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Dollar falls on speculation Fed will stop raising interest rates
10p ET Friday, September 2, 2005
Dear Friend of GATA and Gold:
In the new issue of his newsletter, International
Speculator, Doug Casey offers a long analysis,
"What's Holding Gold Back?," that is very favorable
to GATA. He has generously given GATA permission to
distribute it, so it is appended. You can find
subscription information for International
Speculator here:
http://www.caseyresearch.com/learnMore.php?
pubId=1&ppref=GTA001EM050902
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
What's Holding Gold Back?
By Doug Casey
International Speculator
September 2, 2005
The billion-dollar questions -- the ones that could make any of us
billionaires if we knew the answers for certain -- are: When will
the gold price finally get going? And how high will it go?
I'm discounting, for the moment, the fact that gold has already
moved up substantially in recent years: from $256 in early 2001, to
$436, as of this writing, for a gain of about 70%. That's
peanuts. I'm on record saying that I expect gold to hit $500 by the
end of this year. It may be soon thereafter, but I'm sticking with
my prediction, and with my assertion that that's only the beginning
-- gold isn't just going through the roof, it's going to the moon.
And sooner than most people expect.
But to try to answer the question, I think we need to answer another
one first: What's holding gold back? And even another before that:
Is gold being held back?
It's a complicated issue, with different answers from just about
everyone trying to untangle it. My sense is that gold is being held
back, if not deliberately, then at least by market conditions --
which include mass investor psychology.
To begin with, a quick look at the market fundamentals. (For a
detailed look at the economics of the gold price, I suggest going
back to the April 2003 issue of this newsletter -- conveniently
archived on our web site -- in which Paul Van Eeden did an excellent
job of laying it all out.)
According to Gold Fields Mineral Service, about 2,464 tonnes of gold
were mined in 2004. Add to this central bank sales, scrap gold
sales, and a few other variables, and supply runs around 3,500
tonnes per year -- though Q1 2005 was good for producers and the
number may come in closer to 4,000 tonnes this year. This is pretty
closely balanced by jewelry fabrication (46 tonnes more than total
mine output in 2004), dental and industrial uses, retail investment
purchases, ETFs (exchange-traded funds), etc.
That balance is a very important point. According to the World Gold
Council, total supply was only 190 tonnes greater than demand in
2002. The net surplus was 676 in 2003, and 169 (that's MINUS
169) tonnes last year. Supply was LESS than demand in 2004. So a
significant move in any of the supply or demand factors can have a
huge impact on the price of gold, and, as I'll explain below,
some of these factors are changing in ways that are bullish for gold.
Based on a detailed look at the fundamentals, Jon Nadler, one of the
world's leading consulting experts on the gold market, formerly with
the World Gold Council and now a senior manager at Kitco Precious
Metals (the world's premier online precious metals dealer), says
that gold "should" be trading in the $480-$520 range and is poised
to move into that trading range soon.
This meshes with my own gut feeling. Most commodities are trading
higher -- with many metals and energy commodities boasting triple-
digit gains, or more. Molybdenum is currently up 1171.6%, uranium
325.4%, natural gas 496.9% -- even base metals like copper (175%)
and nickel (238.3%) are up more than gold and silver. So gold,
despite being up 68.7%, is significantly lagging many other
commodities. The figure for silver, as I write, is 67.4%. That's
interesting, in that although silver moves independently from gold
on a day-to-day basis, it has a high overall correlation with gold.
So ...
... What's Holding Gold Back?
When asking this question, the first thing that comes to many
people's minds is that some group of interests is manipulating
the price of gold to keep it artificially low. That may or may not
be the case, but there certainly are a number of economic reasons
for gold to be priced as it is -- or at least as it was until
recently.
1. Supply
After the price of gold spiked over $850 in January of 1980, gold
production increased substantially -- and it stayed up, even with
the steep falloff in gold prices. Production has gone from about
1,200 tonnes per year in 1980 to its current level, over 2,500 tpy.
