Fryzo Nieuwsheadlines Gata.org van woensdag 12 december 2018 00:32:52

5:09p ET Tuesday, December 11, 2018

Dear Friend of GATA and Gold:

According to the TF Metals Report's Craig Hemke, writing again at Sprott Money, investors fairly may expect a rally in monetary metals prices around the turn of the year, since that has happened for the last five years. But, Hemke adds, bullion banks will be lying in wait to try to keep prices from breaking above too many moving averages.

Hemke's analysis is headlined "Gold and Silver Price Goals for Year-End" and it's posted at Sprott Money here:

https://www.sprottmoney.com/Blog/gold-and-silver-price-goals-for-year-en...

CHRIS POWELL, Secretary/Treasurer

Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

1:57p ET Tuesday, December 11, 2018

Dear Friend of GATA and Gold:

Because of GATA's Gold Rush 21 conference in Dawson City in the Yukon Territory in 2005, many GATA supporters have a special feeling for that remote but sensationally beautiful and historic part of Canada, so they may be interested in a five-day promotional offer for a gold coin produced by the Yukon Mint.

The coin, called the Kaska Keda, depicts the work of Kaska Nation artist Miranda Lane, one side showing the "keda," the "true north" moose, the other side depicting a line of prospectors ascending a mountainside during the Klondike Gold Rush at the end of the 19th century.

... Dispatch continues below ...

The coin is available in 1-ounce and half-ounce weights of 0.9999 purity. Only 180 of the 1-ouncers and only 140 of the half-ouncers have been minted.

Special Christmas discount prices effective through the 15th are posted here:

http://gata.org/files/YukonMintChristmasSale.pdf

More information about the coin, the artist, and the mint is posted here:

https://globenewswire.com/news-release/2018/06/05/1516880/0/en/Golden-Pr...

CHRIS POWELL, Secretary/Treasurer

Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org


* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

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http://www.gata.org/node/16

How about just answering Rep. Alex Mooney's questions, starting with which markets is the Fed secretly trading in, and why?:

http://gata.org/node/18407

* * *

Fed Chairman Powell Is Staging a Charm Offensive to Combat Trump's Attacks

By Craig Torres

Bloomberg News

Tuesday, December 11, 2018

Jerome Powell is ramping up Federal Reserve communication to build public trust and help insulate it from political attack.

In recent weeks the Fed has announced a series of initiatives, including a monetary-policy review roadshow, a semi-annual assessment of financial stability, and its inaugural Supervision and Regulation Report. These follow Powell's early promise of "plain-English" explanations and a doubling of his press conferences starting next year.

... Dispatch continues below ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2018-12-11/powell-set-to-widen-f...


* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

By Tomo Uetake and Saikat Chatterjee

Reuters

Tuesday, December 11, 2018

A worrying sign of inversion in the U.S. Treasury bond curve is dulling the appeal of the developed world's highest-yielding bond market for foreign investors.

Overseas investors are reviewing their investments or shunning Treasuries as rates at the short end rise above those at the longer end and make it unprofitable for holders of these bonds to hedge their currency risks.

The difference between short- and long-term bond rates, or the yield curve, has contracted in recent weeks as rising U.S. interest rates meet growing concerns that the world's biggest economy may be slowing down, weighing on longer-dated yields. ...

... For the remainder of the report:

https://www.reuters.com/article/us-usa-bonds-foreigners/foreign-investor...

'This Is What Despots and Dictators Do': Paulson Cries Foul as Detour Gold Extends Voting to Halt a Board Coup

By Gabriel Friedman

National Post, Toronto

Monday, December 10, 2018

Detour Gold Corp.'s management was left scrambling to fight off a board coup on Monday, after a crucial initial vote showed shareholders wanted to oust at least five out of its nine directors.

The board extended the deadline to vote, with ballots that had been due last Friday now due on Wednesday and a meeting to count final votes postponed from Tuesday until Thursday.

... Dispatch continues below ...

"This is unheard of. Shareholders have voted," Marcelo Kim, a Paulson & Co. partner who led the campaign, wrote in an email. "They don't like the result, so they are trying to change it? This is what despots and dictators do." ...

... For the remainder of the report:

https://business.financialpost.com/commodities/mining/this-is-what-despo...


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To contribute to GATA, please visit:

http://www.gata.org/node/16

By Anastasia Moloney

Reuters

Monday, December 10, 2018

BOGOTA, Colombia -- A rise in small-scale illegal gold mining is destroying swathes of the Amazon rainforest, according to research released today that maps the scale of the damage for the first time.

