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Veneroso says commodities are being manipulated ... from the long side
11p ET Tuesday, June 21, 2005
Dear Friend of GATA and Gold:
Please forgive the inadvertent dispatch to you a few
minutes ago of what was meant as a reply to an
individual GATA supporter who had changed e-mail
addresses and wanted to get her new one on the GATA
dispatch list.
With all its hired help, the World Gold Council
wouldn't make a mistake like that -- if only because
the council has nothing to say, but that's another
issue.
Below please find a news story of interest.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
Gross says Fed may cut rates by year's end
From Reuters
Tuesday, June 21, 2005
http://www.reuters.com/financeNewsArticle.jhtml?
type=bondsNews&storyID=8853515
CHICAGO -- Bill Gross, one of the world's most influential bond
investors, on Tuesday said he expects the Federal Reserve will stop
raising interest rates this summer and start cutting again, perhaps
by year's end.
"Central banks don't rest at one rate for long and if only to impart
a bid to the U.S. housing market, they (the Federal Reserve) may
have to start cutting again as early as the end of the year," Gross,
who oversees $445 billion in fixed income securities as chief
investment officer at PIMCO, told reporters.
Gross, a featured speaker at the Morningstar Inc. investment
conference, said he expects the Federal Reserve, which has been
raising interest rates gradually for months, may end this cycle in
August after pushing rates to 3.5 percent.
"I think the Fed will have to stop shortly," Gross said, adding: "I
know this differs from conventional wisdom, which has the Fed
stopping at around 3.75 percent."
In terms of investment choices, Gross said European debt,
particularly longer-dated German bonds, looks slightly better than
U.S. government debt now because the investments will pay more when
converted back into U.S. dollars.
"When its hedged back into U.S. dollars you pick up about 50 basis
points or more over the U.S. yield," Gross said.
Still Gross, like other stock and bond pickers, cautioned U.S.
investors against expecting their money to earn big returns these
days.
Even hedge funds, which often promise to make money in all types of
markets, aren't capable of delivering the outsized returns that made
them famous years ago, Gross said.
Hedge funds' high fees -- they often charge at least a 1 percent
management fee plus a 20 percent performance fee -- are likely to
eat into any gains they these loosely regulated funds make, Gross
told hundreds of financial planners at the conference. Many of these
planners are now turning to hedge funds to try and boost their
clients portfolios a bit.
While U.S. central bankers have recently said they are not worried
about the role hedge funds play in the markets, Gross said these
types of funds introduce volatility into markets that might make
more conservative investors step to the sidelines.
Speaking about Federal Reserve Chairman Alan Greenspan, Gross
said, "He would take the other side and say the volatility hedge
funds are adding is a good thing but I think that type of volatility
can't be a good thing."
Last month markets were roiled by talk that several hedge funds were
on the brink of collapse, hurt when ratings agencies downgraded auto
makers General Motors' debt to junk. Since then, performance data on
the $1 trillion hedge fund industry has shown that many convertible
arbitrage funds absorbed heavy losses.
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FOR DAILY MONITORING OF GOLD
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Free sites:
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http://www.usagold.com/amk/usagoldmarketupdate.html
http://www.capitalupdates.com/
http://www.silver-investor.com
http://www.thebulliondesk.com/
http://www.goldismoney.info/index.html
http://www.minersmanual.com/minernews.html
http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html
http://www.investmentrarities.com
http://www.kereport.com
(Korelin Business Report -- audio)
http://www.plata.com.mx/plata/home.htm
(In Spanish)
http://www.plata.com.mx/plata/plata/english.htm
(In English)
http://www.resourceinvestor.com
http://www.goldpennystocks.com/
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http://www.interventionalanalysis.com
http://www.investmentindicators.com/
Eagle Ranch discussion site:
http://os2eagle.net/checksum.htm
Ted Butler silver commentary archive:
http://www.investmentrarities.com/
----------------------------------------------------
COIN AND PRECIOUS METALS DEALERS
WHO HAVE SUPPORTED GATA
AND BEEN RECOMMENDED
BY OUR MEMBERS
Blanchard & Co. Inc.
909 Poydras St., Suite 1900
New Orleans, Louisiana 70112
888-413-4653
http://www.blanchardonline.com
Centennial Precious Metals
3033 East First Ave., Suite 807
Denver, Colorado 80206
1-800-869-5115
http://www.USAGOLD.com
Michael Kosares, Proprietor
cpm@usagold.com
Colorado Gold
222 South 5th St.
Montrose, Colorado 81401
http://www.ColoradoGold.com
Don Stott, Proprietor
1-888-786-8822
Gold@gwe.net
El Dorado Discount Gold
Box 11296
Glendale, Arizona 85316
http://www.eldoradogold.net
Harvey Gordin, President
Office: 623-434-3322
Mobile: 602-228-8203
harvey@eldoradogold.net
Gold & Silver Investments Ltd.
Mespil House
37 Adelaide Rd
Dublin 2
Ireland
+353 1 2315260/6
Fax: +353 1 2315202
http://www.goldinvestments.org
info@gold.ie
Investment Rarities Inc.
7850 Metro Parkway
Minneapolis, Minnesota 55425
http://www.gloomdoom.com
Greg Westgaard, Sales Manager
1-800-328-1860, Ext. 8889
gwestgaard@investmentrarities.com
Kitco
178 West Service Road
Champlain, N.Y. 12919
Toll Free:1-877-775-4826
Fax: 518-298-3457
and
620 Cathcart, Suite 900
Montreal, Quebec H3B 1M1
Canada
Toll-free:1-800-363-7053
Fax: 514-875-6484
http://www.kitco.com
Lee Certified Coins
P.O. Box 1045
454 Daniel Webster Highway
Merrimack, New Hampshire 03054
http://www.certifiedcoins.com
Ed Lee, Proprietor
1-800-835-6000
leecoins@aol.com
Lone Star Silver Exchange
1702 S. Highway 121
Suite 607-111
Lewisville, Texas 75067
214-632-8869
http://www.discountsilverclub.com
Miles Franklin Ltd.
3015 Ottawa Ave. South
St. Louis Park, Minn. 55416
1-800-822-8080 / 952-929-1129
fax: 952-925-0143
http://www.milesfranklin.com
Contacts: David Schectman,
Andy Schectman, and Bob Sichel
Missouri Coin Co.
11742 Manchester Road
St. Louis, MO 63131-4614
info@mocoin.com
314-965-9797
1-800-280-9797
http://www.mocoin.com
Resource Consultants Inc.
6139 South Rural Road
Suite 103
Tempe, Arizona 85283-2929
Pat Gorman, Proprietor
1-800-494-4149, 480-820-5877
Metalguys@aol.com
Swiss America Trading Corp.
15018 North Tatum Blvd.
Phoenix, Arizona 85032
http://www.swissamerica.com
Dr. Fred I. Goldstein, Senior Broker
1-800-BUY-COIN
FiGoldstein@swissamerica.com
The Moneychanger
Box 178
Westpoint, Tennessee 38486
http://www.the-moneychanger.com
Franklin Sanders
1-888-218-9226, 931-766-6066
----------------------------------------------------
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