Asarco charges Mexican parent company with stealing most valuable asset


By Les Blumenthal
McClatchy Newspapers
Monday, February 5, 2007

WASHINGTON -- One-time mining giant Asarco, charging that its Mexican owner stole its most valuable asset and left it to face $7 billion worth of environmental and asbestos-related claims, has asked a federal bankruptcy judge to void the transfer of two Peruvian copper mines to Grupo Mexico, S.A. de C.V.

Chinese president's shopping excursion arrives in Namibia


By Celean Jacobson
Associated Press
Monday, February 5, 2007;_ylt=AoHVk6...

WINDHOEK, Namibia -- Chinese President Hu Jintao announced new development aid for Namibia on Monday, promising an interest-free loan and money for schools in the sparsely populated, mineral-rich desert country.

M.A. Nystrom: McNosis, retiring boomers, and the silent crash


10:35p ET Monday, February 5, 2007

Dear Friend of GATA and Gold:

Over at Gold-Eagle M.A. Nystrom notes the increasingly frantic pace of American society and considers it a sign of the grinding down of the working class under forces nobody quite understands, forces that begin to be revealed in charts of the Dow Jones Industrial Index plotted in terms of ounces of gold and the CRB Commodity Index. Nystrom's essay is titled "McNosis, Retiring Boomers, and the Silent Crash," and you can find it here:

GATA sympathizers invited to gather in Dublin for drinks and a movie


10:05p ET Monday, February 5, 2007

Dear Friend of GATA and Gold:

GATA's old friend and world traveler George Roche (he has attended GATA events in Vancouver, New Orleans, New York, and Geneva) reports that the film "Mine Your Own Business," which criticizes the so-called environmental movement and defends the extractive industries, will be shown at noon Sunday, February 18, at the International Dublin Film Festival. Roche will be in Ireland that week, plans to attend the festival and see the movie, and would like to get together then for coffee or a pint or two with any GATA sympathizers in the neighborhood. If you're interested, please e-mail Roche at and he'll arrange something.

China's empire building in Africa means trouble for West


By Ambrose Evans Pritchard
The Telegraph, London
Monday, February 5, 2007

The new Cold War between China and the United States is taking shape, in Africa. Last week the US Defence Department quietly launched its first military command dedicated to black Africa and the Sahara -- until now a forgotten annex of the Pentagon's European and Mid East operations.

China drives copper prices -- and maybe manipulates them


By Joanne Lee-Young
Vancouver Sun
Monday, February 5, 2007

The copper bulls are duking it out with the copper bears. Each side says look at China. Both have British Columbia mining companies watching with interest.

The debate is on because copper has been slipsliding. Lately, it has been holding on at around $2.60 US for .45 kg (one pound), down some 35 percent from a May 2006 stratospheric high of just under $4 for .45 kg.

Peter Brimelow: Golden suspicions -- newsletters wonder about market manipulation


By Peter Brimelow
Monday, February 5, 2007{7B057E5F-A1BE-49ED-9ACF-01720C5F524A}&siteid=mktw

NEW YORK -- The past week was dramatic for gold. And the letters smell manipulation.

At Thursday's close, the yellow metal had risen to a high not seen since July last year (briefly). Then heavy selling in New York on Friday eradicated almost the entire week's gain.

Another yen carry trade -- this one boosts Brazilian economy


Real Making Brazil a Haven for Capital

By Adriana Brasileiro and Alexander Ragir
Bloomberg News Service
Monday, February 5, 2007

Joao de Matos, whose travel agency has been a fixture in Manhattan's Little Brazil neighborhood since the 1970s, stared at a chart showing a surge in Brazil's currency against the dollar and fretted about his business.

Syria turns to euro for half of currency reserves


From Agence France Presse
via Yahoo News
Sunday, February 4, 2007

Syria has replaced the dollar with the euro for half of its foreign currency reserves as part of efforts to counter possible U.S. sanctions, Prime Minister Mohammed Naji Otri said.

"The Syrian pound is sheltered from crises because of its large foreign currency reserves and because the euro has replaced the dollar in the case of about half of this money," Otri said, quoted by the state news agency SANA.

Gene Arensberg's Got Gold Report: Commercials, ETF investors diverge sharply


Positive Liquity Returns
to Gold and Silver ETFs

By Gene Arensberg
Sunday, February 4, 2007

HOUSTON -- An interesting divergence is setting up in the primary indicators followed closely by this report. On the one hand, the large commercial COMEX traders are taking on short positions at an exaggerated pace like they think that the dollar price of gold is about to plunge. On the other, investors in gold and silver ETFs are buying more of the metal trading vehicles than selling. A lot more. ...