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Seal the next Contract with America in gold
4:55p ET Wednesday, August 15, 2001
Dear Friend of GATA and Gold:
Here's a CBS MarketWatch story today quoting our friend
John Mesrobian about the campaign to keep gold down.
The more it gets out into the open, the less successful it
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
Metals issues climb; prices weaken
By Myra P. Saefong
August 15, 2001
NEW YORK (CBS.MW) -- The major metals stock indexes closed
mainly higher Wednesday and gold futures prices weakened a
bit following gains over the last five days.
The strength in the euro against the U.S. dollar has provided
support for gold, which is traded in dollars. The strength in the
euro makes gold less expensive for traders who exchange their
currencies to purchase the precious metal.
Spot prices for gold in Europe revealed that there's quot;good
interest just under the market which should keep it well
supported,quot; said Charles Nedoss, a gold analyst at Spike
Over on the equities market, shares attempted to catch up
with the recent gains in the futures prices.
The Philadelphia Gold and Silver Index rose by 1.4 percent
to 56.67. The CBOE Gold Index (GOX: news, chart, profile)
also rose by 2 percent to stand at 41.19.
The Amex Gold Bugs Index, which comprises mostly
unhedged stocks, climbed 0.8 percent to 66.43.
Among individual index components, Newmont Mining
climbed by 62 cents to $21.06 and shares of Agnico-Eagle
Mines tacked on 23 cents to stand at $9.38. Among the
losers in the indexes, Anglogold eased by 8 cents to close
Gold futures prices fell after posting gains for over a week, but
closed above the $278-an-ounce level.
Bullion banks are quot;trying hard to maintain a lid on gold's
movement up,quot; said John Mesrobian, president of
Constantinople Advisors. However, quot;they shall fail in the end
for they are significantly exposed to their derivative positions,
dollar positions, and short gold positions and will be forced
to cover as gold powers through and moves up.quot;
Gold for December delivery stood at $278.40 an ounce,
down 70 cents on the Commodities Exchange division of the
New York Mercantile Exchange. September silver fell 4.7 cents
to $4.155 an ounce.
The latest supply data from Comex wasn't available on its Web
site Wednesday. By late Monday, gold inventories at Comex
warehouses had fallen by 57,382 to 839,438 ounces. Silver
supplies were flat at 102.7 million ounces.
In other metals news, October platinum shed $10.10 to $431.40
an ounce and September palladium fell by $10.20 to $440 per
Also, September copper shed 0.7 cent to 65.85 cents a pound.
The London Metals Exchange pegged copper supplies at
673,150 metric tons as of early Wednesday, up 50 from a day