Gold Forum - Gold and Precious Metals Discussion Forums

Gold Forum - Gold and Precious Metals Discussion Forums - Industry News http://www.thegoldeconomy.com/gold-forums/ Gold and Gold Stocks in the news en Thu, 23 May 2013 16:45:36 GMT vBulletin 60 http://www.thegoldeconomy.com/gold-forums/images/green/misc/rss.png Gold Forum - Gold and Precious Metals Discussion Forums - Industry News http://www.thegoldeconomy.com/gold-forums/ David Levenstein: Bullion bank-led casino manipulates gold price -- and everything el http://www.thegoldeconomy.com/gold-forums/showthread.php/40436-David-Levenstein-Bullion-bank-led-casino-manipulates-gold-price-and-everything-el?goto=newpost Wed, 22 May 2013 17:38:41 GMT 9:545a ET Wednesday, May 22, 2013 Dear Friend of GATA and Gold: The sudden dumping of huge futures contracts for gold on the New York Commodities... 9:545a ET Wednesday, May 22, 2013
Dear Friend of GATA and Gold:
The sudden dumping of huge futures contracts for gold on the New York Commodities Exchange is proof of market manipulation by a banking cartel as well as the complicity of the U.S. Commodity Futures Trading Commission, South African gold trader and bullion dealer David Levenstein writes today at MineWeb. His commentary is headlined "Bullion Bank-Led Casino Manipulates Gold Price -- and Everything Else" and it's posted here:
http://www.mineweb.com/mineweb/content/en/mineweb-independent-viewpoint?...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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More... ]]> Industry News Golden Years http://www.thegoldeconomy.com/gold-forums/showthread.php/40436-David-Levenstein-Bullion-bank-led-casino-manipulates-gold-price-and-everything-el Ted Butler: Blockbuster in gold http://www.thegoldeconomy.com/gold-forums/showthread.php/40249-Ted-Butler-Blockbuster-in-gold?goto=newpost Wed, 22 May 2013 09:37:34 GMT 8:33p ET Tuesday, May 21, 2013 Dear Friend of GATA and Gold: Silver market analyst and market rigging whistleblower Ted Butler speculates tonight... 8:33p ET Tuesday, May 21, 2013
Dear Friend of GATA and Gold:
Silver market analyst and market rigging whistleblower Ted Butler speculates tonight in line with Hong Kong fund manager Bill Kaye (http://www.gata.org/node/12567) to the effect that JPMorganChase and other big bullion banks were behind the recent smashing of the gold and silver futures markets so they might obtain metal cheaply, particularly by redeeming shares of the gold and silver exchange-traded funds GLD and SLV and draining their metal. Butler's commentary is headlined "Blockbuster in Gold" and it's posted at GoldSeek's companion site, SilverSeek, here:
http://m.silverseek.com/commentary/b...ter-gold-11856
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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More... ]]> Industry News Golden Years http://www.thegoldeconomy.com/gold-forums/showthread.php/40248-GATA-plans-informal-reception-after-Vancouver-conference-on-Monday-May-27 Short covering begins in gold and silver, Norcini tells King World News http://www.thegoldeconomy.com/gold-forums/showthread.php/39995-Short-covering-begins-in-gold-and-silver-Norcini-tells-King-World-News?goto=newpost Tue, 21 May 2013 18:56:08 GMT 2:45p ET Monday, May 20, 2013 Dear Friend of GATA and Gold: Futures market analyst Dan Norcini tells King World News today that short covering in... 2:45p ET Monday, May 20, 2013
Dear Friend of GATA and Gold:
Futures market analyst Dan Norcini tells King World News today that short covering in gold and silver seems to have begun in earnest. An excerpt from the interview is posted at the King World News blog here:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/5/20_In...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

