Daily Dispatches

Is front-running for the new bullion fund pushing up gold''s price?


"Conspiracies rarely exist."

-- Dennis Gartman
in The Gartman Letter,
September 14, 2004

* * *

Zurich Financial Underwriters
Plead Guilty in Probe

By Philipp Goellner and Eric Moskowitz
Bloomberg News Service
Tuesday, November 16, 2004


Fannie Mae admits possible $9 billion loss from derivatives as auditor balks


U.S. Dollar Crisis Could Catapult
Gold Over $600, Dealer Says

By Jim Hawe
Dow Jones Newswires
Monday, November 15, 2004

TOKYO -- The price of gold could surge to levels not
seen since the early 1980s if a big chunk is taken
out of the value of the U.S. dollar in coming years,
one market insider says.

A further devaluation of the greenback by 20-30 percent
would make bullion more attractive as an alternative

Noranda stops negotiating exclusively with China''s Minmetals


10:57p ET Tuesday, November 16, 2004

Dear Friend of GATA and Gold:

This CBSMarketWatch story is interesting
for its comment that, as Jim Sinclair has
been saying, rising interest rates are no
threat to gold, since they always trail the
true inflation rate and make more trouble
for gold's competitors, paper investments.

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

New York Times: The dollar is down but should anyone care?


By Rex Nutting
Tuesday, November 16, 2004


WASHINGTON -- U.S. producer prices increased 1.7
percent in October, the fastest rate in 14 years, the
Labor Department estimated Tuesday.

More hand-wringing about euro''s rise, and some speculation about intervention


By Sala Kannan
Tuesday, November 16, 2004

It was July 1, 1991, the day of my cousin's wedding.

"You have to wear more gold, Sala. It's auspicious," my
mother said, as I was getting ready.

As a teenager growing up in India, I hated wearing
traditional gold jewelry. It was not fashionable enough.
Only old people wore gold jewelry. I was determined
not to wear all that gold to the wedding. I would create

If you read The Gartman Letter, here''s something else you may have missed


By Ted Butler
November 9, 2004

A close reading of the current Commitments of Traders
Report (COT), including an extrapolation since the
Tuesday cutoff, indicates that we are still at a bearish
extreme in gold and silver. Yes, there was technical
fund liquidation and dealer short covering in the latest
report, but that activity clearly took place on the big
down day on November 2. Subsequently, it appears

Rising interest rates may not bother gold much


9:54p ET Tuesday, November 16, 2004

Dear Friend of GATA and Gold:

Resource Investor's Tim Wood speculates that the
impending launch of the World Gold Council's
bullion fund in New York has prompted front-
running that is supporting the gold price, and he
quotes gold's perennial disparager, Mitsui's Andy
Smith, as predicting a collapse in the gold price
once the front-running is out of the way. Wood

Trace of honesty in U.S. inflation report stuns economists


By Marcy Gordon
The Associated Press
Tuesday, November 16, 2004

WASHINGTON -- Fannie Mae's accounting crisis has taken
a turn with its outside auditor KPMG refusing to sign off on
its third-quarter earnings report, causing the mortgage giant
to miss a regulatory deadline for filing it.

Fannie Mae, whose accounting is under investigation by the
Securities and Exchange Commission, also said Monday

The goddess of gold saves India and its people


By Edmund L. Andrews
The New York Times
Tuesday, November 16, 2004


WASHINGTON -- It sounds eerily like the worst economic
nightmare for President Bush's second term.

Bogged down in a costly war that shows no sign of ending,
the United States faces a gaping budget deficit and

Euro finance ministers gripe about U.S. but do nothing on exchange rates


8:50p ET Monday, November 15, 2004

Dear Friend of GATA and Gold:

GATA Chairman Bill Murphy's speech to the
2004 New Orleans Investment Conference,
delivered on November 11, has been posted
at the GATA Internet site here:


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

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