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Daily Dispatches
Gold swap mystery deepens as BIS gets correction from Wall Street Journal
Submitted by cpowell on Wed, 2010-07-07 22:41 Section: Daily Dispatches10:47p ET Wednesday, July 7, 2010
Dear Friend of GATA and Gold:
The Wall Street Journal this evening updated and corrected its report about the gold swaps undertaken by the Bank for International Settlements, disclosing an e-mailed statement from the BIS stating that the swaps were with commercial banks, not central banks as the newspaper first reported.
All currencies have depreciated against gold and silver this year
Submitted by cpowell on Wed, 2010-07-07 21:55 Section: Daily Dispatches9:55p ET Wednesday, July 7, 2010
Dear Friend of GATA and Gold (and Silver):
GoldSilver.com has posted wonderful charts of the gains scored by gold and silver against world currencies so far this year. It appears that not one currency has even kept even with the precious metals. GoldSilver.com calls this "the race to debase." You can find the charts here:
China seen letting U.S. down gently as it prepares for dollar's fall
Submitted by cpowell on Wed, 2010-07-07 17:57 Section: Daily Dispatches5:41p ET Wednesday, July 7, 2010
Dear Friend of GATA and Gold:
China says it won't dump treasuries or pile into gold
Submitted by cpowell on Wed, 2010-07-07 17:38 Section: Daily DispatchesNow why would anyone ever suspect such an option?
* * *
China Won't Dump Treasuries or Pile into Gold
By Zhou Xin and Alan Wheatley
Reuters
Wednesday, July 7, 2010
Mystery around BIS gold swaps impugns them as market rigging
Submitted by cpowell on Wed, 2010-07-07 11:30 Section: Daily Dispatches11:45a ET Wednesday, July 7, 2010
Dear Friend of GATA and Gold:
What can be made of this week's reports that the Bank for International Settlements has undertaken gold swaps with central banks, giving them dollars for their pawned gold?
A few things have to be considered.
First, the BIS apparently has been engaged in surreptitious manipulation of the gold market for a long time.
Jeff Nielson: The seven sins of GLD
Submitted by cpowell on Tue, 2010-07-06 23:35 Section: Daily Dispatches11:35p ET Tuesday, July 6, 2010
Dear Friend of GATA and Gold:
Jeff Nielson of Bullion Bulls Canada has read through the prospectus for the gold exchange-traded fund GLD and is appalled. His analysis is headlined "The Seven Sins of GLD" and you can find it at Bullion Bulls Canada here:
European banks use gold reserves to raise cash
Submitted by cpowell on Tue, 2010-07-06 21:28 Section: Daily DispatchesBy Jack Farchy
Financial Times, London
Tuesday, July 6, 2010
http://www.ft.com/cms/s/0/e3ed5836-8949-11df-8ecd-00144feab49a.html
European commercial banks have begun using their holdings of gold to raise cash with the Bank for International Settlements, in a further sign of strains in the money markets on which many rely for funding.
With BIS gold swap, central banks throw the kitchen sink at gold
Submitted by cpowell on Tue, 2010-07-06 19:40 Section: Daily Dispatches7:30p ET Tuesday, July 6, 2010
Dear Friend of GATA and Gold:
Got Gold Report: Euro shorts cover, silver lame
Submitted by cpowell on Mon, 2010-07-05 14:46 Section: Daily Dispatches2:45p ET Monday, July 5, 2010
Dear Friend of GATA and Gold (and Silver):
Gene Arensberg's new Got Gold Report is incredibly detailed and comprehensive, concluding with a cautious sidestepping of the gold and silver markets for the moment even as the metals are in backwardation. The report is headlined "Euro Shorts Cover, Silver Lame" and you can find it here:
Peter Grandich's mid-year market update
Submitted by cpowell on Mon, 2010-07-05 12:23 Section: Daily Dispatches12:25p ET Monday, July 5, 2010
Dear Friend of GATA and Gold:
Peter Grandich has posted a mid-year market review with emphasis on the dollar and precious metals markets. It's pretty comprehensive and is headlined "2010 Mid-Year Update" and you can find it at the Grandich Internet site here:
http://www.grandich.com/2010/07/2010-mid-year-update/
CHRIS POWELL, Secretary/Treasurer
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