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MineWeb interviews Sprott''s Embry about gold price suppression study
8:02p ET Tuesday, August 24, 2004
Dear Friend of GATA and Gold:
Sprott Asset Management's report on the
suppression of the gold price is exploding
all over the world and promises to be a
milestone in the liberation of the gold
market.
Sprott's chief investment strategist and
co-author of the report, John Embry,
appeared this morning on ROB-TV in
Canada (aka Radio Free Earth) to be
interviewed by a visibly uncomfortable
Jim O'Connell and introduce the report.
For a week you can watch the program
at the ROB-TV archive here, if your
computer has a media player and your
Internet access is fast enough:
http://www.robtv.com/shows/past_archive.tv
The Sprott Internet site was overwhelmed
by international traffic just after the report
was released this morning but it seems to
have resumed operation again at this hour,
so with luck you can read the report here:
An excerpt from the report:
"A great deal of what follows is based on the
research completed by the Gold Anti-Trust
Action Committee (GATA). We consider their
work to be excellent in scope, yet chronically
under-appreciated by gold market observers.
Disdain for GATA's allegations is not
justified, in our opinion. Quite the opposite:
More than all others, GATA displays an
appreciation and understanding of the gold
market's structure and dynamics. Whereas
consensus forecasters see a free market
roughly in equilibrium, GATA has amply shown
that the gold market is both controlled and
seriously distorted with respect to gold's
fundamentals."
A Reuters story about the Sprott report is
appended.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
Canada Report Lends Support
to Gold 'Conspiracy'
By Nicole Mordant
Reuters
Tuesday, August 24, 2004
http://www.reuters.com/newsArticle.jhtml?type=topNews&storyID=6060123
VANCOUVER, British Columbia -- Gold price conspiracy
theorists got a credibility boost on Tuesday when a
respected Canadian gold fund manager released a
71-page report arguing that bullion prices have been
artificially depressed by central banks, bullion banks,
and hedge funds.
In a document titled "Not Free, Not Fair: the
Long-Term Manipulation of the Gold Price," John
Embry, the chief investment strategist at Sprott Asset
Management, details incidents in the last decade that
"collectively refute the idea that gold is a free
market."
Sprott is a private Toronto-based asset management
and research company managing more than $1.6
billion for institutions and private investors.
"We certainly do not look upon ourselves as
crusaders, but the more we investigated the gold
market, the more readily apparent it became that
the gold price appeared, in the politest of terms,
to be managed," Embry said in the report that he
co-authored.
He said the gold price's moves seemed at times to
be counterintuitive, going down on days when there
were compelling reasons for it to rise.
"We avoid the word 'conspiracy' and prefer to
instead believe that, at least initially, powerful
groups -- central banks, bullion banks, hedge funds,
etc. -- were operating in their own self-interests
and not necessarily in concert with one another,"
Embry said.
For several years a small group of market players,
who have become known as "gold bugs," have argued
that evidence exists that the gold price has been
manipulated lower for profit by some of the world's
biggest financial institutions, gold producers,
and central banks.
This is most clearly embodied in an antitrust
lawsuit pending against Barrick Gold Corp.
and J.P. Morgan Chase & Co Inc. in a Louisiana
court by a New Orleans-based coin and bullion
dealer.
Blanchard and Co. argues that the world's No. 3
gold producer and the U.S. financial giant
colluded for more than a decade to suppress the
gold price. Barrick and JP Morgan have tried to
get the case thrown out of court.
The mainstream gold and financial services
industry has mostly shrugged off the gold bugs'
arguments as nothing more than the hysterical
conspiracy theories of a vocal fringe group.
The bullion price was last at $403 an ounce. It is
down 3 percent this year but is 60 percent
stronger than it was three years ago.
----------------------------------------------------
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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.investmentrarities.com
http://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
Blanchard & Co. Inc.
909 Poydras St., Suite 1900
New Orleans, Louisiana 70112
888-413-4653
http://www.blanchardonline.com
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
Missouri Coin Co.
11742 Manchester Road
St. Louis, MO 63131-4614
info@mocoin.com
314-965-9797
1-800-280-9797
http://www.mocoin.com
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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