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The Gold Anti-Trust Action Committee was organized in January 1999 to advocate and undertake litigation against illegal collusion to control the price and supply of gold and related financial securities. The committee arose from essays by Bill Murphy, a financial commentator, and by Chris Powell, a newspaper editor in Connecticut, published at Murphy’s Internet site, www.lemetropolecafe.com.
Latest News
Maligned Dollar Flourishes in Venezuela
By Juan Forero
Washington Post
Friday, May 17, 2013
http://www.washingtonpost.com/world/the_americas/maligned-dollar-flouris...
CARACAS, Venezuela -- The once almighty U.S. dollar has lost its luster in some corners of the world.
But there's one outpost where greenbacks have never been stronger: in socialist, anti-imperialist Venezuela, whose government rails against American-style capitalism as the bane of humanity. The dollar is not just holding steady here -- it is flourishing like nowhere else, the byproduct of the fast-wilting economy President Hugo Chavez left behind when he died in March.
Black-market dealers operating on the thriving underground market sell greenbacks at more than four times the official, government-set rate of 6.3 bolivars to the dollar. And the price they're getting these days -- 28 per dollar -- is more than three times what it was just eight months ago.
... Dispatch continues below ...
Fred Goldstein and Tim Murphy open All Pro Gold
All-Pro Gold, run by long-time GATA supporters Fred Goldstein and Tim Murphy, offers its services to GATA supporters and anyone else interested in precious metals. The company brokers a full line of precious metals and numismatic coins. It aims to inform prospective clients about the importance of the monetary metals as part of a diversified financial portfolio and to keep prospective clients current with market trends. All-Pro Gold has competitive pricing and ships promptly to clients so they may have physical possession. Learn more by e-mailing Fred@allprogold.com or Tim@allprogold.com or telephone 1-855-377-4653 or visit www.allprogold.com.
Because the bolivar is artificially overvalued and practically worthless outside Venezuela, everyone here is desperate for dollars, from auto-part importers to supermarkets to ordinary Venezuelans planning to travel abroad. Even government officials and the politically connected businessmen who have made fortunes off the free-spending state search out and trade in dollars.
The dollar may fluctuate in other markets, or even make a spirited comeback against some currencies, as it has this year. But in Venezuela, greenbacks have skyrocketed, with people buying and selling them on an illegal and shadowy parallel market the government has been unable to control.
"We depend completely on the dollar," said one black-market dollar dealer who asked that he be identified only by his first name, Fernando, for fear of winding up in jail. "Buying dollars is practically the national sport."
It is a sport that Chavez's handpicked successor, President Nicolas Maduro, has pledged to control as part of the huge challenge he faces in trying to correct an economy in a shambles.
Hundreds of state-run companies are moribund, and private industry has been paralyzed by state interventions. Rolling blackouts leave much of the country in the dark. Crime is so rampant that Venezuela is more violent than many countries at war, crimping investment. Hamstrung by byzantine currency controls and a dearth of dollars, foreign companies -- among the few employers to create jobs here -- struggle to repatriate profits.
And then there's inflation, driven by profligate spending, coupled with an economy starved for dollars. It hit 4.3 percent in April, about equal to the annual inflation rate for some of Venezuela's neighbors, and could easily top 30 percent for the year.
Being an oil power helps, and Venezuela's state oil giant, along with its foreign partners, are paid in dollars.
But oil production fell sharply during Chavez's 14 years in power. Aside from exports to the United States and China, much of the oil pumped here is practically given away to Venezuelan motorists or traded at subsidized prices to Cuba or other countries.
"Essentially, they've hit a plateau, and Venezuela's oil production hasn't gone up," said Russell Dallen, head trader at Caracas Capital Markets and a longtime student of Venezuela's economy. "What that really means is that Venezuela doesn't have enough dollars to pay for all the things that they need to pay with dollars."
