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GATA - Gold Anti-Trust Action Committee
Manchester, Conn.
givvers: jason

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

Aug 01, 2015

11:40p ET Friday, July 31, 2015

Dear Friend of GATA and Gold:

Here's another financial analyst who can't be bothered with actual analysis, at least when it comes to gold: Peter Hodson of 5i Research Inc. of Waterloo, Ontario, former chairman of Sprott Asset Management.

In commentary published today in Toronto's National Post, "5 More Reasons Why Investors Shouldn't Worship Gold Right Now" --

http://business.financialpost.com/investing/investing-pro/5-more-reasons...

-- Hodson offers a paragraph titled "Conspiracy Theories Won't Help Gold." It reads:

"Every time gold goes down, the gold bugs blame the price drop on a takedown by some secret cartel working with the banks. The theory here is that governments do not want investors losing faith in fiat currencies, so they control the gold price to make paper currency look better.

... Dispatch continues below ...



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"Having once worked at a gold-focused fund company, although being a gold bug was never my thing, I've heard all the theories on gold and gold manipulation.

"These theories may not be all bogus, but if gold could not find any reason to go to US$3,000 an ounce during the financial crisis, when banks worldwide were imploding daily, then it is hard to make a bullish case for gold when financial conditions are improving daily.

"Gold is just another asset class, and its price is based on supply and demand. If the demand was there, the price would rise, regardless of any conspiracy theory. But the demand is simply not enough, so the price continues to drift down."

Your secretary/treasurer tried to post a reply to the story but the National Post seems to be rejecting it. It said:

"Gold's price is based mainly on surreptitious intervention in the market by central banks. This is not 'conspiracy theory,' though the regular secret meetings held by central banks to devise and implement a course of action are fairly described as conspiracies. Rather, this intervention is longstanding central bank policy extensively documented by the Gold Anti-Trust Action Committee here:

http://www.gata.org/node/14839

"Financial journalism should address the documentation. There's no need to evade the issue with mere 'theory.'"

Hodson and other analysts should address these questions in regard to gold:

-- Are central banks in the gold market surreptitiously or not?

-- If central banks are in the gold market surreptitiously, is it just for fun -- for example, to see which central bank's trading desk can make the most money by cheating the most investors -- or is it for policy purposes?

-- If central banks are in the gold market for policy purposes, are these the traditional purposes of defeating a potentially competitive world reserve currency, or have these purposes expanded?

-- If central banks, creators of infinite money, are surreptitiously trading a market, how can it be considered a market at all, and how can any country or the world ever enjoy a market economy again?

Again, there's no need for mere theories and surmise with the gold market. There is a need to deal with facts and documentation and to go to the source, as with any other market. If you haven't done that, don't pretend that you have.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

* * *

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Jul 30, 2015

1:27p ET Thursday, July 30, 2015

Dear Friend of GATA and Gold:

Silver market analyst Ted Butler today reiterates his call for tighter position limits among speculators in the futures markets so that paper speculation stops setting commodity prices and is replaced by supply and demand of the actual commodity. Butler's commentary is headlined "Price Takers and Price Makers" and it's posted at 24hGold here --

http://www.24hgold.com/english/news-gold-silver-price-takers-and-price-m...

-- and at GoldSeek's companion site, SilverSeek, here:

http://www.silverseek.com/commentary/price-takers-and-price-makers-14693

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATa.org



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Join GATA here:

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Monday-Tuesday, November 23-24, 2015

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

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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

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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:

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To contribute to GATA, please visit:

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

Jul 30, 2015

1:13p ET Thursday, July 30, 2015

Dear Friend of GATA and Gold:

The TF Metals Report's Turd Ferguson writes today that he has never seen Comex silver futures contract deliveries as heavy as they were this month. This may not mean much imminently, he adds, but only demand for real metal will break the price suppression scheme of the futures markets. His commentary is headlined "Wrapping Up July Comex Silver Deliveries" and it's posted at the TF Metals Report here:

http://www.tfmetalsreport.com/blog/7031/wrapping-july-comex-silver-deliv...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org



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Join GATA here:

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Wednesday-Saturday, October 28-31, 2015

http://noic2015.eventbrite.com/?aff=gata

The Silver Summit and Resource Expo 2015
Hyatt Regency Hotel, San Francisco
Monday-Tuesday, November 23-24, 2015

http://cambridgehouse.com/event/50/the-silver-summit-and-resource-expo-2...

