Daily Dispatches

By Ted Butler
Monday, July 19, 2004

The market structure, as depicted by the Commitments
of Traders Report (COT), deteriorated more sharply than
I expected in gold, copper, and silver. The latest COTs,
as of the close of business July 13, indicated a notable
increase in the dealers' net short position. Extrapolating
from the report's cutoff date, there was further tech fund
buying and dealer short selling since then. My guess is

By Peter Blackburn and Nicole Mordant
Reuters
Wednesday, July 21, 1004

http://www.reuters.com/newsArticle.jhtml?type=topNews&storyID=5733592

RIO DE JANEIRO/VANCOUVER -- China Minmetals
Nonferrous Metals Co. has beaten Brazil's Cia Vale do
Rio Doce in the battle to buy Noranda Inc., a Brazilian
newspaper said on Wednesday, adding more grist to a

By Justin Baer
Bloomberg News Service
Wednesday, July 21, 2004

http://quote.bloomberg.com/apps/news?
pid=10000103&sid=aHOTE3b.yvJY&refer=us

J.P. Morgan Chase & Co., the second- biggest U.S.
bank, had a quarterly loss after setting aside $2.3
billion to help settle lawsuits stemming from its role
in the collapse of companies such as Enron Corp.

9p ET Monday, July 19, 2004

Dear Friend of GATA and Gold:

Appended are a couple of today's precious metals
market commentaries that may be of interest,
particularly the first, from CBSMarketWatch, which
finds a market analyst talking openly about central
bank manipulation of the gold price.

We probably should expect gold and silver to be
hit hard Tuesday and Wednesday as Federal
Reserve Chairman Alan Greenspan testifies to