Daily Dispatches

Syria moves reserves to euros and will end dollar peg this year

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By Dania Saadi
Bloomberg News Service
Tuesday, July 11, 2006

http://quote.bloomberg.com/apps/news?pid=20601087&sid=aRHSyiFxU6P0

CAIRO -- Syria, accused by the U.S. of supporting terrorism, plans to end its currency peg to the dollar by December to reflect closer trade ties with Europe, central bank Governor Adib Mayaleh said.

The Central Bank of Syria has already converted half its foreign-exchange reserves to euros, Mayaleh said in a telephone interview from Damascus, without being more specific. Syria's reserves, including gold, totaled $4.1 billion at the end of 2005, according to

He got everything right except the safe-deposit box

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Man Turns Granddad's Coins into Pure Gold

By Terry Savage
Chicago Sun-Times
Monday, July 10, 2006

http://www.suntimes.com/output/savage/cst-fin-terry109.html

Nick Dorado e-mailed me with a problem: Too much money!

To be more specific, he literally had pounds and pounds of coins, collected and saved by his grandfather. He stored them in a safe-deposit box for years, always wondering if he had some rare penny or other collector's item that would be worth far more than its face value.

Ted Butler: Silver shorts tell CFTC to drop dead

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3:23p ET Monday, July 10, 2006

Dear Friend of GATA and Gold:

Silver market analyst Ted Butler's new commentary, "Shorts to CFTC: Drop Dead," explains how the concentrated short position in silver on the New York Commodities Exchange is even worse than it looks. You can find Butler's commentary at GoldSeek's companion site, SilverSeek, here:

http://news.silverseek.com/TedButler/1152556486.php

GATA improves its Internet site and dispatch system

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8:45p ET Sunday, July 9, 2006

Dear Friend of GATA and Gold:

GATA is improving its Internet site -- GATA.org -- and transferring its e-mail dispatch system there from YahooGroups. This will give us more control over our work and will organize it better, putting our dispatch archive in the same place with everything else we have posted on the Internet. It also will hasten our dispatches to you.

Gold council acts again amid worldwide economic imbalances

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World Gold Council Selects the Lucky Winners
of Pan-Arab Gold Jewellery Design Contest

From AMEInfo, Dubai
Sunday, July 9, 2006

http://www.ameinfo.com/90941.html

The World Gold Council conducted a second judging
session of this year's Pan-Arab Gold Jewellery Design
contest where final winners were selected from the 30
finalists, reaffirming the rich and undeniable talent
of the Arab designers in the world.

GATA is cited in Dubai again, this time in silver market analysis

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Is Buying Silver As Good As Gold?

From AMEInfo, Dubai
Sunday, July 9, 2006

http://www.ameinfo.com/90934.html

Last week there were rumors that Dubai was trying to
corner the silver market like the legendary Hunt
Brothers in the 1970s. This latter episode culminated
in a $50-an-ounce blowoff in 1980 followed by a price
collapse that left these one-time multi-billionaires
bankrupt.

St. Louis paper's gold story quotes GATA backer Mike Kosares of Centennial

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Thank God SOMEBODY talked back to Peter Bernstein!

* * *

Those Following Gold's Glitter
Are Wagering on Bad Times

By Eric Heisler
St. Louis Post-Dispatch
Saturday, July 8, 2006

Throughout history, investors have gobbled up gold for one primary reason: To bet on catastrophe.

Since it became legal for Americans to own in 1975, gold has served as a buffer against inflation and a protection from bank failure.

James Turk: A commodity bull market update

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1:09p ET Saturday, July 8, 2006

Dear Friend of GATA and Gold:

GoldMoney founder James Turk, editor of the Freemarket Gold & Money Report and consultant to GATA, has reviewed his chart of commodity prices and finds only evidence of strong inflation. Turk figures that commodity prices have another doubling ahead. His analysis, "A Commodity Bull Market Update," has been posted at Kitco here:

China believed to be acquiring gold slowly and secretly

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Chinese Reserve Diversification Buzz Grows Louder

By Alan Wheatley and Kevin Yao
Reuters
Thursday, July 6, 2006

http://today.reuters.com/news/newsArticle.aspx?type=reutersEdge&storyID=...

BEIJING -- The opening of an office in Shanghai to help manage China's foreign exchange reserves could accelerate its long-awaited diversification into assets such as gold and overseas equities, economists said on Tuesday.

Ted Butler: The road ahead

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11:47p ET Wednesday, July 5, 2006

Dear Friend of GATA and Gold:

Silver market analyst Ted Butler reports that the U.S. Commodity Futures Trading Commission has taken action against manipulation in a market whose concentration is no worse than the concentration in the silver market -- propane. So when comes the action against the manipulation of the silver market? Butler doesn't advise holding your breath -- he advises some active complaining.

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