Daily Dispatches

Peter Grandich: Don't blame manipulation for gold's every fall

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8:15p ET Monday, November 6, 2006

Dear Friend of GATA and Gold:

The latest edition of Peter Grandich's letter came out today and has been posted at GoldSeek. Among other things, Grandich remarks:

"While I believe it's foolhardy to think that gold is manipulated each and every day (that's what some seem to say whenever it's down or has declined from higher prices), I do believe a group or groups has capped and is likely in the future to continue to cap or manipulate the gold price. But again, I urge you not to use manipulation as the only excuse gold is down on a particular day. There are many technical and fundamental reasons, and those who only see manipulation are not doing you any favors in being blind to other reasons. This, by no means, lessens my view on manipulation. I believe it occurs, but to say it is the only reason gold declines is a form of sour grapes.

China planning shift from Treasury to mortgage and corporate debt

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China Wants to Adjust
FX Portfolio, Paper Says

From Reuters
Monday, November 6, 2006

http://today.reuters.com/news/articleinvesting.aspx?type=bondsNews&story...

FRANKFURT -- China wants to shift its foreign exchange portfolio away from U.S. Treasuries and into higher-yielding U.S. corporate and mortgage-backed debt, a German newspaper cited a financial source saying on Monday.

The CPI must have replaced Picassos with Elvises on velvet

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Art World Abuzz
as New York Is Set
for Billion-Dollar
Auction Season

By Catherine Hours
Agence France-Presse
Sunday, November 5, 2006

http://news.yahoo.com/s/afp/20061105/lf_afp/afplifestyleartauctionussche...

NEW YORK -- The art world is anxiously eyeing a series of impressionist and modern art auctions in New York this month, with expectations high that interest in the flourishing market will set records tumbling.

Shift to Democrats in Congress would transform policy debates

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By Brad Foss
Associated Press
Friday, November 3, 2006

http://news.yahoo.com/s/ap/20061103/ap_on_bi_ge/election_business;_ylt=A...

Policy debates affecting every corner of the economy are likely to shift in major ways if Tuesday's election, as expected, gives Democrats more power in Congress.

Hearings focused on boosting domestic petroleum supplies could morph into talks about raising energy efficiency.

The trillion-dollar high of China's central bank

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From Agence France-Presse
via Yahoo News
Sunday, November 5, 2006

http://au.news.yahoo.com/061105/19/11b08.html

SHANGHAI -- China will announce any day now that its forex reserves have shot past one trillion dollars in a relentless rise described as the stimulating but risky financial equivalent of mainlining drugs.

The unprecedented financial high will come as no surprise to economists and traders, who widely estimate that Beijing's foreign reserves holdings already hit one trillion dollars late last month.

China needs more derivatives, govt. financial official says

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By Christina Soon
Bloomberg News Service
Saturday, November 4, 2006

http://www.bloomberg.com/apps/news?pid=20601080&sid=axDuYFWDf0xw

BEIJING -- China needs derivatives products, including a deepening forwards market, to help companies hedge against risks as the yuan appreciates against the dollar, Vice Finance Minister Lou Jiwei said.

"We need products to hedge against risks," Lou told a conference in Beijing today. "Yuan gains will have a certain risk for companies. We should have a yuan forwards market."

Euro hasn't gained as reserve currency for three years

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BIS Says Dollar Still
Top Reserve Currency

From Reuters
via Khaleej Times, Dubai
Saturday, November 4, 2006

BERLIN -- The US dollar has a big lead over the euro as the world’s top reserve currency, but the British pound is now much more widely held than the Japanese yen, according to a Bank for International Settlements report quoted in a German magazine on Saturday.

Der Spiegel quoted a new BIS study which found that the euro was not yet in a position to challenge the dollar as the key reserve currency, despite speculation that the greenback had been losing ground.

One more proof there's too much 'money' sloshing around

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New Gig Has Chelsea
Hedging Into Big Money

By Ben Smith
New York Daily News
Friday, November 3, 2006

http://www.nydailynews.com/front/story/467929p-393667c.html

Former and perhaps future First Daughter Chelsea Clinton is getting a new job -- and probably a big raise.

Clinton is taking a post at the Avenue Capital Group, a hedge fund run by supporters of her mother, according to a person familiar with the company's decision.

Democrats warn that U.S. debt could trigger crisis

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From Reuters
Thursday, November 2, 2006

http://yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reut...

WASHINGTON -- Democratic lawmakers warned on Thursday that U.S. reliance on foreign countries to purchase U.S. debt could lead to a financial crisis as they faulted the Bush administration's economic stewardship.

Buy gold regularly, like clockwork, and it will treat you right

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7:45p ET Thursday, November 2, 2006

Dear Friend of GATA and Gold:

Shares of gold and silver mining companies have huge potential as well as huge risk, but if you can settle for 10 or 20 percent or so per year on your savings and want to sleep soundly and regain some of the time you spend at the computer screen tracking and trading stocks, some good advice was posted today at the USAGold.com Forum by Webmaster Randy Strauss. It is appended.

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