Stephen Roach: Global TIC-tock


By Stephen S. Roach
Friday, February 16, 2007

The US Treasury's latest report on international capital flows came as a shocker. Net foreign inflows into longer-term US securities fell to just $15.6 billion in December 2006 -- the weakest monthly reading in nearly five years. This stands in sharp contrast to America's enormous external financing needs -- about $3.5 billion of foreign capital inflows each business day required to fund a current account deficit that was running at close to an $875 billion annual rate in the first three quarters of 2006. Does an external financing shortfall of this magnitude finally spell trouble for the seemingly Teflon-like US dollar?

Central banks face rising pressures from politicians


By Simon Kennedy and Matthew Benjamin
Bloomberg News Service
Monday, February 19, 2007

When politicians tried to pressure former European Central Bank President Wim Duisenberg, he used to say: "I hear, but I do not listen." These days, a growing number of central bankers worldwide are hearing a lot -- and some are listening.

Richard Russell agrees with GATA: Central banks rig gold


11:23p ET Sunday, February 18, 2007

Dear Friend of GATA and Gold:

Nine years after proprietor Bill Murphy, soon to start the Gold Anti-Trust Action Committee, started screaming that the price of gold was being suppressed by collusion on the commodities exchanges, the king of technical analysis of the markets and the most venerable of U.S. financial letter writers, Richard Russell, has fully concurred.

Will U.S. dollar coins build acceptance of monetary debasement?


1p ET Sunday, February 18, 2007

Dear Friend of GATA and Gold:

While replacing the U.S. dollar bill with dollar coins would be more efficient for the Treasury Department, and while there is plenty of precedent in other countries for it (in Canada and the European Union the smallest paper currency note is for five of the basic currency units), gold and silver sympathizers probably can't help wondering if there might not be more to it in the United States.

Russian miner bids for AngloGold


Russians Covet AngloGold

By John Waples
The Times, London
Sunday, February 18, 2007

Russia's Polyus Gold, which is preparing for a London listing, has approached Anglo American to buy its £2.25 billion stake in another mining company, AngloGold Ashanti.

If this were to happen, it would turn Polyus into one of the world's most powerful gold producers. Polyus has indicated it would like to buy part or all of the stake.

John Mauldin: Gold is rising in all currencies


6:30p ET Saturday, February 17, 2007

Dear Friend of GATA and Gold:

In new commentary, John Mauldin of Millennium Wave Advisers notes, as GoldMoney founder and GATA consultant James Turk long has been noting, that gold is now rising in all major currencies.

Mauldin also quotes Dennis Gartman of The Gartman Letter as acknowledging that someone is trying to cap the gold price at $670 and that "it may be a government." In other recent commentary Gartman has said that he doesn't know who is suppressing gold and doesn't care. This may be construed to mean that he doesn't dare ask. But since Gartman now has acknowledged, in effect, that GATA just MIGHT be right about gold, maybe his apology for years of ridiculing those who have been complaining about the gold price suppression scheme will turn up in Monday's mail.

U.S. Rep. Ron Paul: Proposals for transparency at the Fed


Statement for Hearing
House Financial Services Committee
"Monetary Policy and the State of the Economy"
Thursday, February 15, 2007

By U.S. Rep. Ron Paul

Transparency in monetary policy is a goal we should all support. I've often wondered why Congress so willingly has given up its prerogative over monetary policy. Astonishingly, Congress in essence has ceded total control over the value of our money to a secretive central bank.

Jason Hommel: Has the IMF admitted GATA is right?


6p ET Friday, February 16, 2007

Dear Friend of GATA and Gold:

Silver Stock Report editor Jason Hommel has reviewed the International Monetary Fund's concern that its rules allow central banks to double-count their gold, to count leased gold as if it is gold still in the vault. Hommel's essay is titled "Has the IMF Admitted GATA Is Right?" and you can find it at Silver Stock Report here:

Ecuador pays bond interest after all, prompting talk of market manipulation


By Joanna Chung and Hal Weitzman
Financial Times, London
via Yahoo News
Thursday, February 15, 2007;_ylt=ApU...

Ecuador's bond market remained volatile on Thursday in the wake of the government's surprise decision to pay interest on its debt as scheduled -- only a few days after it said the payment would be delayed.

Freeport will end Phelps Dodge's hedging of copper


From Reuters
via Yahoo News
Thursday, February 16, 2007

NEW YORK -- Freeport-McMoRan Copper & Gold Inc.will end Phelps Dodge Corp.'s policy of hedging on copper prices when it acquires the rival miner, Freeport's chief executive said on Thursday.