In a country that produces little else but oil, the government understands that importers must get dollars to buy the food, medicine, construction material, machinery and other products society requires. But Maduro's government officials, who tout Cuba as a model to emulate, also want to tightly control the currency to stem capital flight.
The government uses a rare two-tier exchange system, much reviled by Venezuelans because it is used to reward the government's allies and punish its enemies. Those with little weight -- such as, say, Jose Molina, a small businessman here in the capital -- are often left in limbo, unable to buy products they can purchase only with dollars.
"I've had problems trying to get dollars," he said. "It's hard because of all the paperwork. In the end, the process can take three to six months before you even get your goods."
The country's central currency authority, the Commission for the Administration of Currency Exchange, or CADIVI, is selling dollars at 6.3 bolivars, following a 32 percent devaluation in February. A complementary system called the Superior Body for the Optimization of the Exchange System, or SICAD, was unveiled in March to give companies importing priority goods such as food and medicine the chance to obtain dollars at a better price.
Bureaucracy has proved a huge hurdle to a smooth-running system. SICAD, for instance, is set up to disburse dollars not to the importers but to the suppliers, after the products arrive in Venezuela.
The result is that the shortfall in dollars in Venezuela exceeds $100 million a day, according to Dallen, the trader. Venezuelan companies in need of large amounts of dollars -- food conglomerates that want to buy corn, drug companies that need medicine, car companies looking for parts -- have trouble importing what they need to operate at capacity.
On the store shelves, it means that one out of every five products consumers need is now missing, according to Central Bank data. Lately, consumers have been particularly irritated about one vital but scarce product, toilet paper, the commerce minister blamed on "excessive demand" generated by the media.
Maria Sanchez, who runs a truck dealership, said her business is unable to plan for the future.
"It's been months since I had trucks, because of the dollar problem," she said. "And I have to pay my workers. If this keeps up, I'll have to let go of people and close dealerships."
Venezuelans facing such challenges -- as well as those simply trying to prop up the value of their earnings -- search out dollars on the black market.
"The only way your savings are really savings is by turning them into dollars," said Fernando, the black-market dealer. "If you have them as bolivars, they will devalue so utterly fast that there's just no point."
But trying to exchange dollars has its risks.
Recently some Venezuelans lost their savings after wiring their bolivars to shady operators who had falsely promised to quickly change their currency into dollars. Others who went to meet people they thought would sell them dollars ended up being robbed.
"People who were once prudent become desperate," Fernando said. "Now they arrange a meeting with people they don't know and their money is stolen."
* * *
Join GATA here:
World Resource Investment Conference
Sunday-Monday, May 26-27, 2013
Vancouver Convention Centre West
Vancouver, British Columbia, Canada
http://www.cambridgehouse.com/event/world-resource-investment-conference...
* * *
Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:
http://www.goldrush21.com/order.html
Or by purchasing a colorful GATA T-shirt:
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
http://gata.org/node/wallstreetjournal
Help keep GATA going
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Need to Bring Down Gold Demand, Says Rangarajan
By K.R. Srivats
The Hindu, Chennai, India
Wednesday, May 15, 2013
http://www.thehindubusinessline.com/economy/need-to-bring-down-gold-dema...
NEW DELHI -- India needs to bring down its gold demand from about 1,000 tonnes a year to 700 tonnes, which prevailed only a few years ago, a top policymaker has said.
This is necessary as increased gold imports are worsening the current account deficit, C. Rangarajan, chairman to the Prime Minister's Economic Advisory Council, said.
The demand for gold can be reduced by taming inflation and enhancing the real rate of return on financial products, Rangarajan said in his inaugural address at the 6th International Gold Summit, organised by Assocham here on Wednesday.
In the last two fiscal years -- 2011-12 and 2012-13 -- the country's gold imports in quantitative terms stood at 1,079 tonnes and 1,017 tonnes respectively.
... Dispatch continues below ...
