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Financial Times'' Barry Riley examines gold''s prospects and cites GATA
1:24a ET Monday, October 25, 2004
Dear Friend of GATA and Gold:
"Conspiracies rarely exist," Dennis Gartman wrote
in the September 14 edition of The Gartman Letter,
disparaging GATA's contention that central banks
and bullion banks have been working together to
suppress the gold price.
But Gartman sounded a little different about gold
in his edition of Friday, October 22:
"Yesterday, $424-425/ounce proved to be formidable
resistance, and we've no doubt but that this shall
prove to be formidable resistance again today, and
unless the euro is able to push readily through
1.2650 we do not expect that resistance to be broken
today. Further, the real, formidable, substantive
resistance for bullion shall be the $428-430 level
seen earlier this year and late last year.
"We have no idea who it was that sat so hard upon
gold prices ... twice ... as they rallied to those
levels, although we are certain that the gentlemen
(and gentlewomen) at GATA will be prepared to tell us
yet again that it is the bullion-dealing banks, the
central banks, and Wall Street broking firms who have
done so. We really do not care who it is; we know
only that someone of consequence has tried
(successfully thus far) to keep gold prices below
$430, and we have no doubt whatsoever that they shall
try to do the same this time. We know only that if
they fail, then their positions shall become all the
more untenable and that the short covering shall be
material and possibly quite rapid."
That is, in little more than a month Gartman has
gone from denial to preferring not to know.
This may be enormous progress for anyone in the
financial establishment. But just remember: For
its greatest wisdom the financial world is relying
on people who would prefer not to know what is
really going on and who, worse, affect not to
care.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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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)
http://www.resourceinvestor.com/
Subscription site:
http://www.lemetropolecafe.com/
Eagle Ranch discussion site:
http://os2eagle.net/checksum.htm
Ted Butler silver commentary archive:
http://www.investmentrarities.com/
----------------------------------------------------
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WHO HAVE SUPPORTED GATA
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BY OUR MEMBERS
Blanchard & Co. Inc.
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Michael Kosares, Proprietor
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178 West Service Road
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info@mocoin.com
314-965-9797
1-800-280-9797
http://www.mocoin.com
Resource Consultants Inc.
6139 South Rural Road
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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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