You are here
Jim Sinclair explains how the Exchange Stabilization Fund works against gold
HELP GATA WHILE HELPING YOUR OWN INVESTMENT PORTFOLIO
-- ATTEND THE NEW ORLEANS INVESTMENT CONFERENCE.
CLICK HERE TO FIND OUT MORE:
http://www.gata.org/links.html
* * *
'Lunati' gold conspiracy theorists get support
By Allan Seccombe
ThisDay, Sandton, South Africa
Thursday, August 26, 2004
www.thisdaysa.co.za
JOHANNESBURG -- Gold watchers labeled "lunatic
conspiracy theorists" for their views that the gold
price is in the grips of murky and Machiavellian
dealings have received the backing of a well-known
Canadian fund manager.
Sprott Asset Management yesterday released a
71-page report detailing how and why the gold price
has been kept artificially low. The report outlines
the mind-boggling intricacies of how central banks,
investment banks, producers, speculators, and
hedge funds move and trade gold.
The report's authors, John Embry and Andrew
Hepburn, argued that the gold price has often moved
counter to the factors that should make it rise. They
laid the blame squarely on central banks, investment
banks, and hedge funds.
"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 appeared, in
the politest of terms, to be managed," said John Embry,
Sprott's chief investment strategist.
"We avoid the word 'conspiracy' and prefer to instead
believe that at least initially powerful groups (central
banks, bullion banks, hedge funds) were operating in
their own self-interests and not necessarily in concert
with one another," he said.
The researchers say they drew heavily on the work
done by members of Gold Anti-Trust Action Committee
(GATA), which has long drawn withering scorn from
segments of the gold industry.
The report reckons central banks intervened in the
gold market in the late 1990s to prevent a meltdown
among bullion banks as the gold price ran up,
catching them offside. It said the Bank of England's
well-publicized sale announcement of 415 tonnes of
gold in early 1999 was also seen as a downward
manipulation of the gold price that was in the throes
of a rise.
The report citied GATA researcher Frank Veneroso's
argument that loans of gold by central banks to
investment banks, providing derivative plays for
producers and speculators, are two to four times
larger than thought.
"The parties who are really being disadvantaged are
those whose livelihoods depend on gold mining, which
is now a marginal business at best," Embry said.
The central banks were the primary beneficiaries of the
price manipulation, they said.
----------------------------------------------------
To subscribe to GATA's dispatches, send an e-mail to:
gata-subscribe@yahoogroups.com
To unsubscribe, send an e-mail to:
gata-unsubscribe@yahoogroups.com
----------------------------------------------------
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
----------------------------------------------------
HOW TO HELP GATA
If you benefit from GATA's dispatches, please
consider making a financial contribution to
GATA. We welcome contributions as follows.
By check:
Gold Anti-Trust Action Committee Inc.
c/o Chris Powell, Secretary/Treasurer
7 Villa Louisa Road
Manchester, CT 06043-7541
USA
By credit card (MasterCard, Visa, and
Discover) over the Internet:
http://www.gata.org/creditcard.html
By GoldMoney:
http://www.GoldMoney.com
Gold Anti-Trust Action Committee Inc.
Holding number 50-08-58-L
Donors of $750 or more will, upon request,
be sent a print of Alain Despert's colorful
painting symbolizing our cause, titled "GATA."
GATA is a civil rights and educational
organization under the U.S. Internal Revenue
Code and contributions to it are tax-deductible
in the United States.
