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Even Bank of France now allows speculation that it might sell a little gold
10:03p Wednesday, April 14, 2004
Dear Friend of GATA and Gold:
Here are excerpts from some of today's important commentaries
about the volatility in gold and silver.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
The Price of Gold Bottoms
By Jim Sinclair
http://www.jsmineset.com/home.asp
Here is the back-of-the-envelope version of today's events,
quick and dirty.
I believe that the reaction in the price of gold from $433 is
over at the low of this morning I also feel that this morning's
low is the low before we go over $480. I further believe we
will go over $480 before you can pick beefsteak tomatoes
out of your garden in Connecticut.
I will write later on the reasons but they are humdingers. I
put my money where my mouth is so if I am wrong please
don't send any nastygrams because I will be too busy
beating myself up to read them.
* * *
Silver Market Update: Don't Panic!
By David Morgan
http://www.kitco.com/ind/Morgan/apr142004.html
From a longer-term perspective, we wish to remind readers
that just one year ago silver was almost exactly US$3 lower
than yesterday's close. Certainly, in our view, the longer-term
major trend is still up; however, this break of the recent
parabolic move in silver prices is suggesting to us that a
pullback to the $7 level could be expected. ...
* * *
By Richard Russell, Editor
Dow Theory Letters
http://www.kitco.com/ind/GoldReport/apr142004.html
The price of real money, gold, will fluctuate wildly as the
inflation-deflation battle goes on. In the end, the great
casualty will be intrinsically worthless paper money. In
the end, irredeemable paper money will be distrusted,
and it will go down. The only power evil has is the power
to destroy itself. I call paper money evil. In the end it will
destroy itself as it has done all through history.
* * *
'Midas' Commentary for Wednesday, April 14, 2004
By Bill Murphy
http://www.LeMetropoleCafe.com
Days ago the Gold Cartel set up their planned assault on
gold and silver perfectly. Gold and silver had to be mauled
BEFORE the CPI number came out.
This morning gold was due almost $5 lower even though
the euro was close to unchanged. The cabal's attack on
bullion and silver to force out black-box tech funds and
hedge funds worked. The funds were massive sellers all
morning long. When gold took out $400, houses usually
associated with buying for the mines showed up as big
buyers.
This is just a hunch, but if this is the last-hurrah selloff
by the Gold Cartel, it wouldn't surprise me if Barrick Gold
was one of the major buyers this morning, along with
AngloGold. ....
The game the Gold Cartel has been playing with gold and
silver has be to on its last legs, mainly because they are
running out of enough physical gold and silver to continue.
As mentioned here days ago, this attack was planned to
turn the funds sellers so the price managers could do some
serious covering. How much they will manage to cover
remains to be seen. What we do know is these Gold
Cartel attacks have failed all year long, as gold continues
to pop right back up due to surging physical market
demand. ....
Silver has been taken to the cleaners, dropping $1.30 per
ounce in a week and $1.12 in just two days, close to 15
percent of its market value. Morgan Stanley was an
aggressive seller again today. What changed in a week?
Besides the market drop, almost nothing except the silver
fundamentals became more positive.
This is very painful but something I have been through
before. This sort of "killer move" often precedes the biggest
commodity price spikes of all.
All I need to do is go back to 1987's incredible copper move
up. We had expected the copper price to explode in the last
half of 1986 through May 1987. It did nothing. We could not
understand why, because we knew the world had run out of
all excess copper supplies.
On the first notice day of May 1987 there were no copper
deliveries. I said: That's it, here we go! And we did. Copper
went steadily up from 64 cents to around 90 cents when the
stock market crash hit in October 1987. Copper fell 12 cents
in one day. Ruin was right around the corner for many of us
who were loaded up with copper futures.
An urgent call went out to my friend and colleague Frank
Veneroso about what to think and do. He said, "The financial
market convulsions were just that. However, the U.S. and
world economies will not suffer much. The crash was a
financial market one, not economic."
