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James Turk and Murray Pollitt join speakers at Oct. 6 CMRE meeting
9:15p ET Monday, September 19, 2005
Dear Friend of GATA and Gold:
Tonight's commentary by Richard Daughty, general
partner and chief operating officer of Smith
Consulting Group, aka The Mogambo Guru, the
self-proclaimed "angriest man in economics" --
it would be fun to see him go 12 rounds to
defend that title against GATA Chairman Bill
Murphy -- is titled "The Economic Trail of Tears"
and it mentions GATA favorably. You can find it
at GoldSeek here:
http://news.goldseek.com/DailyReckoning/1127156078.php
Of course there has been a lot of favorable reference
to GATA recently. Today's article in the Khaleej Times
in Dubai, dispatched to you this morning, stands to
alert much of the Middle East, and it was based
largely on the interview of Murphy done by Doug Casey
of the International Speculator newsletter, which has
gotten huge reproduction around the world. (We sure
would seem to owe Casey a drink or three, during
which we might toast GATA board member Ed Steer, who
powerfully encouraged Casey's interest.)
The point is that one way or another GATA's message
is getting out: Western central banks have been
dishoarding gold not to make a little money on a
supposedly dead asset, as they've been claiming --
by today's price they've LOST money on nearly every
sale for five years -- but to rig the gold market and
thereby enfeeble a dangerous competitor, the inevitable
winner when their arrogance reaches its inevitable
conclusion.
How much GATA's message is changing the gold market is
hard to say, but it cannot be denied that people are
acting on this message and that the market is changing.
Two or three years ago a central bank smash to the gold
price -- the announcement of a gold sale or leasing data
-- could keep the price down for a couple of months. Now
the central banks are lucky if their most hysterical
anti-gold hijinks and propaganda can keep the gold price
down for a couple of weeks. For, knowing the score, people
and institutions increasingly are buying the dips.
The central banks may be far from finished; indeed, as
long as they have gold in their vaults and are ready to
spend it, they probably can take the gold price down to
almost any level they want on any particular day. Some
on our side are expecting just that sort of maneuver
to begin imminently, and the late plunge in the gold
shares today even as the gold price was strongly up
may be taken, as GATA consultant John Brimelow notes,
as the prelude to another attack on gold.
But this too will be figured out by most market
participants and maybe already has been. Of course this
is only what all history and much religion teach:
"Ye shall know the truth, and the truth shall make you
free."
It just can take a while when you're up against all the
money and power in the world.
Or as the philosopher William James put it: "I am
against bigness and greatness in all their forms, and
with the invisible molecular moral forces that work from
individual to individual, stealing in through the
crannies of the world like so many soft rootlets, or
like the capillary oozing of water, and yet rending the
hardest monuments of man's pride, if you give them time.
The bigger the unit you deal with, the hollower, the more
brutal, the more mendacious is the life displayed. So I
am against all big organizations as such, national ones
first and foremost; against all big successes and big
results; and in favor of the eternal forces of truth,
which always work in the individual and immediately
unsuccessful way, underdogs always, till history comes,
after they are long dead, and puts them on top."
Let's hope that we soon will be able to give James an
argument about the "after they are long dead" part even
if we can't yet prove to have made history. The rooster
crowed and the sun came up, so let's crow some more and
see what else comes up.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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RECOMMENDED INTERNET SITES
FOR DAILY MONITORING OF GOLD
AND PRECIOUS METALS
NEWS AND ANALYSIS
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/
Subscription sites:
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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/
----------------------------------------------------
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WHO HAVE SUPPORTED GATA
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BY OUR MEMBERS
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Centennial Precious Metals
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1-800-869-5115
http://www.USAGOLD.com
Michael Kosares, Proprietor
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222 South 5th St.
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Gold@gwe.net
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Harvey Gordin, President
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info@gold.ie
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Greg Westgaard, Sales Manager
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178 West Service Road
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Toll Free:1-877-775-4826
Fax: 518-298-3457
and
620 Cathcart, Suite 900
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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
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Ed Lee, Proprietor
1-800-835-6000
leecoins@aol.com
Lone Star Silver Exchange
1702 S. Highway 121
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214-632-8869
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fax: 952-925-0143
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Contacts: David Schectman,
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Missouri Coin Co.
11742 Manchester Road
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info@mocoin.com
314-965-9797
1-800-280-9797
http://www.mocoin.com
Resource Consultants Inc.
6139 South Rural Road
Suite 103
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Pat Gorman, Proprietor
1-800-494-4149, 480-820-5877
Metalguys@aol.com
http://www.buysilvernow.com
Swiss America Trading Corp.
15018 North Tatum Blvd.
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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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