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GATA - Gold Anti-Trust Action Committee
Manchester, Conn.

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.

GATA - Gold Anti-Trust Action Committee is not verified as a 501(c)3 organization.

Latest News

May 24, 2016

By Bob Van Voris
Bloomberg News
Monday, May 23, 2016

Sixteen of the world's largest banks, including JPMorgan Chase & Co. and Citigroup Inc., must face antitrust lawsuits accusing them of hurting investors who bought securities tied to Libor by rigging an interest-rate benchmark, a ruling that an appeals court warned could devastate them.

The appellate judges reversed a lower-court ruling on one issue -- whether the investors had adequately claimed in their complaints to have been harmed -- while sending the cases back for the judge to consider another issue: whether the plaintiffs are the proper parties to sue, in part because their claims, if successful, provide for triple damages that could overwhelm the banks.

"Requiring the banks to pay treble damages to every plaintiff who ended up on the wrong side of an independent Libor‐denominated derivative swap would, if appellants' allegations were proved at trial, not only bankrupt 16 of the world's most important financial institutions, but also vastly extend the potential scope of antitrust liability in myriad markets where derivative instruments have proliferated," the U.S. Court of Appeals in New York said in the ruling.

Bank of America Corp., HSBC Holdings Plc, Barclays Plc, Credit Suisse Group AG, Deutsche Bank AG, Royal Bank of Canada, and Royal Bank of Scotland Group Plc are also among the banks sued in Manhattan. ...

... For the remainder of the report:

http://www.bloomberg.com/news/articles/2016-05-23/banks-are-ordered-by-c...



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Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:

https://jeffersoncompanies.com/landing/2014-av-powell

Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

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:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

May 23, 2016

6:49p ET Monday, May 23, 2016

Dear Friend of GATA and Gold:

GoldMoney founder and GATA consultant James Turk tells King World News today that gold is going through an unusual rising correction. Either many buyers are awfully eager to buy the dips, Turk says, or investors fear that something nasty is imminent for the world financial system and figure that gold is necessary insurance. An excerpt from Turk's interview is posted at KWN here:

http://kingworldnews.com/james-turk-this-is-why-gold-is-headed-much-high...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[email protected]



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Support GATA by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

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:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

May 22, 2016

By James Wilson
Financial Times, London
Monday, May 23, 2016

http://www.ft.com/intl/cms/s/0/65aac95c-0c6c-11e6-b0f1-61f222853ff3.html

When Paul Rollinson took over as chief executive of Kinross Gold four years ago the end was in sight for the biggest gold boom in history -- and for some of the people who were part of it.

After rising 500 per cent in a decade, the market price of the precious metal had peaked. In the rush to exploit the boom, mining investments and costs had spun out of control.

Investors in gold miners such as Kinross, which had lavished $11bn on acquisitions in six years and was already writing off part of that spending, were in revolt. Tye Burt, Mr Rollinson's predecessor, was among a score of mining chief executives to lose their jobs.

... Dispatch continues below ...



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It was "the end of a champagne era", recalls Mr Rollinson. "Everything was going up, up, up, forever and ever -- and then I got the back half of the mountain, where it has been down, down, down.

"This has been the challenge -- running a business as you transition from one phase of the market into another," he says on a visit to London. After a long trip to see investors in Asia, he is on his way to a gold mining conference in Switzerland. It is a gruelling schedule but he is looking forward to dinner that evening with one of his daughters, who works in the UK capital.

Negotiating the descent has not been easy for Mr Rollinson. In his first week in the job he halted plans for the expansion of its Tasiast mine in Mauritania, the flagship development for Kinross. The project was the centrepiece of a $7.1bn acquisition of Red Back Mining in 2010, Kinross's largest deal.

After ensuing writedowns on Tasiast, the Canadian company was the first large gold miner to scrap its dividend: "That is one where you send the release out and want to crawl under your desk," recalls Mr Rollinson in his laconic drawl.

Another project in Ecuador, Fruta del Norte, was sold for much less than it had cost during the boom years; and when tension flared between Russia and the west over Ukraine, Kinross, the largest foreign investor in Russian mining, faced criticism over its strategy.

Mr Rollinson also had to fight to prove that his appointment was the change that Kinross needed.

As the miner's previous head of corporate development, and before that as an investment banker who advised the company on some deals, Mr Rollinson admits he might have seemed to investors like more of the same as they had had before. He had been involved in some of the decisions investors had criticised. Mr Burt was also previously a banker.

"On paper you might go, 'Here's another banker ... here we go again'," he says. "We just got our heads down."

