John Dizard: Gold tells a sad story of future asset deflation

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5p ET Monday, May 21, 2007

Dear Friend of GATA and Gold:

John Dizard's column today in the Financial Times, which is appended, is distressingly ironic.

Gold Fields CEO says miners now realize hedging was stupid

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From Reuters
Monday, May 21, 2007

http://africa.reuters.com/business/news/usnBAN123005.html

SYDNEY, Australia -- A failure to find the next mother lode was helping prop up gold bullion prices, the head of South Africa's Gold Fields Ltd., the world's fourth-largest gold miner, said on Monday.

Australia's drought puts squeeze on mining

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By Elisabeth Behrman
The Wall Street Journal
Monday, May 21, 2007

SYDNEY, Australia -- As demand for minerals surges and commodity prices approach record levels, the worst drought in Australia in 100 years is starting to affect mining and could crimp output in the country, a leading supplier of raw materials.

Miners grapple with rising tax demands

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From Reuters
Sunday, May 20, 2007

http://www.reuters.com/article/GlobalMiningandSteel07/idUSN2026288020070...

NEW YORK -- Bolivia's move to impose a 50 percent tax on all profit coming from the country's vast mineral wealth is the most damaging blow yet to miners looking to extract hefty returns around the world.

Join GATA at the Vancouver conference June 17 and 18

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7:45p ET Sunday, May 20, 2007

Dear Friend of GATA and Gold:

GATA will be participating again in the World Gold, Platinum Group Metals, and Diamond Investment Conference in Vancouver, to be held Sunday and Monday, June 17 and 18, at the Vancouver Convention and Exhibition Centre.

China to buy 10% stake in Blackstone while yielding voting rights

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By Francesco Guerrera
Financial Times, London
Sunday, May 20, 2007

http://www.ft.com/cms/s/4b717f78-06fd-11dc-93e1-000b5df10621.html

NEW YORK -- The Chinese government is to use $3 billion of its vast foreign exchange reserves to buy a 9.9 percent stake in Blackstone, the US buyout fund, in an unprecedented move that underlines Beijing's desire to tap into the private equity boom.

Chinese businesses fear closure if yuan continues rise

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Currency Dispute Adds
to US-China Strains
Ahead of Washington Talks

By Joe Mcdonald
Associated Press
via Yahoo News
Sunday, May 20, 2007

http://biz.yahoo.com/ap/070519/china_us_trade_tension.html?.v=12

BEIJING -- Shi Xianbin has watched with alarm as China's currency has risen against the U.S. dollar, driving his small textile company to slash prices to stay competitive abroad.

Vietnam allows banks to trade gold via offshore accounts

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From Nhan Dan newspaper (Hanoi)
via VietNamNet Bridge
Sunday, May 20, 2007

http://english.vietnamnet.vn/biz/2007/05/696849/

The State Bank of Vietnam (SBV) has given the green light to three more commercial banks to trade gold via accounts based offshore.

To control inflation, Kuwait drops dollar peg

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By Ulf Laessing
Reuters
Sunday, May 20, 2007

http://www.reuters.com/article/economicNews/idUSL203860120070520

KUWAIT -- Kuwait unshackled its dinar from the tumbling U.S. dollar on Sunday and switched the exchange rate mechanism to a basket of currencies, throwing plans for currency union with other Gulf Arab oil producers into disarray.

Antal Fekete and Doug Noland on the devices of infinite money

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1:15p ET Sunday, May 20, 2007

Dear Friend of GATA and Gold: