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Daily Dispatches
Barrick won't extend offer for NovaGold past Dec. 6
Submitted by cpowell on Wed, 2006-11-29 11:18 Section: Daily DispatchesBarrick Gold Press Release
via Market Wire
Wednesday, November 29, 2006
http://biz.yahoo.com/iw/061129/0189345.html
TORONTO -- Barrick Gold Corp. announced today that Wednesday, December 6, 2006, will be the final expiry date for its US$16 cash offer to acquire the common shares of NovaGold Resources Inc. There will be no further extensions of Barrick's offer.
Barrick's offer is now unconditional. Any and all shares tendered prior to 9 p.m. (Toronto time) on December 6, 2006 will be purchased by Barrick for cash. Payment will be made by December 8, 2006.
World starting to sense that too many dollars are floating around
Submitted by cpowell on Wed, 2006-11-29 00:29 Section: Daily DispatchesChina's Reserves Spur Policy Debate
By Elaine Kurtenbach
Associated Press
Tuesday, November 28, 2006
http://news.yahoo.com/s/ap/20061128/ap_on_bi_ge/china_foreign_reserves
Speculation over China's plans for its $1 trillion in foreign reserves is rattling global currency markets, while fueling a lively debate back home over how Beijing should use its unprecedented wealth.
China's central bank, the People's Bank of China, refused comment Tuesday on rumors that Beijing is shifting its foreign reserve holdings away from U.S. Treasuries, speculation that helped push the dollar sharply lower in currency markets Monday.
Now India is talking about diversifying forex into gold
Submitted by cpowell on Tue, 2006-11-28 23:59 Section: Daily DispatchesTarapore for Increasing
Gold Component
in Forex Reserves
From The Indian Express / Financial Express, Mumbai
Wednesday, November 29, 2006
http://www.financialexpress.com/fe_full_story.php?content_id=147578
MUMBAI, Nov. 28 -- Underscoring the benefits of diversifying foreign exchange reserves and the uniqueness of a gold component as part of the forex basket, S.S. Tarapore, former deputy governor of the Reserve Bank of India and an economist, has strongly advocated for increasing the proportion of gold in the country’s forex reserve. He was speaking at a conference, "Foreign Exchange Management: The Way Forward," on Tuesday.
Suspicion of manipulation falls on Treasury repo market
Submitted by cpowell on Tue, 2006-11-28 23:05 Section: Daily DispatchesThe Bond Market's Dirty Secret
A Whiff of Scandal Threatens
Treasury Repurchase Market
By Katie Benner
Fortune magazine
via CNNMoney.com
Tuesday, November 28, 2006
http://money.cnn.com/magazines/fortune/fortune_archive/2006/12/11/839543...
Like greenbacks in a mattress, government bonds enjoy a reputation as a fail-safe investment. The integrity of the $4 trillion-plus U.S. Treasury market is essential, because it keeps investors, particularly big foreign players, pumping cash into the debt-laden federal coffers.
Grandich remarks on market manipulation during ROB-TV interview
Submitted by cpowell on Tue, 2006-11-28 21:26 Section: Daily Dispatches9:14p ET Tuesday, November 28, 2006
Dear Friend of GATA and Gold:
GATA's great friend Peter Grandich of The Grandich Letter was interviewed for an hour Monday by Jim O'Connell on "Market Call" on Canada's Report on Business Television and in the course of taking viewer questions about particular mining shares repeated his general endorsement of GATA's complaint of manipulation of the gold market. Indeed, Grandich went beyond that and noted manipulation in the general equity and bond markets as well.
Ambrose Evans-Pritchard: Currency controls for Europe not so far-fetched
Submitted by cpowell on Tue, 2006-11-28 11:29 Section: Daily Dispatches11:21a ET Tuesday, November 28, 2006
Dear Friend of GATA and Gold:
Ambrose Evans-Pritchard reported in London's Telegraph yesterday that the prospect of currency controls in Europe is a lot greater than imagined. His column is appended here. It may evoke the statement the U.S. Treasury Department gave GATA last year, claiming the power to seize or freeze any assets, not just gold and silver but also ordinary currency and securities, upon the president's proclamation of an emergency:
Former money manager Armstrong stays in jail for contempt
Submitted by cpowell on Tue, 2006-11-28 08:57 Section: Daily DispatchesFrom Bloomberg News Service
via The New York Times
Tuesday, November 28, 2006
http://www.nytimes.com/2006/11/28/business/28trader.html?_r=1&oref=slogin
Martin A. Armstrong, the former money manager imprisoned for almost seven years for contempt of court, will remain behind bars for defying a judge's order that he turn over $14.9 million in rare coins and gold bars in connection with a federal lawsuit.
Ford mortgages nearly all U.S. assets to borrow $18 billion
Submitted by cpowell on Tue, 2006-11-28 00:54 Section: Daily DispatchesFord Pledges Major Assets in Financing
By Nick Bunkley
The New York Times
Tuesday, November 28, 2006
http://www.nytimes.com/2006/11/28/business/28ford.html?_r=1&ref=business...
DEARBORN, Mich., Nov. 27 -- Executives at Ford Motor Co. have insisted they are willing to bet the company's future on a turnaround plan put in place earlier this year.
On Monday they essentially did just that, mortgaging nearly all of Ford's domestic assets -- its plants, office buildings, patents, and trademarks -- along with stakes in Ford Credit and Volvo, to raise $18 billion.
James Turk: Gold breaks out around the world
Submitted by cpowell on Mon, 2006-11-27 11:41 Section: Daily Dispatches11:30a ET Monday, November 27, 2006
Dear Friend of GATA and Gold:
GoldMoney's James Turk, editor of the Freemarket Gold & Money Report and consultant to GATA, today presented seven charts showing gold breaking up and out in major world currencies. Turk's analysis is headlined "Gold Around the World" and you can find it in the "Founder's Commentary" box at the top left of the GoldMoney home page here:
West warned to prepare to be surpassed by China and India
Submitted by cpowell on Sun, 2006-11-26 12:01 Section: Daily DispatchesFrom Agence France-Presse
Saturday, November 25, 2006
http://news.yahoo.com/s/afp/20061126/wl_asia_afp/australiachinaindiaecon...
SYDNEY, Australia -- Western nations must prepare for a future dominated by China and India, whose rapid economic rise will soon fundamentally alter the balance of power, former World Bank chief James Wolfensohn has warned.
Wealthy countries were failing to understand the impact of the invevitable growth of the two Asian powerhouses, Wolfensohn said in the 2006 Wallace Wurth Memorial Lecture at the University of New South Wales at the weekend.