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BitGold begins trading on TSXV as gold transaction platform builds momentum

Tue, 05/12/2015 - 21:58

By Peter Koven
National Post, Toronto
Tuesday, May 12, 2015

http://business.financialpost.com/investing/bitgold-begins-trading-on-ts...

Roy Sebag and Josh Crumb started their business with one simple guiding principle.

"We wanted to be able to go into Tim Horton's and buy a coffee with gold, with our credit card or debit card," Sebag said in an interview. "It went from being a hobby of how to do that to this whole company."

Investors will start to get a better look at their vision on Wednesday, as shares of BitGold Inc. begin trading on the TSX Venture Exchange. It is the culmination of several years of hard work by the founders, and is being backed by George Soros, Sprott Inc., and other big-name financiers. The company has a valuation of more than $30 million.

... Dispatch continues below ...


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Goldbroker.com is listed among GATA's recommended monetary metals dealers. (http://www.gata.org/node/173)

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BitGold is the first serious financial services platform ever built around gold. The online service allows users to buy gold, store gold, and pay for goods and services around the world using gold as the currency. The service has been active for less than a week but has already signed up thousands of users.

As its name implies, BitGold takes inspiration from Bitcoin. But there are a lot of questions about the intrinsic value of bitcoins. While gold has plenty of non-believers, the metal has been a medium of exchange for thousands of years.

Sebag and Crumb, who are 29 and 35 respectively, got the idea for BitGold shortly after the financial crisis in 2008. Sebag was a hedge fund manager at that time, and the collapse of Lehman Brothers made him alarmed about counterparty risk. He talked to some mentors about his concerns and they piqued his interest in gold, which has no counterparty risk.

He never embraced the end-of-the-world ideology so beloved by gold bugs. But he saw the value of using gold as a currency, and he was surprised there was no bank fully backed by gold. He teamed up with Crumb (who has a mining background) around this time, and they got to work creating a financial platform that would make gold more accessible and an easy medium for transactions.

Other people have tried to do something like this in the past, but they were never able to overcome the legal and technical impediments. Sebag and Crumb worked with lawyers and politicians to offer this service under Canadian bailment law. They got the world's largest bullion banks to connect to their platform, and got Brink's Co., a leading storage and security company, to serve as clearing house for trades. Through Brink's, BitGold can track whenever gold owned by its customers moves in and out of vaults.

"It is a complicated (structure). But for the user -- and this is the main thing -- it's just Paypal with gold. It's a nice, clean interface," Crumb said.

After users go through an extensive sign-up process at bitgold.com, they are able to deposit funds and obtain gold stored in vaults in six different cities around the world. After that they can pay for goods using that gold or redeem physical gold in 10-gram cubes (worth about US$400). Brink's handles the transfer of the gold between the two parties. In the next month or two BitGold plans to launch a debit card that can be used at any ATM or retail location. That will allow users to buy that Tim Horton's coffee with gold, just as its founders dreamed.

BitGold has a 1 percent fee to buy gold and a 1 percent fee to redeem it. Storage is free. The founders argued this is a far more attractive fee structure than the popular gold exchange-traded funds, which have annual fees.

Sebag, the chief executive, has been telling the Street that he has a target of 50,000 customers for BitGold. But his hopes are an order of magnitude higher than that. Based on the rapid take-up of the platform in the first few days, he said, it appears to be far more than a niche product for a small group of users. He noted that hardcore gold bugs make up less than 10 percent of the user base so far.

"I'm seeing friends who signed up sending payments to each other," Sebag said. "I know they bet on football, and now they're paying each other."

* * *

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:

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http://gata.org/node/wallstreetjournal

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

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

Greece drains its emergency account at IMF to repay IMF loan

Tue, 05/12/2015 - 11:33

Greece Tapped Its Emergency IMF Reserves to Pay IMF Debt: Sources

By Lefteris Papadimas and George Georgiopoulos
Reuters
Tuesday, May 12, 2015

ATHENS -- Greece emptied an emergency IMF holding account to repay 750 million euros (L539.4 million) due to the international lender, a Greek central bank official said, avoiding default but underscoring the dire state of the country's finances.

With Athens close to running out of cash and a deal with its international creditors still elusive, there had been doubts about whether the leftist-led government would pay the IMF or opt to save cash to pay salaries and pensions this month.

