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Daily Dispatches
Financial Times lets GoldMoney's James Turk explain metals bull market
Submitted by cpowell on Sun, 2006-09-10 11:13 Section: Daily DispatchesBullish on Bullion:
Desire for Safe Havens
Boosts Precious Market
By Monica Porter
Financial Times, London
Saturday, September 9, 2006
http://www.ft.com/cms/s/98e4c4f2-3f9f-11db-a37c-0000779e2340.html
James Turk of GoldMoney (www.GoldMoney.com) 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
Submitted by cpowell on Sun, 2006-09-10 11:05 Section: Daily Dispatches11a 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
Submitted by cpowell on Fri, 2006-09-08 21:57 Section: Daily Dispatches9:50p 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, LeMetropoleCafe.com. 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
Submitted by cpowell on Thu, 2006-09-07 22:05 Section: Daily DispatchesIMF Warns on Commodity Price Boom
By Krishna Guha and Kevin Morrison
Financial Times, London
Wednesday, September 6, 2006
http://www.ft.com/cms/s/e2259676-3dda-11db-bd60-0000779e2340.html
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
Submitted by cpowell on Wed, 2006-09-06 08:50 Section: Daily DispatchesChina Plans How to Put
Huge Reserves to Better Use
From Reuters
Wednesday, September 6, 2006
http://today.reuters.com/summit/summitarticle.aspx?type=summitNews&summi...
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
Submitted by cpowell on Tue, 2006-09-05 21:03 Section: Daily DispatchesBush to Nominate Goldman's Steel to Treasury Post
From Reuters
Tuesday, September 5, 2006
http://yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reut...
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.
Brazil's central bank keeps propping dollar up, pushing real down
Submitted by cpowell on Tue, 2006-09-05 15:54 Section: Daily DispatchesBrazilian Real Falls
On Central Bank Dollar Purchases
By Adriana Brasileiro
Bloomberg News Service
Tuesday, September 5, 2006
http://www.bloomberg.com/apps/news?pid=20601086&sid=a.QsbQ4tzkEE
RIO DE JANEIRO -- Brazil's real weakened today on expectations the central bank will step up dollar purchases to rein in the currency's rally.
The central bank, which has been buying the U.S. currency on a daily basis for two months, bought dollars yesterday in an auction for 2.1295 reals each. Still, the real, which closed at a four-month high yesterday, is expected to keep strengthening in coming weeks on optimism dollar flows from investments and exports will stay strong, said Questus Patrimonio's Octavio Vaz.
Acquiring Glamis, is Goldcorp trying mainly to fend off Barrick?
Submitted by cpowell on Tue, 2006-09-05 08:50 Section: Daily Dispatches8:35a ET Tuesday, September 5, 2006
Dear Friend of GATA and Gold:
Edgar J. Steele, a lawyer in Idaho who is proprietor of ConspiracyPenPal.com, has written an essay just posted at GoldSeek's companion site, SilverSeek, offering some interesting speculations about Goldcorp's bid for Glamis Gold and Goldcorp's own risk of becoming a target for Barrick Gold.
Essentially Steele argues that, in acquiring Glamis at a premium price, Goldcorp is striving to make itself too big and unattractive to distract Barrick from its predation of NovaGold.
Corrected e-mail address for silver market analyst Ted Butler
Submitted by cpowell on Mon, 2006-09-04 21:16 Section: Daily Dispatches9p ET Monday, September 4, 2006
Dear Friend of GATA and Gold:
Here's a correction of the e-mail address for silver market analyst Ted Butler that was cited in the previous dispatch:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
Join GATA
at the
2006 Toronto Resource Investment Conference
Sunday-Monday, September 24-25, 2006
Ed Steer and Ted Butler: Gold, silver, GATA, and the COT
Submitted by cpowell on Mon, 2006-09-04 20:58 Section: Daily DispatchesBy Ed Steer and Ted Butler
(First, Ed Steer.)
One of the most pleasant aspects of being involved with exposing the manipulation of the price of gold and silver is the quality of the people who I have met on this journey. Of course this would include the entire GATA community, most of whom I have had the pleasure of meeting many times over the last six years.
But at the top of the list people of people I have never met and who would automatically fall into the august group mentioned above is my now good friend Ted Butler. From the first time I read his work way back when, it was evident that this man knew of what he spoke. I have a natural tendency to gravitate to people such as this, and Butler's work was no exception.
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