Another day, another currency manipulation -- or two

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Drop in Hong Kong Dollar
Was 'Stage-Managed,' UBS Says

By Jake Lee
Bloomberg News Service
Wednesday, January 24, 2007

http://www.bloomberg.com/apps/news?pid=20601080&sid=an04BjqGCZC8

HONG KONG -- The Hong Kong dollar's drop to the lowest since 1991 was "stage-managed" to deter speculators from betting the city's 23-year old link to the U.S. dollar will end, said Jonathan Anderson, UBS AG's chief Asia economist.

Speaking of cancer, the world financial system has it

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5:20p CT Tuesday, January 23, 2007

Dear Friend of GATA and Gold:

Dennis Gartman of The Gartman Letter, a speaker at the Vancouver Resource Investment Conference the other day and a guest at GATA's reception afterward, today asked in his newsletter why all the painstaking effort that has been put into the work of the Gold Anti-Trust Action Committee has not been put instead into humanitarian undertakings like curing cancer.

Gartman Letter patronizes GATA

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7:36a ET Tuesday, January 23, 2007

Dear Friend of GATA and Gold:

From today's edition of The Gartman Letter, whose editor, Dennis Gartman, graciously attended GATA's reception Monday evening at the conclusion of the Vancouver Resources Investment Conference:

".... We had the opportunity to meet with the folks from GATA whilst here, and as always we enjoyed the company of GATA's leader, Mr. Bill Murphy, who is and always has been a gentleman. We had the pleasure of talking with Mr. Chris Powell, the group's president (sic). Mr. Powell's heartfelt support for GATA [for those who don't know, GATA stands for the Gold Anti-Trust Action Committee; GATA is convinced that the gold price has been manipulated downward by the likes of Goldman Sachs, JPMorgan, Citigroup, the IMF, the Federal Reserve, the ECB, and even The Gartman Letter!] is more than evident. His ability to quote from legal documents to terse and deep to keep our attention is stunning. His knowledge of supposed market manipulations from years past is mind-numbing. His mastery of complex data has our admiration, but we cannot come away from such discussions without wondering what greater good might be affected for the world if this brainpower were put to other efforts. We stand in awe of the work these men have done, of the data they have collected, of the reading and research they have done, and we can only wonder what they might have accomplished if they had become doctors or medical researchers instead. Cancer might now be cured!"

Andy Mukherjee: Petrodollars will test Asia's dollar fixation

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By Andy Mukherjee
Bloomberg News Service
Tuesday, January 23, 2007

http://www.bloomberg.com/apps/news?pid=20601039&refer=columnist_mukherje...

SINGAPORE -- A glance at stock values suggests that lower energy prices are an unalloyed blessing for Asia. That may not be true.

Morgan Stanley Capital International's emerging-market equity index for Asia has risen 22 percent since oil began its descent in early August last year.

Summers, Trichet warn Davos party-goers they underestimate risk

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By John Fraher
Bloomberg News Service
Monday, January 22, 2007

http://www.bloomberg.com/apps/news?pid=20601109&sid=akRtIlTTEx2Q&refer=h...

BERLIN -- Lawrence Summers has a message for investors heading to the Swiss mountain resort of Davos this week to toast a year of booming returns and record bonuses.

"It's worth remembering that markets were very upbeat in the early summer of 1914," the former U.S. Treasury secretary observes.

China will spend foreign exchange on 'strategic' resources

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By Xiao Yu and Wing-Gar Cheng
Bloomberg News Service
Monday, January 22, 2006

http://quote.bloomberg.com/apps/news?pid=20601087&sid=a3qbrjQctNl0

BEIJING -- China, the world's biggest consumer of coal and metals, will use its foreign exchange reserves to buy "strategic" resources, Vice Premier Zeng Peiyan said.

The government will increase the nation's purchases of resources for strategic stockpiling when there are "plentiful" reserves, Zeng said in a speech carried on the Ministry of Land and Resources Web site today.

IMF will tell central banks to stop double-counting gold, Blanchard learns

Section:

Blanchard Lauds IMF
Central Bank Gold Lending
Accounting Change
As Industry Landmark

Precious Metals Economic Research Entity
Has Championed This Issue as Key to Adding
Even More Transparency, Price Growth to Gold Market

Company Press Release
via PRNewswire
Monday, January 22, 2007

http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/0...

China's multi-billion-dollar question

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By Richard McGregor
Financial Times, London
Sunday, January 21, 2007

http://www.ft.com/cms/s/cf2b2a5c-a989-11db-9185-0000779e2340.html

With a vaguely worded statement from Wen Jiabao, China's premier, at the close of a weekend meeting in Beijing on finance policy, the die has been cast for a momentous change in the management of the country's massive foreign exchange reserves.

Mr. Wen said the management of the reserves, the world's largest at more than a thousand billion dollars, should be improved and the channels through which they are invested diversified.

GATA supporters in Southeast Asia invited to dinner in Singapore

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11:15a ET Sunday, January 21, 2007

Dear Friend of GATA and Gold:

GATA supporter Gabriel Low, who lives in Singapore, has graciously agreed to organize there an informal dinner for GATA supporters in Southeast Asia if there is enough interest. The dinner would discuss mutual interests and possible mobilization on behalf of the liberation of the gold market. If you might be interested in attending such an event, please e-mail Gabriel here:

Leading Canadian banker recommends gold, denounces fiat system

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11a ET Sunday, January 21, 2007

Dear Friend of GATA and Gold:

Gold got a stirring endorsement and the central bank system of infinite money a denunciation last week from a remarkable source -- a leading banker in Canada's financial establishment.

The banker, Anthony S. Fell, chairman of RBC Capital Markets and former president of Royal Bank of Canada, delivered the endorsement and denunciation at RBC's client appreciation dinner in Vancouver.