The total amount of gold above ground is estimated by Nadler at
145,000 tonnes (about 4.66 billion ounces, worth some $2 trillion
dollars).
Where did all that new gold production come from? Aside from the
dramatic increase in price incentive in 1980, new technologies have
matured, such as heap leaching and satellite prospect
identification. In addition, since the collapse of communism, many
prospective areas of the world have opened to modern exploration.
2. Hedging
Another economic factor keeping the price of gold down recently has
been producer hedging. This is a particularly complex part of the
puzzle (see Bud Conrad's informative analysis elsewhere in this
issue), but in a nutshell, when gold was falling, as it was from
1980 to 2000, many big producers, starting with Barrick, "hedged"
against decreasing prices by selling large portions of their future
production at substantially over the then-current prices. Since gold
is a "carrying charge" market, it's usually possible to sell
several years forward at a price reflecting current interest rates
and storage costs. In the mid `80s, when gold was, say, $400, that
meant they could sell three years out for, say, $520. When time came
to deliver, the metal might actually have traded for only $350. That
was a very smart thing to do -- at the time. What wasn't so smart
was failing to recognize when gold bottomed out and prices started
rising again. The producers have started de-hedging in the last
couple of years but they still have massive short positions. By some
estimates, on the order of 1,700 tonnes of gold -- almost half last
year's entire gold supply from all sources -- is still sold forward.
Obviously, gold sold forward in the last five to seven years at
prices considerably below today's is costing these companies a
fortune, but the big impact on price may come from the bullion
banks. Why? Because they could borrow gold from central banks for
nominal interest rates (0.5 to 1.0%), sell it on the open market
(believing they will be able to return it when they take delivery on
futures contracts bought from hedging mines) and invest the
proceeds, conservatively, to clear a 4 to 5% profit margin. This had
the effect of increasing the global supply of gold, basically adding
already produced (borrowed) reserves onto the production/supply side
of the scales.
3. Trader selling
Another purely economic factor holding the price of gold back may
simply be traders selling every time gold approaches $440. Why do I
say that? In part because you can see gold retreat time and time
again, as it approaches $440-$450. Nadler explains: traders, not
being long-term-oriented folks, are not waiting for gold to go to
the moon. They are perfectly happy to buy in the $417-$430 range and
sell the moment they can make $20-$30 per ounce. This doesn't really
affect the balance of supply and demand, but since prices are fixed
at the margins in general, and are particularly volatile in a
relatively small but psychologically important market like gold (if
supply hits 4,000 tonnes this year, that would only be $57 billion
at $440 gold), even a modest amount of selling by traders can have a
strongly negative short-term effect on prices.
4. The Real Estate Bubble, the U.S. Economy, and Interest Rates
Investor fascination with real estate is drawing capital from other
investments, even undervalued ones like gold. Why did investors
focus on real estate, rather than gold, after the tech bubble burst,
the dollar started falling, and broader equities markets started
trading sideways?
I attribute it mainly to the fact that gold was in a secular bear
market from 1980 to 2001. As a consequence, a whole generation of
investors grew up thinking of it as an investment "dog" as well as a
monetary anachronism. In addition, the strong growth of the U.S.
economy and the years of low interest rates have spawned a
complacent mentality among most Americans; they expect continuous
prosperity. Given the record levels of debt among individuals and
the federal government, this feeling of prosperity must be a form of
mass delusion. Rising interest rates are already putting the squeeze
on credit card and mortgage holders with variable interest rates.
That could get very ugly, very quickly. Though we are seeing the
beginnings of a change in attitude, most institutional and retail
investors still think putting capital in gold and other precious
metals is a little loony.
When the housing bubble bursts, though, I suspect, things will begin
to change. Stocks, bonds, and the depreciating dollar won't provide
a refuge. The herd is going to head into commodities in general, and
gold in particular. Gold is, after all, the crisis commodity -- and,
as explained in last month's edition of this newsletter, I am more
convinced than ever that we're heading for a financial crisis
that's going to dwarf what we saw in the 1930s.
