You are here
''Mining Industry Review'' with David Morgan debuts at Free-Market News Network
10:08p ET Thursday, April 28, 2005
Dear Friend of GATA and Gold:
Gold Fields Mineral Service today announced publication
of its 2005 gold survey and predicted that a gold price of
$500 "no longer looks fanciful." You can find the GFMS
press release here:
http://www.gfms.co.uk/Press%20Releases/GS05_overview.pdf
Since GFMS long has been the disinformation agent of
the central banks and bullion banks, its survey can mean
two things: Either those banks are about to smash the
gold price down below $400 or central bank gold is
running out and when it does the price of gold will be
above $1,000. Or maybe the GFMS survey means BOTH those
things -- the smashdown first, of course, to shake the
most people out of their gold holdings before gold
becomes more fairly valued.
It's hard to imagine that GATA's supporters could be
more disheartened than they are right now on account
of the collapse of the gold and silver mining shares --
a fall of more than 25 percent since December, as
measured by the HUI index of unhedged miners, even
though gold itself is down only about 4 percent since
then. (Hey, we wanted leverage and we sure got it,
didn't we?) But taking the "long" view -- as in going
back all of a year -- discloses that gold is up almost
12 percent.
GATA is a free-market and transparent-market advocacy
organization, not an investment advice organization.
But GATA's officers and consultants are gold and
silver investors too and so we hurt doubly when our
supporters, themselves investors in the precious
metals, are hurting. We more than sympathize with them,
and providing more than sympathy requires reminding
them that the greatest determinant of the gold price
(and probably the silver price too) remains for the
time being the rate of dishoarding of central bank
reserves.
That is, it is mostly a matter of how much metal the
central banks are willing to lose and how quickly they
are willing to lose it in order to prop up their
national currencies and bonds. We have made some
pretty good calculations about how much the banks
have lost and how much they have left, but we don't
KNOW their exact plans. Indeed, the disposition of
central bank gold reserves and the plans for
mobilizing them are official secrets more sensitive
than the plans of design of nuclear weapons.
The central banks WILL run out of gold they are
willing to lose, almost surely sooner than most
conventional observers of the gold market think, and
many of us may reasonably hope to live to see the
day. But anyone who picks up a gold or silver coin
and resolves to keep it as a store of value or to
use it in ordinary commerce, recognizing what it
represents -- honest and enduring measures, fair
play, limited government, the primacy of the
individual -- must also recognize that, in doing
so, he is challenging all the money and power and
in the world. And anyone doing that will find that
some days are simply going to hurt.
So let's stop the whining or at least keep it to
ourselves. Besides, we ARE making progress. The
widening manipulation of the gold, equity, and
bond markets is being noticed and remarked upon
even in some mainstream publications. Just this
week the Gold Market newsletter in Germany,
edited by Martin Siegel of Siegal Investments in
Bad Salzuflen, published a long article about
GATA's work. It cited the Blanchard & Co. lawsuit
against J.P. MorganChase and Barrick Gold, as well
as the International Monetary Fund's instructing
central banks to count leased gold as gold safe
in the vault. (Thanks so much to Dietmar Siebholz
and his colleagues in the Konstanzer Kreis -- the
Group of Constanze -- for their making GATA known
in Germany. It was their effort that got us into
the Gold Market newsletter there.)
The lesson of history is that the bad guys are
brought down by their overreaching and that they
ALWAYS overreach. They are overreaching now, and
any multi-year chart of the gold price shows that,
bad as we may feel tonight, we are actually winning.
Indeed, the chart suggests that if you can't handle
the volatility of the mining shares you should be
holding the metal itself. No losers there.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
----------------------------------------------------
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.usagold.com/amk/usagoldmarketupdate.html
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.
