Daily Dispatches

Democrats warn that U.S. debt could trigger crisis


From Reuters
Thursday, November 2, 2006


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


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.

James Turk: Almost a breakout


8:47a Thursday, November 2, 2006

Dear Friend of GATA and Gold:

GoldMoney founder, Freemarket Gold & Money Report editor, and GATA consultant James Turk charts gold and silver prices once again and concludes that there is "almost a breakout" -- but not until silver confirms gold's recent rise. You can find Turk's new analysis in the "Founder's Commentary" box at the top left of the GoldMoney home page here:

AngloGold Ashanti continues to reduce forward sales of gold


8:17a ET Wednesday, November 1, 2006

Dear Friend of GATA and Gold:

Resource Investor's Charlotte Matthews reports that AngloGold Ashanti has reduced by nearly another $400 million the value of gold it has sold in advance of production. AngloGold Ashanti's hedge book is now at 9.5 million ounces, just about half of what it was four years ago. You can find the report at Resource Investor here:

John Hathaway: Gold can triple without any catastrophe


8:14a ET Wednesday, November 1, 2006

Dear Friend of GATA and Gold:

Tocqueville Gold Fund manager John Hathaway surveys the gold and financial markets in his new essay, "Trivial Pursuit," and remarks:

"Should fear revisit the financial markets, buying power for gold is without precedent. While the gold mining industry struggles to produce 2,500 tonnes per year, an amount that would increase the above-ground stock of gold by a paltry 1.7 percent, the financial system continually spews out a blizzard of new financial assets, all of which represent potential claims for liquidity and safety.

Ted Butler: A red flag?


6:44p ET Tuesday, October 31, 2006

Dear Friend of GATA and Gold:

In his latest essay, silver market analyst and GATA consultant Ted Butler comments on the sudden and unexplained resignation of the chief financial officer of the New York Mercantile Exchange. Butler thinks it has something to do with the former CFO's discovery that the NYMEX has a terrible liability in the manipulation of the silver market. You can find Butler's new essay, "A Red Flag?," at GoldSeek's companion site, SilverSeek, here:

UAE may make decisive shift away from dollar reserves


By Haseeb Haider
Khaleej Times, Dubai
Tuesday, October 31, 2006


ABU DHABI -- The United Arab Emirates Central Bank may cut its U.S. dollar-dominated reserves by up to 90 percent and is looking at other currencies such as the yen, euro, and sterling, UAE Central Bank Governor Sultan Nasser Al Suwaidi said yesterday. He did not elaborate.

Ben Stein: Has corporate America no shame? Or no memory?


By Ben Stein
The New York Times
Sunday, October 29, 2006


Truth be told, I had been wondering why Henry M. Paulson Jr., previously top dog at the Goldman Sachs Group -- already a power, already a wealthy man -- would have wanted to be Treasury secretary. After all, he couldn’t stop the Bush administration from pushing for tax cuts when they definitely were not needed, could not affect the vast current account deficit, could not do much about income inequality or the vast chasm that exists between whites and blacks in earning power and wealth in this country.

Interview with GATA Chairman Murphy available on free CD


9:52p ET Monday, October 30, 2006

Dear Friend of GATA and Gold:

WorldNetDaily and longtime GATA supporter Swiss America Trading Corp. have put on compact disc an interview by WND founder Joseph Farah with GATA Chairman Bill Murphy. The interview covers the gold price suppression scheme and the price prospects if gold breaks free of central bank efforts to contain it.

The CD is free if you'll sign up to receive a 16-page report from Swiss America, "The Rule of Gold," which reviews investing in tangible assets. Back in 2001, Swiss America published "Rediscovering Gold in the 21st Century," and of course that rediscovery has proved awfully profitable. "The Rule of Gold" explains why gold is still terribly cheap.

China looking for ways to tiptoe out of huge dollar surplus


Foreign Exchange Reserves
Set to Surpass US$1 Trillion

By Jin Rong
China Daily, Beijing
Monday, October 30, 2006


China's foreign exchange reserves look set to hit the US$1 trillion mark at the end of this month or beginning of November. But as the figure rises, so does the debate over how to best manage it.

The reserves, already the world's biggest, surged to US$987.9 billion at the end of September, largely driven by a burgeoning foreign trade surplus and massive inflow of foreign direct investment (FDI).

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