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Hi-yo, Silver Summit 2005 ... in Idaho in September

Section: Daily Dispatches

11:07p ET Thursday, July 7, 2005

Dear Friend of GATA and Gold:

A renowned market analyst came into our camp today
-- Peter Grandich of Grandich Publications in New
Jersey, whose market commentary, reprinted tonight
at 321Gold.com --

http://www.321gold.com/editorials/grandich/grandich070705.html

-- included the text appended here.

GATA got a bit lucky today with its press release
about the research of our consultant, John Brimelow,
who proved the correlation between European central
bank sales of gold and the maintenance of the $440
price ceiling on gold since December. GATA's release
caused such a stir in the gold market that Reuters
picked it up and pro-central bank gold traders felt
compelled to respond to it, if incoherently.

But as Grandich's comments suggest, the anomalous
market action of recent months is now so obvious that
vast manipulation of most major markets is getting
impossible to deny.

There will be a decisive event to rip the cover off the
gold and silver price suppression scheme, and GATA
hopes to facilitate it at our Gold Rush 21 conference
in Dawson City, Yukon Territory, Canada, next month.
We believe that once the scheme is acknowledged and
understood, its usefulness to the central banks will
end, since its purpose is deception and the deception
will be over.

Grandich's comments are appended.

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

* * *

By Peter Grandich
Grandich Publications
Thursday, July 7, 2005

I have not been a card-carrying member of the "gold is manipulated"
fringe group within the metals and mining industry. This is not to
say I do not respect what they have to say. But after Friday's
trading pattern on the Comex and the opening today, I think I will
be contacting them for an application.

Now in my third decade of following the gold market, I believe
Friday's trading on the Comex was a "planned" bear raid and not a
random coincidence of factors that led to an +$8 decline. With a
major holiday weekend upon us and extremely illiquid trading
environment, gold suddenly tanked.

You can search until the cows come home and not find any legitimate
fundamental factor that could have even remotely led longs to
suddenly want to liquidate their positions. That this occurred as
gold was approaching levels that could have led to a breakout on the
upside ... well?

Any doubt that there is someone (or a group) attempting to get Comex
gold prices lower for reasons that the gold manipulation crowd has
repeatedly presented for a long time now left my body this morning.

Minutes before gold is set to open on the Comex this morning it
begins to fall and is heavily sold as soon as the bell rings. Did
any of the news change that led to the rise just minutes and hours
before? Why at 7:20 a.m. ET does the gold community believe gold
deserves to be up $5 but in just one hour (and with no news) do
players on the Comex hit the ground selling hard and lead gold to be
up less than a buck?

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http://www.kereport.com
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http://www.plata.com.mx/plata/home.htm
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Ted Butler silver commentary archive:

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----------------------------------------------------

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WHO HAVE SUPPORTED GATA
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BY OUR MEMBERS

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Franklin Sanders
1-888-218-9226, 931-766-6066

----------------------------------------------------

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