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

Oil is just pennies from $55, while gold is up all of 80 cents

By cpowell
Created 2004-10-15 07:00

11:59p ET Thursday, October 14, 2004

Dear Friend of GATA and Gold:

MineWeb's Gareth Tredway has written an interesting
report about the prospects for a 20-year boom in
commodities arising from growth in China and India,
more interesting for an observation about the potential
for market rigging within that boom.

Tredway quotes a South African market analyst,
Michael Power, saying this about Asian commodity
buyers:

"The rest of the world thinks they are a one-way trade
and you can basically sell anything in terms of
agricultural and mineral sources to them, and they
basically had to take the price that you are selling
them at. The Chinese have learned that if they
accumulate a little bit of stock, more than they
absolutely need in the immediate sense, they can pop
bubbles as they arise and basically give particular
speculators a bloody nose. I suspect they may well
have been behind the base metals wipeout that we
saw today, and I think it did start in Shanghai."

The Chinese are smart folks and getting smarter
as they get richer. They know what's real and what's
... just paper and pretense. And if they don't
already know exactly how to play paper and pretense,
they are surely learning fast.

You can find Tredway's report here:

http://www.mineweb.net/sections/base_metals/353466.htm [1]

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

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http://www.depression2.tv [23]

http://www.moneyfiles.org/ [24]

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

http://www.minersmanual.com/minernews.html [26]

http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html [27]

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

http://www.miningstocks.com [29]

http://www.mineralstox.com [30]

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

http://www.321gold.com [32]

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

http://www.investmentrarities.com [34]

http://www.kuik.com/KH/KH.html [35]
(Korelin Business Report -- audio)

http://www.plata.com.mx/plata/home.htm [36]
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Source URL:
http://www.gata.org/node/2709