Daily Dispatches

AngloGold seen bidding for Normandy; trading suspended


By James Turk
August 31, 2001
Copyright 2001 by The Freemarket Gold & Money Report

I've been waiting for it to happen, and now the war of
words has finally begun. The Bank for International
Settlements today fired the first shot.

As reported in today's Financial Times, Giacomo
Panizzutti, head of foreign exchange and gold at the
Bank for International Settlements, was quoted as
saying that he estimated total gold loans to be 5,200

Where is gold''s Patton? A reply to Tim Wood of www.TheMiningWeb.com


10:22p ET Friday, August 31, 2001

Dear Friend of GATA and Gold:

There's another interesting essay tonight by Tim Wood
of The Mining Web. Here's an excerpt:

"The recipe to break the gold carry trade has been laid out
explicitly by Mister Gold, Jim Sinclair. GATA has written
its formula, fund managers and bullion dealers acknowledge
how thin the market is and so susceptible to a confident

The BIS shoots back but leaves lots of stuff out


September 1, 2001

Tim Wood

Dear Tim:

This may be of some interest as a response to your
latest essay at www.TheMiningWeb.com, "Gold bulls
surrender Labor Day opportunity," which shows much

Around 1994 Jimmy DePiazza, Phibro's trader in
Connecticut, figured out a way to corner the silver
market. Phibro had been taken over by Salomon Brothers,

BIS official''s comments interpreted as responding to GATA


'Midas' commentary for August 29, 2001

By Bill Murphy
August 29, 2001

Gold $273.60 up $1.70
Silver $4.18 unchanged

Surprise! Gold is not going down as the pundits
said it would due to the overpositioning of specs
on the long side. Pleasant surprise for me too.

The open interest has contracted all the way down
to 120,128 contracts, which is a drop of 12,000

Where, The Mining Web asks, is gold''s Patton?


From the Financial Times
August 31, 2001

BIS banker speaks on gold:
Giacomo Panizzutti's estimates of central bank
gold lending implicitly contradict conspiracy theories


The question of how much gold has been lent out by
central banks -- an emotionally charged topic in some
circles -- has received its most authoritative answer
so far.

Giacomo Panizzutti, head of foreign exchange and gold

South African Reserve Bank admits gold swaps, says it has none on deposit


1:24a ET Wednesday, August 29, 2001

Dear Friend of GATA and Gold:

Tim Wood of www.theminingweb.com has joined the
Tocqueville Gold Fund's John Hathaway in concluding
that the gold market is probably being manipulated
by the U.S. government.

Wood writes of the "conspiracy theory" advanced by
GATA for the last three years:

"Hathaway is no longer flirting; he's hitched. The

Mining Web''s Tim Wood joins Tocqueville''s Hathaway on manipulation of gold


By Vincent Cook

Reg Howe is to be highly commended for
calling our attention to an academic paper
co-authored by former Treasury Secretary
Lawrence Summers concerning a positive
correlation between wholesale price levels
and interest rates that existed under the
classical gold standard (also known as
"Gibson's paradox").

It should be noted that the paradox depends
on a couple of crucial assumptions about the

Greenspan was wary of Treasury ''initiatives'' in 1995


By Joe van Zyl
Bedfordview, South Africa

As a shareholder of the South African Reserve
Bank, I have directed questions to the bank in
respect of the bank's involvement in gold swaps
and collateral agreements, but the bank refused to
make any information available. I requested Peter
George to have questions in Parliament directed to
the minister of finance, Trevor Manuel. Manuel is

$25 donation to GATA wins free copy of "Rediscovering Gold" from Swiss America



"Gold as Theatre" by Tocqueville's Hathaway
Bolsters GATA's Credibility

DALLAS (Business Wire, Aug. 27, 2001)-- Gold fund manager John
Hathaway has endorsed the findings of the Gold Anti-Trust Action
Committee (GATA) that the price of gold is being suppressed by the
U.S. government.

Hathaway's endorsement came in a press release dated August 23
and titled "Gold as Theater," posted at the Internet site of the

Summers'' academic paper missed inflationary potential of ''paper gold''


August 27, 2001

Dear Friend of GATA and Gold:

"Rediscovering Gold in the 21st Century: The Complete Guide
to the Next Gold Rush" is the only book in print that explains
the cause of the Gold Anti-Trust Action Committee in a
positive light.

Written by Craig R. Smith, CEO of Swiss America Trading
Corp. of Scottsdale, Ariz., and published just weeks ago by
IdeaFactory Press, this book is the perfect educational tool

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