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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

Oct 20, 2017

1p ET Friday, October 20, 2017

Dear Friend of GATA and Gold:

In his essay this week, "The Case Against Gold as a Central Bank Asset" --

https://www.garynorth.com/public/17271.cfm

-- the economic historian and libertarian financial writer Gary North argues that central banks should get rid of their gold reserves.

North writes: "What can the governments do with the gold? It's useless to them. They don't sell it. I wish they would sell all of it."

But of course central banks and governments do sell gold. They "lease" it too, insofar as they at least put gold credits into the marketplace. They buy and sell gold derivatives. They buy gold back when they can do so without spiking the price.

They do this to control the monetary metal and -- at least in the sphere of influence of the United States -- to try to drive it out of the world financial system. They aim to maintain the superiority of the U.S. dollar or the International Monetary Fund's Special Drawing Rights, a contrivance that long has been largely under the U.S. government's control.

... Dispatch continues below ...



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Central banks and governments own gold in part because, as Federal Reserve Chairman Alan Greenspan told Congress in 1999: "Gold still represents the ultimate form of payment in the world. Fiat money in extremis is accepted by nobody. Gold is always accepted."

Occasionally central banks, governments, and their officials or former officials admit their interest and objectives with gold in documents in their archives or memoirs. GATA has compiled and summarized many of these admissions here:

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

Few of these admissions are more candid than the one published in the 2003 annual report of the Reserve Bank of Australia --

http://www.rba.gov.au/publications/annual-reports/rba/2003/pdf/2003-repo... --

and --

http://www.gata.org/files/ReserveBankOfAustralia-AnnualReport2003.pdf

-- which says:

"Foreign currency reserve assets and gold are held primarily to support intervention in the foreign exchange market. In investing these assets, priority is therefore given to liquidity and security, in order to ensure that the assets are always available for their intended policy purposes."

These days the RBA is much more subtle about gold. The central bank's most recent annual report --

https://www.rba.gov.au/publications/annual-reports/rba/2017/pdf/2017-rep...

-- says instead:

"Australia's official reserve assets include foreign currency assets, gold, Special Drawing Rights (SDRs -- an international reserve asset created by the IMF) and Australia's reserve position in the IMF. At 30 June 2017 these assets totaled $84.1 billion. All components of official reserve assets are owned and managed by the Reserve Bank with the exception of Australia's reserve position in the IMF, which is an asset of the Australian government.

"Official reserve assets are held by the Reserve Bank to facilitate various policy operations, including in the foreign exchange market. ..."

Among the most smoking guns of official admissions that central banks and governments hold gold to facilitate their surreptitious rigging of the currency markets is the secret March 1999 report of the IMF's staff to the organization's board:

http://www.gata.org/node/12016

What can central banks and governments do with their gold?

They can control the currency markets with it -- that's what -- and by controlling the currency markets they control the value of all capital, labor, goods, and services in the world. That is, by controlling the currency markets by controlling gold, they control the world itself.

GATA doesn't like this any more than any libertarian does. But contrary to North's suggestion, it is no mystery. We could use his help in acknowledging and exposing it.

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

* * *

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Wednesday-Saturday, October 25-28, 2017
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Mines and Money London
Business Design Centre
London, England, United Kingdom
Monday-Thursday, November 27-30, 2017
http://london.minesandmoney.com/

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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

Oct 20, 2017

By Jack Farchy and Mark Burton
Bloomberg News
Thursday, October 19, 2017

Red Kite Management Ltd., the world's largest metals hedge fund, is suing Barclays for alleged market abuse in the copper market that it claims cost the firm at least $850 million between 2010 and 2013.

The case pits a $2 billion hedge fund against a bank that has been hit by a number of scandals in previous years, including large fines for manipulating Libor, the benchmark for interest rates.

... Dispatch continues below ...



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Red Kite, whose co-founder is the former treasurer of the U.K. Conservative Party, alleges that Barclays allowed staff to share confidential information about its positions with the bank's proprietary traders on the floor of the London Metal Exchange, according to court documents filed by the hedge fund in the U.K. High Court.