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 by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

Jul 30, 2015

By Jan Harvey
Reuters
Thursday, July 30, 2015

LONDON -- Gold mining companies are turning increasingly to derivatives to lock in future revenues, as an industry still smarting from losing out on a 12-year bull run gets creative over protecting its income during the metal's current downturn.

While miners overall remain wary of hedging -- the outstanding global hedge book stood at just 6.2 million ounces at end March compared with 57.2 million a decade earlier -- those who do favour the strategy are leaning more strongly towards options.

Data released this month from Societe Generale and GFMS analysts at Thomson Reuters showed options structures made up 46 percent of the global hedge book by the end of the first quarter of 2015, compared with just 16 percent in the same period a year before and 11 percent in 2013. ...

... For the remainder of the report:

http://www.reuters.com/article/2015/07/30/gold-hedging-idUSL5N10945H2015...



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Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, October 28-31, 2015

http://noic2015.eventbrite.com/?aff=gata

The Silver Summit and Resource Expo 2015
Hyatt Regency Hotel, San Francisco
Monday-Tuesday, November 23-24, 2015

http://cambridgehouse.com/event/50/the-silver-summit-and-resource-expo-2...

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 by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

Jul 30, 2015

11:43a ET Thursday, July 30 2015

Dear Friend of GATA and Gold:

China's stock market collapse may impede the inclusion of the renminbi in the International Monetary Fund's Special Drawing Rights and push the country toward an upward revaluation of gold, GoldMoney research director Alasdair Macleod writes today. His commentary is headlined "China's 1929 Moment" and it's posted at GoldMoney here:

https://www.goldmoney.com/research/analysis/chinas-1929-moment?gmrefcode...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org



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Join GATA here:

New Orleans Investment Conference
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Wednesday-Saturday, October 28-31, 2015

http://noic2015.eventbrite.com/?aff=gata

The Silver Summit and Resource Expo 2015
Hyatt Regency Hotel, San Francisco
Monday-Tuesday, November 23-24, 2015

http://cambridgehouse.com/event/50/the-silver-summit-and-resource-expo-2...

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 by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

Jul 30, 2015

11:27a ET Thursday, July 30, 2015

Dear Friend of GATA and Gold:

With his commentary today, "Gold and the Full Moon" --

http://321gold.com/editorials/moriarty/moriarty073015.html

-- 321Gold's Bob Moriarty notes that negative news and commentary about gold have exploded in the mainstream financial news media in recent weeks, and he construes this as such media explosions are often construed: as a contrary indicator, an indicator that a trend has run its course.

Moriarty writes: "If you have 100 investors in a room and you ask them where will gold be in six months and 100 percent of them say lower, gold can only go higher."

Certainly sentiment in the monetary metals sector is the worst it has ever been. It has been declining steadily for years and well could be worse in the days ahead, as mining companies cease production and even go out of business as the price of their product falls below the cost of production and they fail to inquire about the cause.

... Dispatch continues below ...



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This isn't to pick on Moriarty again; many other gold market observers have been making his point about sentiment as a contrary indicator. But your secretary/treasurer argues that sentiment long has been irrelevant to the monetary metals markets -- at least the sentiment of ordinary investors is irrelevant.

For the only sentiment that counts in the monetary metals markets is the sentiment of their biggest participants -- central banks and their agent bullion banks. Good luck getting them in a room, surveying them, and inducing them to give honest answers for publication or broadcast.

Of course it will never happen. Central banks run the world and even in nominal democracies they answer to no one.

So as a practical matter the most that can be done is to pick through government archives and other official records for the traces of central bank involvement and intentions with gold, as GATA has been doing for 16 years, ascertaining past policies and actions for indications of present and future policies and actions:

http://www.gata.org/node/14839

But rather than do such research or concede any legitimacy to the effort, Moriarty today goes on to assert a correlation between reverses in market direction and the appearance of the full moon, and he notes that a full moon is scheduled for tomorrow.

As the moon influences the ocean tides, it also may influence other things on Earth, including human moods and psychology. Certainly the moon has gotten pretty good notice over the years; it figures in thousands of songs, poems, photographs, and paintings. But if the moon has much to do with reversals in gold prices, it may be only because lunar cycle tables by agreement have been marked the same way at the Federal Reserve, Treasury Department, Bank for International Settlements, European Central Bank, Banque de France, People's Bank of China, and International Monetary Fund.