How to profit in the new year with silver --
and which stocks to buy now
Future Money Trends is offering a special 16-page silver report with our forecast for 2013 that includes profiles of nine companies and technical analysis of their stock performance. Six of the companies have market capitalizations of less than $800 million and one company has a market cap of only $30 million. The most exciting of these companies will begin production in a few weeks and has a market cap of just $150 million.
Half of all proceeds from the sale of this report will be donated to the Gold Anti-Trust Action Committee to support its efforts exposing manipulation and fraud in the gold and silver markets.
To learn about this report, please visit:
http://www.futuremoneytrends.com/index.php?option=com_content&id=376&tmp...
In value terms, it was about $56 billion in 2011-12 and $54 billion in 2012-13.
Stating that the spurt in gold imports in April has raised a serious concern, Rangarajan said the sharp increase could partly be due to people taking advantage of the sudden fall in the price of gold.
"While efforts must be made to reduce the basic attraction of gold to the people in India, at least, in the short run, we can start acting to reduce the demand for gold as an asset," he said.
Rangarajan suggested a three-pronged strategy to contain and reduce the demand for gold and imports.
These are taming inflation, fiscal and administrative actions, and improving the institutional mechanisms for domestic trading in gold. There is an asymmetry in the ease with which gold can be bought and sold within the country, he pointed out.
Inflation indexed bonds that are being contemplated can also be a strong substitute for gold, Rangarajan said.
In addition to quantitative reduction, if the current trend in world gold price continues, the current account deficit will be significant, he said.
Rangarajan also said that gold prices are unlikely to go up or go down in the coming months.
In 2011-12 gold imports accounted for 72 per cent of the current account deficit. In 2012-13 it was 57 per cent.
India's current account deficit is estimated at 5.1 per cent of gross domestic product in 2012-13.
Despite the surge in gold imports in April, the overall current account deficit is expected to be at least 0.4-0.5 percentage point lower this fiscal, he later told reporters.
Rangarajan also endorsed the government's and RBI's recent moves to stem the import of gold.
* * *
Join GATA here:
World Resource Investment Conference
Sunday-Monday, May 26-27, 2013
Vancouver Convention Centre West
Vancouver, British Columbia, Canada
http://www.cambridgehouse.com/event/world-resource-investment-conference...
* * *
Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:
http://www.goldrush21.com/order.html
Or by purchasing a colorful GATA T-shirt:
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
http://gata.org/node/wallstreetjournal
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
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GoldMoney Reduces Storage and Exchange Fees
From April 1 GoldMoney will be reducing by a third its storage fees on gold stored at all VIA MAT vaults to just 0.12 percent per year and halving the cost of storing silver with VIA MAT Switzerland to bring it in line with GoldMoney's silver storage fees at other vault locations: 0.49 percent per year as the standard fee and 0.39 percent per year for more than 50,000 ounces of silver. In addition, GoldMoney's minimum storage fee will be reduced to only 0.001 grams per month for gold, platinum, and palladium, and 0.001 ounces per month for silver. In April GoldMoney also will be simplifying and reducing its metal-to-metal exchange fees. For the full details of these significant fee reductions, please visit:
http://www.goldmoney.com/lower-fees-overview?gmrefcode=gata
12:30a ET Sunday, May 19, 2013
Dear Friend of GATA and Gold:
In his new commentary former Assistant U.S. Treasury Secretary Paul Craig Roberts squarely accuses the Federal Reserve of using the futures markets to suppress gold and silver prices to protect the U.S. dollar and the Fed's "quantative easing" policy.
"What," Roberts asks, "does this illegal manipulation of markets by the Federal Reserve tell us? It tells us that the Federal Reserve sees no way out of printing money in order to support the federal deficit and the insolvent banks. If the dollar came under attack and the Federal Reserve had to stop printing dollars, interest rates would rise. The bond and stock markets would collapse. The dollar would be abandoned as reserve currency. Washington would no longer be able to pay its bills and would lose its hegemony. The world of hubristic Washington would collapse."