Members of the International Monetary Fund are required to keep a holding account, which may be used for emergencies, but the money can be used only with the lender's approval, the central bank official said.

A government official told Reuters that Athens used about 650 million euros from the holding account and 100 million euros from its cash reserves to make the payment on Monday. ...

... For the remainder of the report:

http://uk.reuters.com/article/2015/05/12/uk-eurozone-greece-idUKKBN0NX0Q...

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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

Koos Jansen: China's Silk Road economic project will include gold

Tue, 05/12/2015 - 11:16

10:15a ET Tuesday, May 12, 2015

Dear Friend of GATA and Gold:

Gold researcher and GATA consultant Koos Jansen today notes that plans for economic cooperation between Asian and eastern European countries, Chinese- and Russian-oriented blocs, increasingly contemplate an important place for gold. Jansen's commentary is headlined "China's Silk Road Economic Project Will Include Gold" and it's posted at Bullion Star here:

https://www.bullionstar.com/blogs/koos-jansen/chinas-silk-road-economic-...

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

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

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

Ted Butler: The biggest silver haul in history

Mon, 05/11/2015 - 21:45

8:45p ET Monday, May 11, 2015

Dear Friend of GATA and Gold:

Having amassed hundreds of millions of ounces of silver, JPMorganChase is able to flood the market at any time to drive prices down, silver market analyst Ted Butler writes today. His commentary is headlined "The Biggest Silver Haul in History" and it's posted at GoldSeek's companion site, SilverSeek, here:

http://www.silverseek.com/commentary/biggest-silver-haul-history-14401

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

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

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

Big banks finalize $6 billion-plus settlements on FX rigging

Mon, 05/11/2015 - 15:41

From the Financial Times, London
Monday, May 11, 2015

Five of the world's biggest banks are finalising agreements to collectively pay more than $6 billion for allegedly manipulating foreign exchange markets, with an announcement expected as soon as Wednesday.

Switzerland's UBS will pay less than $800 million, people familiar with the situation said. The highest fines will be borne by the UK's Barclays, which is expected to agree to pay about £2 billion, or about $3.1 billion. JPMorgan Chase, Royal Bank of Scotland, and Citigroup are all expected to pay as much as $1 billion each. ...

... For the remainder of the report:

http://www.ft.com/intl/cms/s/0/4e3eca04-f7cb-11e4-9beb-00144feab7de.html

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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: Your latest crime scene report

Mon, 05/11/2015 - 14:35

1:35p ET Monday, May 11, 2015

Dear Friend of GATA and Gold:

Analyzing the latest futures trading report from the U.S. Commodity Futures Trading Commission, the TF Metals Report's Turd Ferguson concludes today that the major bullion banks remain in a position to kill any rally in gold with their shorting. His commentary is headlined "Your Latest Crime Scene Report" and it's posted at the TF Metals Report here:

http://www.tfmetalsreport.com/blog/6834/your-latest-crime-scene-report

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

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

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

Nazis invented currency market rigging, U.S. perfected it, GATA secretary tells KWN

Fri, 05/08/2015 - 21:29

8:30p ET Friday, May 8, 2015

Dear Friend of GATA and Gold:

Interviewed today by King World News, your secretary/treasurer said that currency market rigging is the primary mechanism of imperialism, invented by Nazi Germany for its exploitation of occupied Europe during World War II and perfected by the United States afterward. An excerpt from the interview is posted at the KWN blog here:

http://kingworldnews.com/is-this-the-most-shocking-interview-of-2015/

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

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

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

Bullion banks, BIS about to pull upward reversal in gold, Maguire tells KWN

Fri, 05/08/2015 - 14:42

1:40p ET Friday, May 8, 2015

Dear Friend of GATA and Gold:

London metals trader Andrew Maguire tells King World News today that the big commercial traders have gotten "hot money" so short in gold and silver that an upward reversal in price for the monetary metals is imminent, with the "insider bullion banks" and the Bank for International Settlements working together. Maguire adds that China is on the brink of winning the gold war against the West. His interview is excerpted at the KWN blog here:

http://kingworldnews.com/andrew-maguire-china-on-the-brink-of-winning-th...