Join GATA here:
World Resource Investment Conference
Sunday-Monday, May 26-27, 2013
Vancouver Convention Centre West
Vancouver, British Columbia, Canada
http://www.cambridgehouse.com/event/world-resource-investment-conference...
* * *
Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:
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Help keep GATA going
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More... ]]> Industry News Golden Years http://www.thegoldeconomy.com/gold-forums/showthread.php/39995-Short-covering-begins-in-gold-and-silver-Norcini-tells-King-World-News Casey has been given the evidence but seems not to have looked at it http://www.thegoldeconomy.com/gold-forums/showthread.php/39994-Casey-has-been-given-the-evidence-but-seems-not-to-have-looked-at-it?goto=newpost Tue, 21 May 2013 18:56:08 GMT 9:24p ET Monday, May 20, 2013 Dear Friend of GATA and Gold: Interviewed today by The Daily Bell, Casey Research Chairman Doug Casey once again... 9:24p ET Monday, May 20, 2013
Dear Friend of GATA and Gold:
Interviewed today by The Daily Bell, Casey Research Chairman Doug Casey once again dismisses complaints of gold market manipulation.
"I don't doubt that the powers-that-be would prefer to have the price of gold lower," Casey says, "just like they would prefer to have the price of wheat and copper and lumber and everything else lower. But there's no evidence that I've ever been shown other than, frankly, just assertions."
This is distressing but maybe, to get Clintonistic, it depends on the meaning of "shown." Though GATA has sent to Casey -- and once even handed to him face to face -- all sorts of documentation of gold market manipulation, if he has not looked at it, has he ever been "shown"? But then the question becomes whether he wants to look at it, and one might hope that anyone might want to look at the evidence before commenting on an issue.
... Dispatch continues below ...

More... ]]> Industry News Golden Years http://www.thegoldeconomy.com/gold-forums/showthread.php/39994-Casey-has-been-given-the-evidence-but-seems-not-to-have-looked-at-it <![CDATA[Casey has been given the evidence of gold market rigging but won't respond to it]]> http://www.thegoldeconomy.com/gold-forums/showthread.php/39993-Casey-has-been-given-the-evidence-of-gold-market-rigging-but-won-t-respond-to-it?goto=newpost Tue, 21 May 2013 18:56:08 GMT 9:55p ET Monday, May 20, 2013 Dear Friend of GATA and Gold: Interviewed yesterday by The Daily Bell, Casey Research Chairman Doug Casey once again... 9:55p ET Monday, May 20, 2013
Dear Friend of GATA and Gold:
Interviewed yesterday by The Daily Bell, Casey Research Chairman Doug Casey once again dismissed complaints of gold market manipulation.
"I don't doubt that the powers-that-be would prefer to have the price of gold lower," Casey says, "just like they would prefer to have the price of wheat and copper and lumber and everything else lower. But there's no evidence that I've ever been shown other than, frankly, just assertions."
This is distressing but maybe, to get Clintonistic, it depends on the meaning of "shown." Though GATA has sent to Casey -- and once even handed to him face to face -- all sorts of documentation of gold market manipulation, if he has not looked at it, has he ever been "shown"? But then the question becomes whether he wants to look at it, though one might hope that anyone might want to look at the evidence before commenting on an issue.
... Dispatch continues below ...