Barclays traders used the knowledge about Red Kite's positions to profit by placing opposing trades, the fund said in court documents filed in October 2016 but only recently made public. Red Kite alleges the bank "sought to manipulate the LME by ‘ramping' prices" to manipulate the closing price, a benchmark widely used by traders. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2017-10-19/barclays-sued-by-fund...

* * *
Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 25-28, 2017
Hilton New Orleans Riverside Hotel, New Orleans, Louisiana
http://neworleansconference.com/wp-content/uploads/2017/07/NOIC2017_powe...

Mines and Money London
Business Design Centre
London, England, United Kingdom
Monday-Thursday, November 27-30, 2017
http://london.minesandmoney.com/

* * *

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

Oct 19, 2017

From Reuters
via The New York Times
Thursday, October 19, 2017

DAR ES SALAAM, Tanzania -- Barrick Gold will give Tanzania a 16 percent stake in three gold mines, a 50 percent share of revenue from those mines, and a one-off payment of $300 million to resolve a dispute that has hit its operations in the country, the two sides said.

The Canadian miner and the Tanzanian government have been in talks for months after the east African country banned the export of unprocessed minerals and enacted laws to raise state ownership of the nation's mines.

The agreement announced today comes after the new laws and a crackdown on mining firms slowed fresh investment in what has long been seen as one of Africa's brightest mining prospects.

President John Magufuli, nicknamed the Bulldozer, has said the government's approach was aimed at ending what he called years of corrupt practices and tax evasion that have robbed the country of revenue. ...

... For the remainder of the report:

https://www.nytimes.com/reuters/2017/10/19/business/19reuters-barrick-go...



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Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 25-28, 2017
Hilton New Orleans Riverside Hotel, New Orleans, Louisiana
http://neworleansconference.com/wp-content/uploads/2017/07/NOIC2017_powe...

Mines and Money London
Business Design Centre
London, England, United Kingdom
Monday-Thursday, November 27-30, 2017
http://london.minesandmoney.com/

* * *

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

Oct 18, 2017

7:44p ET Wednesday, October 18, 2017

Dear Friend of GATA and Gold:

In commentary he laconically headlines "Anecdotes and Reminiscences," Hugo Salinas Price of the Mexican Civic Association for Silver today uses episodes from his country's history to illustrate the corrupting tendency of unbacked fiat money.

Salinas Price essentially supports the British economist Peter Warburton's conclusion that a primary objective of central banking is to deprive people of any enduring standard of monetary measure (http://www.gata.org/node/8303) and your secretary/treasurer's conclusion that another primary purpose of central banking is to prevent ordinary markets from happening at all (http://www.gata.org/node/6242).

Salinas Price's commentary is posted at the association's internet site here:

http://www.plata.com.mx/enUS/More/331?idioma=2

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



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Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 25-28, 2017
Hilton New Orleans Riverside Hotel, New Orleans, Louisiana
http://neworleansconference.com/wp-content/uploads/2017/07/NOIC2017_powe...

Mines and Money London
Business Design Centre
London, England, United Kingdom
Monday-Thursday, November 27-30, 2017
http://london.minesandmoney.com/

* * *

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

Oct 18, 2017

Bitcoin Just Had Its Biggest Drop in a Month

By Constantine Courcoulas
Bloomberg News
Wednesday, October 18, 2017

Traders waiting for a pullback in bitcoin’s price to rebuild positions in the world's largest cryptocurrency may have the U.S. Commodity Futures Trading Commission to thank.

In a primer on the asset class published Tuesday, the agency said virtual "tokens" used in initial coin offerings can come under CFTC oversight, a message that a market averse to scrutiny did not take well.

Bitcoin fell as much as 5.9 percent, its biggest loss in almost a month, to as low as $5,247.

The U.S. Securities and Exchange Commission has already said tokens from some ICOs can be securities under its oversight. "There is no inconsistency between the SEC's analysis and the CFTC's determination" from 2015 that virtual currencies are commodities, the CFTC said. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2017-10-18/bitcoin-dips-most-in-...



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Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 25-28, 2017
Hilton New Orleans Riverside Hotel, New Orleans, Louisiana
http://neworleansconference.com/wp-content/uploads/2017/07/NOIC2017_powe...

