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Updated: 7 hours 6 min ago

Bitcoin's back: Big year for controversial digital currency

Mon, 12/28/2015 - 12:43

By Eric Rosenbaum
CNBC.com, New York
Monday, December 28, 2015

The U.S. dollar has had a nice run. It has been the talk of global currency trading all year long.

And why not? After years of a weak greenback due to dovish Federal Reserve policy, the Dollar Index has extended big 2014 gains, up nearly 9 percent against a basket of major world currencies this year. Some individual currency trades, like USD/Brazil Real, have netted currency investors huge returns.

But to find what's arguably been the best global currency in 2015, an investor might need to put quote marks around the term "global currency."

It would have been easy to dismiss bitcoin after a surge that had taken the digital currency's price over $1,000 on some exchanges crashed in late 2013, but it's back, up more than 40 percent this year to a value of $428. And bitcoin backers say despite all of the detractors and the 2013-14 doldrums, the controversial digital currency will continue up, as the number of bitcoin users and transaction volumes around the globe surge. ...

... For the remainder of the report:

http://www.cnbc.com/2015/12/28/only-one-global-currency-trounced-the-dol...

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Vancouver Resource Investment Conference
Vancouver Convention Centre West
Vancouver, British Columbia, Canada
Sunday-Monday, January 24-25, 2016

http://cambridgehouse.com/event/49/vancouver-resource-investment-confere...

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

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

Or 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

Switzerland to vote on banning commercial banks from creating money

Fri, 12/25/2015 - 14:08

By Mehreen Khan
The Telegraph, London
Friday, December 24, 2015

Switzerland will hold a referendum to decide whether to ban commercial banks from creating money.

The Swiss federal government confirmed Thursday that it would hold the plebiscite, after more than 110,000 people signed a petition calling for the central bank to be given sole power to create money in the financial system.

The campaign -- led by the Swiss Sovereign Money movement and known as the Vollgeld initiative -- is designed to limit financial speculation by requiring private banks to hold 100 percent reserves against their deposits.

... Dispatch continues below ...


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"Banks won’t be able to create money for themselves anymore," the campaign group said. "They'll be able to lend only money that they have from savers or other banks." ...

If successful, the sovereign money bill would give the Swiss National Bank a monopoly on physical and electronic money creation, "while the decision concerning how new money is introduced into the economy would reside with the government," Vollgeld says. ...

The idea of limiting all money creation to central banks was first touted in the 1930s and supported by renowned US economist Irving Fischer as a way of preventing asset bubbles and curbing reckless lending. ...

Over 90 percent of money in circulation in Switzerland now exists in the form "electronic" cash created by private banks, rather than the central bank. ...

... For the remainder of the report:

http://www.telegraph.co.uk/finance/economics/11999966/Switzerland-to-vot...

* * *

Join GATA here:

Vancouver Resource Investment Conference
Vancouver Convention Centre West
Vancouver, British Columbia, Canada
Sunday-Monday, January 24-25, 2016

http://cambridgehouse.com/event/49/vancouver-resource-investment-confere...

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: Why the Fed will never succeed in managing inflation

Thu, 12/24/2015 - 14:52

By Alasdair Macleod
GoldMoney.com, St. Helier, Jersey, Channel Islands
Thursday, December 24, 2015

The Fed will never succeed in its attempt to manage inflation and unemployment by varying interest rates.

This is because it and its economists do not accept the relationship between, on one side, the money it creates and the bank credit its commercial banks issue out of thin air, and on the other the disruption unsound money causes in the economy. This has been going on since the Fed was created, which makes the question as to whether the Fed was right to raise interest rates recently irrelevant.

Furthermore, it's not just the American people who are affected by the Fed's monetary management, because the Fed's actions affect nearly everyone on the planet. The Fed does not even admit to having this wider responsibility, except to the extent that it might have an impact on the US economy. ...