5. Price manipulation?
As long-time readers know, I don't generally subscribe to conspiracy
theories. Occam's Razor dictates that the simplest solution to a
problem is likely the most correct one. And anybody who has tried to
get a few friends to agree on something as simple as what movie to
watch can imagine how hard it might be getting dozens of the most
powerful malefactors in the world to agree on how to suppress the
gold price. But I have to say that the folks at the Gold Anti-Trust
Action Committee (www.GATA.org) present a pretty compelling case.
Central banks may not be able to control the price of gold, as was
the case before 1971, but they have the motive, means and appearance
of influencing it.
The U.S. in particular, since its dollar has in good measure
replaced gold as a reserve asset around the world, has an interest
in seeing low gold prices, and a quiet gold market. Why? Because the
value of the world's fiat currencies, particularly the dollar,
rests mainly upon the confidence of the public. Unfortunately,
confidence is not a stable foundation upon which to build the world
economy. Like any attitude, confidence can change over night.
Governments want to maintain confidence at all costs, and the one
thing most likely to destroy it and set off a full-scale monetary
panic, is a runaway gold price. Therefore, it's quite logical
that they will make every effort to suppress the price of gold.
How? Remember what I said about producer hedging above? The key
component of GATA's claims is that the central banks are lending
gold to bullion banks and still keeping the gold on their books as
reserves. In these "swaps," each bar of gold essentially gets
counted twice, exerting a negative pressure on the gold price when
the borrowed gold gets sold on the open market. There's no
question that bullion banks are selling borrowed gold -- what makes
this the stuff of a "conspiracy" is that GATA says the central banks
are not being truthful about whether or not they are counting gold
not actually in their vaults as reserves.
Specifically, GATA Chairman Bill Murphy says the central banks are
reporting an aggregate of about 31,000 tonnes of gold held in
reserve, but only have about half as much in their vaults. The
amount of gold they actually have on hand may be as little as
14,000, or even 12,000 tonnes.
Murphy says the International Monetary Fund claims that it
recommends that swapped gold be excluded from reserve assets.
However, some central banks report otherwise. For example, a
footnote on the central bank of the Philippines' Web site
contradicts the IMF's claim: "Beginning January 2000, in compliance
with the requirements of the IMF's reserves and foreign currency
liquidity template. ... Gold swaps undertaken by the BSP with non-
central banks shall be treated as collateralized loans. Thus, gold
under the swap arrangement remains to be part of reserves. ..."
The European Central Bank, the Bank of Finland, the German
Bundesbank, and the Bank of Portugal also confirmed in writing to
GATA that swapped gold remains a reserve asset as per IMF
regulations. So clearly there is a disconnect here.
Summarizing the GATA argument, in their own words: "GATA believes
that the implications of IMF accounting procedures for reversible
gold transactions are very significant. Clearly deceptive
accounting, countenanced by the IMF, has allowed official sector
gold to hit the market without a corresponding drawdown on the
balance sheets of central banks. This has made it impossible for
analysts to ascertain the exact size of official sector gold loans,
swaps and deposits. The unwillingness of central banks to provide
even a minimum level of transparency suggests that total gold
receivables are substantially larger than the accepted industry
figure of approximately 5,000 tonnes. Macroeconomist and former
World Bank consultant Frank Veneroso contends that 10,000-15,000
tonnes of gold have left central bank vaults via loans, deposits,
and swaps."
Could central bankers really be stupid enough to lend out gold to
people who are selling it, in return for a measly 0.5% interest?
Yes. My impression of central bankers is that most are not smart
enough to buy low and sell high; they're a bunch of stumblebums
from wealthy families who know how to dress well. They likely feel
quite clever getting 0.5%, when before they were getting nothing. I
also don't doubt the favor to the bullion banks often gets repaid
with cushy jobs or consulting contracts after the bureaucrats go out
into the private sector.
What happens if production from Barrick and the other hedged
producers (many of whom are taking a severe beating from rising
costs and commitments to sell gold at below-market prices) falls off
and J.P. Morgan and the other bullion banks can't replace the gold
they've sold at prices they can afford to pay? It will be a scandal
of a scale that, by itself, could move gold much higher.
