Daily Dispatches

Ted Butler: Shorts gone wild in gold and silver


9:51p ET Tuesday, March 30, 2004

Dear Friend of GATA and Gold:

MineWeb's Tim Wood has an excellent and detailed report
on the Wheaton River/IAMGOLD merger that obviously was
researched and written well before the official announcement
tonight. You can find it here:


Marc Faber turns deflationist: Brace for a bust as bubbles look set to burst


9:52p ET Monday, March 29, 2004

Dear Friend of GATA and Gold:

Richard Russell's new commentary sees a big flow
of funds out of general equities around the world. He
writes in commentary just posted at Gold-Eagle:

"The stock market is in the process of building a top
to this counter-trend rally. The top has got to 'look
good.' Why? Because the better the top looks, the
longer the big money has to move out of stocks and

Newmont-Barrick deal isn''t so farfetched, for they''ve dealt before


8:48a ET Tuesday, March 30, 2004

Dear Friend of GATA and Gold:

The World Gold Council's bullion fund in London has
reconfigured itself a little and is attempting today a
second debut, one with more investment funds
eligible to own it. MineWeb reports about it here:


Excellent MineWeb report on Wheaton River''s merger with IAMGOLD


9:30p ET Tuesday, March 30, 2004

Dear Friend of GATA and Gold:

Wheaton River Minerals and IAMGOLD announced their
merger tonight in a plan that was said to vault the
new company to the ranks of the top 10 gold producers.

The merger would be accomplished by exchanging
each Wheaton River share for just more than half a
share of IAMGOLD, which is said to be a 22 percent
premium over the average price of Wheaton shares

Clarifying the column headlines in the chart in Ted Butler''s commentary


By Theodore Butler

The latest Commitments of Traders Report (COT) was a
shocker for gold, as the tech funds plowed onto the long
side and dealers went short in massive numbers.

Adjusting for the trading since the Tuesday cutoff, the
commercial net short position in COMEX gold is at the
highest level ever. This raises the strong possibility of a
selloff, where the funds sell out their long positions and

Chicago Tribune notes growing disbelief in U.S. government''s inflation figures


9:57p ET Sunday, March 28, 2004

Dear Friend of GATA and Gold:

GATA supporters are already squawking about the
increasing speculation that Newmont Mining will
bid to acquire Barrick Gold, the mammoth gold
hedger and handmaiden of J.P. Morgan Chase
and the U.S. Exchange Stabilization Fund. Why,
our friends ask, would anyone who believes in
gold and silver want anything to do with the
company that has done so much to undermine

Barrick says Newmont bid story is ''wild speculation''



By Aleksandras Budrys and Mark Bendeich

MOSCOW/LONDON, March 29 (Reuters) -- Russian metals giant
Norilsk Nickel took a bold step outside its homeland on
Monday, buying a fifth of the world's fourth-biggest gold
miner, Gold Fields Ltd, for $1.16 billion.

Russia''s Norilsk buys Anglo American''s 20 percent of Gold Fields


Prices rising despite low inflation rate;
key indicators questioned

By Greg Burns
Chicago Tribune
Sunday, March 28, 2004

At the same time the federal government is reporting inflation
at rock-bottom levels, the cost of medical care, tuition and
housing have shot up. From gasoline to coffee to gold,
commodity prices are soaring to heights not seen in years.

Richard Russell: The big money is dumping equities, so get into cash and gold


By Nicole Mordant


VANCOUVER, British Columbia, March 29 (Reuters) -- Barrick
Gold Corp. termed "wild speculation" Monday a report over the
weekend that Newmont Mining Corp. was getting set to make a
takeover offer for it, but added it would vigorously defend itself

London Times says Japan stops supporting dollar; Ministry of Finance demurs


3:14p ET Sunday, March 28, 2004

Dear Friend of GATA and Gold:

Jason Hommel, proprietor of GoldIsMoney.com, has
updated his weekly valuations of silver mining
shares and has appended interesting commentary.
You can find his work at SilverSeek.com here:


CHRIS POWELL, Secretary/Treasurer

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