Frank was dead-on. Copper stabilized and within a week was
moving up again, and up and up. In two months it traded as
high as $1.46.
I suspect that is what we are going through here in silver. It
is only a financial market raid to force out weak specs so
the trade can cover before silver goes ballistic. The timing
can be tricky, but once silver starts to roar back, look out
above. ...
----------------------------------------------------
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RECOMMENDED INTERNET SITES
FOR DAILY MONITORING OF GOLD
AND PRECIOUS METALS
NEWS AND ANALYSIS
Free sites:
http://www.cbs.marketwatch.com
http://www.capitalupdates.com/
http://www.silver-investor.com
http://www.thebulliondesk.com/
http://www.goldismoney.info/index.html
http://www.minersmanual.com/minernews.html
http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html
http://www.mineralstox.comhttp://www.321gold.comhttp://www.SilverSeek.
comhttp://www.investmentrarities.comhttp://www.kuik.com/KH/KH.html
(Korelin Business Report -- audio)
http://www.plata.com.mx/plata/home.htm
(In Spanish)
http://www.plata.com.mx/plata/plata/english.htm
(In English)
Subscription site:
http://www.lemetropolecafe.com/
Eagle Ranch discussion site:http://os2eagle.net/checksum.htm
Ted Butler silver commentary
archive:http://www.investmentrarities.com/
----------------------------------------------------
COIN AND PRECIOUS METALS DEALERS
WHO HAVE SUPPORTED GATA
AND BEEN RECOMMENDED
BY OUR MEMBERS
Centennial Precious Metals
3033 East 1st Ave.
Suite 403
Denver, Colorado 80206
www.USAGold.com
Michael Kosares, Proprietor
US (800) 869-5115
Canada 1-800-294-9462
European Union 00-800-2760-2760
Australia 0011-800-2760-2760
cpm@usagold.com
Colorado Gold
222 South 5th St.
Montrose, Colorado 81401
www.ColoradoGold.com
Don Stott, Proprietor
1-888-786-8822
Gold@gwe.net
El Dorado Discount Gold
Box 11296
Glendale, Arizona 85316
http://www.eldoradogold.net
Harvey Gordin, President
Office: 623-434-3322
Mobile: 602-228-8203
harvey@eldoradogold.net
Investment Rarities Inc.
7850 Metro Parkway
Minneapolis, Minnesota 55425
http://www.gloomdoom.com
Greg Westgaard, Sales Manager
1-800-328-1860, Ext. 8889
gwestgaard@investmentrarities.com
Kitco
178 West Service Road
Champlain, N.Y. 12919
Toll Free:1-877-775-4826
Fax: 518-298-3457
and
620 Cathcart, Suite 900
Montreal, Quebec H3B 1M1
Canada
Toll-free:1-800-363-7053
Fax: 514-875-6484
http://www.kitco.com
Lee Certified Coins
P.O. Box 1045
454 Daniel Webster Highway
Merrimack, New Hampshire 03054
www.certifiedcoins.com
Ed Lee, Proprietor
1-800-835-6000
leecoins@aol.com
Miles Franklin Ltd.
3015 Ottawa Ave. South
St. Louis Park, Minn. 55416
1-800-822-8080 / 952-929-1129
fax: 952-925-0143
http://www.milesfranklin.com
Contacts: David Schectman,
Andy Schectman, and Bob Sichel
Resource Consultants Inc.
6139 South Rural Road
Suite 103
Tempe, Arizona 85283-2929
Pat Gorman, Proprietor
1-800-494-4149, 480-820-5877
Metalguys@aol.com
Swiss America Trading Corp.
15018 North Tatum Blvd.
Phoenix, Arizona 85032
http://www.swissamerica.com
Dr. Fred I. Goldstein, Senior Broker
1-800-BUY-COIN
FiGoldstein@swissamerica.com
----------------------------------------------------
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