Daily Dispatches

Gold has never been so much in backwardation, Turk tells King World News

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8:25p ET Wednesday, November 12, 2014

Dear Friend of GATA and Gold:

GoldMoney founder and GATA consultant James Turk tells King World News tonight that gold has never been as backwardated as it is now and that a rally in the gold price always follows backwardation. An excerpt from the interview is posted at the KWN blog here:

Bud Conrad: 'Paper gold' and its effect on the gold price

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8:16p ET Wednesday, November 12, 2014

Dear Friend of GATA and Gold:

Today's market-rigging disclosures only hint at far greater offenses

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2:54p ET Wednesday, November 12, 2014

Dear Friend of GATA and Gold:

As much as we may claim some vindication from today's official confirmations of LIBOR and gold-market rigging --

http://www.gata.org/node/14706

http://www.gata.org/node/14707

-- they involve, after all, only the smaller participants, the investment banks that often function as agents for Western central banks.

Would you die on your feet or your knees -- or even win?

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2:21p ET Wednesday, November 12, 2014

Dear Friend of GATA and Gold:

IAMGold lays off 40% of management and quits World Gold Council

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IAMGOLD Reduces Executive Team by 40% and Takes Further Measures to Cut Costs

Company Statement via PR Newswire
Monday, November 10, 2014

Swiss regulator says UBS tried to manipulate monetary metals fixes

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Clear Attempt to Manipulate Precious Metals Benchmarks at UBS, FINMA Says

By Jan Harvey
Reuters
Wednesday, November 12, 2014

LONDON -- Swiss regulator FINMA said on Wednesday that it found a "clear attempt" to manipulate precious metals benchmarks during its investigation into precious metals and foreign exchange trading at UBS.

Fines bring bank currency-rigging settlement to $4.3 billion

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By Suzi Ring, Liam Vaughan, and Jesse Hamilton
Bloomberg News
Wednesday, November 12, 2014

Regulators in the U.S., Britain, and Switzerland ordered six banks to pay about $4.3 billion in the first wave of penalties since authorities began a global probe into the rigging of key foreign-exchange benchmarks last year.

Gold to find solace from negative lending rate

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By Nicholas Larkin
Bloomberg News
Tuesday, November 11, 2014

Gold at a four-year low should find solace after rates at which bullion is lent for dollars turned negative, signaling tighter supply, Natixis SA said.

How to get the gold price up: Put gears and dials in it

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By Stephanie Nebehay
Reuters
Tuesday, November 11, 2014

GENEVA, Switzerland -- A gold pocket watch made by Patek Philippe for a New York banker in the 1930s fetched 23.2 million Swiss francs ($24 million) at auction on Tuesday, smashing the record for a timepiece it previously set 15 years ago, Sotheby's said.

LBMA gathers in Peru to disparage gold, discourage redemption of unbacked paper

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Shaken Gold Bulls Learn to Accept 'New Normal'

By Clara Denina
Reuters
Tuesday, November 11, 2014

LIMA, Peru -- Blinking from sweeping reform on price benchmarks, even the most die-hard gold enthusiasts accepted that the market's glory days had faded for now, as the bullion industry's annual conference agreed prices would nurse losses over the next year.

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