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State of the Union: More war without sacrifice or plan, just monetary debasement
9:06p ET Wednesday, February 1, 2006
Dear Friend of GATA and Gold:
Cheuvreux, the equity brokerage house of Credit
Agricole, the huge French bank, today distributed
a 56-page report that completely endorses in detail
the findings of the Gold Anti-Trust Action Committee
that the price of gold has been surreptitiously
suppressed by Western central banks and that
those banks do not have the gold they claim to
have.
The report, written by Cheuvreux's mining sector
analyst in London, Paul Mylchreest, is titled
"Remonetization of Gold: Start Hoarding." It
repeatedly cites GATA by name and foresees an
"unprecedented" rise in the gold price, possibly
accompanied by a spike toas much as $2,000.
The report's executive summary says:
"We are raising our mid-cycle gold price estimate
to USD900/oz from USD750/oz and see the
possibility of a spike to USD2,000, or higher. Covert
selling (via central bank lending) has artificially
depressed the price for a decade.
"Central banks have 10,000-15,000 tonnes of gold
less than their officially reported reserves of 31,000.
This gold has been lent to bullion banks and their
counterparties and has already been sold for
jewelry, etc. Non-gold producers account for most
and may be unable to cover shorts without causing
a spike in the gold price.
"There is a supply deficit in the gold market of around
1,300 tonnes per year before any central bank selling
and perhaps 700 tonnes per year after 'official' sales
but before covert selling. This compares with world gold
mine output of only 2,500 tonnes per year. Some
central banks, notably Russia, are starting to buy gold.
"Gold acts as an early warning of potential crisis such
rising inflationary/deflationary pressures and general
confidence in paper currency, especially the U.S. dollar.
A strongly rising gold price could have severe
consequences for U.S. monetary policy and the U.S.
dollar. History suggests that gold always wins against
an inflating paper currency (that is, one subject to
excessive supply growth).
"Gold and gold mining stocks are poised for an
unprecedented rise in prices and profile. Investors in
UK/European equities need to assess the implications
for their portfolios. ..."
The Cheuvreux/Credit Agricole report details GATA's
findings in Chapter IV, "Analysis of the Gold Market,"
and concurs in them as "broadly correct."
No financial house in Europe could be more part of
the establishment than Credit Agricole, and now its
endorsement of GATA is circulating among other
big financial houses in Europe and around the world.
Thisevokes what Adam Fleming, former chairman of
Harmony Gold, now chairman of Wits Gold, said at
GATA's Gold Rush 21 conference in Dawson City,
Yukon Territory, Canada, last August, just hours
before the current sharp rally in gold began: that just
a little investment demand could take the central banks
out of their gold "in the blink of an eye."
A LITTLE investment demand? Credit Agricole's
brokerage house has just declared: Start hoarding!
Gold Rush 21 was truly historic and decisive; it
gathered the world's top experts on gold to spell out,
explain, and publicizethe gold price suppression
scheme, andthe conferenceissued the Dawson
Declaration, an appeal for free markets in the precious
metals as a matter ofbasic human rights.
You can obtain a two-DVD set of the proceedings
of the Gold Rush 21 conference, including a
dramatic 25-minutevideo summarizing the
conference, produced by the brilliant Vancouver
videographer Trevor Johnston, at this Internet link:
And you can obtain the Cheuvreux report on the
gold market at GATA's main Internet site here:
http://www.gata.org/CheuvreuxGoldReport.pdf
As for gold itself, you can get some from the
coin and bullion dealers listed at the end of this
dispatch. But as the Cheuvreux report gets
around, there may not be much left.
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
Box 460009
Denver, Colorado 80246-0009
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
----------------------------------------------------
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.