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Among the evidence delivered to Casey by GATA, in some cases face to face, are these items:-- Confessions or imcriminating statements made by, among others, four Federal Reserve chairmen -- William McChesney Martin, Arthur Burns, Paul Volcker, and Alan Greenspan, and a chairman of the Netherlands central bank who was also president of the Bank for International Settlements, Jelle Zijlstra:
http://www.gata.org/node/10909
http://www.gata.org/node/11304
-- The statement made in 2009 by Fed Governor Kevin M. Warsh during GATA's freedom-of-information litigation against the Fed seeking access to its gold records. Warsh disclosed that the Fed has secret gold swap arrangements with foreign banks:
http://www.gata.org/files/GATAFedRes...09-17-2009.pdf
-- The confidential March 1999 report of the International Monetary Fund confirming that Western central banks conceal their gold swaps and leases to facilitate surreptitious intervention in the currency markets:
http://www.gata.org/node/12016
-- A U.S. diplomatic cable from 1974, three years after gold was fully demonetized officially, reporting that Western European central banks were contemplating rigging the gold market by creating "some kind of an intermediary through which market interventions might be channeled -- possibly in the form of a buffer stock":
http://www.gata.org/node/12551
-- The Bank for International Settlements' actual advertisement of its services rigging the gold market for its central bank members, an advertisement given to prospective BIS members in 2008:
http://www.gata.org/node/11012
There's a lot more documentation of the gold price suppression scheme in GATA's documentation archive here:
http://www.gata.org/taxonomy/term/21
It would have been nice if The Daily Bell's interviewer had been familiar with some of this documentation and had asked Casey about it specifically, item by item, so that the interview might have had more meaning. Since The Daily Bell has reported about complaints of gold market manipulation before, this unfamiliarity during the Casey interview borders on negligence.
For example, is that secret March 1999 IMF report a forgery? Has anyone asked the IMF about it?
Has anyone asked those central bankers if they were misquoted?
Is the Power Point presentation attributed to the BIS a concoction too? Even if someone says so, it probably won't be denied that the BIS trades in gold and gold derivatives every day on behalf of its member central banks, since that trading is confirmed by the BIS' annual reports (unless they too are forgeries). So anyone could always ask the BIS just what it's doing in the gold market and why and for whom.
Pursuit of these questions might be considered research -- as in Casey Research, which, without such research, might better be named Casey Pontifications.
So why won't anyone who doubts gold market manipulation ever discuss these specifics?
One can understand why another gold market analyst frequently quoted by the mainstream financial news media, Jeff Christian of CPM Group, refuses. Christian has acknowledged that most major central banks are clients of his firm. Telling the truth when it might hurt one's business is terribly difficult.
But what's Casey's disqualifying angle?
Since Casey so misleadingly affects to be unaware of the specifics that have been delivered to him so often, a little speculation about him becomes fair. Maybe he refuses to look at, discuss, or debate the documentation because of his commitment to free-market libertarian principles and particularly because of his oft-stated belief that nothing is bigger than the market.
If only it were so. But the power of infinite money creation, particularly infinite money creation in the world reserve currency, is far bigger than any market -- and that is precisely what gold price suppression is about.
In his interview with The Daily Bell, Casey acknowledges the likely motive of central banks in wanting gold and commodity prices lower. But he refuses to acknowledge their opportunity along with the evidence lest faith in markets be shaken.
GATA believes in markets as much as anyone could. Indeed, gold price suppression is a catastrophe for the world precisely because it is the prerequisite for the destruction of all markets, the mechanism by which a few unelected grandees strive to control the price of all capital, labor, goods, and services in the world, resulting in their worldwide misallocation.
Markets won't be restored by pretending that they are invincable. In fact, like democracy itself, markets always need protection against totalitarianism, and Casey's libertarian indifference and his belief that if he doesn't know it already it can't be happening are no help in that struggle.
The Daily Bell's interview with Casey is headlined "Doug Casey on Conspiracies, Gold, and the Continuing 'Greater Depression' of the World's Economies" and it's posted here:
http://www.thedailybell.com/30653/Doug-Casey-on-Conspiracies-Gold-and-th...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *
Join GATA here:
World Resource Investment Conference
Sunday-Monday, May 26-27, 2013
Vancouver Convention Centre West
Vancouver, British Columbia, Canada
http://www.cambridgehouse.com/event/world-resource-investment-conference...
* * *
Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:
http://www.goldrush21.com/order.html
Or by purchasing a colorful GATA T-shirt:
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Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
http://gata.org/node/wallstreetjournal
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
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To contribute to GATA, please visit:
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More... ]]> Industry News Golden Years http://www.thegoldeconomy.com/gold-forums/showthread.php/39993-Casey-has-been-given-the-evidence-of-gold-market-rigging-but-won-t-respond-to-it Von Greyerz reports trouble in retrieving gold from Swiss banks http://www.thegoldeconomy.com/gold-forums/showthread.php/39992-Von-Greyerz-reports-trouble-in-retrieving-gold-from-Swiss-banks?goto=newpost Tue, 21 May 2013 18:56:08 GMT 10:13a ET Tuesday, May 21, 2013 Dear Friend of GATA and Gold: Interviewed today by King World News, gold fund manager Egon von Greyerz provides... 10:13a ET Tuesday, May 21, 2013
Dear Friend of GATA and Gold:
Interviewed today by King World News, gold fund manager Egon von Greyerz provides anecdotes from clients about their difficulty in retrieving the gold they believe they have on deposit at Swiss banks, as they try to transfer it to private vaults. An excerpt from the interview is posted at the King World News blog here:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/5/21_Cl...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

Join GATA here:
World Resource Investment Conference
Sunday-Monday, May 26-27, 2013
Vancouver Convention Centre West
Vancouver, British Columbia, Canada
http://www.cambridgehouse.com/event/world-resource-investment-conference...
* * *
Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:
http://www.goldrush21.com/order.html
Or by purchasing a colorful GATA T-shirt:
http://gata.org/tshirts
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
http://gata.org/node/wallstreetjournal
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
http://www.gata.org
To contribute to GATA, please visit:
http://www.gata.org/node/16

