Daily Dispatches

Many GATA favorites to speak at Vancouver conference in January


5:26p ET Thursday, December 21, 2006

Dear Friend of GATA and Gold:

GATA Chairman Bill Murphy will speak (and your secretary/treasurer will applaud) at the Vancouver Resource Investment Conference on Sunday and Monday, January 21 and 22, 2007.

In fact, there will be many GATA favorites speaking at the Vancouver conference, like Bob Bishop of Gold Mining Stock Report; Ian Gordon of The Long Wave Analyst; Peter Grandich of the Grandich Letter; Frank Holmes of U.S. Global Investors; Jason Hommel of Silver Stock Report; John Lee of Mau Capital Management; David Morgan of Silver-Investor.com; Jay Taylor of J. Taylor's Gold & Technology Stocks letter; James Turk of GoldMoney and the Freemarket Gold & Money Report, a GATA consultant; and market analyst and GATA consultant Frank Veneroso.

James K. Galbraith: Paulson and Bernanke were clueless in China


By James K. Galbraith
The Guardian, Manchester, England, UK
Monday, December 18, 2006


Speaking as I rarely feel entitled to do, on behalf of all my fellow professional economists, I felt true, true sympathy last week for Ben Bernanke, as he trailed after Henry Paulson in China.

Paulson's China policy is easily understood. In the United States government the Treasury represents the interests of Wall Street, as Joe Stiglitz has written eloquently from direct observation. An alumnus of Goldman Sachs, Secretary Paulson is ideally suited to his job.

James Turk: Three strikes against the dollar


9:45p ET Wednesday, December 20, 2006

Dear Friend of GATA and Gold:

James Turk, founder of GoldMoney, editor of the Freemarket Gold and Money Report, and consultant to GATA, has just called a third strike against the U.S. dollar.

The first strike, Turk writes, was Iran's conversion from dollars to euros. The second was the U.S. government's proclamation of a ban on melting one-cent and five-cent coins now that their metal value exceeds their currency value. And the third -- a strike against not only the dollar but also the euro and the yen -- is an expansion of government control over economies, including the prospect of capital controls such as Thailand briefly experimented with this week.

Reg Howe: Gold derivatives -- elephant in the boardroom


9:25p ET Wednesday, December 20, 2006

Dear Friend of GATA and Gold:

Reginald H. Howe, plaintiff and litigator in the first federal gold price-fixing lawsuit and consultant to GATA, has studied the latest figures on derivatives in gold, silver, and commodities, as compiled by the Bank for International Settlements. He concludes that the Western central banks and their agents are using fewer forwards and swaps and more options to restrain prices. Maybe this is because the real goods are running out, leaving only paper to deceive the markets with.

These people will be TOASTING the IMF


Wall Street Bonuses
Flood NYC's Economy

By Adam Goldman
Associated Press
Tuesday, December 19, 2006


When Michael Aaron learned that Wall Street investment banks were going to be shelling out record bonuses this holiday season, the savvy wine merchant uncorked his own plan to make serious dough. He paid for a double-page advertisement in The New York Times, boasting a rare bottle of 1995 Dom Perignon. The price tag -- $14,950.

Why, Ted Butler asks, would anyone want a 'no delivery' contract?


9:14p ET Tuesday, December 19, 2006

Dear Friend of GATA and Gold:

GoldSeek's companion site, SilverSeek, has posted a long colloquy between silver market analyst Ted Butler and Jim Cook of Investment Rarities in Minneapolis. It's particularly interesting for Butler's observations about the new silver contracts on the Comex and London Metals Exchange, which he calls "no delivery" contracts, contracts that can be settled only in cash and that, as a result, seem designed to divert investment demand away from any possibility of collecting the real stuff. You can find the colloquy, "Interview with Ted Butler," here:

Where would gold be without last week's €410 million in ECB sales?


ECB Gold Reserve
-€410 Million,
Forex +€200 Million
In Week to Dec. 15

By Saadia Hashmy
Dow Jones Newswires
Tuesday, December 19, 2006


LONDON -- The Eurosystem's reserves of gold and gold receivables fell €410 million to €174.056 billion in the week ended Dec. 15, the European Central Bank said Tuesday.

Brunei Times takes note of GATA and FAME


The Dollar Has Fallen;
When Is Gold Dinar Coming?

By Dzikrullah W. Pramudya
The Brunei Times (Brunei Darussalam)
Tuesday, December 19, 2006


The veteran samurai of capitalism has acknowledged that his sword is no longer sharp enough to rule the world. Last week former US Federal Reserve Chairman Alan Greenspan said he expected the dollar to stay weak for the next few years and will continue to drift down, weighed by the US balance of payments deficit.

Let them tax cake: IMF tells Zambia to apply VAT to food


IMF Says Zambia Should Increase Taxes on Copper Mines

By Shapi Shacinda
Tuesday, December 19, 2006


LUSAKA, Zambia -- The IMF has suggested Zambia raise taxes on copper mines and reintroduce taxes on food and other agricultural products to plug holes in its government budget, a document by an IMF mission has indicated.

No country manipulates its currency, Bush tells Congress


China Isn't Currency Manipulator, Report Says

By Martin Crutsinger
Associated Press
Tuesday, December 19, 2006


The Bush administration said Tuesday that China does not meet the technical requirements of a country that is manipulating its currency to gain unfair trade advantages.

The administration did say Tuesday that "more flexibility in China's exchange rate will help it achieve more balanced growth" and promote a number of other outcomes that would be economically beneficial.

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