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Julian Phillips and even Dennis Gartman see gold price suppression
3:57p ET Thursday, September 8, 2011
Dear Friend of GATA and Gold:
Julian Phillips of Gold Forecaster today takes note of the cables from the U.S. embassy in Beijing confirming the Chinese government's knowledge of the Western central bank gold price suppression scheme. Phillips writes: "The Chinese are absolutely correct in believing that the United States and Europe have suppressed the price of gold. The evidence is glaring at us through history."
Phillips' commentary is headlined "China Confirms Gold Price Suppression" and you can find it at GoldSeek here:
http://news.goldseek.com/GoldForecaster/1315530000.php
At 24hGold here:
http://www.24hgold.com/english/news-gold-silver-china-confirms-gold-pric...
And at Kitco here --
http://www.kitco.com/ind/AuthenticMoney/sep082011.html
-- where perhaps even that Internet site's senior market analyst may discover it. If he needs more of the history detailed by Phillips' commentary, he can refer to the memoirs of former Federal Reserve Chairman Paul Volcker, as published seven years ago in the Nikkei Weekly in Japan, which remark of a currency revaluation in 1973 that the failure of central banks to intervene in the gold market at that time to suppress the monetary metal's price was "a mistake":
... Dispatch continues below ...
Lewis E. Lehrman on How to Solve the U.S. Debt Problem
Lewis E. Lehrman, chairman of the Lehrman Institute, sponsor of The Gold Standard Now project, advises that to reduce the $1 1/2 trillion U.S. deficit, the Republican Party must initiate an investment program.
Working Americans are not saving, which enables the banks to lead the country into a cycle of debt, leverage, boom, panic, and bust.
Lehrman says: Eliminating the budget deficit of a trillion and a half dollars cannot be done overnight. The proposal by U.S. Rep. Paul Ryan was very dramatic -- one Republican called it radical -- but it was not happily received. The solution, of course, is to design an American program for prosperity, because you can solve these entitlement problems with a growing economy. We need a tremendous program of investment, and investment comes from savings. When you pay savers, middle-income professionals, and working people 0 percent at the bank, you are not going to encourage them to save. Then we are left with a bank cycle of debt, leverage, boom, panic, and bust."
To read more and to sign up for The Gold Standard Now's free, noncommercial, weekly report, "Prosperity through Gold," please visit:
http://www.thegoldstandardnow.org/gata
Volcker is still walking around but no one in the financial press dares to ask him about that.
Meanwhile, even commodity market letter writer Dennis Gartman, who long has delighted in ridiculing those who complain of gold market manipulation, this week plainly acknowledged that it is probably happening. A story at Commodity Online quotes him to that effect and is appended.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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'Governmental' Selling of Gold, Looks for Support to Hold
By Allen Sykora
Commodity Online
Wednesday, September 7, 2011
http://www.commodityonline.com/futures-trading/market-report/Governmenta...
Newsletter writer Dennis Gartman says he suspects the heavy selling in gold overnight may have been "governmental in nature," but he is still viewing retreats as a buying opportunity. He cited "massive, relentless offerings of gold" during Asian hours.
"It is far too early to know who the seller was and continues to be, but if our intuition serves us ... it shall almost certainly be a government of some sort. Time only shall tell," he says in The Gartman Letter.
Still, he looks for support at well-established trendlines. In particular, Gartman, who favors holding gold in non-U.S. dollar terms, looks for support around 1,265-1,275 euros and 1,125-1,130 sterling.
When re-establishing long positions recently, he says, he kept some "powder reasonably dry" to buy some more when the opportunity presents itself. "The opportunity is striking, but we'll wait a while longer for a bit more weakness before putting our powder to work."
* * *
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Sona Drills 85.4g Gold/Ton Over 4 Metres at Elizabeth Gold Deposit,
Extending the Mineralization of the Southwest Vein on the Property
Company Press Release, October 27, 2010
VANCOUVER, British Columbia -- Sona Resources Corp. reports on five drillling holes in the third round of assay results from the recently completed drill program at its 100 percent-owned Elizabeth Gold Deposit Property in the Lillooet Mining District of southern British Columbia. Highlights from the diamond drilling include:
-- Hole E10-66 intersected 17.4g gold/ton over 1.54 metres.
-- Hole E10-67 intersected 96.4g gold/ton over 2.5 metres, including one assay interval of 383g of gold/ton over 0.5 metres.
-- Hole E10-69 intersected 85.4g gold/ton over 4.03 metres, including one assay interval of 230g gold/ton over 1 metre.
Four drill holes, E10-66 to E10-69, targeted the southwestern end of the Southwest Vein, and three of the holes have expanded the mineralized zone in that direction. The Southwest Vein gold mineralization has now been intersected over a strike length of 325 metres, with the deepest hole drilled less than 200 metres from surface.
"The assay results from the Southwest Zone quartz vein continue to be extremely positive," says John P. Thompson, Sona's president and CEO. "We are expanding the Southwest Vein, and this high-grade gold mineralization remains wide open down dip and along strike to the southwest."
For the company's full press release, please visit:
http://sonaresources.com/_resources/news/SONA_NR19_2010.pdf