More... ]]> Industry News Golden Years http://www.thegoldeconomy.com/gold-forums/showthread.php/39315-Alasdair-Macleod-Bank-balances-and-gold <![CDATA[Barron's gets suspicious about gold market manipulation]]> http://www.thegoldeconomy.com/gold-forums/showthread.php/39067-Barron-s-gets-suspicious-about-gold-market-manipulation?goto=newpost Sun, 19 May 2013 11:04:03 GMT This Time Gold Bugs May Have a Point
By Randall W. Forsyth
Barron's
Saturday, May 18, 2013
http://online.barrons.com/article/SB500014240527487045515045784810437648...
Stocks are for lovers and gold is for haters. That's how one especially supercilious strategist (is there another kind?) sizes up the two markets, and it's clear he's been feeling the love lately. Stocks are at new highs in the U.S. and many other venues, while Japan's market is strapped to a rocket ship, all propelled by money fresh off the printing presses of the world's central banks.
Fans of the yellow metal, meanwhile, are feeling rather battered and bruised these days from the beating they've taken over the past month or so and, indeed, for more than a year and a half. Given all the quantitative easing -- which is how money printing is referred to in polite company these days—one would think gold would be getting a little love (or a facsimile of the same that cash can sometimes provide.)
It's not just the likes of the Dow industrials or the S&P 500 at record levels; money is sending all manner of stuff soaring. Last week's auctions at Christie's in New York marked the beginning of "a new era" in the art market, the auction house declared, with nearly a half-billion dollars' worth of 20th-century works being snapped up by bidders who coveted them as much as stores of value as pieces of art. How else to explain Jackson Pollock's drip painting, Number 19, 1948, going for a record $58.4 million, about twice the $25 million to $35 million it had been expected to fetch?
... Dispatch continues below ...

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Half of all proceeds from the sale of this report will be donated to the Gold Anti-Trust Action Committee to support its efforts exposing manipulation and fraud in the gold and silver markets.
To learn about this report, please visit:
http://www.futuremoneytrends.com/index.php?option=com_content&id=376&tmp...

