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Credit Suisse gold report heightens suspicion about central banks
1:45p ET Friday, November 2, 2007
Dear Friend of GATA and Gold:
The Credit Suisse report on gold by research analyst David Davis, cited in the story from The Telegraph dispatched to you yesterday, has been posted at the bottom of the dispatch at GATA's Internet site here:
In addition to noting that central bank gold sales have "masked" the deficit in annual gold supply, the report predicts that rising costs will continue to reduce production and push prices up.
Of course these assertions are hardly new to GATA's supporters and friends of gold generally, but it is important that they now have been made by still another major financial house that cannot be easily dismissed as crackpot.
While the Credit Suisse report does not impute to central banks the motive of price suppression, as was done in recent gold market reports published by Sprott Asset Management, Cheuvreux, and CitiGroup, it emphasizes the impact of central bank sales on the gold market and surely will raise among investors the question of why central banks would keep selling their best-performing asset.
And in an era of unprecedented monetary debasement, that question almost answers itself.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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