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Daily Dispatches
Spending China's dollars: $16 billion gas project in Iran
Submitted by cpowell on Sat, 2006-12-23 10:16 Section: Daily DispatchesCNOOC to Develop Iranian Gas Field
By Wang Yu
China Daily, Beijing
Friday, December 22, 2006
http://www.chinadaily.com.cn/bizchina/2006-12/22/content_765293.htm
A press official with the Iranian Embassy yesterday confirmed to China Daily that an initial agreement on a gigantic natural gas project has been signed by China's top offshore oil producer and its Iranian counterpart.
"A big deal was hammered out on Wednesday between the two countries to jointly produce natural gas in Iran," the Iranian diplomat revealed on condition of anonymity.
Ecuador's finance minister suggests defaulting on bonds
Submitted by cpowell on Fri, 2006-12-22 14:44 Section: Daily DispatchesEcuador Bonds Tumble
Amid Talk of Default
By Lester Pimentel and Helen Murphy
Bloomberg News Service
Friday, December 22, 2006
http://www.bloomberg.com/apps/news?pid=20601087&sid=ak87KbrTbFyk&refer=home
Ecuador's bonds had their biggest-ever decline after the incoming finance minister said the government may restructure its $11 billion debt in a way similar to Argentina, which included a $95 billion default in 2001.
Diamond market is next target for derivatives
Submitted by cpowell on Fri, 2006-12-22 12:27 Section: Daily Dispatches12:15p ET Friday, December 22, 2006
Dear Friend of GATA and Gold:
MineWeb's David McKay reports that the Netherlands bank ABN Amro is planning a derivatives market for diamonds. Good grief -- is the real thing running out there as well, so much so that speculative and investment demand must be diverted from the real thing into paper?
You can find the MineWeb report here:
Even little Slovenia gets roped into the gold price-fixing scheme
Submitted by cpowell on Fri, 2006-12-22 12:13 Section: Daily DispatchesSlovenia Joins Central Bank Gold Agreement
By Christian Vits
Dow Jones Newswires
Friday, December 22, 2006
http://www.nasdaq.com/aspxcontent/NewsStory.aspx?cpath=20061222%5cACQDJO...
FRANKFURT -- The Slovenian central bank will become a party to the European gold agreement, the European Central Bank said Friday.
"In the interest of clarifying its intentions with respect to its gold holdings, Banka Slovenije agrees with and becomes a party to the joint statement dated March 8, 2004," the ECB said.
China to spend $2 billion to rescue Zimbabwe
Submitted by cpowell on Fri, 2006-12-22 12:07 Section: Daily DispatchesZimbabwe, China Negotiate $2 Billion Loan
From Agence France-Presse
Friday, December 22, 2006
http://news.yahoo.com/s/afp/20061222/bs_afp/zimbabwechinaeconomyaid_0612...
Zimbabwe and China are expected to begin negotiations for a two-billion US dollar loan agreement to help stabilise the economy, a state-run daily reported.
"China's government is ready to negotiate with the government (of Zimbabwe) for a two-billion US dollars loan facility to help it fight inflation and other aspects of the economy," Zimbabwe's Ambassador to China, Chris Mutsvangwa, told the Herald newspaper.
Government's power to debase currency is unlimited
Submitted by cpowell on Fri, 2006-12-22 12:02 Section: Daily Dispatches11:49p ET Friday, December 22, 2006
Dear Friend of GATA and Gold:
Here's a case of a government financial official telling the truth -- that government has unlimited power in one respect, the power to debase its own currency, and that currency debasement has become virtually international policy.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
S. Korea Has 'Unlimited Resources'
Many GATA favorites to speak at Vancouver conference in January
Submitted by cpowell on Thu, 2006-12-21 17:38 Section: Daily Dispatches5:26p ET Thursday, December 21, 2006
Dear Friend of GATA and Gold:
GATA Chairman Bill Murphy will speak (and your secretary/treasurer will applaud) at the Vancouver Resource Investment Conference on Sunday and Monday, January 21 and 22, 2007.
In fact, there will be many GATA favorites speaking at the Vancouver conference, like Bob Bishop of Gold Mining Stock Report; Ian Gordon of The Long Wave Analyst; Peter Grandich of the Grandich Letter; Frank Holmes of U.S. Global Investors; Jason Hommel of Silver Stock Report; John Lee of Mau Capital Management; David Morgan of Silver-Investor.com; Jay Taylor of J. Taylor's Gold & Technology Stocks letter; James Turk of GoldMoney and the Freemarket Gold & Money Report, a GATA consultant; and market analyst and GATA consultant Frank Veneroso.
James K. Galbraith: Paulson and Bernanke were clueless in China
Submitted by cpowell on Thu, 2006-12-21 17:18 Section: Daily DispatchesBy James K. Galbraith
The Guardian, Manchester, England, UK
Monday, December 18, 2006
http://commentisfree.guardian.co.uk/james_k_galbraith/2006/12/clueless_i...
Speaking as I rarely feel entitled to do, on behalf of all my fellow professional economists, I felt true, true sympathy last week for Ben Bernanke, as he trailed after Henry Paulson in China.
Paulson's China policy is easily understood. In the United States government the Treasury represents the interests of Wall Street, as Joe Stiglitz has written eloquently from direct observation. An alumnus of Goldman Sachs, Secretary Paulson is ideally suited to his job.
James Turk: Three strikes against the dollar
Submitted by cpowell on Wed, 2006-12-20 21:53 Section: Daily Dispatches9:45p ET Wednesday, December 20, 2006
Dear Friend of GATA and Gold:
James Turk, founder of GoldMoney, editor of the Freemarket Gold and Money Report, and consultant to GATA, has just called a third strike against the U.S. dollar.
The first strike, Turk writes, was Iran's conversion from dollars to euros. The second was the U.S. government's proclamation of a ban on melting one-cent and five-cent coins now that their metal value exceeds their currency value. And the third -- a strike against not only the dollar but also the euro and the yen -- is an expansion of government control over economies, including the prospect of capital controls such as Thailand briefly experimented with this week.
Reg Howe: Gold derivatives -- elephant in the boardroom
Submitted by cpowell on Wed, 2006-12-20 21:40 Section: Daily Dispatches9:25p ET Wednesday, December 20, 2006
Dear Friend of GATA and Gold:
Reginald H. Howe, plaintiff and litigator in the first federal gold price-fixing lawsuit and consultant to GATA, has studied the latest figures on derivatives in gold, silver, and commodities, as compiled by the Bank for International Settlements. He concludes that the Western central banks and their agents are using fewer forwards and swaps and more options to restrain prices. Maybe this is because the real goods are running out, leaving only paper to deceive the markets with.
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