Roberts' commentary is headlined "Washington Signals Dollar Deep Concerns" and it's posted at his Internet site here:
http://www.paulcraigroberts.org/2013/05/18/washington-signals-dollar-dee...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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Sprott Money is a recognized and trusted name in the precious metals industry. For more information, please visit:
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Join GATA here:
World Resource Investment Conference
Sunday-Monday, May 26-27, 2013
Vancouver Convention Centre West
Vancouver, British Columbia, Canada
http://www.cambridgehouse.com/event/world-resource-investment-conference...
* * *
Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:
http://www.goldrush21.com/order.html
Or by purchasing a colorful GATA T-shirt:
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
http://gata.org/node/wallstreetjournal
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
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Hong Kong Mercantile Exchange Closes
By Nick Edwards
South China Morning Post, Hong Kong
Sunday, May 19, 2013
http://www.scmp.com/news/article/1240917/hong-kong-mercantile-exchange-c...
The Hong Kong Mercantile Exchange will go ahead with a planned US$100 million rights issue and be ready within months to reapply for the trading licence it handed back to regulators at the weekend after it became clear the struggling commodity trader could no longer meet crucial financial criteria.
HKMEx chairman Barry Cheung Chun-yuen told the Sunday Morning Post that the decision to surrender the trading licence and not reopen for business tomorrow would have no impact on investors and that client contracts would be honoured.
"There is no question of not getting your money back or anything like that," Cheung said. "People absolutely do not have to worry about that and I don't think they are. The only thing they will want to know is what settlement price will be used."
... Dispatch continues below ...
Fred Goldstein and Tim Murphy open All Pro Gold
All-Pro Gold, run by long-time GATA supporters Fred Goldstein and Tim Murphy, offers its services to GATA supporters and anyone else interested in precious metals. The company brokers a full line of precious metals and numismatic coins. It aims to inform prospective clients about the importance of the monetary metals as part of a diversified financial portfolio and to keep prospective clients current with market trends. All-Pro Gold has competitive pricing and ships promptly to clients so they may have physical possession. Learn more by e-mailing Fred@allprogold.com or Tim@allprogold.com or telephone 1-855-377-4653 or visit www.allprogold.com.
HKMEx was working with LCH.Clearnet -- the world's largest clearing house for financial transaction settlements -- to arrange settlement pricing on the exchange's roughly 200 outstanding contracts, Cheung said.
The tiny number of outstanding contracts reflects the difficulty HKMEx has had in attracting trades to the platform that officially opened almost two years ago to the day on May 18, 2011.
In contrast, the London Metal Exchange, owned by Hong Kong Exchanges and Clearing, saw record volume in April of 14.5 million lots traded. The Chicago Mercantile Exchange, the world's biggest commodity trading platform, traded 11.6 million contracts daily in April.
The decision to hand back the trading licence was taken by HKMEx when it became clear that it was no longer able to meet the Hong Kong Securities and Futures Commission requirement that the exchange had sufficient cash to cover nine months of operations.
Cheung said the rights issue would solve that problem.
"We are in the process of doing a rights issue which we expect to be completed by the end of June.
"This exercise will raise US$100 million. It will be sufficient to meet the SFC's requirements as well as to support the exchange's operations for the next three to four years," Cheung said.
The next few months would be spent redefining strategy, finalising the rights issue, and closing negotiations with potential strategic shareholders in a bid to reapply for the licence.
"This could be in two, three, or four months' time and we hope to use this period to regroup, to improve, refine our shareholding structure, to bring in some new additional strategic shareholders, to continue to prepare new products … and to make various improvements," Cheung said.
He declined to identify the potential new shareholders, saying only that they were likely to be based on the Chinese mainland, though Cheung also did not rule out the possibility of other international entities being part of the new HKMEx structure.Cheung conceded that a delay in rolling out the exchange's planned yuan product range over the last 12 months had not been helpful.
