorgan's Jamie Dimon, and economist Nouriel Roubini -- fret could trigger or exacerbate the next financial crisis. ...

... Dispatch continues below ...


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One of the measures the financial industry will propose to FINRA is introducing delayed reporting requirements when trading big blocks of debt, a move that would run counter to the trend toward increased transparency in financial markets. ...

US corporate bond trades have to be reported within 15 minutes to FINRA's Trade Reporting and Compliance Engine, or TRACE, a rule introduced in 2002 to shed some light in the traditionally murky debt trading world.

The reporting of the size is tiered up to $10 million for investment-grade debt, and $5 million for junk bonds. But if an asset manager sells a $100 million chunk of bonds to an investment bank at a discount due to the big size, that becomes the new market price, making it difficult for the bank to gradually sell the position at a profit -- discouraging them from playing the traditional market-making role.

The industry is therefore keen to help unclog corporate bond trading by introducing a one-day delay to publishing bigger trades on TRACE.

"We have seen with the advent of TRACE and real-time reporting in derivatives that liquidity has gone down," William De Leon, a senior executive at Pimco, said at a conference on bond trading last week. ...

... For the remainder of the report:

http://www.ft.com/intl/cms/s/0/8d9abb46-1151-11e5-9bf8-00144feabdc0.html...

* * *

Join GATA here:

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

http://noic2015.eventbrite.com/?aff=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 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 smuggling into India soars despite easing of import curbs

Sun, 06/14/2015 - 15:44

Five-Time Jump in Gold Smuggling; Seizure Worth Rs 1,120 Crore

From The Press Trust of India
via The Times of India, Mumbai
Sunday, June 14, 2015

NEW DELHI -- There has been an unprecedented five-time jump in cases of gold smuggling in 2014-15 over 2012-13 during which yellow metal worth Rs 1,120 crore was seized, notwithstanding easing of curbs on its import.

What is worrying the revenue intelligence officials is that cases of the smuggling have not come down despite the legal import of gold into the country increasing significantly during the same period.

A total of 4,400 cases of gold smuggling has been registered in the country during 2014-15. About 4,480 kgs (4.48 metric tonnes) of the precious metal valued at about Rs 1,120 crore were seized in these cases, a senior official in Directorate of Revenue Intelligence said.

Some 252 persons were also arrested in the last fiscal in these cases, he said.

There were 870 cases of gold smuggling registered during 2012-13, five times less than those filed in 2014-15 fiscal. About 400 kgs of gold valued at about Rs 100 crore were seized in these cases, the official said. ...

... For the remainder of the report:

http://timesofindia.indiatimes.com/india/Five-time-jump-in-gold-smugglin...

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Wednesday-Saturday, October 28-31, 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:

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To contribute to GATA, please visit:

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

Ronan Manly: As World Gold Council's membership falls, it hikes fees to GLD

Sun, 06/14/2015 - 12:37

11:40a ET Sunday, June 14, 2015

Dear Friend of GATA and Gold:

As the World Gold Council's membership of mining companies has been declining, reducing annual dues payments, the council now is generating most of its income through royalties from the exchange-traded gold fund GLD, gold researcher and GATA consultant Ronan Manly reports today.

Australia's Newcrest Mining, Manly writes, is the latest major miner to withdraw from the council, though no one wants to talk about it. Manly adds that the council has just increased the charges it assesses against GLD.

... Dispatch continues below ...


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Despite its declining revenue, the council maintains extremely plush offices around the world, Manly adds.

If the council's objective is to get the gold price up, it hasn't had much success lately. While the failure may be attributed to the Western central bank gold price suppression scheme, the council remains studiously silent about it even as the diversion of some of the council's still-ample resources from jewelry promotion to exposure of market rigging might be productive.

All GATA's documentation of gold price suppression, archived here --

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

-- and summarized here --

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

-- has been shared with the council, but the council has never acknowledged it, giving rise to suspicions about the council's intentions.

Manly's review of the council's operations seems to be the most comprehensive of anything published in public. It is headlined "The Funding Model of the World Gold Council: GLD Fees and Gold Miner Dues" and it's posted at Bullion Star here:

https://www.bullionstar.com/blogs/ronan-manly/the-funding-model-of-the-w...

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

* * *

Join GATA here:

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

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

Jansen disputes Klapwijk on China's gold demand

Sat, 06/13/2015 - 10:58

10a ET Saturday, June 13, 2015

Dear Friend of GATA and Gold:

Gold researcher and GATA consultant Koos Jansen today disputes gold consultancy executive Phillip Klapwijk's lesser estimates of China's gold demand. Jansen's commentary is headlined "Western Consultancy Firms Continue Making Up False Arguments to Debunk SGE Withdrawals" and it's posted at Bullion Star here:

https://www.bullionstar.com/blogs/koos-jansen/western-consultancy-firms-...

