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James Cook: Ted Butler was first to expose the scam of precious metals leasing
8:43p ET Tuesday, August 31, 2004
Dear Friend of GATA and Gold:
Here's still another news story about the
supposedly imminent start of the World
Gold Council's U.S. bullion fund, which
has been imminent for a year and a half
now.
Note particularly the assertion that the
World Gold Council said it is forbidden to
comment. Since when has the World Gold
Council commented on ANYTHING relevant to
gold?
In just the last few weeks Argentina's
purchase of 42 tonnes of gold was revealed,
but the WGC mentioned it only as an
afterthought and with no reference to
Argentina's corresponding default on its
international debt and its defiance of
the International Monetary Fund; and Sprott
Asset Management issued its painstaking
study confirming surreptitious manipulation
of the gold price and Sons of Gwalia went
under because of excessive hedging, but
the World Gold Council had nothing at all
to say about these huge developments.
It would be great if anyone got a real
bullion fund started, but until this one
is audited and its custodian's vault is
inspected and all possibility of any
encumbrances on the gold there is eliminated,
investors should regard the fund as they
would regard Fort Knox -- a flashy but
unverified claim made by people who have
proven themselves no friends of gold.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
Launch of StreetTRACKS Gold Shares at NYSE Awaited
http://www.reuters.com/newsArticle.jhtml?type=topNews&storyID=6116124
NEW YORK, Aug. 31 (Reuters) -- Gold-backed securities
known as streetTRACKS could soon start trading on the
New York Stock Exchange, according to a statement
posted Monday on the Securities and Exchange
Commission's Web site. The previously unnamed equity
trust, sponsored by the World Gold Council, is designed
as an alternative to investing in physical gold, which
is difficult and expensive for nonprofessional to move,
store, and insure.
The NYSE and the World Gold Council, which filed the
amended registration with the SEC, said they are
forbidden to comment during the process. The
registration was initially filed in May 2003.
The prospectus document, which can be found on
http://www.sec.gov and is subject to further amendment,
indicates it will be launched in 2004 "as soon as
practicable after this registration statement becomes
effective."
Financial markets have been anticipating its debut, and
rumors have circulated among gold traders and analysts
in recent weeks that a launch was imminent.
The New York securities are similar to Gold Bullion
Securities Ltd., which started trading on the London
Stock Exchange in December 2003.
The U.S. version has registered 60,400,000 shares, each
representing ownership in 1/10 ounce of gold, according to
the prospectus. Share prices, which will trade under the
ticker symbol GLD, will be determined by the spot price
of gold at the time they are sold to the market.
The actual gold will be warehoused by the custodian,
HSBC Bank USA. The trust will be administered by The
Bank of New York.
The gold industry has looked to exchange traded funds
to sustain investor interest in gold, which reached its
highest price in 15 years five months ago near $430 an
ounce, about $20 above the current price at $409.25.
Exchange traded funds offer the small investor the ability
to play in gold, without handling the physical asset.
Investors can also buy shares in gold companies but
may be discouraged by the financial nuances of the
mining industry and by influences on stock prices that
may not be related to the underlying value of gold.
San Francisco-based Barclays Global Investors, N.A.,
also filed a registration with the SEC this year for iShares
COMEX Gold Trust, which will mimic the price of gold
futures at the COMEX division of the New York Mercantile
Exchange.
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Free sites:
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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
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Eagle Ranch discussion site:
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Ted Butler silver commentary archive:
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----------------------------------------------------
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WHO HAVE SUPPORTED GATA
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and
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info@mocoin.com
314-965-9797
1-800-280-9797
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Metalguys@aol.com
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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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