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Published on Gold Anti-Trust Action Committee (http://www.gata.org)

Jason Hommel, Aden sisters, and Gary North are encouraging

By cpowell
Created 2004-04-23 07:00

10:17p ET Thursday, April 22, 2004

Dear Friend of GATA and Gold:

Couldn't find any bad news for the precious metals tonight,
not that the bruises of the past week have worn off....

Richard Russell, editor of Dow Theory Letters, observes that
gold is testing its 200-day moving average, that it has done
this several times before and continued higher, and that
"gold's erratic action is understandable when you consider
that the world central bank establishment will always do all
it can to discourage people from buying and holding gold."
Russell adds, "The latest ploy is a threat from the Bank of
France that is 'considering' selling some of its gold."

You can find Russell's commentary here:

http://205.232.90.194/editorials/russell/russell042304.html [1]

Ceri Shepherd makes similar observations at Jim
Puplava's FinancialSense.com:

"It is my opinion that the gold and silver shorts cartel
have urgently engineered this selloff so that they can
cover at least some of their shorts as time is very much
against them. They have shaken the gold and silver tree
hard to watch all the weak hands fall out onto the floor
and then they can cover. The COT reports should be
very interesting these next few weeks.

"The shorts know full well that the sold and silver markets
are very small. It takes only a small amount of money
fleeing falling stock and bond markets to find a home in
gold and silver for the prices to skyrocket. We could then
easily end up with a 1999 Internet stock scenario where
prices simply feed on themselves in a mania, which is a
very disastrous situation if you are heavily short gold and
silver."

You can find Shepherd's commentary here:

http://www.financialsense.com/fsu/editorials/shepherd/04/0421.html [2]

Check out this story from Market News:

"Amid a rising dollar and falling commodity prices, spot
gold has been remarkably resilient, perplexing market
players and analysts, who offer mixed views about the
precious metal's near-term prospects. ..."

You can find the Market News story here:

http://www.fxstreet.com/nou/noticies/afx/noticia.asp? [3]
pv_noticia=200404221403MKTNEWS_MAINWIRE_6FBE_3515

Do you really think that the Federal Reserve is going
to raise interest rates? Read this Reuters story:

"Federal Reserve Board Governor Ben Bernanke said
on Thursday the job market was still fragile and a
steady fall in unemployment was needed before the
central bank could begin raising interest rates. The
influential central banker said he would want to see
steady declines in the unemployment rate and
improvements in other job indicators to be convinced
that the economic recovery was sustainable."

You can find the Bernanke story here:

http://www.reuters.com/newsArticle.jhtml?type=topNews&storyID=4914080 [4]

Economist Martin Murenbeeld was quoted enthusiastically
about gold in Switzerland today:

"Gold prices may rise again in 2004 as the dollar will not be
able to sustain recent gains due to the large current account
deficit in the United States, international economist Martin
Murenbeeld said on Thursday. Speaking at a European gold
forum in Zurich, he said the dollar's recent strength was not
a change in trend. 'I argue that this is more of a correction
than a fundamental change,' Murenbeeld said."

You can find the Murenbeeld story here:

http://www.reuters.com/newsArticle.jhtml?type=topNews&storyID=4914029 [5]

And it was reported today that Barrick Gold has reduced its
hedge book a lot more than was expected:

"Barrick Gold Corp. sacrificed chunkier first-quarter earnings
at a time of strong gold prices to stick to a promise to gut its
unpopular hedge book, figures showed on Thursday. The world's
third-biggest gold producer slashed its hedge position by a
bigger-than-expected 800,000 ounces by opting to sell nearly
two-thirds of its quarterly output in fixed-price contracts at
an average of $382 an ounce, 6 percent lower than what it could
have earned on the market.

"'We were surprised at the aggressiveness with which they
delivered into their hedges. ... We were expecting around
600,000 ounces,' said John O'Brien, an analyst at Ragen
MacKenzie."

And note this from the Barrick story, confirming GATA
consultant Bob Landis' research disclosing that Barrick
is a big short in silver:

"The company posted a 10 percent fall in earnings to $26
million, or 5 cents a share, partly because it lost $15
million on a silver derivatives position as the silver price
rose. Analysts had forecast earnings of 7 cents a share."

You can find the Barrick story here:

http://www.reuters.com/newsArticle.jhtml?type=topNews&storyID=4912102 [6]

As Elmer Davis said, "The first and great commandment is:
Don't let them scare you."