And the superrich again are falling over themselves in yet another round of "can you top this" in buying up trophy homes. It isn't just Russian oligarchs looking to get their wealth out of the country by snapping up Manhattan condos in the tens of millions, or newly minted South American millionaires swooping into Florida to buy properties at knock-down prices that are even bigger bargains in devalued dollars. Howard Stern reportedly is buying a Palm Beach house for a tidy $52 million, yet another sign of a surfeit of money over taste these days. But with all this dough being thrown around promiscuously at every so-called asset class -- as indulgences such as mansions and art have come to be classified, even if they really are forms of conspicuous consumption -- why doesn't gold get any ardor? After all, for reasons probably buried deep within the human genome, the precious metal has been sought for thousands of years as an object of adornment and, most importantly, a store of value.
That value has been battered of late, with massive outflows from gold-related exchange-traded funds, notably the SPDR Gold Trust (GLD). For a brief time, it actually was the world's biggest ETF, eclipsing the SPDR S&P 500 (SPY), just before gold hit its high of about $1,900 an ounce in September 2011. Indeed, it has been the flight from "paper gold"—ETFs and futures or options contracts -- that has sent the metal tumbling, from a recent high of $1,800 last October, to around $1,700 at year end, and about $1,600 as recently as the end of March. That was just before the market plunged—or was pushed—into a virtual free-fall in mid-April that slashed the price by more than $200 an ounce in just two sessions. So extraordinary was the 9.4% collapse on April 15, wrote Howard Simons of Bianco Research at the time, that the odds against such a move were 20 trillion to one" -- a lower probability of occurrence than randomly selecting a [particular] $1 bill out of pile of singles representing the U.S. national debt."
These improbable moves have made gold bugs suspicious, which isn't unusual. Folks who own gold do so because they don't trust the status quo, especially when it comes to government-issued paper money. But just because you're paranoid doesn't mean somebody isn't out to get you. They point to bursts of selling on Friday, April 12, which resulted in prices plunging by more than 5%, and to dumping that resumed the following Monday in Asia, early in the day when markets are illiquid. That culminated in a 9% collapse by the time the New York market had settled. But a seller who wanted to unload a large position at the optimal price would have done precisely the opposite -- liquidate as discreetly as possible. Instead, sellers dumped the equivalent of more than 300 tons of the metal in staccato-like blasts during those sessions.
The suspicious selling resumed this Friday, with the equivalent of 17 tons sold on the New York Comex in two bursts in the morning, according to market sources. And the declines continued after the settlement of futures trading in the early afternoon as the SPDR Gold Trust ETF slumped a total of 2.25% on the day, to close at 131.07, below the April 15 close of 131.31. (The ETF represents a bit less than 1/10th of an ounce of gold.) The current-month May futures contract plunged 1.6%, or $22.20, to $1,364.90 an ounce on the Comex.
Over the past seven sessions, the metal has shed over $100, or more than 7%, all but wiping out the rebound after the stunning mid-April collapse. That slide had sparked a wave of bargain-hunting in physical gold around the globe, especially in Asia, where it was suddenly seen as cheap at the marked-down prices. The markets for paper gold and the actual metal thus showed a marked contrast in sentiment. The latter was eager to buy what the former dumped, something that makes you say "hmmmm."
There were a number of other curious aspects to the latest plunge in the GLD. (Everybody in the market refers to the big exchange-traded fund just by its ticker.)
Barron's options guru, Steve Sears, reports heavy buying in the GLD weekly put option with a 132 strike price that expired Friday. That option, which would have expired out of the money—and thus worthless—wound up solidly in the money after the ETF's drop.
Back in February, Sears began to pick up signs of increased GLD put buying and in his Striking Price column just before the big break ("A Hot Potato That Glitters," April 8), he suggested the purchase of weekly puts that paid off hugely the following Friday.
While the gold bugs point to this mysterious, concentrated dumping on big down days, it's clear that large-fund managers both followed and led the retreat in gold by selling their holdings of GLD. That's what our exchange-traded fund maven, Brendan Conway, pointed out Friday in his Focus on Funds blog on Barrons.com. He noted that Commerzbank's commodity strategists had found that 75% of redemptions of GLD came from institutions, based on their quarterly filings with the Securities and Exchange Commission.
Northern Trust was the biggest seller, liquidating the equivalent of 910,500 ounces, followed by BlackRock, with 428,500 ounces. In contrast, the iShares Gold Trust, the smaller ETF representing 1/100th of an ounce of gold and favored by individuals, saw lesser outflows.
At the same time, the options action has been weighted heavily to the put side, which has had the gold crowd on anxious alert.
Farallon Capital, the San Francisco hedge-fund operator founded by Democratic Party rainmaker Tom Steyer, listed in its first-quarter 13F filing 600,000 GLD put options, which sent ripples through the market. With each contract representing the right to sell 100 shares, that would have equaled 60 million shares of GLD, worth more than $900 million at quarter-end.
In actuality, the options position was equivalent to 600,000 shares of the ETF, as a revised filing indicated. A fund spokesperson said that the put designation "was put in the wrong column." Still, the fund listed a roughly similar amount of both calls and puts in its year-end 13F filing, evidently betting on a breakout either way. The latest data show it squarely on the short side of gold.
Gold bugs spy an agenda in all the concerted selling to discredit the metal and burnish the allure of stocks and bonds. The evidence remains circumstantial in that regard, but shouldn't be dismissed. The huge bouts of selling are irrational for a profit-maximizing investor.
Be that as it may, will the slide continue or is a rebound looming?
Charles Nenner, who heads the research firm bearing his name, watches recurring market cycles. Nenner, who advises hedge funds and sovereign-wealth funds, calls the current swoon a correction in gold's long-term bull market, from which he recommended temporarily exiting at $1,900 an ounce at the top in September 2011.
Now Charles looks for a bottom some time in June -- but there could be another spill before then. The risk, he warns, is that gold tumbles to $1,284. So, don't try to bottom-pick just yet.
(As an aside, Nenner also recommended the sale of Apple (AAPL) at $700 last September. In case you've been doing a Rip Van Winkle since then, the stock closed Friday at $433.26.)
The last time gold was held in such low esteem was during the fin de siècle dot-com bubble. It's feeling as if we're partying like it's 1999 with darlings like Tesla (TSLA) doubling in the past month or so, and analysts playing "can you top this" with their price targets for Google (GOOG) as it soars past $900 and seemingly heads to quadruple digits.
I guess you could say love is in the air.

