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Japan intervenes to support dollar for third consecutive day
11:50p ET Wednesday, December 10, 2003
Dear Friend of GATA and Gold:
If you want some bucking up tonight, don't turn to the
liquor cabinet. Just check out the one-year charts for
gold and the U.S. dollar, respectively:
a href=http://quotes.ino.com/chart/?s=FOREX_XAUUSDOamp;v=d12http://quotes.ino.c...
a href=http://quotes.ino.com/chart/?s=NYBOT_DXY0amp;v=d12http://quotes.ino.com/...
Gold and the dollar lately have been straying a bit far
from their moving averages, and a reversion to those
averages would be nothing to be surprised about even
as the trend remains your friend.
As for the gold and silver shares, this week has been
no fun but compare the Gold BUGS index against its
50-day, 100-day, and 200-day moving averages:
a href=http://finance.yahoo.com/q/ta?http://finance.yahoo.com/q/ta?/a
s=^HUIamp;t=1yamp;l=onamp;z=mamp;q=lamp;p=m200,m50,m100amp;a=amp;c=
Here's an abbreviated link for the Gold BUGS Index
and its moving averages:
a href=http://ls.shapebyforce.com/sbf/390http://ls.shapebyforce.com/sbf/390/a
The trend there is still your friend too.
Does the pounding of the gold and silver shares this week
portend a pounding of gold and silver prices? Maybe, but
it would have to be an overwhelming and sustained
pounding to reverse the trend.
Jim Sinclair doesn't expect anything like that. Tonight
he says that if you don't expect the dollar's resurrection
-- if you don't expect the U.S. budget and trade deficits
to be reversed soon -- don't worry about gold. Sinclair
does expect a lot of maneuvering and fast action with
currency interventions and speculators. He has several
vital commentaries tonight and you can find them here:
a href=http://www.jsmineset.com/http://www.jsmineset.com//a
GATA Chairman Bill Murphy's quot;Midasquot; commentary tonight
at LeMetropole Cafe offers this:
quot;Yesterday a Caf member suggested to me that the
Gold Cartel was attacking the gold shares in an effort
to dissuade derivatives buyers and to induce selling in
the gold futures market. The thinking was they were
doing so because they were having so much trouble
keeping the gold price from rising so much. I didn't think
that was the case. But after today's rout in the shares
I am not so sure. It is beginning to smell to me just
like all the other antics the Gold Cartel has pulled for
more than five years. I am convinced that the bullion
dealers in the cabal who are short bullion have large
gold share positions. We know, for example, that
Morgan Chase recently picked up 2 million shares of
Gold Fields. It seems very plausible to me that the word
goes out on rare occasions to dump these shares to
influence the gold market. Along with that suggestion
there may be input from cabal headquarters that there
is going to be a raid on gold by the leaders of the pack.
It is a sure-fire way to make money for the bad guys.quot;
The Cafe is a subscription site but you can get quot;Midasquot;
and everything else there free for two weeks here:
a href=http://www.lemetropolecafe.com/guests.cfmhttp://www.lemetropolecafe.com/...
At Kitco, Chris Temple of National Investor speculates
that massive official intervention in support of the dollar
is imminent, if only to show speculators that the dollar
is not a one-way trade. This commentary is awfully
interesting and you can find it here:
a href=http://www.kitco.com/ind/Temple/dec102003.htmlhttp://www.kitco.com/ind/T...
A friend asks if GATA has ever approached the CBS
television program quot;60 Minutesquot; about reporting on
the rigging of the gold market. Yes, we have done
so, and a friend of one of the program's renowned
reporters even raised the issue with him directly on
GATA's behalf. There has been no interest. The
friend who just wrote to GATA about this volunteered
to try again with quot;60 Minutesquot; and perhaps with
other U.S. news organizations.
While we have had some fair success with regional
newspapers in the United States, the national U.S.
news organizations GATA has approached have repeatedly
declined to examine the gold issue. So my response
tonight to our friend's offer to help with news
organizations may be of some interest. At least it
may distract from a lousy day for the gold and silver
shares, so here it is:
quot;I suppose that no effort is necessarily completely
wasted, but I believe that the gold issue and more
importantly the general money issueare simply actively
suppressed by the major news mediain the United States
in the name of national security. There is a good
rationale for this, since our country now prospers
only at the expense of other countries. That's what the
trade and budget deficits are about -- America's living
off the sweat and blood of the rest of the world.
quot;When GATA's delegation went to Washington a few
years ago to meet with Speaker Hastert, we were told
indirectly that gold was a national security issue, and
the close friend of Hastert who brought us to see the
speaker -- we'd never have gotten an hour with him
otherwise, or even 30 seconds -- broke off contact with
us immediately afterward, though he initially had been
enthusiastic about helping us, had come out of nowhere
to find us, and was a gold investor himself.
quot;This was very strange. It took us a few weeks to figure
it out, but then we got it. After our meeting with the
speaker, the speaker's friend must have been told
authoritatively to drop the issue and run as far away
from it as he could if he knew what was good for him.
quot;We are talking aboutwhat might as well be called the
secret knowledge of the universe, and it is more than
radioactive. Itshows that everything about the world
financial system is a fraud and a lie, that it is built
on grotesque injustice, and thatwidespread disclosure
of this would wreck the system.
quot;None of us who started GATA meant to blow up the world;
we wanted only a free market in gold. But we have
discovered that the world financial system is so
constructed that it well mayblow up if the truth about
it is told.We may think 'fiat justicia et ruant coeli'
-- 'Let justice be done though the heavens fall' -- but
others have a contrary stake in the issue. Whether he
recognizes it or not, whoever supports a free market in
gold is opposed to all the money in the world -- at least
everything that now functions asmoney.
quot;Anyway, more power to you in contacting news
organizations. Let me know if you find anyone interested
in the story. I have a couple of good summaries of GATA's
work to share with anyone who wants to look into it.quot;
Anyone else who would like to try his own approach to
the news media about the suppression of the gold price
is encouraged to contact me if he'd like copies of
those summaries.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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----------------------------------------------------
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WHO HAVE SUPPORTED GATA
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Centennial Precious Metals
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Michael Kosares, Proprietor
US (800) 869-5115
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European Union 00-800-2760-2760
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cpm@usagold.com
Colorado Gold
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Greg Westgaard, Sales Manager
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Kitco
178 West Service Road
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Toll Free:1-877-775-4826
Fax: 518-298-3457
and
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Toll-free:1-800-363-7053
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Lee Certified Coins
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FiGoldstein@swissamerica.com
----------------------------------------------------
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