But even if that doesn't happen, it's easy to see that the bullion
banks must feel a well-deserved and thoroughly unpleasant jolt of
panic every time the price of gold heads north -- especially with
mine strikes in South Africa, unrest in Peru and environmental
activism threatening gold production in other places.
If they can't replace the gold they've sold from new mine
production, they'll have to get it on the open market, and that
could wipe them out. And if the bullion banks go bust, the central
banks will be caught with their suspenders down; they'll be forced
to go public, admitting that they have less than half the gold
they've been reporting in reserve. Fear of that outcome could
certainly drive them to lend even more gold to the bullion banks,
adding selling pressure whenever the price of gold goes up, making
the hole they are digging deeper each time.
Whether or not there's any deliberate price manipulation may be hard
for GATA to prove. However, GATA's questions of the central bankers
regarding their policies on reserves, swaps, sales, etc. are valid
and deserve answers. I've made light of GATA's efforts to force
disclosure in the past only because I've felt they were doomed to
failure, not because I disapproved of the intent.
I asked Bill Murphy how long before the bullion banks and central
banks hit the wall and the whole house of cards collapses. Bill
answered: "I think we're there now. I'm not sure the central banks
can lend any more gold out -- the scandal could break at any moment."
... What Will Make Gold Move?
Obviously, a significant change in any of the factors above will
send gold up sharply. Specifically:
1. Central banks
Whatever the case may be in central bank reserve reporting, the fact
that they are lending their supposed reserves out to entities that
subsequently sell the gold for a profit is not in question. The
question is, how much? They may be running low on physical
inventory. Remember: by their charters, they have to keep a certain
minimum amount on hand. Furthermore, most of the big central banks
are signatories to the Central Bank Gold Agreement (CBGA), which
limits their bullion sales to 500 tonnes per year -- a limit they've
already broken, with one month left to go in this fiscal year.
Because of the lack of transparency, we can't say when they'll hit
their limits, but at some point -- and it can't be too far off --
the central banks will have to stop selling.
2. Production
There are numerous problems facing the gold industry on the
production side. According to the World Gold Council, production was
already down last year, by about 4.9% compared to 2003. Demand was
up 9.5% at the same time. One reason for this is increased
environmental and political opposition to mining operations, such as
the trouble Newmont has been having at their giant Yanacocha mine in
Peru. In South Africa, where social unrest and the rising rand (vs.
the dollar) has put gold producers under serious pressure, output
continues to drop. The figures for Q2 2005 show another 2.4% drop in
output (down 18% versus a year ago). South Africa now supplies about
14% of the world's mine output, down from 80% in 1970.
Another reason is the decreasing success of exploration. Heap
leaching is a couple decades old now (the advent of cheap bulk
tonnage gold mining around the world is partly responsible for the
decrease in South Africa's share of mine output and largely
responsible for the great increase in production over the last few
decades) and many of the world's most easily identifiable heap-
leaching targets have been put into production. The major producers -
- the ten largest companies account for about 46% of the world's new
mine production -- need a steady stream of new multi-million ounce
deposits simply to stay in business. Newmont, for example, needs to
find 6 to 8 million new ounces of gold every year in order to
maintain the value of its shares, and deposits of that scale are
getting fewer and farther in between.
It remains to be seen if this year's production will keep up with
demand. It did in Q1 2005, but only by 47 tonnes, which is very
similar to the 45-tonne surplus in Q1 2004 -- a year that ended up
in shortfall. If supply falls significantly short of demand and
central banks are limited in how much they can sell, we could see
major increases in the price of gold in short order.
3. General demand
Increasing world population alone would increase demand, but that
growing population is also increasingly wealthy. Jewelry fabrication
currently accounts for about 71% of world gold demand, and the
biggest sources of that demand are India and China, where GDP is
growing much faster than in the U.S. and Europe. Unless those
economies go into serious corrections, the largest portion of world
demand should remain very strong for years to come ... especially as
we see continued pressure on fiat currencies, pretty much across the
board.