* * *
Join GATA here:
World Resource Investment Conference
Sunday-Monday, May 26-27, 2013
Vancouver Convention Centre West
Vancouver, British Columbia, Canada
http://www.cambridgehouse.com/event/world-resource-investment-conference...
* * *
Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:
http://www.goldrush21.com/order.html
Or by purchasing a colorful GATA T-shirt:
http://gata.org/tshirts
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
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Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
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More... ]]> Industry News Golden Years http://www.thegoldeconomy.com/gold-forums/showthread.php/39067-Barron-s-gets-suspicious-about-gold-market-manipulation Hong Kong futures exchange closes, plans cash settlements http://www.thegoldeconomy.com/gold-forums/showthread.php/39065-Hong-Kong-futures-exchange-closes-plans-cash-settlements?goto=newpost Sun, 19 May 2013 11:04:03 GMT Hong Kong Mercantile Exchange Closes By Nick Edwards South China Morning Post, Hong Kong Sunday, May 19, 2013 ... Hong Kong Mercantile Exchange Closes
By Nick Edwards
South China Morning Post, Hong Kong
Sunday, May 19, 2013
http://www.scmp.com/news/article/1240917/hong-kong-mercantile-exchange-c...
The Hong Kong Mercantile Exchange will go ahead with a planned US$100 million rights issue and be ready within months to reapply for the trading licence it handed back to regulators at the weekend after it became clear the struggling commodity trader could no longer meet crucial financial criteria.
HKMEx chairman Barry Cheung Chun-yuen told the Sunday Morning Post that the decision to surrender the trading licence and not reopen for business tomorrow would have no impact on investors and that client contracts would be honoured.
"There is no question of not getting your money back or anything like that," Cheung said. "People absolutely do not have to worry about that and I don't think they are. The only thing they will want to know is what settlement price will be used."
... Dispatch continues below ...

Join GATA here:
World Resource Investment Conference
Sunday-Monday, May 26-27, 2013
Vancouver Convention Centre West
Vancouver, British Columbia, Canada
http://www.cambridgehouse.com/event/world-resource-investment-conference...
* * *
Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:
http://www.goldrush21.com/order.html
Or by purchasing a colorful GATA T-shirt:
http://gata.org/tshirts
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
http://gata.org/node/wallstreetjournal
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
http://www.gata.org
To contribute to GATA, please visit:
http://www.gata.org/node/16

More... ]]> Industry News Golden Years http://www.thegoldeconomy.com/gold-forums/showthread.php/39064-Paul-Craig-Roberts-Fed-defends-dollar-QE-by-suppressing-gold-price <![CDATA[At least India's government is candid about waging war against gold]]> http://www.thegoldeconomy.com/gold-forums/showthread.php/39062-At-least-India-s-government-is-candid-about-waging-war-against-gold?goto=newpost Sun, 19 May 2013 11:04:03 GMT Need to Bring Down Gold Demand, Says Rangarajan By K.R. Srivats The Hindu, Chennai, India Wednesday, May 15, 2013 ... Need to Bring Down Gold Demand, Says Rangarajan
By K.R. Srivats
The Hindu, Chennai, India
Wednesday, May 15, 2013
http://www.thehindubusinessline.com/economy/need-to-bring-down-gold-dema...
NEW DELHI -- India needs to bring down its gold demand from about 1,000 tonnes a year to 700 tonnes, which prevailed only a few years ago, a top policymaker has said.
This is necessary as increased gold imports are worsening the current account deficit, C. Rangarajan, chairman to the Prime Minister's Economic Advisory Council, said.
The demand for gold can be reduced by taming inflation and enhancing the real rate of return on financial products, Rangarajan said in his inaugural address at the 6th International Gold Summit, organised by Assocham here on Wednesday.
In the last two fiscal years -- 2011-12 and 2012-13 -- the country's gold imports in quantitative terms stood at 1,079 tonnes and 1,017 tonnes respectively.
... Dispatch continues below ...

