Daily Dispatches

Central Fund issues shares to buy $50 million in bullion


By Thom Calandra
June 7, 2002

As gold's polar opposite, Nasdaq, gets blasted, bullion
investors expect miners' risky hedge books to further boost
the metal.

By some estimates, gold mining companies are hedging, or
selling forward, about 4,000 tons of gold. Some analysts say
it's far more. As gold prices continue to rise in the face of a
weak stock market and a declining dollar, most of the world's

Hedge covering may spark mad scramble for gold


10:33p ET Wednesday, June 5, 2002

Dear Friend of GATA and Gold:

Brightening this dismal day for gold, two of GATA's
recommended coin and bullion dealers have just let
us know of special offers for people who identify
themselves as GATA supporters.

-- Ed Lee, president of Lee Certified Coins in New
Hampshire, will sell 1-ounce Krugerrands and modern
1-ounce gold bullion coins at the spot gold price

How the Bank for International Settlements rigged gold even 20 years ago


3:57p ET Wednesday, June 5, 2002

Dear Friend of GATA and Gold:

MiningWeb.com has just reported an explanation for
the plunge in the gold price today.

The plunge, MiningWeb says, "came in the wake of a
large after-market trade in New York last night, with an
unnamed fund liquidating 5,000 futures contracts, a move
which knocked the price first to $326/oz, then to $324/oz,
and finally to $321/oz, where some dealers reckon it has

Suspicious after-market trade tanked gold, MiningWeb.com says


Bank of Japan spent oodles to halt yen's rise

The Japan Times
June 2, 2002

NEW YORK (Kyodo) -- The Bank of Japan spent between
$8 billion and $10 billion in foreign exchange markets
to stem the yen's surge Friday in one of the biggest
single-day interventions in recent years, dealers said.

The scale of the intervention matches a dollar-supporting
intervention carried out by the BOJ after the Sept. 11

Edward Jay Epstein: The BIS, ruling the world of money


9:50p ET Wednesday, June 5, 2002

Dear Friend of GATA and Gold:

Thanks to Sean Corrigan of Capital Insight in Britain
for sending along this 1983 Harper's magazine
article by Edward Jay Epstein about the Bank for
International Settlements. While the essay is almost
20 years old, it has just as much relevance today,
when the world's big economic decisions continue

Dollar is burning and Japan is spraying it with paper


By Jim Buchta
Minneapolis Star Tribune
Saturday, June 1, 2002

Gold has its glitter again.

On Friday, as gold prices rose to their
highest level in more than two years, coin
and precious metals dealers said their phones
won't stop ringing.

"The world has changed," said George Cooper
of Centennial Precious Metals, a Denver-based
company with dozens of customers in the Twin

Reg Howe''s presentation to the Association of Mining Analysts in London


By Thom Calandra
Friday, May 31, 2002

As Nasdaq fends off its September lows, economists, analysts,
and technicians are pointing to the storm signals of rising gold
prices and the falling dollar.

The dollar's fall -- down about 7 percent this year against the
currencies of America's biggest trading partners -- is increasingly
linked with gold's relentless gains.

Barry Cooper, a gold equities analyst at CIBC World Markets

Precious metals dealers report surge of business across United States


12:46a ET Sunday, June 2, 2002

Dear Friend of GATA and Gold:

Reg Howe's presentation to the Association of Mining
Analysts in London on May 23 has been posted at
GoldenSextant.com. You can find it here:


With his usual brilliance, Reg describes the background

The top 10 ways GATA could spend that $70,000 from Afrikander Lease


11p ET Thursday, May 30, 2002

Dear Friend of GATA and Gold:

Jim Sinclair, chairman of Tan Range Exploration,
and Harry Schultz of the renowned Harry Schultz
Letter have written an essay about the financial
mismanagement that has put many gold mining
companies at great risk in the event of a sharp
rise in the gold price. You can find it here:


Dollar bears ready for a golden day


12:04a ET Friday, May 31, 2002

Dear Friend of GATA and Gold:

Tim Wood of TheMiningWeb.com asks, as GATA
supporters well may, what GATA plans to do with
the generous contribution of $70,000 announced
Thursday by Afrikander Lease. For a little comic
relief from this week's excitement in the gold
world, I'll offer a "top 10" list of possible
uses of the money, in the style of CBS

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