Daily Dispatches

James Turk: The truth behind the proposal to sell IMF gold

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By William Pesek Jr.
Bloomberg News Service
Friday, February 25, 2005

http://www.bloomberg.com/news/commentary/wpesek.html

It's THE question in global currency markets: What force of nature
prompted South Korea suddenly to scrap plans to sell dollars?

On Tuesday, the dollar was plunging amid a comment by Asia's No. 3
economy that it would diversify foreign-exchange reserves into other

Australians fear U.S. financial crash that will depress world economy

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8:16p ET Friday, February 25, 2005

Dear Friend of GATA and Gold:

MiningMX has some good stories tonight from
South Africa about Harmony's retreating from
its plans to acquire Gold Fields, DRDGold's
financial trouble, and a report from the World
Jewelry Council about the decline of gold
production to the lowest level in 60 years.
You can find it all here:

http://www.miningmx.com/

China says it will act this year on currency convertibility

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By Vivianne Rodrigues and Jake Lee
Bloomberg News Service
Saturday, February 26, 2005

http://www.bloomberg.com/apps/news?
pid=10000101&sid=aNz8wqTfieBA&refer=japan

The dollar fell against the euro and the yen for a second week on
speculation Asian central banks may slow purchases of U.S. assets
and use other currencies for reserves.

Diversification from the East could send the dollar south

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By Irwin Stelzer
The Times, London
Sunday, February 27, 2005

http://www.timesonline.co.uk/article/0,,2095-1502209,00.html

Happenings in the two global markets that do not conform to Adam
Smith's model frequently roil free-market economies such as
America's. The foreign-exchange market is dominated by central banks

Nobody thinks central bank diversification out of dollar is over, trader says

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David Uren and Roy Eccleston
The Australian, Sydney
Friday, February 25, 2005

http://www.theaustralian.news.com.au/common/story_page/0,5744,1236420
2%255E601,00.html

Treasurer Peter Costello's closest adviser fears the US is heading
for a devastating financial crash that could ravage Australia's
economic growth.

Falling dollar and rising oil are a dangerous mix

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China Says It Will Move on Yuan in 2005

From Reuters
Saturday, February 26, 2005

http://www.reuters.com/newsArticle.jhtml;jsessionid=HLRPGKO52AI3YCRBA
EKSFEY?type=businessNews&storyID=7746659

BEIJING -- China will gradually open its capital account in 2005,
another step in its plan to make the yuan currency fully

Donald Luskin: One man''s ''barbarous relic'' is another man''s indestructible money

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From Reuters
Friday, February 25, 2005

http://www.reuters.co.za/locales/c_newsArticle.jsp;:421f2109:1412166c8
a5fa683?type=businessNews&localeKey=en_ZA&storyID=7740646

FRANKFURT -- A majority of Group of Seven members favour selling some
of the International Monetary Fund's gold reserves to finance debt

Most G-7 members favor IMF gold sales, German newspaper says

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From Reuters
Wednesday, February 23, 2005

http://www.reuters.com/newsArticle.jhtml?type=topNews&storyID=7720214

NEW YORK -- The head of the International Monetary Fund on Wednesday
urged the United States to put in place policies that will ensure
any fall in the dollar caused by big U.S. trade imbalances will not

MiningMX on Harmony, DRDGold, and a decline in world gold production

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6:55p ET Friday, February 25, 2005

Dear Friend of GATA and Gold:

The author of the commentary from Smart Money
magazine that is appended here recognizes that
gold is money. Why he thinks that the
exchange-traded gold fund he recommends is
necessarily gold is something else. But take
it for what it's worth.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

IMF head urges policies that will minimize disruption caused by falling dollar

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8:27p ET Thursday, February 24, 2005

Dear Friend of GATA and Gold:

Resource Investor's Tim Wood has a good elaboration
on today's remarks by the executives of Newmont
Mining, which include observations that the "dollar
support syndicate" is weakening. You can find it
here:

http://www.resourceinvestor.com/pebble.asp?relid=8407

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