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

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

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

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

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

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

http://gata.org/node/wallstreetjournal

Help keep GATA going

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

http://www.gata.org

To contribute to GATA, please visit:

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

Mark O'Byrne: The Economist's anti-gold article, a case study in disinformation

Fri, 05/08/2015 - 13:38

12:30p ET Friday, May 8, 2015

Dear Friend of GATA and Gold:

Today's commentary by GoldCore's Mark O'Bryne is a rebuttal to last week's disinformative sneer at gold by The Economist, more detailed than the rebuttal provided yesterday by your secretary/treasurer:

http://www.gata.org/node/15321

O'Byrne's commentary is headlined "The Economist's Anti-Gold Article: A Case Study in Disinformation" and it's posted at GoldCore here:

http://www.goldcore.com/us/gold-blog/the-economist-anti-gold-article-cas...

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

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

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

Goldbroker.com is listed among GATA's recommended monetary metals dealers. (http://www.gata.org/node/173)

To invest or learn more, please visit:

https://www.goldbroker.com/

Support GATA by purchasing 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

Netherlands' largest newspaper interviews gold researcher Koos Jansen

Thu, 05/07/2015 - 15:28

2:52p ET Thursday, May 7, 2015

Dear Friend of GATA and Gold:

The biggest newspaper in the Netherlands, De Telegraaf, recently published a long interview with gold market analyst and GATA consultant Koos Jansen.

The interview was headlined (as translated into English) "China Conquers the World with Gold."

A fragment of the interview can be found at De Telegraaf's Internet site here:

http://www.telegraaf.nl/binnenland/23909566/__Chinezen_volgen_gouden_rou...

The whole thing is helpfully translated into English at Jansen's blog at the Bullion Star Internet site here:

https://www.bullionstar.com/blogs/koos-jansen/biggest-newspaper-netherla...

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

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

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

BitGold announces a bitcoin-like system for gold storage and payments

Thu, 05/07/2015 - 14:20

By Giulio Prisco
Bitcoin Magazine, Huntsville, Alabama
Wednesday, May 6, 2015

BitGold Inc. has announced the launch of the BitGold platform, a software service that connects gold storage with payment networks, resulting in a banking-like platform for gold.

The announcement refers to the BitGold platform as a "new global operating system for gold." In fact BitGold is a digital payments platform that connects gold stored in real-world vaults with online payments.

... Dispatch continues below ...


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Though the BitGold press release emphasizes that BitGold is not a cryptocurrency like bitcoin, there are similarities. In particular, the BitGold platform allows for the quick settlement of gold trades so that a user's gold is easily acquired and accessible across various payment networks such as SWIFT, Visa, MasterCard, Interac, SEPA, UnionPay, Discover, American Express, and others -- including bitcoin.

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... For the remainder of the report:

https://bitcoinmagazine.com/20291/bitgold-announces-bitcoin-like-system-...

* * *

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

The Economist does its part to mislead about gold

Thu, 05/07/2015 - 13:54

12:52p ET Thursday, May 7, 2015

Dear Friend of GATA and Gold:

Disinformation and information suppression about gold have intensified in recent weeks, and as might be expected, The Economist is doing its part, this time with commentary in its May 2 edition headlined "Gold Prices: Buried -- Russia Is Buying Gold But Few Others Are."

The commentary ignores that vast increase in gold imports by China and India, along with the purchases by central banks apart from Russia's that have turned central banks from net sellers to net buyers.

While gold's counterintuitive price performance is mentioned, The Economist attributes this only to a supposed proliferation of investment options, as if investors haven't always had alternatives to government currencies and the monetary metals.

The Great Unmentionable, of course, is surreptitious central bank selling of gold and gold derivatives, which, while fully documented by GATA here --

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

-- must be ignored as The Economist upholds the first rule of mainstream financial journalism: Never put a critical question to a central bank, especially a critical question about gold.

The Economist's commentary is posted here:

http://www.economist.com/news/finance-and-economics/21650189-russia-buyi...

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

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

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: Controlling copper and silver prices

Thu, 05/07/2015 - 13:35

12:36p ET Thursday, May 7, 2015

Dear Friend of GATA and Gold:

China has a powerful interest in suppressing commodity prices, GoldMoney research director Alasdair Macleod writes today, as well as much opportunity to do it. Macleod's analysis is headlined "Controlling Copper and Silver Prices" and it's posted at GoldMoney's Internet site here:

http://www.goldmoney.com/research/analysis/controlling-copper-and-silver...

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

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

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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