Daily Dispatches

8:15p ET Monday, November 6, 2006

Dear Friend of GATA and Gold:

The latest edition of Peter Grandich's letter came out today and has been posted at GoldSeek. Among other things, Grandich remarks:

"While I believe it's foolhardy to think that gold is manipulated each and every day (that's what some seem to say whenever it's down or has declined from higher prices), I do believe a group or groups has capped and is likely in the future to continue to cap or manipulate the gold price. But again, I urge you not to use manipulation as the only excuse gold is down on a particular day. There are many technical and fundamental reasons, and those who only see manipulation are not doing you any favors in being blind to other reasons. This, by no means, lessens my view on manipulation. I believe it occurs, but to say it is the only reason gold declines is a form of sour grapes.

Art World Abuzz
as New York Is Set
for Billion-Dollar
Auction Season

By Catherine Hours
Agence France-Presse
Sunday, November 5, 2006

http://news.yahoo.com/s/afp/20061105/lf_afp/afplifestyleartauctionussche...

NEW YORK -- The art world is anxiously eyeing a series of impressionist and modern art auctions in New York this month, with expectations high that interest in the flourishing market will set records tumbling.

From Agence France-Presse
via Yahoo News
Sunday, November 5, 2006

http://au.news.yahoo.com/061105/19/11b08.html

SHANGHAI -- China will announce any day now that its forex reserves have shot past one trillion dollars in a relentless rise described as the stimulating but risky financial equivalent of mainlining drugs.

The unprecedented financial high will come as no surprise to economists and traders, who widely estimate that Beijing's foreign reserves holdings already hit one trillion dollars late last month.

BIS Says Dollar Still
Top Reserve Currency

From Reuters
via Khaleej Times, Dubai
Saturday, November 4, 2006

BERLIN -- The US dollar has a big lead over the euro as the world’s top reserve currency, but the British pound is now much more widely held than the Japanese yen, according to a Bank for International Settlements report quoted in a German magazine on Saturday.

Der Spiegel quoted a new BIS study which found that the euro was not yet in a position to challenge the dollar as the key reserve currency, despite speculation that the greenback had been losing ground.