... For the remainder of the report:

https://www.goldmoney.com/why-the-fed-will-never-succeed?gmrefcode=gata

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Join GATA here:

Vancouver Resource Investment Conference
Vancouver Convention Centre West
Vancouver, British Columbia, Canada
Sunday-Monday, January 24-25, 2016

http://cambridgehouse.com/event/49/vancouver-resource-investment-confere...

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 to speak at Vancouver Resource Investment Conference

Wed, 12/23/2015 - 23:55

10:55p ET Wednesday, December 23, 2015

Dear Friend of GATA and Gold:

GATA Board of Directors member Ed Steer, editor of Ed Steer's Gold and Silver daily financial letter --

http://www.edsteergoldandsilver.com/

-- will speak at the Vancouver Resource Investment Conference, to be held Sunday and Monday, January 24 and 25, 2016, at the Vancouver Convention Centre West in Vancouver, British Columbia, Canada.

Among the other speakers will be Frank Holmes of U.S. Global Investors, Rick Rule of Sprott U.S. Holdings, Marin Katusa of Katusa Research, Ross Beaty of Pan American Silver, Keith Neumeyer of First Majestic Silver, newsletter editor Mickey Fulp, David Morgan of Silver-Investor.com, Peter Spina of GoldSeek.com, newsletter writer Jay Taylor, and gold forecasting newsletter writer Bo Polny.

Dozens of resource companies will be exhibiting, and the conference has made lodging arrangements for conference participants with two hotels adjacent to the convention center, the Fairmont Waterfront and Marriott Pinnacle.

Admission will be free for those who register in advance. At the door admission will cost C$20.

For more information about the conference and to register, please visit:

http://cambridgehouse.com/event/49/vancouver-resource-investment-confere...

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

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Vancouver Resource Investment Conference
Vancouver Convention Centre West
Vancouver, British Columbia, Canada
Sunday-Monday, January 24-25, 2016

http://cambridgehouse.com/event/49/vancouver-resource-investment-confere...

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

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

Or 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

George Gilder indicts central banking, sees gold as the money of the future

Wed, 12/23/2015 - 23:35

10:31p ET Wednesday, December 23, 2015

Dear Friend of GATA and Gold:

Economist, author, and fund manager George Gilder has given a fascinating interview to Forbes contributor Jerry Bowyer, arguing that "gold is the money of the future," and he sounds much like the British economist Peter Warburton.

In his 2001 essay "The Debasement of World Currency -- It Is Inflation, But Not as We Know It" --

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

-- Warburton argued that the main objective of modern central banking is to deprive the world of a "stable numeraire," a lasting measure of value.

Gilder picks up on this point. "The key problem of money," he tells Bowyer, "is having it serve as a metric, as a measuring stick, as a way of valuing commodities. And it cannot. A measuring stick can't be part of what it measures. It can't change with what it measures. And today the measuring stick of currencies is established in an oceanic and turbulent global currency market that is 73 times larger than all the goods and services markets in the world put together, and some 200 times larger than all the stock markets in the world put together.

... Dispatch continues below ...


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"These are rough, huge magnitudes, but they convey a situation where the measuring stick is consuming the whole global economy. This is a major source of profits for the big banks that are in league with governments and the central banks. Essentially we have turned money into a meaningless self-referential loop that is totally divorced from any physical constant or any of the properties of measurement."

Gilder adds: "Interest rates are the time value of money, so when you have zero interest rates, essentially you are nullifying the information about time that money ordinarily conveys. So when money is divorced from time, the people who manipulate money with gigahertz computers or whatever can do fine. You have this huge expansion of finance, financialization of the economy, a hypertrophy of finance.

"But meanwhile the people who are caught back in the time economy, the people who are paid by the hour or by the month, can't benefit. So you have what's depicted as egregious inequality arising. But this is really the result of financialization, the hypertrophy of finance that results from the government campaign to nullify the time factor in money."

