Why, Ted Butler asks, would anyone want a 'no delivery' contract?


9:14p ET Tuesday, December 19, 2006

Dear Friend of GATA and Gold:

GoldSeek's companion site, SilverSeek, has posted a long colloquy between silver market analyst Ted Butler and Jim Cook of Investment Rarities in Minneapolis. It's particularly interesting for Butler's observations about the new silver contracts on the Comex and London Metals Exchange, which he calls "no delivery" contracts, contracts that can be settled only in cash and that, as a result, seem designed to divert investment demand away from any possibility of collecting the real stuff. You can find the colloquy, "Interview with Ted Butler," here:

Where would gold be without last week's €410 million in ECB sales?


ECB Gold Reserve
-€410 Million,
Forex +€200 Million
In Week to Dec. 15

By Saadia Hashmy
Dow Jones Newswires
Tuesday, December 19, 2006


LONDON -- The Eurosystem's reserves of gold and gold receivables fell €410 million to €174.056 billion in the week ended Dec. 15, the European Central Bank said Tuesday.

Brunei Times takes note of GATA and FAME


The Dollar Has Fallen;
When Is Gold Dinar Coming?

By Dzikrullah W. Pramudya
The Brunei Times (Brunei Darussalam)
Tuesday, December 19, 2006


The veteran samurai of capitalism has acknowledged that his sword is no longer sharp enough to rule the world. Last week former US Federal Reserve Chairman Alan Greenspan said he expected the dollar to stay weak for the next few years and will continue to drift down, weighed by the US balance of payments deficit.

Let them tax cake: IMF tells Zambia to apply VAT to food


IMF Says Zambia Should Increase Taxes on Copper Mines

By Shapi Shacinda
Tuesday, December 19, 2006


LUSAKA, Zambia -- The IMF has suggested Zambia raise taxes on copper mines and reintroduce taxes on food and other agricultural products to plug holes in its government budget, a document by an IMF mission has indicated.

No country manipulates its currency, Bush tells Congress


China Isn't Currency Manipulator, Report Says

By Martin Crutsinger
Associated Press
Tuesday, December 19, 2006


The Bush administration said Tuesday that China does not meet the technical requirements of a country that is manipulating its currency to gain unfair trade advantages.

The administration did say Tuesday that "more flexibility in China's exchange rate will help it achieve more balanced growth" and promote a number of other outcomes that would be economically beneficial.

Iran announces switch from dollars to euros


From Agence France-Presse
Monday, December 18, 2006


Iran announced it has ordered the central bank to use euros for foreign transactions and transform the state's dollar-denominated assets held abroad into the single European currency.

"The government has ordered the central bank to replace the dollar with the euro to limit the problems of the executive organs in commercial transactions," government spokesman Gholam Hossein Elham told reporters Monday.

Lawsuits target 'first strike' coins


By Curt Anderson
Associated Press
Sunday, December 17, 2006


To avid collectors, coins that stand out as rare or of exceptional quality are worth more than their weight in platinum, silver or gold.

Numismatic enthusiasts are often willing to pay a premium for American Eagle, American Buffalo and other specialty coins labeled "first strikes" because they are billed as among the first of that year's batch produced by the U.S. Mint.

James Turk: The gold cartel at work


9:31p ET Sunday, December 17, 2006

Dear Friend of GATA and Gold:

James Turk, editor of the Freemarket Gold & Money Report, founder of GoldMoney, and consultant to GATA, has put Friday's pounding of gold in the context of the many similar poundings gold has suffered on Fridays at the hands of the perpetrators of the gold price suppression scheme. Turk's new essay is titled "The Gold Cartel at Work" and you can find it at GoldSeek here:

Kevin Horrigan: A Wall Street Christmas story


By Kevin Horrigan
St. Louis Post-Dispatch
Sunday, Dec. 17 2006


The child snuggled on my lap, the lights of the tree twinkling in her bright eyes. "Grandpa," she said, "tell me a Christmas story."

The one about the baby in the manger, the angels, and the shepherds?

"Not that one."

Honest accounting would raise U.S. budget deficit by 81%


By Martin Crutsinger
Associated Press
via San Jose (Calif.) Mercury News
Friday, December 15, 2006


WASHINGTON -- The federal deficit for 2006 would have been 81 percent higher than the $247.7 billion that was reported two months ago if the government had to use the same accounting methods as private companies.