Mines and Money London
Business Design Centre
London, England, United Kingdom
Monday-Thursday, November 27-30, 2017
http://london.minesandmoney.com/

* * *

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

Oct 18, 2017

Scotiabank Looks to Sell Gold Trading Unit After Money-Laundering Scandal

By Henry Sanderson, Neil Hume, James Fontanella-Khan, and Gregory Meyer
Financial Times, London
Wednesday, August 18, 2017

Canada's Scotiabank has put its gold business up for sale in the aftermath of a multibillion dollar money laundering scandal centred on a U.S. refinery that involved smuggled gold from South America.

The bank's ScotiaMocatta business is one of London's main gold trading banks and is being sold by JPMorgan, according to people familiar with the process.

Chinese buyers are rumored to be the key targets of the Scotiabank sale, according to people in the market. Scotiabank declined to comment on the sale or the refinery scandal.

... Dispatch continues below ...



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The "straw that broke the camel's back" in prompting the sale, according to people in the market, was Scotiabank's lending to Elemetal, a precious metals refinery in Dallas. Scotiabank was one of their biggest lenders, they said.

In March U.S. prosecutors accused workers at a subsidiary of Elemetal, NTR Metals in Florida, of a money laundering scheme using "billions of dollars of criminally derived gold," mostly from Peru.

Elemetal did not respond to a request for comment. Scotiabank and ScotiaMocatta were not accused of any wrongdoing. ...

... For the remainder of the report:

https://www.ft.com/content/aabd236e-e763-3355-a51d-0a0f52689124

* * *

Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 25-28, 2017
Hilton New Orleans Riverside Hotel, New Orleans, Louisiana
http://neworleansconference.com/wp-content/uploads/2017/07/NOIC2017_powe...

Mines and Money London
Business Design Centre
London, England, United Kingdom
Monday-Thursday, November 27-30, 2017
http://london.minesandmoney.com/

* * *

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

Oct 18, 2017

10:06a ET Wednesday, October 18, 2017

Dear Friend of GATA and Gold:

The charts from Incrementum AG's "In Gold We Trust" report for 2017, compiled by Ronald-Peter Stoferle and Mark Valek, have been updated and assembled and posted in PDF format at Incrementum's internet site. Stoferle and Valek consider them pretty bullish. They can be found here:

https://www.incrementum.li/en/journal/chartbook-in-gold-we-trust-2017/

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



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Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 25-28, 2017
Hilton New Orleans Riverside Hotel, New Orleans, Louisiana
http://neworleansconference.com/wp-content/uploads/2017/07/NOIC2017_powe...

Mines and Money London
Business Design Centre
London, England, United Kingdom
Monday-Thursday, November 27-30, 2017
http://london.minesandmoney.com/

* * *

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

Oct 18, 2017

By Anna Golubova
Kitco News, Montreal
Tuesday, October 17, 2017

Miners could not even see Canada's biggest gold deposit until a glacier receded and uncovered what lay beneath, according to one mining executive with operations in northern British Columbia.

Rudi Fronk, CEO of gold explorer Seabridge Gold, told Kitco News that the company acquired the KSM project back in June 2000 from Placer Dome, which had spent approximately $25 million at KSM, focusing on the Kerr and Suphurets deposits that were visible from the surface.

But one area the previous owner ignored was the Mitchell Zone, as it was covered by a glacier when Placer conducted its activities.

"Since Placer Dome worked at KSM, the Mitchell glacier has retreated by almost 3 kilometers, exposing the Mitchell deposit, and allowing us to ascertain what’s there," Fronk said in a phone interview today. ...

... For the remainder of the report:

http://www.kitco.com/news/2017-10-17/Global-Warming-Uncovers-Biggest-Can...



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Click here to learn more:

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Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 25-28, 2017
Hilton New Orleans Riverside Hotel, New Orleans, Louisiana
http://neworleansconference.com/wp-content/uploads/2017/07/NOIC2017_powe...

Mines and Money London
Business Design Centre
London, England, United Kingdom
Monday-Thursday, November 27-30, 2017
http://london.minesandmoney.com/

* * *

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