This seems like an indictment of modern central banking as a totalitarian system serving only the plutocracy closest to the money-creation machine.

Bowyer's interview with Gilder is headlined "Gold Is the Money Of The Future: Gilder's 21st-Century Case For Gold" and it's posted at Forbes' Internet site here:

http://www.forbes.com/sites/jerrybowyer/2015/12/23/gold-is-the-money-of-...

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

* * *

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

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

Or 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

Another analyst notes 'middle-of-the-night attacks' on gold

Wed, 12/23/2015 - 15:47

2:46p ET Wednesday, December 23, 2015

Dear Friend of GATA and Gold:

Financial letter writer Gary Savage yesterday posted on his blog some technical analysis he considers as proving gold price suppression by the big players in the gold futures market. While GATA has little use for technical analysis of markets in which central banks intervene directly and through intermediaries, at least Savage repeatedly notes what he calls the "middle-of-the-night attacks" that have been necessary to push the gold price down, and he predicts that as natural market forces reassert themselves at last, Jim Sinclair, GATA, and others who have complained about market manipulation will be vindicated.

That much as least we can hope travels speedily from Savage's keyboard to the ear of the Great Market Manipulator -- and we don't mean Janet Yellen or Jack Lew.

Savage's analysis can be found in video form at his blog, Smart Money Tracker, here:

http://blog.smartmoneytrackerpremium.com/2015/12/gold-market-manipulatio...

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

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

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

Or 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

Canadian lawsuit accuses former London gold fix banks of market manipulation

Tue, 12/22/2015 - 21:26

8:35p ET Tuesday, December 22, 2015

Dear Friend of GATA and Gold:

A class-action lawsuit brought in Canada this week accuses the bullion banks that participated in the former daily London gold fix of conspiring to manipulate the gold market in violation of Canada's Competition Act and the anti-trust laws of other nations.

Though the bullion banks are almost certainly agents and intimate customers of central banks, the lawsuit makes no accusations against central banks, probably because gold market rigging by Western central banks is specifically authorized by law -- in the United States by the Gold Reserve Act of 1934, as amended -- and possibly because rigging of the gold market by central banks is an officially prohibited subject among Western financial news organizations and thus any mention of central banks in the lawsuit would have disqualified the suit from any publicity at all.

... Dispatch continues below ...


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The lawsuit seems to aim entirely at the secret communications between the banks participating in the former daily gold price fixing system in London.

The National Post's report today about the lawsuit is appended.

The lawsuit's full complaint as filed in Ontario Superior Court is posted in PDF format at GATA's Internet site here:

http://www.gata.org/files/CanadaGoldManipulationLawsuit-12-18-2015.pdf

GATA supporter David Caron of Kelowna, British Columbia, is one of two lead plaintiffs. Among the investors claimed to have suffered losses as a result of the market manipulation are investors in financial instruments managed by GATA's friends at Sprott Asset Management in Toronto.

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

* * *

Canadian Lawsuit Names Bank of Nova Scotia in Gold Price Manipulation

By Barbara Schecter
National Post, Toronto
Tuesday, December 22, 2015

http://business.financialpost.com/news/fp-street/bank-of-nova-scotia-nam...

TORONTO -- Bank of Nova Scotia, along with a handful of international banks embroiled in a lawsuit in the United States over alleged manipulation of a key benchmark based on the gold price, is facing a fresh lawsuit filed in Canada.

Lawyers at Sotos LLP, Koskie Minsky LLP and Camp Fiorante Matthews Mogerman are seeking class action status for the lawsuit filed in the Ontario Superior Court of Justice.

In a statement Tuesday, the law firms said they are seeking up to $1 billion in damages or compensation on behalf of Canadian investors who bought "a gold market instrument either directly or indirectly" between Jan. 1, 2004, and March 19, 2014.