More... ]]> Industry News Golden Years http://www.thegoldeconomy.com/gold-forums/showthread.php/39062-At-least-India-s-government-is-candid-about-waging-war-against-gold Somebody should tell Venezuelans about gold http://www.thegoldeconomy.com/gold-forums/showthread.php/39061-Somebody-should-tell-Venezuelans-about-gold?goto=newpost Sun, 19 May 2013 11:04:03 GMT Maligned Dollar Flourishes in Venezuela By Juan Forero Washington Post Friday, May 17, 2013 ... Maligned Dollar Flourishes in Venezuela
By Juan Forero
Washington Post
Friday, May 17, 2013
http://www.washingtonpost.com/world/the_americas/maligned-dollar-flouris...
CARACAS, Venezuela -- The once almighty U.S. dollar has lost its luster in some corners of the world.
But there's one outpost where greenbacks have never been stronger: in socialist, anti-imperialist Venezuela, whose government rails against American-style capitalism as the bane of humanity. The dollar is not just holding steady here -- it is flourishing like nowhere else, the byproduct of the fast-wilting economy President Hugo Chavez left behind when he died in March.
Black-market dealers operating on the thriving underground market sell greenbacks at more than four times the official, government-set rate of 6.3 bolivars to the dollar. And the price they're getting these days -- 28 per dollar -- is more than three times what it was just eight months ago.
... Dispatch continues below ...

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Because the bolivar is artificially overvalued and practically worthless outside Venezuela, everyone here is desperate for dollars, from auto-part importers to supermarkets to ordinary Venezuelans planning to travel abroad. Even government officials and the politically connected businessmen who have made fortunes off the free-spending state search out and trade in dollars.
The dollar may fluctuate in other markets, or even make a spirited comeback against some currencies, as it has this year. But in Venezuela, greenbacks have skyrocketed, with people buying and selling them on an illegal and shadowy parallel market the government has been unable to control.
"We depend completely on the dollar," said one black-market dollar dealer who asked that he be identified only by his first name, Fernando, for fear of winding up in jail. "Buying dollars is practically the national sport."
It is a sport that Chavez's handpicked successor, President Nicolas Maduro, has pledged to control as part of the huge challenge he faces in trying to correct an economy in a shambles.
Hundreds of state-run companies are moribund, and private industry has been paralyzed by state interventions. Rolling blackouts leave much of the country in the dark. Crime is so rampant that Venezuela is more violent than many countries at war, crimping investment. Hamstrung by byzantine currency controls and a dearth of dollars, foreign companies -- among the few employers to create jobs here -- struggle to repatriate profits.
And then there's inflation, driven by profligate spending, coupled with an economy starved for dollars. It hit 4.3 percent in April, about equal to the annual inflation rate for some of Venezuela's neighbors, and could easily top 30 percent for the year.
Being an oil power helps, and Venezuela's state oil giant, along with its foreign partners, are paid in dollars.
But oil production fell sharply during Chavez's 14 years in power. Aside from exports to the United States and China, much of the oil pumped here is practically given away to Venezuelan motorists or traded at subsidized prices to Cuba or other countries.
"Essentially, they've hit a plateau, and Venezuela's oil production hasn't gone up," said Russell Dallen, head trader at Caracas Capital Markets and a longtime student of Venezuela's economy. "What that really means is that Venezuela doesn't have enough dollars to pay for all the things that they need to pay with dollars."
In a country that produces little else but oil, the government understands that importers must get dollars to buy the food, medicine, construction material, machinery and other products society requires. But Maduro's government officials, who tout Cuba as a model to emulate, also want to tightly control the currency to stem capital flight.
The government uses a rare two-tier exchange system, much reviled by Venezuelans because it is used to reward the government's allies and punish its enemies. Those with little weight -- such as, say, Jose Molina, a small businessman here in the capital -- are often left in limbo, unable to buy products they can purchase only with dollars.
"I've had problems trying to get dollars," he said. "It's hard because of all the paperwork. In the end, the process can take three to six months before you even get your goods."
The country's central currency authority, the Commission for the Administration of Currency Exchange, or CADIVI, is selling dollars at 6.3 bolivars, following a 32 percent devaluation in February. A complementary system called the Superior Body for the Optimization of the Exchange System, or SICAD, was unveiled in March to give companies importing priority goods such as food and medicine the chance to obtain dollars at a better price.
Bureaucracy has proved a huge hurdle to a smooth-running system. SICAD, for instance, is set up to disburse dollars not to the importers but to the suppliers, after the products arrive in Venezuela.
The result is that the shortfall in dollars in Venezuela exceeds $100 million a day, according to Dallen, the trader. Venezuelan companies in need of large amounts of dollars -- food conglomerates that want to buy corn, drug companies that need medicine, car companies looking for parts -- have trouble importing what they need to operate at capacity.
On the store shelves, it means that one out of every five products consumers need is now missing, according to Central Bank data. Lately, consumers have been particularly irritated about one vital but scarce product, toilet paper, the commerce minister blamed on "excessive demand" generated by the media.
Maria Sanchez, who runs a truck dealership, said her business is unable to plan for the future.
"It's been months since I had trucks, because of the dollar problem," she said. "And I have to pay my workers. If this keeps up, I'll have to let go of people and close dealerships."
Venezuelans facing such challenges -- as well as those simply trying to prop up the value of their earnings -- search out dollars on the black market.
"The only way your savings are really savings is by turning them into dollars," said Fernando, the black-market dealer. "If you have them as bolivars, they will devalue so utterly fast that there's just no point."
But trying to exchange dollars has its risks.
Recently some Venezuelans lost their savings after wiring their bolivars to shady operators who had falsely promised to quickly change their currency into dollars. Others who went to meet people they thought would sell them dollars ended up being robbed.
"People who were once prudent become desperate," Fernando said. "Now they arrange a meeting with people they don't know and their money is stolen."

