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Daily Dispatches

Ted Butler: Silver dealers can win all the time only through collusion

Section: Daily Dispatches

By Ted Butler
May 4, 2004

The latest Commitments of Traders Report confirmed
the complete flush-out of the 100,000 tech fund gold
longs that were added just before the break in prices.
While tech funds were also flushed out in silver, it was
not as dramatic as in gold.

What was dramatic in silver was the actual fall in price.
Over a 13-trading day period, silver fell from just over $8

John Hathaway: Higher rates will kill the U.S. economy before killing gold

Section: Daily Dispatches

10:50p ET Wednesday, May 5, 2004

Dear Friend of GATA and Gold:

John Hathaway, manager of the Tocqueville Gold Fund,
has written an essay titled quot;Interest Rates and 'the
Death of Gold,'quot; arguing that far from killing gold,
higher U.S. interest rates are likely to spell death
for the U.S. economy, which is built on oceans of
debt.

Hathaway writes:

quot;Anyone who thinks that the recent slaughter of

Victor Hugo: Debt problem will determine who wins, dollar or gold

Section: Daily Dispatches

By Christopher Mayer
Tuesday, May 4, 2004
http://www.dailyreckoning.com

The monetary world is one of competing devaluations,
currency blocs, exchange controls, political posturing and
jawboning -- in short, a sort of serial economic conflict.
Where once all money found a common denominator in some
metal, today's currency is fragmented money with an added

Six reasons why gold shares are still attractive

Section: Daily Dispatches

By Victor Hugo
Sunday Times, South Africa
Sunday, May 2, 2004

http://www.sundaytimes.co.za/2004/05/02/business/money/money02.asp

Markets will be driven in coming weeks by the impact
of Chinese credit tightening and the prospect of higher
interest rates in the US and the UK. The shares of
resources suppliers have been dumped as investors

French finance minister proposes gold sales by Bank of France

Section: Daily Dispatches

AN OPEN LETTER TO JESSICA CROSS,
MANAGING DIRECTOR OF VIRTUAL METALS,
FROM GATA CHAIRMAN BILL MURPHY

Monday, May 3, 2004

Dear Ms. Cross:

Since it advocates a free market in gold, the
organization I chair, the Gold Anti-Trust Action
Committee Inc., is often distressed by your
commentary about the gold market, which seldom
fails to disparage investment interest in gold.

Your new remark about gold demand in India -- that

Mitsui''s Smith notes that gold lags commodities but is most uncurious about it

Section: Daily Dispatches

From Business Report, South Africa

http://www.businessreport.co.za/index.php?
fSectionId=565&fArticleId=425463

By Agence France-Presse
Tuesday, May 4, 2004

PARIS -- France's finance minister Nicolas Sarkozy
proposed Tuesday that 500 to 600 tonnes of gold held
by the Bank of France be sold in the coming five years
after an agreement with the central bank.

China''s demand for raw materials won''t falter, mining specialists say

Section: Daily Dispatches

6:23p ET Tuesday, May 4, 2004

Dear Friend of GATA and Gold:

Mitsui's precious metals expert, Andy Smith, has made
a presentation in London noting that the gold price has
not kept up with the price of commodities. Unfortunately
for those who seek understanding of the gold market,
this observation was for Smith simply an opportunity to
swagger in triumph rather than cause for serious
inquiry about what even he implicitly acknowledges as

Jim Sinclair: Gold share bottom is in and gold will reach $480 in 103 days

Section: Daily Dispatches

By Veronica Brown
Reuters
May 4, 2004

http://www.reuters.com/newsArticle.jhtml?type=topNews&storyID=5037044

LONDON -- China's hunger for raw materials will drive
further demand for commodities such as metals despite
worries that the country's economy might overheat, a
panel of mining specialists said on Tuesday.

The suzerain of the largest exchange-rate manipulation in history

Section: Daily Dispatches

The Gold Creed

By Jim Sinclair
Tuesday, May 4, 2004
http://www.jsmineset.com

Please repeat after me: "In 103 days or less gold will
trade at $480."

I know this because:

* China is doing the right thing by increasing interest rates
to decelerate growth to a comfortable 4 percent per year.

* Increased interest rates are part and parcel of a major bull

A gold-based financial system is more practical than ever, just impolitic

Section: Daily Dispatches

Gold May Rise as Fed Likely to Leave Benchmark Rate Unchanged May 3

By Claudia Carpenter
Bloomberg News Service
Sunday, May 2, 2004

http://quote.bloomberg.com/apps/news?pid=10000080&sid=adFYmvdcLnTE

NEW YORK -- Gold may rise this week, ending a five-week
slide, amid speculation the Federal Reserve on Tuesday will

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