You are here
Harris Capital Management: The real currency is crude oil
1:24p ET Thursday, March 3, 2005
Dear Friend of GATA and Gold:
Below is the press release GATA has just
distributed internationally by the
Business Wire service to publicize the
report of the Gulf Research Center in
Dubai endorsing our findings about the
rigging of the gold market. GATA has paid
$2,000 to have the release translated into
Arabic and Hebrew and sent to all major
news organizations in the Middle East, so
we'll be grateful if anyone would like to
contribute financially to help underwrite
our efforts here.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
Dubai Study Endorses GATA's Findings on
Gold Market Rigging, Warns Oil Producers
GATA press release via Business Wire
March 3, 2005
http://home.businesswire.com/portal/site/google/index.jsp?
ndmViewId=news_view&newsId=20050303005548&newsLang=en
A study published by a research foundation in Dubai has endorsed the
Gold Anti-Trust Action Committee's findings that Western central and
commercial banks have rigged the gold market but have much less gold
than they claim to have and so are vulnerable to rising demand for
gold. The study recommends that the oil-producing countries of the
Middle East diversify their ever-depreciating U.S. dollar holdings
into gold.
The study, "The Role of Gold in the Unified Gulf Cooperation Council
Currency," was written by Eckart Woertz, vice president of CFC
Securities in Dubai, for the Gulf Research Center. It quotes the work
of GATA's consultants, including Frank Veneroso, and predicts that
the gold price suppression scheme of the Western banks will fail just
as their similar scheme of the 1960s, the so-called London Gold Pool,
failed when the drain on Western gold reserves became too great. Once
the scheme fails, the study says, "it will be highly difficult and
expensive to accumulate a gold reserve. This is especially true for
central banks that have low gold reserves like those in the Gulf
Cooperation Council countries."
The study concludes: "The paper dollar standard is a dead man
walking. Its debt, accumulated over the recent decades, is too high
to be effectively repaid. It will either default or be inflated to
such an extent that it will not 'hurt' to pay it back. Therefore, the
accrued imbalances in global finance and the inherent weakness of
worldwide growth models that rely on a continuance of U.S. deficit
spending are likely to usher in a serious crisis of currency systems
in coming years.
"Gold will be a suitable means of asset protection and ultimate
payment in such a scenario. It will preserve the wealth of
individuals and central banks alike and will ensure important
maneuverability for the latter."
GATA believes that the study is likely to have a profound influence
on governments, banks, and investors in the Middle East and may
accomplish there what the similar report by Sprott Asset Management
of Toronto -- "Not Free, Not Fair: The Long-Term Manipulation of the
Gold Price" -- is accomplishing in the West.
The Middle East's oil-producing countries are especially obliged to
heed the Gulf Research Center's study because their economies are
based on a wasting asset, oil, whose depletion will leave them with
little more than sand if the payment they receive is substantially
depreciated or defaulted upon. In exchanging a real asset for paper
assets that represent only unpayable debts, oil-producing countries
are at imminent risk of massive expropriation.
The study has been posted at the GATA Internet site here:
http://www.gata.org/The%20Role%20of%20Gold%20Digital.pdf
GATA urges its supporters to publicize the study around the Internet
and in communications with mining companies, investment houses, and
news organizations.
----------------------------------------------------
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.kereport.com
(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 sites:
http://www.lemetropolecafe.com/
http://www.interventionalanalysis.com
http://www.investmentindicators.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 First Ave., Suite 807
Denver, Colorado 80206
1-800-869-5115
http://www.USAGOLD.com
Michael Kosares, Proprietor
cpm@usagold.com
Colorado Gold
222 South 5th St.
Montrose, Colorado 81401
http://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
Gold & Silver Investments Ltd.
Mespil House
37 Adelaide Rd
Dublin 2
Ireland
+353 1 2315260/6
Fax: +353 1 2315202
http://www.goldinvestments.org
info@gold.ie
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
http://www.certifiedcoins.com
Ed Lee, Proprietor
1-800-835-6000
leecoins@aol.com
Lone Star Silver Exchange
1702 S. Highway 121
Suite 607-111
Lewisville, Texas 75067
214-632-8869
http://www.discountsilverclub.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
The Moneychanger
Box 178
Westpoint, Tennessee 38486
http://www.the-moneychanger.com
Franklin Sanders
1-888-218-9226, 931-766-6066
----------------------------------------------------
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 $1,000 or more will, upon request,
be sent a print of Alain Despert's colorful
painting symbolizing our cause, titled GATA.
Donors of $200 or more will receive copies
of "The ABCs of Gold Investing" by Michael
Kosares, proprietor of Centennial Precious
Metals in Denver, Colorado, and "The Coming
Collapse of the Dollar" by James Turk and
John Rubino.
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.
