Currency intervention reaches unprecedented heights, BIS says


Might the central banks consider gold a currency too?. ...

The report of the Bank for International Settlements cited in the following dispatch can be found here:

* * *

BIS Says Inflation May Force
Asian Countries to let
Currencies Rise, Hike Rates

By Steve Whitehouse
AFX News via
Sunday, September 10, 2006

Gold and silver go on sale


7:45p ET Monday, September 11, 2006

Dear Friend of GATA and Gold:

Silver market analyst Ted Butler is quick to report how he sees the smashing of gold and silver over the last few days. His commentary, posted at GoldSeek's companion site, SilverSeek, is headlined "Blatant Manipulation," and you can find it here:

But really -- was anyone expecting anything else from the central banks on the anniversary of the September 11 terrorist attacks? At least central bank intervention is the suggestion of Peter Grandich of the Grandich Letter, quoted by CBSMarketWatch here:

Australian central banker admits disinformation campaign to dupe FX markets


Markets 'Duped' in Dollar Crisis

By Tim Colebatch
The Age, Melbourne (Australia)
Monday, September 11, 2006

Reserve Bank governor Ian Macfarlane has revealed that the Reserve teamed up with Prime Minister John Howard and Treasurer Peter Costello in the 1997-98 Asian financial crisis to hoodwink foreign exchange markets into thinking interest rates might rise.

Dubai's Khaleej Times cites GATA in review of silver's prospects


Silver Could Be More Profitable Investment Than Gold

Khaleej Times, Dubai
Saturday, September 9, 2006

From Our Correspondent

JEDDAH, Saudi Arabia -- It is said that every cloud has a silver lining. But when it comes to silver, people usually see that lining more in gold than in the white metal itself.

Financial Times lets GoldMoney's James Turk explain metals bull market


Bullish on Bullion:
Desire for Safe Havens
Boosts Precious Market

By Monica Porter
Financial Times, London
Saturday, September 9, 2006

James Turk of GoldMoney ( claims we are in the early stages of a multi-year bull market in precious metals.

"It is similar to the 1970s bull market in the metals, and just as that lasted for more than a decade, I expect this one will too," he says. "So we still have several years to go.

Exchange Stabilization Fund's minutes explain everything about U.S. monetary policy


11a ET Sunday, September 10, 2006

Dear Friend of GATA and Gold:

GATA consultant Robert K. Landis, partner with Reg Howe in Golden Sextant Advisers, has come into possession of what purport to be the minutes of a recent meeting of the U.S. Treasury Department's Exchange Stabilization Fund. Whether the minutes are genuine or not, they explain everything about U.S. monetary policy. You can find them under the headline "Purloined Minutes" at the Golden Sextant home page here:

'Counterparty risk management' means stamping out free markets


9:50p ET Friday, September 8, 2006

Dear Friend of GATA and Gold:

GoldSeek has posted tonight's "Midas" commentary by GATA Chairman Bill Murphy at his proprietary Internet site, Tonight's "Midas" is headlined "Moral Hazard" and it has some fascinating comments from an anonymous observer to the effect that the primary purpose of the Counterparty Risk Management Group, the fraternity of big New York banks and investment houses, is to rig markets -- or, rather, to stamp out free markets or prevent free markets from developing -- and quite with the approval of the U.S. government. Of course this is exactly what GATA has been saying for years, if not necessarily as well.

Talking its book, IMF forsees plunge in metals prices but no speculation


IMF Warns on Commodity Price Boom

By Krishna Guha and Kevin Morrison
Financial Times, London
Wednesday, September 6, 2006

The commodity price boom over the last three years is unsustainable and will result in sharp price declines by the end of the decade, the International Monetary Fund has warned.

However, the fund is not predicting an immediate price collapse and its chief economist, Raghuram Rajan, said on Wednesday that metal prices were fairly valued.

China's premier acknowledges foreign-exchange problem


China Plans How to Put
Huge Reserves to Better Use

From Reuters
Wednesday, September 6, 2006

BEIJING -- Premier Wen Jiabao said on Tuesday that China's foreign exchange reserves hoard had grown too fast, bloating money supply, but that the country was taking measures to make better use of its forex stockpile.

Goldman Sachs acquires another key position at Treasury


Bush to Nominate Goldman's Steel to Treasury Post

From Reuters
Tuesday, September 5, 2006

WASHINGTON -- President George W. Bush intends to nominate Robert Steel, a Goldman Sachs executive, to the position of Treasury undersecretary for domestic finance, the White House said on Tuesday.