Of course there have been many full moons in recent years and they have done no good for gold. But Moriarty still could be on to something here, since the intervention of central banks in the gold market lately has been so obvious that they now just might look for cover even in the phases of the moon, confident that mainstream financial journalists and stock touts everywhere will happily seize any rationale for overlooking the central bank interventions that deprive their market analysis of any meaning.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

* * *

Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, October 28-31, 2015

http://noic2015.eventbrite.com/?aff=gata

The Silver Summit and Resource Expo 2015
Hyatt Regency Hotel, San Francisco
Monday-Tuesday, November 23-24, 2015

http://cambridgehouse.com/event/50/the-silver-summit-and-resource-expo-2...

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 by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

Jul 29, 2015

3p ET Wednesday, July 29, 2015

Dear Friend of GATA and Gold:

Zero Hedge this afternoon calls attention to comments made on CNBC today by former PIMCO bond buyer Bill Gross, now working for Janus Capital, who says all markets now are artificial, the products of central bank manipulation, and that real market prices cannot be discovered. By "all" markets, one might assume Gross meant to include the market that in mainstream financial journalism must never be associated with manipulation, the gold market. But somehow Gross wasn't wearing a tin-foil hat. Zero Hedge's posting, which includes the CNBC video excerpt, is here:

http://www.zerohedge.com/news/2015-07-29/bill-gross-explains-90-seconds-...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org



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Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, October 28-31, 2015

http://noic2015.eventbrite.com/?aff=gata

The Silver Summit and Resource Expo 2015
Hyatt Regency Hotel, San Francisco
Monday-Tuesday, November 23-24, 2015

http://cambridgehouse.com/event/50/the-silver-summit-and-resource-expo-2...

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 by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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

Jul 29, 2015

Wednesday, July 29, 2015

Mark Gilbert
Bloomberg News
731 Lexington Ave.
New York City, NY 10022

Dear Mark (if I may):

While your commentary today, "True Gold Bugs Care about Value, Not Price" --

http://www.bloombergview.com/articles/2015-07-29/true-gold-bugs-care-abo...

-- was excellent for noting that central bank interventions increasingly are determining asset prices, you were in error when you asserted that gold's value "appears to move freely depending on the whims of its buyers and sellers, rather than on the interventions of policy makers."

In fact, central bank manipulations encompass gold as well, probably more so than the prices of other assets.

... Dispatch continues below ...



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For 15 years my organization, the Gold Anti-Trust Action Committee, has been documenting the surreptitious intervention in the gold market by Western central banks. By their own admissions, the central banks are surreptitiously intervening in the gold market every day, or nearly so, to control the gold price to prevent it from becoming an accurate measure of other currency values.

This is no mere "conspiracy theory," though "conspiracy" is fairly applied when central bankers hold secret meetings to determine and implement a course of policy, as they often do. Rather this is the official record of longstanding Western central bank and government policy, a record drawn from government archives and public statements by central bankers themselves.

This intervention is easily confirmed journalistically by reviewing the records and putting the right specific questions to central banks, the Bank for International Settlements, and the International Monetary Fund, among others.

No analysis of the gold market is worth much if it fails to address these questions:

-- Are central banks in the gold market surreptitiously or not?

-- If central banks ARE in the gold market surreptitiously, is it just for fun -- for example, to see which central bank's trading desk can make the most money by cheating the most investors -- or is it for policy purposes?

-- If central banks ARE in the gold market for policy purposes, are these the traditional purposes of defeating a potentially competitive world reserve currency, or have these purposes expanded?

-- If central banks, creators of infinite money, ARE surreptitiously trading a market, how can it be considered a market at all, and how can any country or the world ever enjoy a market economy again?

A summary of the most important documentation developed by GATA over the years, some of it quite recent, complete with links to the documents themselves, is posted at our Internet site here:

http://www.gata.org/node/14839

To correct your commentary's error today, please review this documentation and pursue it in future commentary. Of course I'll be glad to provide more information.

I'll be grateful for an acknowledgment of this note, which I'm copying to your editor, Mary Duenwald, as a request for Bloomberg News to pursue this documentation as a news story. I'll be hoping to get an acknowledgment from her as well.

With good wishes.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

* * *

Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, October 28-31, 2015

http://noic2015.eventbrite.com/?aff=gata

The Silver Summit and Resource Expo 2015
Hyatt Regency Hotel, San Francisco
Monday-Tuesday, November 23-24, 2015

http://cambridgehouse.com/event/50/the-silver-summit-and-resource-expo-2...

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 by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

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