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GoldMoney''s James Turk breaks into the pages of The Wall Street Journal
1:45a ET Friday, October 7, 2005
Dear Friend of GATA and Gold:
The economist Robert A. Mundell, inventor of the euro,
got top billing Thursday evening at the fall meeting of
the Committee for Monetary Research and Education
in New York but it was Murray Pollitt of Toronto stock
brokerage house Pollitt & Co., president of River Gold
Mines Ltd. in Canada and veteran engineer and gold
share trader, who stole the show.
Pollitt gave the CMRE crowd of about 100 a review of
the gold market that was virtually identical to GATA's.
His points:
-- Central banks long have been trying to regulate the
gold price and are doing it now.
-- He has it on excellent authority that the
International Monetary Fund recently joined central
banks in leasing gold.
-- He also has it on excellent authority that the
Long-Term Capital Management hedge fund, which
collapsed in 1998, was heavily short gold.
-- If the gold price had kept up with the price of oil
and copper and not instead been suppressed by
central banks, it would have reached $800 by now.
-- The gold price suppression scheme is falling apart
RIGHT NOW.
-- Gold's rise this time will be far more dramatic
than its rise in the late 1970s, for back then there
were no gold short positions and no gold derivatives.
Those short positions and derivatives will make
gold's rise many times more explosive this time.
-- The gold price suppression scheme of the central
banks is "a big con game" to persuade people to
hang on to government currencies. It will end in a
"wild ride" for gold and commodities.
-- Even with the rising price of gold, rising fuel
prices lately have been ruining open-pit gold miners
and thus sharply reducing worldwide gold production.
(Of course this decline in production forces the
central banks to cough up more gold from their
reserves to contain the price.)
Also of gold interest among the meeting's other
speakers was market commentator Marshall Auerback,
international equities strategist for RAB Capital
in London, who echoed the remark made at GATA's
Gold Rush 21 conference in August by Adam Fleming
of Fleming Family & Partners in London. That is,
Auerback said, new buyers can overwhelm the central
banks in the gold market. This, Auerback explained,
will require a "paradigm shift" in the thinking of
investors about currencies, but investors indeed are
starting to consider gold a reserve currency along
with the dollar and euro.
Auerback predicted a gold price of $495 by the end
of the year despite what he expects will be continued
pounding by the central banks. He further predicted a
gold price in four figures within two or three years.
The dollar, he added, seems to have topped and will
have to go much lower.
GoldMoney founder James Turk, editor of the
Freemarket Gold & Money Report and consultant to GATA,
told the meeting about electronic gold's potential for
the settlement of international trade, providing
complete independence from government currencies.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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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
http://www.goldpennystocks.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
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
----------------------------------------------------
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