Whoever has been selling gold, the powerful are not omnipotent


11:30a ET Tuesday, September 12, 2006

Dear Friend of GATA and Gold:

This essay by Mike Kosares, proprietor of Centennial Precious Metals in Denver and host of the wonderful forum at the firm's Internet site, www.USAGold.com, is adapted from a couple of his posts there yesterday and today.

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

* * *

By Mike Kosares

IMF worries that FX markets might develop, escaping central bank control


IMF Identifies Risk of 'Disorderly' U.S. Dollar Drop

By Mark Drajem and Shamim Adam
Bloomberg News Service
Tuesday, September 12, 2006


A "disorderly" drop in the dollar is the biggest risk to world financial markets, the International Monetary Fund said, urging policy makers to prepare and act quickly when asset prices slump.

Currency intervention reaches unprecedented heights, BIS says


Might the central banks consider gold a currency too?. ...

The report of the Bank for International Settlements cited in the following dispatch can be found here:


* * *

BIS Says Inflation May Force
Asian Countries to let
Currencies Rise, Hike Rates

By Steve Whitehouse
AFX News via Forbes.com
Sunday, September 10, 2006


Gold and silver go on sale


7:45p ET Monday, September 11, 2006

Dear Friend of GATA and Gold:

Silver market analyst Ted Butler is quick to report how he sees the smashing of gold and silver over the last few days. His commentary, posted at GoldSeek's companion site, SilverSeek, is headlined "Blatant Manipulation," and you can find it here:


But really -- was anyone expecting anything else from the central banks on the anniversary of the September 11 terrorist attacks? At least central bank intervention is the suggestion of Peter Grandich of the Grandich Letter, quoted by CBSMarketWatch here:

Australian central banker admits disinformation campaign to dupe FX markets


Markets 'Duped' in Dollar Crisis

By Tim Colebatch
The Age, Melbourne (Australia)
Monday, September 11, 2006


Reserve Bank governor Ian Macfarlane has revealed that the Reserve teamed up with Prime Minister John Howard and Treasurer Peter Costello in the 1997-98 Asian financial crisis to hoodwink foreign exchange markets into thinking interest rates might rise.

Dubai's Khaleej Times cites GATA in review of silver's prospects


Silver Could Be More Profitable Investment Than Gold

Khaleej Times, Dubai
Saturday, September 9, 2006


From Our Correspondent

JEDDAH, Saudi Arabia -- It is said that every cloud has a silver lining. But when it comes to silver, people usually see that lining more in gold than in the white metal itself.

Financial Times lets GoldMoney's James Turk explain metals bull market


Bullish on Bullion:
Desire for Safe Havens
Boosts Precious Market

By Monica Porter
Financial Times, London
Saturday, September 9, 2006


James Turk of GoldMoney (www.GoldMoney.com) claims we are in the early stages of a multi-year bull market in precious metals.

"It is similar to the 1970s bull market in the metals, and just as that lasted for more than a decade, I expect this one will too," he says. "So we still have several years to go.

Exchange Stabilization Fund's minutes explain everything about U.S. monetary policy


11a ET Sunday, September 10, 2006

Dear Friend of GATA and Gold:

GATA consultant Robert K. Landis, partner with Reg Howe in Golden Sextant Advisers, has come into possession of what purport to be the minutes of a recent meeting of the U.S. Treasury Department's Exchange Stabilization Fund. Whether the minutes are genuine or not, they explain everything about U.S. monetary policy. You can find them under the headline "Purloined Minutes" at the Golden Sextant home page here:

'Counterparty risk management' means stamping out free markets


9:50p ET Friday, September 8, 2006

Dear Friend of GATA and Gold:

GoldSeek has posted tonight's "Midas" commentary by GATA Chairman Bill Murphy at his proprietary Internet site, LeMetropoleCafe.com. Tonight's "Midas" is headlined "Moral Hazard" and it has some fascinating comments from an anonymous observer to the effect that the primary purpose of the Counterparty Risk Management Group, the fraternity of big New York banks and investment houses, is to rig markets -- or, rather, to stamp out free markets or prevent free markets from developing -- and quite with the approval of the U.S. government. Of course this is exactly what GATA has been saying for years, if not necessarily as well.

Talking its book, IMF forsees plunge in metals prices but no speculation


IMF Warns on Commodity Price Boom

By Krishna Guha and Kevin Morrison
Financial Times, London
Wednesday, September 6, 2006


The commodity price boom over the last three years is unsustainable and will result in sharp price declines by the end of the decade, the International Monetary Fund has warned.

However, the fund is not predicting an immediate price collapse and its chief economist, Raghuram Rajan, said on Wednesday that metal prices were fairly valued.