Furthermore, some central banks may be buying, even as others are
selling. Public data summarized by the World Gold Council shows
Russia buying repeatedly over the last few years, as well as the
Philippines, Mongolia, Venezuela and a number of other third-world
countries from time to time. Don't let the 500 tpy of official
central bank bullion sales fool you, aside from whatever is being
swapped behind closed doors, the overall central bank reserve level
is not being sold off as quickly as some people say. There are even
signs that some central banks may step up buying -- the Russians and
the Chinese in particular.
Also, new industrial and other uses for gold are being found all the
time. It's important to remember that, as one of the 92 naturally
occurring elements, gold has unique properties that are critical in
an increasingly hi-tech world: It's the most corrosion resistant,
ductile, and malleable of all metals.
4. Geopolitics
The Arabs will be increasingly interested in turning their oil money
into gold, just as they did in the late 1970s. This is inevitable,
with so many Americans adopting attitudes of "the only good towel
head is a dead towel head." Interestingly enough, one of the last
things Saddam Hussein did before Baby Bush took him out was to
announce that Iraq would be selling oil for euros instead of
dollars. And one of the first things the U.S. did on taking control
of Iraq was to cancel that arrangement. (Notably, the first-ever
euro-denominated international oil bourse is scheduled to open in
Tehran in March 2006 -- unless, of course, we manage to turn Iran
into a parking lot first.) Military efforts to prop up the dollar
will only shake confidence in the greenback all the more, of course,
which is good for the gold price.
Meanwhile, I've heard that Russia and China are thinking about
dumping the dollar as a vehicle for facilitating trade between those
two countries. It makes little sense for two major powers to use the
unreliable currency of a potential enemy for trade with each other.
The U.S. government has a great deal of knowledge of what's
happening with, and control over, its currency everywhere in the
world -- this is inconvenient for foreign governments. But neither
the ruble nor the renminbi circulate outside of their issuing
countries (these are "blocked" currencies), so, if those countries
stop using dollars, what are they going to use? The euro? I doubt
it. It suffers from the same problems as the dollar, and is worse in
some ways. If the dollar is an "I owe you nothing," the euro is
a "Who owes you nothing," backed largely by dollars. Gold is the
only sensible way to go. Perhaps this is why Russia has been buying
gold, and China is rumored to be planning to do the same.
5. De-hedging by gold producers
Hedged gold producers still have some 1,700 tonnes of gold to
deliver that has already been paid for. The yearly amounts
subtracted from this total essentially decrease output, which is
bullish for gold.
6. Real estate bubble popping
The psychological impact of the real estate bubble popping is worth
reflecting upon. After the tech bubble burst, and people's
confidence in equities in general was shaken, a land rush was almost
inevitable. After all, what would make the average person feel more
secure than real property, land you could stand on? If your
speculation didn't work out, at least you still had the real
property -- not just a piece of paper. Gold would be the only other
asset (with the possible exception of government bonds, but
that's still just paper and not as reassuring if you think the
country is in serious trouble) that most people can "instinctively"
feel secure holding. With the economy still strong and the pre-9/11
American empire looking unshakable, people's shift to real estate
rather than gold was unsurprising. So, fast-forward to 2005. Where
will people put their money if they don't trust equities, don't
trust Uncle Sam to remain solvent, and are worried about falling
real estate? What else could offer anywhere near the security and
investment upside as gold (and a side position in silver)? Answer:
nothing.
7. Technical "reasons"
I'm not a chartist, but I do pay attention to them. At a minimum,
they give perspective on where something is relative to where
it's been. And they make it easier to see where the current trend
may be leading. Specialists look for many finer points. I've seen
some very compelling charts that paint bullish pictures for gold, on
the basis of many different factors. Bud Conrad, who pulled together
a companion article that appears elsewhere in this edition, is one
of the more thoughtful and competent chartists I know, specializing
in fundamental economics rather than "technical" trends. His article
in this issue has a few eye-opening charts. Bud is working on a
comprehensive analysis of gold markets that we hope to be publishing
soon. Until then, Bud's article in this issue will give you a
feel for his approach -- and why so many chartists are bullish on
gold.