* * *
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More... ]]> Industry News Golden Years http://www.thegoldeconomy.com/gold-forums/showthread.php/39061-Somebody-should-tell-Venezuelans-about-gold Jeff Nielson: Not the World Gold Council but the World Paper Council http://www.thegoldeconomy.com/gold-forums/showthread.php/38509-Jeff-Nielson-Not-the-World-Gold-Council-but-the-World-Paper-Council?goto=newpost Sat, 18 May 2013 03:44:07 GMT 1p ET Thursday, May 16, 2013 Dear Friend of GATA and Gold: The World Gold Council would more properly be called the World Paper Council, Jeff... 1p ET Thursday, May 16, 2013
Dear Friend of GATA and Gold:
The World Gold Council would more properly be called the World Paper Council, Jeff Nielson of Bullion Bulls Canada writes today, since the council facilitates ownership of paper promises of gold rather than ownership of gold itself. In doing so, Nielson says, the council is just a tool of major banks. His commentary is headlined "The World Paper Council" and it's posted at the Bullion Bulls Canada Internet site here:
http://www.bullionbullscanada.com/gold-commentary/26193-the-world-paper-...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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Join GATA here:
World Resource Investment Conference
Sunday-Monday, May 26-27, 2013
Vancouver Convention Centre West
Vancouver, British Columbia, Canada
http://www.cambridgehouse.com/event/world-resource-investment-conference...
* * *
Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:
http://www.goldrush21.com/order.html
Or by purchasing a colorful GATA T-shirt:
http://gata.org/tshirts
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
http://gata.org/node/wallstreetjournal
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
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To contribute to GATA, please visit:
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More... ]]> Industry News Golden Years http://www.thegoldeconomy.com/gold-forums/showthread.php/38509-Jeff-Nielson-Not-the-World-Gold-Council-but-the-World-Paper-Council Mining entrepreneur Barron remarks on divergence between paper and physical http://www.thegoldeconomy.com/gold-forums/showthread.php/38508-Mining-entrepreneur-Barron-remarks-on-divergence-between-paper-and-physical?goto=newpost Sat, 18 May 2013 03:44:07 GMT 4:45p ET Thursday, May 16, 2013 Dear Friend of GATA and Gold: Gold mining entrepreneur Keith Barron today comments to King World News about the... 4:45p ET Thursday, May 16, 2013
Dear Friend of GATA and Gold:
Gold mining entrepreneur Keith Barron today comments to King World News about the growing divergence between the paper and physical gold markets.
"What you are seeing in the gold and silver markets right now is preposterous," Barron says. "We've seen the gold market smashed below $1,400 once again, and yet the premiums in Shanghai for physical gold will cost you $50 over the spot price. It will cost you even more if you want physical gold in Vietnam right now."
An excerpt from the interview is posted at the King World News blog here:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/5/16_Pr...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

More... ]]> Industry News Golden Years http://www.thegoldeconomy.com/gold-forums/showthread.php/38508-Mining-entrepreneur-Barron-remarks-on-divergence-between-paper-and-physical