The lawsuit alleges the defendants, including Bank of Nova Scotia, "conspired to manipulate prices in the gold market under the guise of the benchmark fixing process, known as the London PM Fixing, for a 10-year period," the law firms said in the statement.

"It is further alleged that the defendants manipulated the bid-ask spreads of gold market instruments throughout the trading day in order to enhance their profits at the expense of the class."

None of the allegations has been proven, and the case cannot move forward as a class action unless certified by a court.

"We believe that this matter has no merit and will defend ourselves vigorously," a spokesperson for the Bank of Nova Scotia said in an emailed statement. "As this matter is before the courts we are unable to comment further."

Scotia is also among a handful of financial institutions including Barclays PLC and Deutsche Bank AG named in a lawsuit filed in New York last year, which alleges five banks overseeing the setting of a century-old benchmark known as the London gold fix colluded to manipulate it.

Kirk Baert, a partner at Koskie Minsky who is involved in the recently filed Canadian lawsuit, said he believes it is the first case in this country to make claims against banks involved in the setting of the gold price and benchmarks.

"It’s the first I know of," Baert said, adding that the case contains "very troubling allegations."

Scotia became a large player in the gold market in late 1997 with the purchase of the precious metals business of Standard Chartered Bank. That deal transformed Scotia from the biggest Canadian precious metals player to a global force, and landed the Canadian bank a seat at the table for the prestigious London gold fixing, a twice-daily auction that served as a pricing mechanism for the precious metal.

Scotiabank's gold division, Scotia Mocatta, as well as parent company Bank of Nova Scotia and Scotia Capital (USA) Inc. are named in the notice of action filed in connection with the Canadian lawsuit.

Barclays Bank, Deutsche Bank Securities, SBC Securities, Société Générale, and UBS AG are also name as defendants.

Since the financial crisis of 2008, regulators have probed the price-setting mechanisms of a number of key benchmarks, including an interest rate benchmark known as LIBOR.

According to Tuesday’s statement from the law firms behind the latest lawsuit involving the gold benchmark, the United States Department of Justice is in the midst of an "active and ongoing" investigation of the price-setting practices, and the Commodity Futures Trading Commission is also investigating.

"Other law enforcement and regulatory authorities in the United States, Switzerland, and the United Kingdom have active investigations into the defendants’ conduct in the gold market," the statement from the law firms said.

* * *

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

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

Or 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

AttachmentSize CanadaGoldManipulationLawsuit-12-18-2015.pdf577.19 KB

Spoofing went mainstream in 2015

Tue, 12/22/2015 - 09:30

By Matthew Leising
Bloomberg News
Tuesday, December 24, 2015

Inside Ken Griffin's $25 billion empire, Citadel LLC's cyber investigators had isolated a new enemy: spoofers.

It was late 2013, and at the firm's Chicago headquarters, a team of researchers discovered that a rival company's algorithm was outmaneuvering their automated trader. The algo was placing futures orders it had no intention of filling to entice firms like Citadel into the transactions, then canceling them, leaving Citadel with money-losing trades. Citadel's plan: to pit its computers against the spoofer in a high-stakes duel over market manipulation.

That the firm took matters into its own hands shows how deeply the electronic bait-and-switch scheme has penetrated the global marketplace -- and how slow regulators have been to root it out. The firm's efforts, disclosed in a court filing in November, enabled Citadel to detect suspicious orders and, in a blink, pull back from trading.

Citadel isn't the only one girding for battle. In London, New York, Washington, and beyond, 2015 will go down as the year that spoofing exploded into the financial lexicon. Whistles were blown. Convictions were made. And, in a twist, the financial players themselves stepped up to help outgunned regulators police the markets.

So far, the fight has yielded little. More than five years after the Dodd-Frank Act made spoofing a crime, the Commodity Futures Trading Commission sued just three traders for spoofing in 2015. And while the number of enforcement cases on CME Group Inc., which owns futures markets including the Chicago Board of Trade, doubled this year from 2014, there were only 16. ...