Four years on, his transition from banker to miner seems to suit both Mr Rollinson and Kinross. The miner's shares have doubled in the past 12 months. In March, Mr Rollinson was at last able to unveil a definitive plan to develop Tasiast at a much lower cost.

And his stewarding of spending meant Kinross had the cash to snap up assets in the US from Barrick Gold, its larger rival, which helpfully reduced Kinross's overall exposure to higher-risk countries.

Not least, Mr Rollinson, who looks the image of a tough miner but is softly spoken, is at last having some luck with the gold price, which has risen since the start of 2016. "It is hard to believe we would all be high-fiving when gold got back to $1,200 an ounce but we certainly are, and it seems to be holding in there pretty firmly," he says.

Mr Rollinson has dual nationality: He was born in the UK but grew up in Canada, where his father worked in mining. He studied geology, and started his working life in Canada's wide open spaces. "I was living in the wilderness all year round in a tent and I had some amazing experiences. It was my love of the outdoors that got me into this in the first place."

But a key to his career may have been the finance classes he took while completing a postgraduate degree in mining engineering. On graduating he went into mining banking and a career in a succession of investment banks. He advised Kinross before Mr Burt asked him to join the miner in 2008.

"My intention was always to get back into mining ... that is ultimately where my passion is," Mr Rollinson says.

What has helped his time at Kinross, he says, is that while he came from banking he also had plenty of technical mining knowledge. As he puts it: "I can speak a few languages -- geology, mining, corporate finance." Many miners lost sight of some mining basics, such as the importance of asset quality, during the go-go years: Mr Rollinson says he has brought 70 technical staff into Kinross, adding that much of their job is to argue why projects should not be done, rather than rush them through as fast as possible.

"I call them The Terminators," he says. "Every time you look at an opportunity -- it is like an ice cube. The minute those guys get hold of it, it starts melting. It is 'Forget it -- take that out -- that's aggressive' ... those are the guys that matter."

Stopping things has been a big feature of Kinross under Mr Rollinson. He describes the original project to expand Tasiast as like a plan for a house that was increasingly difficult to afford to build: today's is a smaller and cheaper project. "Instead of building new, we are renovating," Mr Rollinson says.

The original project could have hurt the company, he says. "What scared me was [that] we would get it half built in that overheated environment, over budget, and we might put ourselves in some jeopardy." Not to put so much at risk was, he says, "a pretty important lesson for me".

Another lesson has been experience of Kinross in Russia, bringing Mr Rollinson reluctantly into the political arena. At the height of tension with Moscow over Ukraine in 2014, Canada's government tried to persuade business leaders, including Mr Rollinson, not to attend an economic forum in St Petersburg.

"That was tough but we had to say -- we have employees, we have stakeholders, we have shareholders, we don't want to get involved in politics, and with respect we intend to participate. And we did," says Mr Rollinson.

Kinross has a seat on Russia's Foreign Investment Advisory Council, alongside the likes of BP and Siemens. "We have been in Russia for more than 20 years ... we are 98 per cent Russian. We are employing and training Russians," says Mr Rollinson, while noting that Kinross's mines, in Russia's far east, are geographically closer to Toronto than they are to Moscow.

Reluctantly drawn into talking about Kinross's past deals, and his role in them, Mr Rollinson says many have worked out well and points out that the most criticised, the Red Back Mining acquisition, was voted through by shareholders.

Now he prefers to look forward. Kinross last year acquired a US mine in Nevada from Barrick, the world's largest gold producer by volume, and the gleam in Mr Rollinson's eye suggests he believes he has got a good deal.

Together with the resolution of the saga over Tasiast's expansion, he says Kinross now has "good momentum."

"People are feeling good about the business. It's been a slog, I can't tell you it hasn't -- it's been hard work. But people are seeing the fruits of their labour ... what we have to do is keep our focus and keep working hard."

* * *

Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:

https://jeffersoncompanies.com/landing/2014-av-powell

Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

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:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

May 20, 2016

By John Matarese
WCPO-TV9, Cincinnati, Ohio
Friday, May 20, 2016

The price of gold is heading up again in 2016, as investors worry about the safety of the stock market. As a result, you may be noticing more radio commercials and online ads for gold coins.

But before you invest, coin experts are warning you to beware counterfeits that are flooding the market right now.

At Coins Plus -- a downtown Cincinnati landmark for 40 years -- owner Brad Karoleff now spends a lot of his time checking for counterfeits.

In one hand, he held up a 1-ounce U.S. eagle gold coin, worth over $1,000. In the other: an identical looking Chinese knockoff, worth maybe a dollar.

