Daily Dispatches

Bond''s Wallace Street Journal: The bad guys in silver are outnumbered now

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Heading for a fall, by fiat

The Economist
February 26, 2004
http://www.economist.com/finance/displayStory.cfm?story_id=2459841

Is the problem with the dollar only that it is falling?

It has certainly been doing that. This month, it fell
to $1.29 against the euro. This is its lowest-ever
rate against the euro, and represents a decline of

Bugs better think about how they''ll pass along their forthcoming gains

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11:11p ET Monday, February 23, 2004

Dear Friend of GATA and Gold:

GATA member Ed Steer of Edmonton has written "Three
Silver Letters to the Powers That Be" at FinancialSense.com.
The essay summarizes what Ted Butler and now GATA are trying
to explain to the regulatory authorities about manipulation
of the silver market. You can find Steer's essay here:

http://www.financialsense.com/fsu/editorials/steer/2004/0222.html

Ted Butler: Silver and Martha Stewart

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By Jim Sinclair
Sunday, February 22, 2004

http://www.jsmineset.com/

If the U.S. bond market falls, the U.S. equity market will be
tested. You cannot remove a $72 billion dollar January '04
buyer from the bond market without removing the bull from
both the bond and equity markets.

If you remove the bull from the U.S. equity market, President
Bush would lose the presidential election to Mickey Mouse

Peter Brimelow: Dollar bulls battle dollar bears

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By Faisal Islam
The Observer, London
Sunday, February 22, 2004
http://observer.guardian.co.uk/business/story/0,6903,1153155,00.html

Asian central banks are quietly moving away from holding
the U.S. dollar in their foreign exchange reserves, suggesting
further weakness in the value of the greenback this year.

Asian central banks quietly diversifying out of U.S. dollar holdings

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By Ted Butler
February 23, 2004

While I have mixed feelings on the Martha Stewart trial
(should charges have been brought in the first place?),
the government's case is centered on the principle that
lying in an investigation obstructs justice. That's an
important point in the legal process. It's probable that
the government has selected such a celebrity to try to
send a strong signal to those who may be tempted to

Three Silver Letters to the Powers That Be

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By Peter Brimelow
CBSMarketWatch.com
Monday, February 23, 2004

NEW YORK -- I've grouched periodically that investment
letters, unusually like Wall Street in this respect,
don't pay enough attention to the U.S. dollar exchange
rate.

Friday's dollar bounce, and gold's bust, looked like a
textbook case of Mark Hulbert's point that the greenback
and gold are inversely correlated.

And as it happens, there's notably more dollar optimism

Jim Sinclair: Yen rally will be short because it''s political death for Bush

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By Elizabeth Becker
The New York Times
Saturday, February 21, 2004

http://www.nytimes.com/2004/02/21/business/21trade.html

SEATTLE -- Huge container ships steam into this port
every day loaded with clothes and shoes, furniture and
video games, electronics and aircraft parts made in
Asia.

On their return trip, those same ships often cross the

Staring into the mouth of the trade deficit: The view from Seattle

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3p ET Saturday, February 21, 2004

Dear Friend of GATA and Gold:

Alex Wallenwein, editor and publisher of the Euro Vs.
Dollar Currency War Monitor, has a new commentary
arguing that "gold is not a good investment." This is
not to argue that you shouldn't have as much gold as
you can get, but rather that it should not be
accumulated with the intent of quickly converting it
back into cash, or what commonly is considered cash.

When you make money in gold, what else is there to cash out into?

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1:10p ET Saturday, February 21, 2004

Dear Friend of GATA and Gold:

Here's an incisive view from Japan of currency market
manipulation and the political strategy behind it --
a defense of Japanese government policy. This analysis
doesn't much address the question of what Japan and
China will have when their foreign exchange reserves
of U.S. dollars have depreciated to almost nothing,
along with their own currencies. Maybe Japan and China

A defense of Japan''s massive currency intervention

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By Myra Saefong
CBSMarketWatch.com
Friday, February 20, 2004

http://www.marketwatch.com/news/yhoo/story.asp?
source=blq/yhoo&siteid=yhoo&dist=yhoo&guid=%7BD07D25C5%2D82CE%2D45BB%
2DA1A2%2D817F979BE8DD%7D

SAN FRANCISCO -- Gold futures fell as much as $16 an
ounce Friday, closing at a three-month low as a
heightened terror alert in Japan boosted the U.S. dollar

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