... For the remainder of the report:

http://www.bloomberg.com/news/articles/2015-12-22/nabbing-the-rogue-algo...

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

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Koos Jansen: Australian gold exports to China reach record

Mon, 12/21/2015 - 16:57

3:57p ET Monday, December 21, 2015

Dear Friend of GATA and Gold:

Gold researcher and GATA consultant Koos Jansen reports today that Australian gold exports to China have reached record levels. His analysis is headlined "Australia Gold Exports to China in August a Record 13 Tonnes" and it's posted at Bullion Star here:

https://www.bullionstar.com/blogs/koos-jansen/australia-gold-export-to-c...

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

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

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

Or 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: Gold and silver now higher than before rate hike

Mon, 12/21/2015 - 13:28

12:27p ET Monday, December 21, 2015

Dear Friend of GATA and Gold:

Gold and silver today are above their prices when the Federal Reserve raised interest rates this month, the TF Metals Report's Turd Ferguson writes, noting that the investment banks that function as agents of central banks have unloaded their short position in gold futures. Ferguson estimates that the central bank agents have made about a billion dollars in their latest round of manipulating the monetary metals markets. Ferguson's commentary is headlined "Gradual Rally into Year-End" and it's posted at the TF Metals Report here:

http://www.tfmetalsreport.com/blog/7347/gradual-rally-year-end

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

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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

Randgold Resources pulls out of Ghana gold mine project

Mon, 12/21/2015 - 09:30

By Jon Yeomans
The Telegraph, London
Monday, December 21, 2015

Randgold Resources has abandoned plans to redevelop a gold mine in Ghana, just three months after announcing its interest in the "world-class resource."

The FTSE 100-listed miner, which operates in central and West Africa, has scrapped a potential joint venture with South African firm AngloGold Ashanti to reopen and expand the Obuasi mine, which has some 5 million ounces of gold reserves below ground, after it failed to pass due diligence.

"We spent more time on it than most people would do on a normal merger and acquisition. But it got to the point where whichever way we cut the cake, we couldn't get it to pass our criteria," said Mark Bristow, Randgold's chief executive. "Anglo has never made any money out of this asset, ever," he added.

In September, gold mining specialist Randgold said it would fund and lead a plan to modernise the loss-making mine, which was shut down by AngloGold in 2014, with a view to forming a joint venture to manage its output.

AngloGold said it would now continue to operate the mine -- which dates to 1907 -- on a limited basis. "In the current environment, we believe it is prudent to conserve our resources and to revisit this opportunity when market conditions improve," said Srinivasan Venkatakrishnan, chief executive. ...

... For the remainder of the report:

http://www.telegraph.co.uk/finance/newsbysector/industry/mining/12061249...

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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

Indian temples not wild about using religious offerings for gold price suppression

Sun, 12/20/2015 - 12:54

Gold-Rich Temples Weigh Monetisation Scheme, But 'Melting' a Dampener

From the Press Trust of India
via The Times of India, Mumbai
Sunday, December 20, 2015

NEW DELHI, India -- As the government seeks to monetise gold worth an estimated $1 trillion lying idle, all eyes are on their biggest repositories -- the temples -- but many of them fear that "melting" of the ornaments donated by devotees may hurt religious sentiments.

Officials at a number of rich and famous temples across the country said they may not be able to immediately participate in the scheme, while a few others said the scheme was worth exploring but a final decision was yet to be taken.

For some temples, including Sree Padmanabhaswamy Temple in Kerala and the Shirdi Sai Baba temple in Maharashtra, ongoing court cases are getting in the way.

The interest remains lukewarm among major temples in Kerala, Karnataka, Telangana, and Rajasthan among other states, while a few in Andhra Pradesh, West Bengal, and Gujarat have shown initial interest.

However, most of them are concerned about issues like loss of value in the melting process and the religious sentiments of the devotees who donate gold ornaments in the name of the deities of the respective temples. ...

