China to steer gold mining toward bigger companies


From China Daily, Beijing
via People's Daily Online
Thursday, November 30, 2006

China, the world's fourth-biggest gold producer, will raise the threshold for foreign investors in the gold mining sector to improve the sustainability of the industry, a regulator said.

According to a source from the National Development and Reform Commission (NDRC), China will impose restrictions on small foreign investors in the sector while welcoming larger ones. The source declined to reveal what measures will be taken, only saying an announcement would be made before the end of the year.

Billiton backtracks from CEO's comments on gold mine acquisition


Thursday, November 30, 2006

SYDNEY, Australia -- Gold remains a non-core commodity for BHP Billiton (BHP) and the world's largest miner is not looking to buy gold assets, a spokeswoman said Thursday.

She was responding to media reports Wednesday quoting Chief Executive Chip Goodyear that BHP is underexposed in gold and would consider buying a gold mine.

NY Fed's market-rigging post goes to Goldman Sachs economist


From The King Report
By Bill King
M. Ramsey King Securities
Burr Ridge, Illinois
Thursday, November 30, 2006

Goldman's former chief economist, Bill Dudley, will become the New York Fed's market operations chief. According to The Wall Street Journal, "The New York Fed's markets chief is manager of the central bank's 'open market account,' responsible for implementing the central bank's interest-rate decisions through operations in the bond and money markets. He also overseas foreign-exchange intervention on behalf of both the Fed and Treasury. ...

Peter Hambro's age-old message: Ingot we trust


By Ambrose Evans-Pritchard
The Telegraph, London
Thursday, November 30, 2006

Peter Hambro whips an Edwardian ten-shilling note out of his wallet, then a shabby note for two francs Belges, before slamming down a war-time papier for 50 centimes issued by the City of Lille in 1917.

"Absolutely worthless promises," he says triumphantly.

John Rubino: World suspects manipulation, and bubbles are everywhere


10:53p ET Wednesday, November 29, 2006

Dear Friend of GATA and Gold:

John Rubino, partner with James Turk in authorship of the book "The Coming Collapse of the Dollar," has written two essential essays this week.

The first, "The Whole World Is Watching," describes how market manipulation, derided as crackpot conspiracy theory when GATA began complaining about it in 1999, is now widely suspected and even taken for granted and so is losing effectiveness as it gets found out. You can find this essay at Gold-Eagle here:

Wits Gold: A long-term option on gold


10:13p ET Wednesday, November 29, 2006

Dear Friend of GATA and Gold:

Wits Gold is among GATA's biggest corporate supporters and the Wits Gold story is as dear to GATA as the company is, for the Wits Gold story is gold's own story since GATA's founding in January 1999.

It started with the belief that gold's value was being obscured by surreptitious manipulation of the gold market by financial houses and central banks but that this manipulation would be both defeated by exposure and exhausted by the banks' dishoarding of their gold.

China seen trying to manipulate copper prices down


By Andrew Pasek
Xinhua Finance
via AFX News and
Wednesday, November 29, 2006

BEIJING -- China is keen to bring rising copper prices under control and may take strategic market positions during the end-year lull to help control prices for the metal, Numis Securities said.

"Thin trading on the LME over Christmas could make the market vulnerable to manipulation from key consumers, like the Chinese, who could make a concerted effort to reduce prices in this environment. The danger is that the bulls could decimate anyone who dares to short the market and this threat could keep speculators away," Numis said in a research note.

Mid-tier gold miners are takeover targets, maybe for Billiton


12:44p ET Wednesday, November 29, 2006

Dear Friend of GATA and Gold:

MineWeb's Dorothy Kosich notes research concluding that the mid-tier gold mining sector in politically secure North America is shrinking and causing a rise in valuation of other mid-tier producers around the world, including IAMGOLD, Agnico-Eagle, Eldorado Gold, Centerra Gold, and Yamana Gold, which now are identified as likely targets for takeovers. You can find Kosich's story here:

Barrick won't extend offer for NovaGold past Dec. 6


Barrick Gold Press Release
via Market Wire
Wednesday, November 29, 2006

TORONTO -- Barrick Gold Corp. announced today that Wednesday, December 6, 2006, will be the final expiry date for its US$16 cash offer to acquire the common shares of NovaGold Resources Inc. There will be no further extensions of Barrick's offer.

Barrick's offer is now unconditional. Any and all shares tendered prior to 9 p.m. (Toronto time) on December 6, 2006 will be purchased by Barrick for cash. Payment will be made by December 8, 2006.

World starting to sense that too many dollars are floating around


China's Reserves Spur Policy Debate

By Elaine Kurtenbach
Associated Press
Tuesday, November 28, 2006

Speculation over China's plans for its $1 trillion in foreign reserves is rattling global currency markets, while fueling a lively debate back home over how Beijing should use its unprecedented wealth.

China's central bank, the People's Bank of China, refused comment Tuesday on rumors that Beijing is shifting its foreign reserve holdings away from U.S. Treasuries, speculation that helped push the dollar sharply lower in currency markets Monday.