Cheung, who chaired the 2012 election campaign for Hong Kong Chief Executive Leung Chun-ying, and who is a non-official member of the Executive Council of Hong Kong, said there was no political issue involved in the decision to close the doors of the HKMEx for trading.
"This is a private commercial matter that has nothing to do with my public duties. I try to do my best in both areas.
"Of course this has nothing to do with the government or the chief executive," he said.
* * *
Join GATA here:
World Resource Investment Conference
Sunday-Monday, May 26-27, 2013
Vancouver Convention Centre West
Vancouver, British Columbia, Canada
http://www.cambridgehouse.com/event/world-resource-investment-conference...
* * *
Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:
http://www.goldrush21.com/order.html
Or by purchasing a colorful GATA T-shirt:
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
http://gata.org/node/wallstreetjournal
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
This Time Gold Bugs May Have a Point
By Randall W. Forsyth
Barron's
Saturday, May 18, 2013
http://online.barrons.com/article/SB500014240527487045515045784810437648...
Stocks are for lovers and gold is for haters. That's how one especially supercilious strategist (is there another kind?) sizes up the two markets, and it's clear he's been feeling the love lately. Stocks are at new highs in the U.S. and many other venues, while Japan's market is strapped to a rocket ship, all propelled by money fresh off the printing presses of the world's central banks.
Fans of the yellow metal, meanwhile, are feeling rather battered and bruised these days from the beating they've taken over the past month or so and, indeed, for more than a year and a half. Given all the quantitative easing -- which is how money printing is referred to in polite company these days—one would think gold would be getting a little love (or a facsimile of the same that cash can sometimes provide.)
It's not just the likes of the Dow industrials or the S&P 500 at record levels; money is sending all manner of stuff soaring. Last week's auctions at Christie's in New York marked the beginning of "a new era" in the art market, the auction house declared, with nearly a half-billion dollars' worth of 20th-century works being snapped up by bidders who coveted them as much as stores of value as pieces of art. How else to explain Jackson Pollock's drip painting, Number 19, 1948, going for a record $58.4 million, about twice the $25 million to $35 million it had been expected to fetch?
... Dispatch continues below ...
How to profit in the new year with silver --
and which stocks to buy now
Future Money Trends is offering a special 16-page silver report with our forecast for 2013 that includes profiles of nine companies and technical analysis of their stock performance. Six of the companies have market capitalizations of less than $800 million and one company has a market cap of only $30 million. The most exciting of these companies will begin production in a few weeks and has a market cap of just $150 million.
Half of all proceeds from the sale of this report will be donated to the Gold Anti-Trust Action Committee to support its efforts exposing manipulation and fraud in the gold and silver markets.
To learn about this report, please visit:
http://www.futuremoneytrends.com/index.php?option=com_content&id=376&tmp...
And the superrich again are falling over themselves in yet another round of "can you top this" in buying up trophy homes. It isn't just Russian oligarchs looking to get their wealth out of the country by snapping up Manhattan condos in the tens of millions, or newly minted South American millionaires swooping into Florida to buy properties at knock-down prices that are even bigger bargains in devalued dollars. Howard Stern reportedly is buying a Palm Beach house for a tidy $52 million, yet another sign of a surfeit of money over taste these days.
But with all this dough being thrown around promiscuously at every so-called asset class -- as indulgences such as mansions and art have come to be classified, even if they really are forms of conspicuous consumption -- why doesn't gold get any ardor? After all, for reasons probably buried deep within the human genome, the precious metal has been sought for thousands of years as an object of adornment and, most importantly, a store of value.
That value has been battered of late, with massive outflows from gold-related exchange-traded funds, notably the SPDR Gold Trust (GLD). For a brief time, it actually was the world's biggest ETF, eclipsing the SPDR S&P 500 (SPY), just before gold hit its high of about $1,900 an ounce in September 2011. Indeed, it has been the flight from "paper gold"—ETFs and futures or options contracts -- that has sent the metal tumbling, from a recent high of $1,800 last October, to around $1,700 at year end, and about $1,600 as recently as the end of March. That was just before the market plunged—or was pushed—into a virtual free-fall in mid-April that slashed the price by more than $200 an ounce in just two sessions. So extraordinary was the 9.4% collapse on April 15, wrote Howard Simons of Bianco Research at the time, that the odds against such a move were 20 trillion to one" -- a lower probability of occurrence than randomly selecting a [particular] $1 bill out of pile of singles representing the U.S. national debt."
These improbable moves have made gold bugs suspicious, which isn't unusual. Folks who own gold do so because they don't trust the status quo, especially when it comes to government-issued paper money. But just because you're paranoid doesn't mean somebody isn't out to get you. They point to bursts of selling on Friday, April 12, which resulted in prices plunging by more than 5%, and to dumping that resumed the following Monday in Asia, early in the day when markets are illiquid. That culminated in a 9% collapse by the time the New York market had settled. But a seller who wanted to unload a large position at the optimal price would have done precisely the opposite -- liquidate as discreetly as possible. Instead, sellers dumped the equivalent of more than 300 tons of the metal in staccato-like blasts during those sessions.
The suspicious selling resumed this Friday, with the equivalent of 17 tons sold on the New York Comex in two bursts in the morning, according to market sources. And the declines continued after the settlement of futures trading in the early afternoon as the SPDR Gold Trust ETF slumped a total of 2.25% on the day, to close at 131.07, below the April 15 close of 131.31. (The ETF represents a bit less than 1/10th of an ounce of gold.) The current-month May futures contract plunged 1.6%, or $22.20, to $1,364.90 an ounce on the Comex.
Over the past seven sessions, the metal has shed over $100, or more than 7%, all but wiping out the rebound after the stunning mid-April collapse. That slide had sparked a wave of bargain-hunting in physical gold around the globe, especially in Asia, where it was suddenly seen as cheap at the marked-down prices. The markets for paper gold and the actual metal thus showed a marked contrast in sentiment. The latter was eager to buy what the former dumped, something that makes you say "hmmmm."
There were a number of other curious aspects to the latest plunge in the GLD. (Everybody in the market refers to the big exchange-traded fund just by its ticker.)
Barron's options guru, Steve Sears, reports heavy buying in the GLD weekly put option with a 132 strike price that expired Friday. That option, which would have expired out of the money—and thus worthless—wound up solidly in the money after the ETF's drop.
Back in February, Sears began to pick up signs of increased GLD put buying and in his Striking Price column just before the big break ("A Hot Potato That Glitters," April 8), he suggested the purchase of weekly puts that paid off hugely the following Friday.
While the gold bugs point to this mysterious, concentrated dumping on big down days, it's clear that large-fund managers both followed and led the retreat in gold by selling their holdings of GLD. That's what our exchange-traded fund maven, Brendan Conway, pointed out Friday in his Focus on Funds blog on Barrons.com. He noted that Commerzbank's commodity strategists had found that 75% of redemptions of GLD came from institutions, based on their quarterly filings with the Securities and Exchange Commission.
Northern Trust was the biggest seller, liquidating the equivalent of 910,500 ounces, followed by BlackRock, with 428,500 ounces. In contrast, the iShares Gold Trust, the smaller ETF representing 1/100th of an ounce of gold and favored by individuals, saw lesser outflows.
At the same time, the options action has been weighted heavily to the put side, which has had the gold crowd on anxious alert.
Farallon Capital, the San Francisco hedge-fund operator founded by Democratic Party rainmaker Tom Steyer, listed in its first-quarter 13F filing 600,000 GLD put options, which sent ripples through the market. With each contract representing the right to sell 100 shares, that would have equaled 60 million shares of GLD, worth more than $900 million at quarter-end.