... For the remainder of the report:

http://economictimes.indiatimes.com/news/economy/policy/gold-rich-temple...

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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

Koos Jansen: The Chinese gold market essentials guide

Sat, 12/19/2015 - 11:10

10:10a ET Saturday, December 19, 2015

Dear Friend of GATA and Gold:

Gold researcher and GATA consultant Koos Jansen, the foremost expert on China's gold market, has assembled a guide to that market, perhaps in the hope that fewer people will be misled by the disinformation coming out of the World Gold Council. Jansen's guide, a compendium of his research, is headlined "The Chinese Gold Market Essentials Guide" and it's posted at Bullion Star here:

https://www.bullionstar.com/blogs/koos-jansen/the-chinese-gold-market-es...

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

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

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

Or 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

Hugo Salinas Price: Is Bloomberg hiding something?

Fri, 12/18/2015 - 16:31

3:30p Friday, December 18, 2015

Dear Friend of GATA and Gold:

Hugo Salinas Price of the Mexican Civic Association for Silver, who two weeks ago noted the steady decline in international reserves held by central banks --

http://gata.org/node/15984

-- notes today that Bloomberg News seems to have stopped publishing its weekly accounting of those reserves.

Salinas Price writes that "the contraction of international reserves announces a secular change of trend to liquidation of international debt and consequently to depression."

His analysis is headlined "Is Bloomberg Hiding Something?" and it's posted at the association's Internet site, Plata.com.mx, here:

http://www.plata.com.mx/Mplata/articulos/articlesFilt.asp?fiidarticulo=2...

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

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Support GATA by purchasing DVDs of GATA's London conference in August 2011 or GATA's 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:

http://www.gata.org

To contribute to GATA, please visit:

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

'Fix painting' in London more obvious as gold trade moves east, Maguire says

Fri, 12/18/2015 - 15:13

2:10p ET Friday, December 18, 2015

Dear Friend of GATA and Gold:

London metals trader Andrew Maguire tells King World News today that the physical gold trade continues to migrate away from London to Asia and that the "fix painting" of the gold price in London by bullion banks and central banks is more obvious than ever. Maguire's interview is excerpted at the KWN blog here:

http://kingworldnews.com/andrew-maguire-absolutely-stunning-developments...

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

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Support GATA by purchasing DVDs of GATA's London conference in August 2011 or GATA's 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:

http://www.gata.org

To contribute to GATA, please visit:

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

Failing to support his charge against GATA, financial letter writer changes subject

Thu, 12/17/2015 - 09:54

9a ET Thursday, December 17, 2015

Dear Friend of GATA and Gold:

Financial letter writer Avi Gilburt today offers a rebuttal to your secretary/treasurer's response Tuesday (http://www.gata.org/node/16034) to his charge Monday (http://www.kitco.com/commentaries/2015-12-14/Confessions-of-a-Gold-Analy...) that GATA has taken out of context its documentation of largely surreptitious intervention in the gold market by central banks.

Rather than defend his charge by reviewing any of the supposedly misconstrued documents, which would require a little effort, Gilburt changes the subject and himself misconstrues GATA in several respects:

-- Gilburt criticizes GATA for not being an investment adviser when your secretary/treasurer, rebutting him, proclaimed that GATA is not an investment adviser but an organization advocating free, transparent, and fair markets.

... Dispatch continues below ...


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-- Gilburt says GATA is mistaken to assert that fundamentals should control markets. But GATA has not asserted that. While fundamentals often do control markets, as when a commodity is exhausted and higher prices are necessary to spur supply, of course there may be other factors. GATA strives to identify another factor in the gold market, intervention by central banks.