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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RECOMMENDED INTERNET SITES
FOR DAILY MONITORING OF GOLD
AND PRECIOUS METALS
NEWS AND ANALYSIS

Free sites:

http://www.jsmineset.com [9]

http://www.cbs.marketwatch.com [10]

http://www.mineweb.com/ [11]

http://www.gold-eagle.com/ [12]

http://www.kitco.com/ [13]

http://www.usagold.com/ [14]

http://www.GoldSeek.com/ [15]

http://www.capitalupdates.com/ [16]

http://www.goldenbar.com/ [17]

http://www.silver-investor.com [18]

http://www.thebulliondesk.com/ [19]

http://www.sharelynx.com/ [20]

http://www.mininglife.com/ [21]

http://www.financialsense.com [22]

http://www.goldensextant.com [23]

http://www.goldismoney.info/index.html [24]

http://www.howestreet.com [25]

http://www.depression2.tv [26]

http://www.moneyfiles.org/ [27]

http://www.howestreet.com [28]

http://www.minersmanual.com/minernews.html [29]

http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html [30]

http://www.goldcolony.com [31]

http://www.miningstocks.com [32]

http://www.mineralstox.com [33]

http://www.321gold.com [34]

http://www.SilverSeek.com [35]

http://www.investmentrarities.com [36]

http://www.kuik.com/KH/KH.html [37]
(Korelin Business Report -- audio)

http://www.plata.com.mx/plata/home.htm [38]
(In Spanish)
http://www.plata.com.mx/plata/plata/english.htm [39]
(In English)

Subscription site:

http://www.lemetropolecafe.com/ [40]

http://www.hsletter.com [41]

Eagle Ranch discussion site:

http://os2eagle.net/checksum.htm [42]

Ted Butler silver commentary archive:

http://www.investmentrarities.com/ [43]

----------------------------------------------------

COIN AND PRECIOUS METALS DEALERS
WHO HAVE SUPPORTED GATA
AND BEEN RECOMMENDED
BY OUR MEMBERS

Centennial Precious Metals
3033 East 1st Ave.
Suite 403
Denver, Colorado 80206
www.USAGold.com [44]
Michael Kosares, Proprietor
US (800) 869-5115
Canada 1-800-294-9462
European Union 00-800-2760-2760
Australia 0011-800-2760-2760
cpm@usagold.com [45]

Colorado Gold
222 South 5th St.
Montrose, Colorado 81401
www.ColoradoGold.com [46]
Don Stott, Proprietor
1-888-786-8822
Gold@gwe.net [47]

El Dorado Discount Gold
Box 11296
Glendale, Arizona 85316
http://www.eldoradogold.net [48]
Harvey Gordin, President
Office: 623-434-3322
Mobile: 602-228-8203
harvey@eldoradogold.net [49]

Investment Rarities Inc.
7850 Metro Parkway
Minneapolis, Minnesota 55425
http://www.gloomdoom.com [50]
Greg Westgaard, Sales Manager
1-800-328-1860, Ext. 8889
gwestgaard@investmentrarities.com [51]

Kitco
178 West Service Road
Champlain, N.Y. 12919
Toll Free:1-877-775-4826
Fax: 518-298-3457
and
620 Cathcart, Suite 900
Montreal, Quebec H3B 1M1
Canada
Toll-free:1-800-363-7053
Fax: 514-875-6484
http://www.kitco.com [52]

Lee Certified Coins
P.O. Box 1045
454 Daniel Webster Highway
Merrimack, New Hampshire 03054
www.certifiedcoins.com [53]
Ed Lee, Proprietor
1-800-835-6000
leecoins@aol.com [54]

Miles Franklin Ltd.
3015 Ottawa Ave. South
St. Louis Park, Minn. 55416
1-800-822-8080 / 952-929-1129
fax: 952-925-0143
http://www.milesfranklin.com [55]
Contacts: David Schectman,
Andy Schectman, and Bob Sichel

Missouri Coin Co.
11742 Manchester Road
St. Louis, MO 63131-4614
info@mocoin.com [56]
http://www.mocoin.com [57]

Resource Consultants Inc.
6139 South Rural Road
Suite 103
Tempe, Arizona 85283-2929
Pat Gorman, Proprietor
1-800-494-4149, 480-820-5877
Metalguys@aol.com [58]

Swiss America Trading Corp.
15018 North Tatum Blvd.
Phoenix, Arizona 85032
http://www.swissamerica.com [59]
Dr. Fred I. Goldstein, Senior Broker
1-800-BUY-COIN
FiGoldstein@swissamerica.com [60]

----------------------------------------------------

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Source URL:
http://www.gata.org/node/2375