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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

Apr 25, 2019

By Sean Fieler
The Federalist, Washington
Thursday, April 25, 2019

Foreign central banks are acquiring gold at the fastest pace in 50 years, and their purchases are not driven by investment considerations alone. The Central Bank of Russia, 2018's largest official-sector buyer of gold, wants to reduce Russia's dependence on the dollar, while the Hungarian National Bank noted gold's increasing strategic importance as underlying their recent purchases.

... Dispatch continues below ...


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America cannot stop foreign central banks from buying gold or reintroducing gold into the international monetary order. We can, however, adopt policies that will attract more of the world's gold to the United States and position ourselves to deal with the remonetization of gold from a position of strength.

At the end of the Second World War, the U.S. Treasury owned more than 30 percent of the world's gold. Today that same figure is less than 5 percent. America's diminished share of the world’s gold is a result of our defense of the Bretton Woods System prior to its collapse in 1971 and subsequent failure to increase our gold reserves. The U.S. Treasury has not added to its gold reserves since 1969, and the Federal Reserve has not owned physical gold since the passage of the Gold Reserve Act in 1934. ...

... For the remainder of the commentary:

https://thefederalist.com/2019/04/25/united-states-needs-start-encouragi...

* * *

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

Apr 24, 2019

The Fed Fights a New Bank It Fears, While the Startup Sees Nothing to Worry About

By Alex Harris and Liz McCormick
Bloomberg News
Wednesday, April 24, 2019

The Federal Reserve is trying to kill a fledgling bank before the newfangled business takes root, arguing it's a dangerous idea. The nascent company says there's no reason to fret about its plan to give big investors access to the central bank's highest interest rates.

Figuring out who's right is no easy task.

... Dispatch continues below ...



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James McAndrews, once the New York Fed's director of research, created the bank in 2016, hoping to give pensions, insurers, and other large institutional investors higher yields on their cash by parking money at the Fed. Currently only a select few banks can receive that top-tier rate, now at 2.4 percent. The best that money-market funds -- a popular cash receptacle for the firms McAndrews is targeting -- can get from the Fed is 2.25 percent.

The New York Fed has prevented his company, TNB USA Inc., from opening the type of account it needs to make the business model work. That prompted the firm to sue the central bank last year, saying it was obstructing the project. The Fed found another way to fight back as the case continues to unfold. Last month it proposed rewriting its rules so TNB or any other potential "narrow banks" -- so named because they are focused solely on taking deposits -- could get only lower interest rates, sabotaging their raison d'être. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2019-04-24/fed-fights-a-new-bank...

* * *

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

Apr 24, 2019

4p ET Wednesday, April 24, 2019

Dear Friend of GATA and Gold:

Recent smashes in the gold futures market don't reflect the monetary metal's fundamentals, gold market analyst John Ing tells King World News this week. With central banks aggressively buying, the Bank for International Settlements proclaiming gold as good as cash and government bonds, and gold miners acquiring each other, Ing says, the metal seems to be a bargain at the moment. Ing's comments are posted at KWN here:

https://kingworldnews.com/legend-connected-in-china-at-the-highest-level...

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



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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

Apr 24, 2019

World's Central Banks Want More Gold

By Ranjeetha Pakiam and Swansy Afonso
Bloomberg News
Wednesday, April 24, 2019

India's central bank is likely to join counterparts in Russia and China scooping up gold this year, adding to its record holdings and lending support to worldwide bullion demand as top economies diversify their reserves.

The Reserve Bank of India's purchases are part of a wider picture across developing economies that are looking at de-dollarizing their foreign-exchange reserves, according to Ross Strachan at Capital Economics Ltd. The RBI's buying trend can be sustained for a number of years in relatively small quantities, as part of a long-term diversification, he said.

... Dispatch continues below ...



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The RBI may purchase 1.5 million ounces in 2019, or about 46.7 tons, according to Howie Lee, an economist at Oversea-Chinese Banking Corp., with an outlook based on extrapolating amounts bought in the first two months of this year. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2019-04-23/central-bank-gold-buy...