In actuality, the options position was equivalent to 600,000 shares of the ETF, as a revised filing indicated. A fund spokesperson said that the put designation "was put in the wrong column." Still, the fund listed a roughly similar amount of both calls and puts in its year-end 13F filing, evidently betting on a breakout either way. The latest data show it squarely on the short side of gold.
Gold bugs spy an agenda in all the concerted selling to discredit the metal and burnish the allure of stocks and bonds. The evidence remains circumstantial in that regard, but shouldn't be dismissed. The huge bouts of selling are irrational for a profit-maximizing investor.
Be that as it may, will the slide continue or is a rebound looming?
Charles Nenner, who heads the research firm bearing his name, watches recurring market cycles. Nenner, who advises hedge funds and sovereign-wealth funds, calls the current swoon a correction in gold's long-term bull market, from which he recommended temporarily exiting at $1,900 an ounce at the top in September 2011.
Now Charles looks for a bottom some time in June -- but there could be another spill before then. The risk, he warns, is that gold tumbles to $1,284. So, don't try to bottom-pick just yet.
(As an aside, Nenner also recommended the sale of Apple (AAPL) at $700 last September. In case you've been doing a Rip Van Winkle since then, the stock closed Friday at $433.26.)
The last time gold was held in such low esteem was during the fin de siècle dot-com bubble. It's feeling as if we're partying like it's 1999 with darlings like Tesla (TSLA) doubling in the past month or so, and analysts playing "can you top this" with their price targets for Google (GOOG) as it soars past $900 and seemingly heads to quadruple digits.
I guess you could say love is in the air.
* * *
Join GATA here:
World Resource Investment Conference
Sunday-Monday, May 26-27, 2013
Vancouver Convention Centre West
Vancouver, British Columbia, Canada
http://www.cambridgehouse.com/event/world-resource-investment-conference...
* * *
Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:
http://www.goldrush21.com/order.html
Or by purchasing a colorful GATA T-shirt:
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
http://gata.org/node/wallstreetjournal
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
GoldMoney Reduces Storage and Exchange Fees
From April 1 GoldMoney will be reducing by a third its storage fees on gold stored at all VIA MAT vaults to just 0.12 percent per year and halving the cost of storing silver with VIA MAT Switzerland to bring it in line with GoldMoney's silver storage fees at other vault locations: 0.49 percent per year as the standard fee and 0.39 percent per year for more than 50,000 ounces of silver. In addition, GoldMoney's minimum storage fee will be reduced to only 0.001 grams per month for gold, platinum, and palladium, and 0.001 ounces per month for silver. In April GoldMoney also will be simplifying and reducing its metal-to-metal exchange fees. For the full details of these significant fee reductions, please visit:
http://www.goldmoney.com/lower-fees-overview?gmrefcode=gata
5:58p ET Saturday, May 18, 2013
Dear Friend of GATA and Gold:
In the second and third excerpts from his latest interview with King World News, London metals trader Andrew Maguire says he thinks bullion banks are about to pull a reversal on hedge funds shorting the gold market and that big orders by sovereign entities were placed last week. The excerpts are posted at King World News here:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/5/18_Ma...
And here:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/5/18_Ma...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
How to profit in the new year with silver --
and which stocks to buy now
Future Money Trends is offering a special 16-page silver report with our forecast for 2013 that includes profiles of nine companies and technical analysis of their stock performance. Six of the companies have market capitalizations of less than $800 million and one company has a market cap of only $30 million. The most exciting of these companies will begin production in a few weeks and has a market cap of just $150 million.
Half of all proceeds from the sale of this report will be donated to the Gold Anti-Trust Action Committee to support its efforts exposing manipulation and fraud in the gold and silver markets.
To learn about this report, please visit:
http://www.futuremoneytrends.com/index.php?option=com_content&id=376&tmp...
