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Daily Dispatches
U.S. Rep. Ron Paul: Proposals for transparency at the Fed
Submitted by cpowell on Sat, 2007-02-17 16:06 Section: Daily DispatchesStatement for Hearing
House Financial Services Committee
"Monetary Policy and the State of the Economy"
Thursday, February 15, 2007
By U.S. Rep. Ron Paul
http://www.house.gov/paul/congrec/congrec2007/cr021507.htm
Transparency in monetary policy is a goal we should all support. I've often wondered why Congress so willingly has given up its prerogative over monetary policy. Astonishingly, Congress in essence has ceded total control over the value of our money to a secretive central bank.
Jason Hommel: Has the IMF admitted GATA is right?
Submitted by cpowell on Fri, 2007-02-16 18:04 Section: Daily Dispatches6p ET Friday, February 16, 2007
Dear Friend of GATA and Gold:
Silver Stock Report editor Jason Hommel has reviewed the International Monetary Fund's concern that its rules allow central banks to double-count their gold, to count leased gold as if it is gold still in the vault. Hommel's essay is titled "Has the IMF Admitted GATA Is Right?" and you can find it at Silver Stock Report here:
Ecuador pays bond interest after all, prompting talk of market manipulation
Submitted by cpowell on Fri, 2007-02-16 01:27 Section: Daily DispatchesBy Joanna Chung and Hal Weitzman
Financial Times, London
via Yahoo News
Thursday, February 15, 2007
http://news.yahoo.com/s/ft/20070215/bs_ft/fto021520071659174844;_ylt=ApU...
Ecuador's bond market remained volatile on Thursday in the wake of the government's surprise decision to pay interest on its debt as scheduled -- only a few days after it said the payment would be delayed.
Freeport will end Phelps Dodge's hedging of copper
Submitted by cpowell on Thu, 2007-02-15 17:25 Section: Daily DispatchesFrom Reuters
via Yahoo News
Thursday, February 16, 2007
http://yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reut...
NEW YORK -- Freeport-McMoRan Copper & Gold Inc.will end Phelps Dodge Corp.'s policy of hedging on copper prices when it acquires the rival miner, Freeport's chief executive said on Thursday.
GATA sympathizers invited to lunch in Melbourne
Submitted by cpowell on Thu, 2007-02-15 10:49 Section: Daily Dispatches10:45a ET Thursday, February 15, 2007
Dear Friend of GATA and Gold:
GATA sympathizers around Melbourne, Australia, are invited to an informal lunch at noon on Monday, March 12, at the Limerick Arms Hotel, 364 Clarendon St., South Melbourne, an event organized by our friend David Evans. A "GATA" sign will be posted at the hotel to help everyone locate the event. Reservations to David will be very helpful, and he can be reached at David.Evans@sciencespeak.com. Thanks to David for putting this together.
China doesn't seem to see an end to commodities boom
Submitted by cpowell on Wed, 2007-02-14 23:07 Section: Daily DispatchesChina Changes Rules
of the Resource Game
By Julian Hewitt
The Mail & Guardian, Johannesburg
Tuesday, February 13, 2007
http://www.mg.co.za/articlePage.aspx?articleid=298761&area=/insight/insi...
When I left South Africa, a talk by Clem Sunter titled "China's Game" was ringing in my ears.
Clem talked about the rules of the game China is playing in its unprecedented drive to industrialise a 1.3-billion strong population. What struck me was China's dependence on natural resources to continue its impressive growth trajectory. One of the major rules of China's game requires it to establish massive and sustainable supply lines to secure resources that fuel its vast factory-floor economic model.
John Embry: Great performance of gold, silver is practically a secret
Submitted by cpowell on Wed, 2007-02-14 22:17 Section: Daily Dispatches10:12p ET Wednesday, February 14, 2007
Dear Friend of GATA and Gold:
In his latest commentary for Investor's Digest of Canada, Sprott Asset Management's chief investment strategist, John Embry, notes that gold and silver again delivered superior returns in 2006 but ordinary investors would never know it from the establishment news media. Embry predicts that these returns are only going to get better as the U.S. dollar disintegrates. You can find Embry's commentary, "Returns on Gold and Silver Surpass Most Others Again," at the Sprott Internet site here:
Citigroup analysts tell Barrick: Close hedge book, then stand back
Submitted by cpowell on Wed, 2007-02-14 08:42 Section: Daily DispatchesBy Dorothy Kosich
MineWeb.com
Wednesday, February 14, 2007
RENO, Nevada -- Citigroup metals analysts John H. Hill and Graham Wark urged Barrick Gold to aggressively reduce its hedge book or repurchase the entire hedge book, an action that "could be one of the most compelling re-rating catalysts in the metals industry."
* * *
For the full story:
At Toronto Financial Forum, Peter Grandich concurs with GATA
Submitted by cpowell on Tue, 2007-02-13 23:32 Section: Daily Dispatches11:30p ET Tuesday, February 13, 2007
Dear Friend of GATA and Gold:
Peter Grandich of the Grandich Letter and Trinity Financial discussed manipulation of the gold market and expressed agreement with GATA during his remarks to the Financial Forum conference in Toronto on Saturday, January 27, and a video of his presentation has been posted at his Internet site here:
Billiton not pursuing Alcoa, sources tell Reuters
Submitted by cpowell on Tue, 2007-02-13 21:14 Section: Daily DispatchesBy James Regan and Mathieu Robbins
Reuters
via Yahoo News
Tuesday, February 13, 2007
http://news.yahoo.com/s/nm/20070213/bs_nm/bhp_rio_alcoa_dc;_ylt=AmU_FjyO...
Mining giant BHP Billiton Ltd. is not working on a bid for U.S. aluminum producer Alcoa Inc., sources close to the matter said on Tuesday, playing down a newspaper report.
The Times of London said both BHP and Rio Tinto Ltd. have drawn up separate plans for a $40 billion takeover of Alcoa Inc., helping to boost Alcoa's share price by as much as 10 percent.