Daily Dispatches

11:18p ET Tuesday, May 18, 2004

Dear Friend of GATA and Gold:

Stanlie Hunt of the "SmartStox On-Line Talk Show"
turned his microphone over to GATA Chairman Bill
Murphy at the recent natural resources investment
conference in Calgary, which was sponsored by
Cambridge House, and the result was a little pep
talk that you can see and hear via this link at
Kitco:

http://www.kitco.com/ind/Hunt/may182004.html

Flash Bubbles

By Dan Denning
Wednesday, May 19, 2004
www.DailyReckoning.com

If you're like 99 percent of the world, you expect the
Fed to raise rates.

But somewhere along the way, in its perfect plan to
"reflate" the American economy and prevent a
Japan-style soft depression, the Fed made a fatal
miscalculation: It caused a simultaneous asset bubble
in stocks, bonds, commodities, housing, and real

By Theodore Butler
May 17, 2004

This was quite an eventful week for silver news.

First, the Silver Institute released its annual silver survey,
covering the world supply/demand situation for 2003. Allow me to give
you a quick summary. The world consumed, for the 15th consecutive
year, more silver than it produced, necessitating the draw down of
existing inventories by 72 million ounces. More than 1.5 billion

Fannie Mae faces more income issues

By Rex Crum
CBSMarketWatch
Saturday, May 15, 2004

http://cbs.marketwatch.com/news/story.asp?guid=%7B31DC261A%2DBFD5%
2D4063%2D8788%2D8D6496968FD5%7D&siteid=mktw

In the latest criticism of Fannie Mae, this week's Barron's
says the mortgage finance behemoth is on shaky ground