Daily Dispatches

Financial Post begins to take an interest in gold

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By Myra P. Saefong
www.CBS.MarketWatch.com
September 14, 2001

NEW YORK -- December gold prices jumped as high as $300
an ounce in Access trading at the New York Mercantile
Exchanged Friday, following a more than $4 an ounce climb
in spot gold prices. Traders bought into the commodity as a
hedge against the uncertainty over the economic effects of
Tuesday's terrorist attacks in the U.S.

Internet trading sends gold futures to nearly $293

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1:09a ET Friday, September 14, 2001

Dear Friend of GATA and Gold:

It's probably time to make contact with you after this
week's horrific events in the United States, lest
anyone get the misimpression that GATA's officers and
consultants were too close to them. Thankfully, we
weren't. God help those who were.

We are Americans first, gold and anti-trust bugs
second, and commenting about the impact of these events

The Economist cites GATA''s gold price suppression claims

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Is this gold rally for real?
Gold bugs have often been burned

By Jonathan Chevreau
Financial Post, Canada
www.NationalPost.com
September 14, 2001

Gold bugs must feel a bit like Charlie Brown in the long-running
scene where Lucy keeps grabbing the football just as he's
about to kick it. Gold is always poised to explode once it gets
past US$300, we're told. Then, wham, Lucy grabs the ball and

Back from another trip to Washington: The gold story is going to break

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From Business Report, South Africa
www.BusinessReport.co.za
September 5, 2001

Johannesburg -- South African gold producer AngloGold
is to become the world's first truly global gold company
when it takes control of Normandy, Australia's largest
gold producer.

In a statement Wednesday, Anglogold said it would
offer Normandy shareholders 2.15 AngloGold shares
for every 100 Normandy shares.

AngloGold goes global with Normandy acquisition

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By Dudley White
Bloomberg News
September 5, 2001

Johannesburg (Bloomberg) -- AngloGold Ltd. shares were
suspended in Australia amid speculation the world's
largest gold miner may bid for Normandy Mining Ltd.

Shares in Normandy, Australia's biggest gold producer,
were also suspended.

Analysts have speculated Johannesburg-based AngloGold
held talks last year with Normandy, which has a market

AngloGold seen bidding for Normandy; trading suspended

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By James Turk
August 31, 2001
Copyright 2001 by The Freemarket Gold & Money Report

I've been waiting for it to happen, and now the war of
words has finally begun. The Bank for International
Settlements today fired the first shot.

As reported in today's Financial Times, Giacomo
Panizzutti, head of foreign exchange and gold at the
Bank for International Settlements, was quoted as
saying that he estimated total gold loans to be 5,200

Where is gold''s Patton? A reply to Tim Wood of www.TheMiningWeb.com

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10:22p ET Friday, August 31, 2001

Dear Friend of GATA and Gold:

There's another interesting essay tonight by Tim Wood
of The Mining Web. Here's an excerpt:

"The recipe to break the gold carry trade has been laid out
explicitly by Mister Gold, Jim Sinclair. GATA has written
its formula, fund managers and bullion dealers acknowledge
how thin the market is and so susceptible to a confident

The BIS shoots back but leaves lots of stuff out

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September 1, 2001

Tim Wood
www.TheMiningWeb.com

Dear Tim:

This may be of some interest as a response to your
latest essay at www.TheMiningWeb.com, "Gold bulls
surrender Labor Day opportunity," which shows much
insight.

Around 1994 Jimmy DePiazza, Phibro's trader in
Connecticut, figured out a way to corner the silver
market. Phibro had been taken over by Salomon Brothers,

BIS official''s comments interpreted as responding to GATA

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'Midas' commentary for August 29, 2001

By Bill Murphy
www.LeMetropoleCafe.com
August 29, 2001

Gold $273.60 up $1.70
Silver $4.18 unchanged

Surprise! Gold is not going down as the pundits
said it would due to the overpositioning of specs
on the long side. Pleasant surprise for me too.

The open interest has contracted all the way down
to 120,128 contracts, which is a drop of 12,000

Where, The Mining Web asks, is gold''s Patton?

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From the Financial Times
www.ft.com
August 31, 2001

BIS banker speaks on gold:
Giacomo Panizzutti's estimates of central bank
gold lending implicitly contradict conspiracy theories

By ADRIENNE ROBERTS

The question of how much gold has been lent out by
central banks -- an emotionally charged topic in some
circles -- has received its most authoritative answer
so far.

Giacomo Panizzutti, head of foreign exchange and gold

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