-- Gilburt charges that GATA maintains that there is no manipulation of the gold market when gold prices are rising. This charge discloses that Gilburt really pays no attention at all to what GATA says. As recently as Monday your secretary/treasurer again called attention to a study speculating that central banks mean to push the gold price way up eventually to help monetize assets and devalue debt:

http://www.gata.org/node/16030

-- Gilburt writes that GATA "lacks any real perspective of how financial markets work," and yet he never mentions central banks, as if central bank policy lately has not been widely acknowledged to determine most market action, if not gold market action.

-- Gilburt's conclusion is that "investor sentiment is the main controlling factor" in markets. GATA can agree with that assertion if central banks are included among "investors." But Gilburt does not include them.

Gilburt's basic position seems to echo the position expressed by market analyst Doug Casey at last year's New Orleans Investment Conference: that central banks are irrelevant to markets and so what they do doesn't matter, though they create infinite money and throw much of it around in secret. But Gilburt seems most interested in touting the profitability of the technical analysis of markets provided by his financial letter. If he can make money, either by trading or selling his letter, Gilburt apparently couldn't care less whether markets are free, transparent, and fair. That's his right but he has run away from his original criticism of GATA: that GATA has misconstrued the documentation of central bank intervention in the gold market.

Gilburt's rebuttal is headlined "Avi Gilburt's Response to GATA" and it's posted at GoldSeek here:

http://news.goldseek.com/GoldSeek/1450364820.php

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

* * *

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

New Orleans conference presentations available on discs and streaming video

Wed, 12/16/2015 - 17:46

4:43p ET Wednesday, December 16, 2015

Dear Friend of GATA and Gold:

If you missed the New Orleans Investment Conference at the end of October, you can still see and hear the major presentations of the keynote speakers, including Doug Casey, Marc Faber, Dennis Gartman, Marin Katusa, Charles Krauthammer, Brien Lundin, Jim Rickards, Rick Rule, Peter Schiff, and Mark Steyn. Individual presentations are available for purchase on DVD for $29.95 and on streaming Internet video for $14.95.

A complete set of the presentations is available on audio disc for $199, on video disc for $299, and by streaming Internet video for $179.

The new year will prove more than one of those speakers to have been prescient.

For more information, please visit the conference's Internet site here:

http://neworleansconference.com/2015-noic-audio-video-recordings/?affili...

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

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

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

Or 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 interviews Willem Middelkoop about dollar imperialism

Wed, 12/16/2015 - 00:38

11:36p ET Tuesday, December 15, 2015

Dear Friend of GATA and Gold:

Financial journalist and fund manager Willem Middelkoop, interviewed by gold researcher and GATA consultant Koos Jansen, tonight explains, as GATA long has tried to explain, how control of the currency markets and particularly the world reserve currency remains the primary mechanism of imperialism.

"Because it can print the world currency," Middelkoop says, "the United States can buy anything it wishes without having to worry about its liabilities. ... By 'obliging' foreign central banks to keep their monetary reserves in Treasury bonds, the United States in fact forced them to finance U.S. military spending abroad, as Michael Hudson explains in his book 'Super Imperialism.'

"In this new form of imperialism, the United States is able to rule not through its position as world creditor but as world debtor. ... A Chinese market commentator remarked: 'World trade is now a game in which the United States produces dollars and the rest of the world produces things that dollars can buy ... a dollar hegemony that forces the world to export not only goods but also dollar earnings from trade to the United States. ... Everyone accepts dollars because dollars can buy oil.'

"Only when dollar-holding nations decide to buy natural resources instead of U.S. Treasuries is the dollar's reserve currency status in danger. This is exactly the exit strategy China and Russia seem to be playing right now."

Jansen's interview with Middelkoop is headlined "Interview with Willem Middelkoop about the Big Reset" and it's posted at Bullion Star here:

https://www.bullionstar.com/blogs/koos-jansen/interview-willem-middelkoo...

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

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When It Bursts, Bullion Owned in the Safest Way Will Protect Wealth

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

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

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

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

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

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

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

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


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

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

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

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

Or 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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