Greg Peel: Gold sales continue to confuse

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12:56a ET Friday, August 25, 2006

Dear Friend of GATA and Gold:

In his latest commentary, Greg Peel of FN Arena News in Australia again takes note of the mystery and accounting anomalies surrounding central bank gold sales, citing GATA and Dennis Gartman, editor of the Gartman Letter, who sometimes sees the trees but never the forest. Peel's commentary is titled "Gold Sales Continue to Confuse" and you can find it here:

Exchanges see gold's monetary role growing

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But is 24-hour electronic trading meant mainly to bury gold in more paper contracts?

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Nymex Offers to Pay Gold Traders
$275 Million to Support Move Online

By Matthew Leising and Ann Saphir
Bloomberg News Service
Thursday, August 24, 2006

http://quote.bloomberg.com/apps/news?pid=20601087&sid=aZJK2DBWaUp4

Nymex Holdings Inc., owner of the world's largest gold futures market, plans to pay members who trade metals about $275 million in stock to win their approval of around-the-clock electronic trading, three people with knowledge of the proposal said.

NovaGold boosts mineral estimates: gold by 14%, copper 25%, silver 55%

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From the Associated Press
Thursday, August 24, 2006

http://biz.yahoo.com/ap/060824/apfn_novagold_resources.html?.v=1

VANCOUVER, British Columbia -- NovaGold Resources Inc., the target of a hostile takeover bid from Barrick Gold Corp., increased its mineral resource estimates Thursday based on results from a drilling program at its Donlin Creek and Galore Creek projects.

The Vancouver miner said its gold measured and indicated resources had been raised by 14 percent to 20.6 million ounces, while copper was up 25 percent to 8.5 billion pounds and silver rose 55 percent to 117.1 million ounces.

Australia's national newspaper cites GATA and BIS' confession to suppressing gold

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Golden Opportunity for Conspiracy: The New Gold Rush

Gold prices don't always conform to expectations, leaving room for some wild theories, Robin Bromby reports

By Robin Bromby
The Australian, Sydney
Wednesday, August 23, 2006

As if a seemingly insoluble situation in Lebanon, Iran on the verge of nuclear capability, oil at more than $US70 a barrel, and inflation barking at our doors wouldn't be enough to keep propelling the gold price.

Chinese banks struggle to hedge bloated dollar holdings

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Chinese Banks Facing Losses on Dollar Assets as Yuan Rises

From Xinhua News Agency
via People's Daily Online, Beijing
Wednesday, August 23, 2006

http://english.people.com.cn/200608/23/eng20060823_296115.html

Major Chinese banks, with an estimated $80 billion in foreign currency assets, will face losses if the yuan keeps rising in value, bank executives said Wednesday.

Banks holding U.S. dollars would "definitely suffer losses as the renminbi, or the yuan, continues to appreciate," Pang Xiusheng, the China Construction Bank's chief finance officer, told Xinhua.

Barrick stung by GATA's criticism of hedge book amid bid for NovaGold

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8:55a ET Tuesday, August 22, 2006

Dear Friend of GATA and Gold:

Barrick Gold has accused GATA of trying to mislead the investment world about the mining company's attempt to acquire NovaGold Resources Inc.

Barrick's charge comes in an interview given to MineWeb's Dorothy Kosich by the company's senior vice president for corporate communications, Vince Borg, who seems to be claiming that the company's hedge book really isn't so bad.

Euro nears high of year against dollar

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From Agence France-Presse
Monday, August 21, 2006

http://news.yahoo.com/s/afp/20060821/bs_afp/forexus

The euro neared its highest point of the year against the dollar on expectations of rising interest rates in Europe's common currency zone, dealers said.

While the European Central Bank is forecast to keep raising rates, data in the United States and Japan indicate that borrowing costs there are likely to stay steady, analysts believe.

Ted Butler: First nickel, then silver?

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10:18p ET Monday, August 21, 2006

Dear Friend of GATA and Gold:

Silver market analyst Ted Butler examines the de-facto default of the London Metals Exchange's nickel contract and warns that the same disgrace looms for the New York Commodities Exchange and its silver contract. Butler's commentary is titled "First Nickel, Then Silver?," and can be found at GoldSeek's companion site, SilverSeek, here:

Russian bank thinks it gains prestige by selling 2% to MorganChase

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It may be the camel's nose under the tent, except that the camel smells better.

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JPMorgan Buys 2% of Bank of Moscow

From Reuters
Monday, August 21, 2006

http://yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reut...

MOSCOW -- JPMorgan said on Monday it had bought a 2 percent stake in Bank of Moscow, Russia's fourth-largest bank by assets, in an investment it had flagged in June.

India to slash duties on scrap and raw gold imports

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By Sangita Shah
Financial Express, Mumbai
Friday, August 18, 2006

http://www.financialexpress.com/fe_full_story.php?content_id=137730

The government is soon likely to relax scrap and raw gold import norms, paving the way for greater and cheaper imports of the precious metal into the world's largest gold- consuming country.

Sources close to the Reserve Bank of India stated that the concerns regarding raw gold, which will be imported by classifying it under brass imports, have been resolved. "The government is likely to announce reduction in import duty on raw gold to bring it on par with pure gold," the industry veteran added.