Here come competitive devaluations, and then gold may rise in other currencies

Section:

5:20p ET Wednesday, December 1, 2004

Dear Friend of GATA and Gold:

Progress often comes very slowly, so it's a
thrill whenever you can notice it, as with
Newmont Mining President Pierre Lassonde's
speech Monday to the San Francisco Gold and
Precious Metals Conference.

The speech was transcribed by Resource
Investor's Tim Wood, who quoted Lassonde as
recognizing GATA indirectly:

"Gold today is as close to a currency as you will
ever see. ... Our view is ... the American dollar
has got to go down. The dollar has been the best
export that the U.S. has ever manufactured.

"The central banks of the world today have got
2.1 trillion of those dollars. The question is:
If they just stop buying, that's enough to send
the dollar down by 50 percent. If they start
selling, it's going to get even worse.

"We don't think it's going to go there because
... when we look at China and Japan in
particular, they want the economy to continue
exporting, so if there's anything that's managed
in the world, it's those two currencies.

"Some people have gold conspiracies. I don't
know about that. The one thing I do know is that
those currencies are managed currencies and
they are probably going to let them revalue
against the dollar but in a very stepwise way."

That is, the president of the biggest mining
company has just told a big mining industry
conference that 1) gold is a currency,
2) central banks rig the currency markets,
3) "some people" think that the central banks
have been rigging the market for gold -- also
a currency -- as well; and 4) he's not sure.

Coming from someone who, like Lassonde, has
spent most of a lifetime in the gold business,
this may not seem like much more than
acknowledging the obvious a few years late. On
the other hand, it's a damned sight better than
Dennis Gartman's famous and fatuous remark --
"Conspiracies rarely exist" -- and better than
the mining industry establishment's sneer that
GATA Chairman Bill Murphy is "a #@&%*>@."

Murphy may indeed be all that, but when it comes
to the rigging of the gold market, he also happens
to have been right from the start. And now the
president of the biggest mining company in the
world, Pierre Lassonde, slowly and cautiously,
has been compelled to accept the possibility.

You can find Resource Investor's transcript of
Lassonde's speech here:

http://www.resourceinvestor.com/pebble.asp?relid=7219

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

http://www.cbs.marketwatch.com

http://www.mineweb.com/

http://www.gold-eagle.com/

http://www.kitco.com/

http://www.usagold.com/

http://www.GoldSeek.com/

http://www.GoldReview.com/

http://www.capitalupdates.com/

http://www.DailyReckoning.com

http://www.goldenbar.com/

http://www.silver-investor.com

http://www.thebulliondesk.com/

http://www.sharelynx.com/

http://www.mininglife.com/

http://www.financialsense.com

http://www.goldensextant.com

http://www.goldismoney.info/index.html

http://www.howestreet.com

http://www.depression2.tv

http://www.moneyfiles.org/

http://www.howestreet.com

http://www.minersmanual.com/minernews.html

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

http://www.goldcolony.com

http://www.miningstocks.com

http://www.mineralstox.com

http://www.freemarketnews.com

http://www.321gold.com

http://www.SilverSeek.com

http://www.investmentrarities.com

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

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

http://www.resourceinvestor.com

http://www.miningmx.com

http://www.prudentbear.com

Subscription sites:

http://www.lemetropolecafe.com/

http://www.goldinsider.com/

http://www.hsletter.com

http://www.interventionalanalysis.com

http://www.investmentindicators.com/

Eagle Ranch discussion site:

http://os2eagle.net/checksum.htm

Ted Butler silver commentary archive:

http://www.investmentrarities.com/

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

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

Blanchard & Co. Inc.
909 Poydras St., Suite 1900
New Orleans, Louisiana 70112
888-413-4653
http://www.blanchardonline.com

Centennial Precious Metals
3033 East 1st Ave., Suite 403
Denver, Colorado 80206
www.USAGold.com
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

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

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

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

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

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

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
Contacts: David Schectman,
Andy Schectman, and Bob Sichel

Missouri Coin Co.
11742 Manchester Road
St. Louis, MO 63131-4614
info@mocoin.com
314-965-9797
1-800-280-9797
http://www.mocoin.com

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

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

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

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