Join GATA here:
World Resource Investment Conference
Sunday-Monday, May 26-27, 2013
Vancouver Convention Centre West
Vancouver, British Columbia, Canada
http://www.cambridgehouse.com/event/world-resource-investment-conference...
* * *
Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:
http://www.goldrush21.com/order.html
Or by purchasing a colorful GATA T-shirt:
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
http://gata.org/node/wallstreetjournal
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
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GoldMoney Reduces Storage and Exchange Fees
From April 1 GoldMoney will be reducing by a third its storage fees on gold stored at all VIA MAT vaults to just 0.12 percent per year and halving the cost of storing silver with VIA MAT Switzerland to bring it in line with GoldMoney's silver storage fees at other vault locations: 0.49 percent per year as the standard fee and 0.39 percent per year for more than 50,000 ounces of silver. In addition, GoldMoney's minimum storage fee will be reduced to only 0.001 grams per month for gold, platinum, and palladium, and 0.001 ounces per month for silver. In April GoldMoney also will be simplifying and reducing its metal-to-metal exchange fees. For the full details of these significant fee reductions, please visit:
http://www.goldmoney.com/lower-fees-overview?gmrefcode=gata
3:07p ET Friday, May 17, 2013
Dear Friend of GATA and Gold:
Fund manager John Butler, interviewed by Max Keiser on "The Keiser Report" on the Russia Today network, remarks that it's "naive," amid all the acknowledged manipulation of markets going on today, to think that the gold market is not being manipulated too. Keiser's interview with Butler begins at the 14:25 mark in the video at YouTube here:
http://www.youtube.com/watch?v=L9ZiusA9AxE
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Is your gold safe, secure, and guaranteed?
Why storing it in Canada may be right for you
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Sprott Money is a recognized and trusted name in the precious metals industry. For more information, please visit:
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Join GATA here:
World Resource Investment Conference
Sunday-Monday, May 26-27, 2013
Vancouver Convention Centre West
Vancouver, British Columbia, Canada
http://www.cambridgehouse.com/event/world-resource-investment-conference...
* * *
Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:
http://www.goldrush21.com/order.html
Or by purchasing a colorful GATA T-shirt:
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
http://gata.org/node/wallstreetjournal
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
1:20p ET Friday, May 17, 2013
Dear Friend of GATA and Gold:
Reports of a "bear market" in gold are bogus, London metals trader Andrew Maguire tells King World News today, citing several examples huge offtake of real metal and conversion of paper claims to real metal.
Long-term money, Maguire says, "is not fooled by the paper markets. The picture is not as it seems. So this 'bear market' is 100 percent in the virtual market. Yet this underlying physical market has diverged into a full-fledged 'bull market' as evidence by hard, official data showing the strongest physical demand in 18 months."
An excerpt from Maguire's interview is posted at the King World News blog here:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/5/17_Ma...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Fred Goldstein and Tim Murphy open All Pro Gold
All-Pro Gold, run by long-time GATA supporters Fred Goldstein and Tim Murphy, offers its services to GATA supporters and anyone else interested in precious metals. The company brokers a full line of precious metals and numismatic coins. It aims to inform prospective clients about the importance of the monetary metals as part of a diversified financial portfolio and to keep prospective clients current with market trends. All-Pro Gold has competitive pricing and ships promptly to clients so they may have physical possession. Learn more by e-mailing Fred@allprogold.com or Tim@allprogold.com or telephone 1-855-377-4653 or visit www.allprogold.com.
Join GATA here:
World Resource Investment Conference
Sunday-Monday, May 26-27, 2013
Vancouver Convention Centre West
Vancouver, British Columbia, Canada
http://www.cambridgehouse.com/event/world-resource-investment-conference...
* * *
Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:
http://www.goldrush21.com/order.html
Or by purchasing a colorful GATA T-shirt:
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
http://gata.org/node/wallstreetjournal
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
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