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Is GATA belaboring the obvious? Not in the financial media
12:45p ET Thursday, June 10, 2010
Dear Friend of GATA and Gold:
Our friend R.A. writes:
"GATA has done great work. But here's a suggestion. Almost everyone and his dog now accept that there is gold market manipulation. GATA should change its focus entirely to how to deal with it, or change it, rather than keep trying to prove it. You're beating a dead horse, trying to keep proving what is already a given."
GATA is even more tired than R.A. about belaboring what long ago seemed obvious to us. But what seems obvious to us is not yet even a mere suspicion to 99.99 percent of the investment world.
Obvious? Tell it to the Financial Times, The Wall Street Journal, The New York Times, the Washington Post, and most of the world's major financial news publications, which have yet to mention complaints of manipulation of the gold market or even complaints and official acknowledgements of manipulation of the currency markets. That's not to mention CPM Group executive Jeff Christian and Kitco senior market analyst Jon Nadler, who are often quoted by major financial news organizations and who deny central bank intervention in the gold market.
Unfortunately it may be a long, long time before what strikes GATA and its friends as obvious will seem to most investors to be even a possibility.
But MineWeb's Lawrence Williams today reports what may be a little progress, the comment at an investment conference in London by an HSBC metals trader that "top asset managers" in the United States are reluctant to store gold there because of fear that the United States will try confiscating gold again. At least those asset managers seem not to have completely accepted Nadler's repeated assurances that central banks have no interest in manipulating the gold price. The MineWeb story is headlined "U.S. Asset Managers Worried Obama Could Confiscate Gold" and you can find it here:
http://www.mineweb.com/mineweb/view/mineweb/en/page72068?oid=106063&sn=D...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Prophecy to Become Coal Producer This Year
with 1.5 Billion Tonnes of Resource
Prophecy Resource Corp. (TSX.V: PCY) announced on May 11 that it has entered into a mine services agreement with Leighton Asia Ltd. to begin coal production this year. Production will begin with a 250,000-tonne starter pit as planned in August, with production advancing to 2 million tonnes per year in 2011. Prophecy is fully funded to production and its management team includes John Morganti, Arnold Armstrong, and Rob McEwen.
For Prophecy's complete press release about its production plans, please visit:
http://www.prophecyresource.com/news_2010_may11.php
Support GATA by purchasing a colorful GATA T-shirt:
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
http://gata.org/node/wallstreetjournal
Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon:
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Coming Friday-Sunday, June 11-13, at the Dallas-Fort Worth Airport Marriot:
The Anglo Far-East Bullion Co.'s Gold and Silver Conference
The conference will explore the dangers and opportunities in today's bullion markets and the need for investors to diversify bullion holdings outside of bullion banking and commodities markets. Speakers will include David Morgan of Silver-Investor.com, Gold Anti-Trust Action Committee Chairman Bill Murphy, and Duncan Cameron and Philip Judge of Anglo Far-East Bullion Co. The earliest conference attendees on Saturday will be able to schedule one-on-one interviews for personal consultation with Anglo-Far East's experts on Sunday.
To learn more about and register for the Anglo Far-East Bullion conference, please visit:
http://www.anglofareast.com/seminar-registration/