* * *

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

Apr 24, 2019

If Reuters is suddenly really so concerned about Africa's being cheated out of its gold, why doesn't the news agency investigate the international central bank gold price suppression scheme? Most of the work for such investigative journalism already has been done here:

http://gata.org/taxonomy/term/21

All the news agency would have to do is call a few central banks to collect their refusals to account for themselves.

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Gold Worth Billions Is Smuggled Out of Africa

By David Lewis, Ryan McNeill, and Zandi Shabalala
Reuters
Wednesday, April 23, 2019

Billions of dollars' worth of gold is being smuggled out of Africa every year through the United Arab Emirates in the Middle East -- a gateway to markets in Europe, the United States, and beyond -- a Reuters analysis has found.

Customs data shows that the UAE imported $15.1 billion worth of gold from Africa in 2016, more than any other country and up from $1.3 billion in 2006. The total weight was 446 tonnes, in varying degrees of purity, up from 67 tonnes in 2006.

... Dispatch continues below ...



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Much of the gold was not recorded in the exports of African states. Five trade economists interviewed by Reuters said this indicates large amounts of gold are leaving Africa with no taxes being paid to the states that produce them.

Previous reports and studies have highlighted the black-market trade in gold mined by people, including children, who have no ties to big business, and dig or pan for it with little official oversight. No one can put an exact figure on the total value that is leaving Africa. But the Reuters analysis gives an estimate of the scale. ...

... For the remainder of the report:

https://www.reuters.com/investigates/special-report/gold-africa-smugglin...

* * *

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

Apr 23, 2019

By Nicholas Saminather
Reuters
Tuesday, April 23, 2019

TORONTO -- Agnico Eagle Mines is doubling down this year on Nunavut, Canada's least developed territory, betting that the high-grade gold ores and slim competition there will offset the risks of digging in the remote location in the far north.

For miners desperate to shore up reserves, the choice is often between safer jurisdictions with inhospitable geographies and easier-to-reach ores in politically challenging locations.

... Dispatch continues below ...



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Investors have been rewarded for backing Agnico's strategy.

The company's shares have surged 71 percent over the past five years, trouncing the 0.3 percent gain in the benchmark S&P/TSX Global Gold Index. Investors believe the company is making the right move again, thanks to high-grade ores in Nunavut and Agnico's 12 years of experience in the Arctic territory. ...

... For the remainder of the report:

https://ca.reuters.com/article/businessNews/idCAKCN1RZ1PO-OCABS


* * *

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

Apr 23, 2019

6:28p ET Wednesday, April 23, 2019

Dear Friend of GATA and Gold:

Silver market analyst Ted Butler this week examines the annual silver production reports by GFMS and CPM Group and wonders how they can be considered honest when they never mention the evidence of manipulation of the silver market. Butler's commentary is headlined "The Annual Silver Surveys" and its posted at GoldSeek's companion site, SilverSeek, here --

http://silverseek.com/commentary/annual-silver-surveys-17634

-- and at 24hGold here:

http://www.24hgold.com/english/news-gold-silver-the-annual-silver-survey...

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



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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

Apr 23, 2019

2:37p ET Tuesday, April 23, 2019

Dear Friend of GATA and Gold:

Today's paper-market raid on gold was another instance of market manipulation, Dave Kranzler of Investment Research Dynamics in Denver notes, as the seller unloaded his mammoth position all at once rather than gradually, which would have enabled him to obtain better prices.

Of course we've seen such manipulative smashes a thousand times before, so Kranzler's commentary today may be more welcome for taking a crack at another oblivious market analyst at Kitco, Jim Wycoff, for his trying to contrive an explanation for the smashdown that fits with ordinary market action. Fairness to Wycoff requires noting that nearly all monetary metals market analysts are just as willfully blind lest they impugn their "technical analysis."

Kranzler's commentary is headlined "Tuesday's Paper Gold Raid and Fake Journalism" and it's posted at the IRD internet site here:

http://investmentresearchdynamics.com/tuesdays-paper-gold-raid-and-fake-...

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


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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