8. Psychological barriers
As I was working on this article, gold again flirted with $440 and
then pulled back (GATA says the central banks sold foreign currency
holdings for dollars on August 30, 2005, pushing the dollar up in
order to keep gold from spiking after Hurricane Katrina -- which it
obviously "should" have done). From $440, only $10 (a 2.3% gain)
would take us over the important $450 barrier. The last time that
happened, it made headlines -- as it will the next time. This alone,
with or without any of the factors above, could bring more investor
interest. Which, in turn, could push gold still higher. Note that
the $480 to $520 range Jon Nadler is calling for averages to $500 --
another barrier number that investors and the media will likely pay
attention to.
... What Will Make Gold Go to the Moon?
I have been saying for years now that gold will go to the moon when
people realize what paper money is actually worth. Next to nothing.
That's the real key to really large movements in the price of gold.
Again, unless it triggers something bigger, $500 gold is still cheap
in inflation-adjusted dollars.
This meshes with a comment Nadler made when we last spoke: "I think
the key factor in today's lackluster investment demand market is the
relative absence of the 'common man.' When the man in the street
starts buying gold, no traders, no central banks -- nothing and no
one will stop that flood of demand. That individual will come to the
market and start buying once they understand that real wealth means
how much money you get to keep -- not how much more you can eke out
of the next home purchase or hot IPO stock."
I agree. The $50-$60 billion per year gold industry is a relatively
small one, utterly dwarfed by, say, the oil business. It's nothing
compared to a world economy estimated at over $50 trillion.
Involvement of Nadler's "common man" will blow the doors off. What
will make that happen?
While there are any number of reasons, from additional terrorist
attacks, to rising energy prices (or prices of everything impacted
by energy, which is to say, most things), my candidate for what will
get things moving would have to be a resumption of the fall in the
dollar -- in time, accelerating to the level of a collapse.
Of course, a falling dollar is really just the expression of
widespread awakening to the financial swindle the government is
running to fund its wasteful ways.
As foreign governments and the teeming masses begin to catch on to
the idea that the government's version of currency is a rapidly
dissipating deception, no more sustainable than, say, Pokemon cards
that can be endlessly printed, the smarter members of the herd will
break toward gold, and in increasing numbers. As already discussed,
the gold market is not a big one -- which is why I often use the
analogy that the shift back towards gold will be akin to trying to
squeeze the contents of the Hoover dam through a garden hose.
... Conclusions: What to do?
Of course, I could be wrong about the direction of the economy, and
my strong belief that, over time, people will gravitate towards a
tangible, universally accepted commodity such as gold over a pieces
of paper, or electronic bytes representing that paper.
While we wait to find out -- because only time will tell -- we can
make a lot of money by buying great resource stocks cheap. Even if
it turns out that much higher gold prices aren't in the cards, for
reasons I can't foresee at this time, there are still any number of
solidly managed junior exploration companies and developers with the
potential to provide us with doubles -- and more -- on our money in
the years just ahead.
The truth of that contention is that virtually all of the projects
currently in the feasibility phase use in their assumptions a gold
price in the area of $350 to $400.
If I'm wrong on the big picture, you'll find some consolation in the
profits we're making. On the other hand, if I'm right, it will be
champagne all around. Except for the average American.
In the meantime, building a personal hoard of gold and some silver,
maybe up to 10% to 15% of your overall portfolio, getting out of
traditional equities and speculative real estate ... generally
hunkering down, would seem to me to be the prudent thing to do.
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RECOMMENDED INTERNET SITES
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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
http://www.goldpennystocks.com/
Subscription sites:
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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/
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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
http://www.buysilvernow.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
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USA
By credit card (MasterCard, Visa, and
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Collapse of the Dollar" by James Turk and
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GATA is a civil rights and educational
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