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

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Join GATA here:

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

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

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:

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To contribute to GATA, please visit:

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

Texas governor signs gold depository legislation

Sat, 06/13/2015 - 10:45

The governor says here the state's gold is now at the Federal Reserve Bank of New York. But last month the gold was reported to be vaulted with HSBC in New York:

http://www.gata.org/node/15412

* * *

Abbott Signs Law Creating Texas Depository for State Gold

From the Associated Press
via Beaumont (Texas) Enterprise
Friday, June 12, 2015

http://www.beaumontenterprise.com/news/texas/article/Abbott-signs-law-cr...

AUSTIN, Texas -- Gov. Greg Abbott has signed a law creating a Texas Bullion Depository where the state --and even ordinary residents -- can store gold.

The Republican said Friday that the measure will "repatriate $1 billion of gold bullion from the Federal Reserve in New York to Texas." The state's gold reserves are controlled by various agencies, including investment funds tied to its public universities.

The depository would be a secure facility administered by the Texas comptroller. Its location has yet to be been determined.

Southlake Republican Rep. Giovanni Capriglione first proposed the state depository in 2013 but his idea didn't gain traction until this session.

The law allows state agencies, but also citizens, businesses, nonprofits, and banks, to use the depository to hold gold and other precious metals.

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Join GATA here:

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

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

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:

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To contribute to GATA, please visit:

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

TF Metals Report: Here we go again -- another silver short squeeze looms

Fri, 06/12/2015 - 17:22

4:21p ET Friday, June 12, 2015

Dear Friend of GATA and Gold:

The TF Metals Report's Turd Ferguson today explains why he believes that a substantial short squeeze in silver is imminent, set up by the bullion banks, which will crush the hedge funds that are short and allow the bullion banks to prepare the next silver price smashdown.

Ferguson writes: "Based upon the experience of the last two squeezes, what should we expect this time? Most likely a surge in paper silver that begins some time in the next week or so, leading to a rally that extends to and through the 200-day moving average for the July contract, currently near $16.87. I'd say the area around $17.30 is a pretty good target again. As price nears there, JPM et al. will slam the brakes, open interest will be back down after all the spec short-covering, and the entire wash/rinse cycle will begin again as price falls through the moving averages and the spec shorts come charging back in."

Ferguson's commentary is headlined "Here We Go Again -- Another Silver Short Squeeze Looms" and it's posted in the clear at the TF Metals Report here:

http://www.tfmetalsreport.com/blog/6915/here-we-go-again-another-silver-...

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

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Join GATA here:

New Orleans Investment Conference
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Wednesday-Saturday, October 28-31, 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:

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To contribute to GATA, please visit:

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

All they had to do was monetize the gold from their own mines

Thu, 06/11/2015 - 15:24

Another rich country insisting on being poor.

* * *

Zimbabwe to Phase Out Worthless Local Dollar

From Agence France-Presse
via Raidio Teilifis Eireann, Dublin
Thursday, June 11, 2015

http://www.rte.ie/news/business/2015/0611/707434-zimbabwe-dollar/

The Zimbabwean dollar will officially be taken out of circulation, officials said today, six years after hyper-inflation rendered it worthless and US dollars became the most widely-used currency.

The government effectively abandoned the local currency in 2009 and adopted a multiple-currency system that includes the US dollar and the South African rand.

... Dispatch continues below ...


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"Zimbabwe adopted the multiple-currency system or dollarization in 2009 and it is therefore necessary to demonetise the Zimbabwe dollar unit," Reserve Bank of Zimbabwe governor John Mangudya said at a news conference.

"We are decommissioning this currency," he added.

The southern African country once removed 12 zeros from its battered currency at the height of hyper-inflation in 2009 when the largest note was the $100 trillion denomination.

Official figures put inflation at 230 million per cent but in reality it was much higher.

Mangudya said $20 million has been set aside to offset Zimbabwe dollar bank balances and to pay people still holding to the local unit. The process will run until September, he said.

"People went through a difficult process in terms of inflation. Yes, we know that there was hyperinflation. We need to ensure that as a country we move forward," Mangudya said.

Zimbabwe has been saddled with a financial crisis for over a decade following President Robert Mugabe's land reforms, which decimated farming, the backbone of the economy.

Growth is expected to weaken further this year, according to the International Monetary Fund.

* * *

Join GATA here:

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

http://noic2015.eventbrite.com/?aff=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 by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Alasdair Macleod: The fallacies of GDP

Thu, 06/11/2015 - 15:10

2:09p ET Thursday, June 11, 2015

Dear Friend of GATA and Gold:

GoldMoney's head of research, Alasdair Macleod, today explains why gross domestic product, a statistic worshipped by some economists, is misleading and does only harm.

"GDP," Macleod writes, "has nothing to do with economic progress. It is a flawed statistic that imperfectly summarizes the money-value of selected transactions over a given period. The fact that it is usually positive is a reflection of the temporal difference between monetary inflation and the lagging effect on prices, and has nothing to do with economic progress."

Macleod's commentary is headlined "The Fallacies of GDP" and it's posted at GoldMoney here:

https://www.goldmoney.com/research/analysis/the-fallacies-of-gdp?gmrefco...

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

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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.

Join GATA here:

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

http://noic2015.eventbrite.com/?aff=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 by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

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