"Some off them are getting pretty good," Karoleff said. "They will fool the average person, and, worse, even some professionals have been fooled." ...

... For the remainder of the report:

http://www.wcpo.com/money/consumer/dont-waste-your-money/counterfeit-gol...



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Support GATA by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

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:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

May 20, 2016

By Alasdair Macleod
GoldMoney.com, St. Helier, Jersey, Channel Islands
Thursday, May 19, 2016

Worldwide, markets are horribly distorted, which spells danger not only to investors, but to businesses and their employees as well, because it is impossible to allocate capital efficiently in this financial environment.

With markets everywhere disrupted by interventions from central banks, governments, and their sovereign wealth funds, economic progress is being badly hampered, and therefore so is the ability of anyone to earn the profits required to pay down the highs levels of debt we see today. Money that is invested in bonds and deposited in banks may already be on the way to money heaven, without complacent investors and depositors realizing it.

It should become clear in the coming weeks that price inflation in the dollar, and therefore the currencies that align with it, will exceed the Fed's 2 percent target by a significant amount by the end of this year. This is because falling commodity prices last year, which subdued price inflation to under 1 percent, will be replaced by rising commodity prices this year. That being the case, CPI inflation should pick up significantly in the coming months, already reflected in the most recent estimate of core price inflation in the US, which exceeded 2 percent. Therefore, interest rates should rise far more than the small amount the market has already factored into current price levels. ...

... For the remainder of the analysis:

https://www.goldmoney.com/the-eurozone-is-the-greatest-danger?gmrefcode=...



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Support GATA by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

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:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

May 19, 2016

Company Announcement
via Business Wire, San Francisco, California
Wednesday, May 18, 2016

TORONTO -- GoldMoney Inc., a financial technology company that operates a global, full-reserve, and gold-based financial services platform, is pleased to announce the launch of gold payroll and gold payout applications for the BitGold Business platform. The engineering and launch of the gold payout application completes another milestone in the build out of the BitGold B2B and B2C ecosystem.

The gold payout application is a free-enterprise software tool for BitGold Business accounts that allows clients to set up and automate recurring payments to anyone with an email address or mobile phone number. The payout application is designed to streamline international payroll, dividends, rebates, reward payments, partner and affiliate payouts, micro-payments, and more. Built on top of a global, closed-loop, and full-reserve account structure, the payout application allows for instant settlement of cross-border value transfers, which can also be automated to settle into any currency given the global nature of gold. ...

... For the remainder of the announcement:

http://www.businesswire.com/news/home/20160518005674/en/GoldMoney-Launch...



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Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:

https://jeffersoncompanies.com/landing/2014-av-powell

Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

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:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

May 18, 2016

9:40a ET Wednesday, May 18, 2016

Dear Friend of GATA and Gold:

May's market letter by Doug Pollitt of Pollitt & Co. in Toronto reflects on the growing respectability of devaluing the U.S. dollar and debt by the upward revaluation of gold. Devaluation of the dollar against gold in 1934 was, Pollitt writes, the most successful provision of President Franklin D. Roosevelt's New Deal. Pollitt's letter is headlined "Pimco Goes Full Goldbug" and he has kindly given GATA permission to share it with you in PDF format here:

http://www.gata.org/files/PollittMarketLetter-05-2016.pdf

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[email protected]



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Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:

https://jeffersoncompanies.com/landing/2014-av-powell

Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

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:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

AttachmentSize
PollittMarketLetter-05-2016.pdf1.14 MB

May 17, 2016

7:29p ET Tuesday, May 17, 2016

Dear Friend of GATA and Gold:

The TF Metals Report's Turd Ferguson shows today how yesterday's seemingly unprovoked smash of gold futures prices was another attack by the bullion banks that have -- or have been lent by central banks -- the power to create infinite amounts of imaginary metal for price suppression.

Ferguson writes: "Having the ability to create an endless supply of anything gives you direct control over whatever market you 'make.' And for three years this has provided a stream of easy profits for these bank trading desks. They would simply issue as many new contracts as necessary to wait out the specs. Eventually price would top out and momentum would stall. All it would take was usually one good shove from the banks and down would go price. The specs would all rush for the exits and the banks would use the ensuing selling to buy back and cover nearly all their recently issued shorts."

Ferguson's analysis is headlined "The Epic Battle Continues" and it's posted at the TF Metals Report here:

http://www.tfmetalsreport.com/blog/7631/epic-battle-continues

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[email protected]



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Support GATA by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

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:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16