Researchers used satellite imagery and government data to identify at least 2,312 illegal mining sites across six countries in South America -- Brazil, Bolivia, Colombia, Peru, Ecuador, and Venezuela. ...

... For the remainder of the report:

https://www.reuters.com/article/us-latam-forests-mining/illegal-gold-rus...

3:54p ET Monday, December 10, 2018

Dear Friend of GATA and Gold:

USAGold's December News & Views letter records what seems to be the changing of tides in the market away from stocks and bonds and toward the long-unloved monetary metals. The letter is headlined "Where Are We Now In the Investor Cycle?" and it's posted here:

http://www.usagold.com/publications/NewsViewsDEc2018.html

CHRIS POWELL, Secretary/Treasurer

Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

They'll deserve what they get, but the rest of the country won't.

* * *

South African Gold Industry Enters Final Phase of Slow Death

By Felix Njini

Bloomberg News

Sunday, December 9, 2018

Back in 1987, South African President Cyril Ramaphosa -- then a 34-year-old labor union leader -- led 300,000 black miners in a strike that symbolized resistance to the apartheid regime. Now striking gold workers face a less politically charged battle, but one they can't win.

The nation's 130-year-old gold industry -- which has produced half the bullion ever mined on Earth -- is locked in the final stages of a decades-long death spiral. Most of South Africa's gold mines are unprofitable at current prices.

... Dispatch continues below ...

Mines run by Gold Fields and Sibanye Gold Ltd. have been halted by strikes over job cuts and wages respectively. Both producers cut their output projections for this year.

South Africa's gold industry now employs just over 100,000 people, less than a fifth of the number that used to power the apartheid economy. The economic and social impact of a further contraction in the industry will be magnified as every gold miner supports between five and 10 dependents, while creating two jobs elsewhere, according to the country's Minerals Council.

Higher wages and power prices, combined with the geological challenges of the world's deepest mines, will mean more job losses and less production in the country over the next five years, said Gold Fields Chief Executive Officer Nick Holland.

"When you work out the math, when you keep doing that year after year, you are going to go out of business very quickly," Holland said in an interview. "The industry will just continue to see a slow death." ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2018-12-09/south-african-gold-in...


* * *

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

5:04p ET Sunday, December 9, 2018

Dear Friend of GATA and Gold:

Bullion Star gold analyst Ronan Manly today examines the Banque de France's (relatively) new partnership with JPMorganChase in gold swapping and lending -- that is, the gold market-rigging business -- noting connections with other central banks and the strict secrecy in which their gold business is conducted.

Manly writes: "A few months ago the World Gold Council reported that the central bank of Iraq had been active in the gold market, buying gold with the help of the Banque de France. Whether this newly purchased gold is stored in Paris was not mentioned, but it probably is. So overall there is a ready supply of gold bars, owned by both France and other central banks, with which to ramp up gold lending if the customer central banks so choose."

... Dispatch continues below ...

https://en.wikipedia.org/wiki/London_Gold_Pool

-- but on a much bigger scale, moving their gold around surreptitiously, applying it to the markets as necessary to control the monetary metal's price against their vast inflation of the world's money and credit supply. The objective is to prevent free markets from ever developing again.

People who cannot deny the market rigging by central banks sometimes wonder: What is the end game? But the Banque de France's partnership with JPMorganChase in the market-rigging business suggests that central banks think they already have achieved the end game, already have achieved what George Orwell predicted in "1984": "If you want a picture of the future, imagine a boot stamping on a human face -- forever."

Manly's analysis of the Banque de France-JPM partnership is headlined "French Central Bank and JP Morgan Team Up to Boost Gold Lending" and it's posted at Bullion Star here:

https://www.bullionstar.com/blogs/ronan-manly/french-central-bank-and-jp...

CHRIS POWELL, Secretary/Treasurer

Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org


* * *

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

India, UAE Sign Currency Swap Deal to Boost Trade Ties

By Fareed Rahman

From Gulf News, Dubai, United Arab Emirates

Tuesday, December 4, 2018

ABU DHABI, United Arab Emirates -- India and the UAE today signed a currency swap agreement to boost trade and investment ties between the two countries.

The development came during the visit of Indian External Affairs Minister Sushma Swaraj to Abu Dhabi to take part in the ministerial meeting of the 12th session of the UAE-India Joint Commission Meeting and held exhaustive discussions with Shaikh Abdullah Bin Zayed Al Nahyan, the UAE's minister of foreign affairs and international cooperation.

... Dispatch continues below ...

Through the currency swap agreement, India and the UAE can make payments in their respective currency to boost and trade investment without the involvement of a third currency like the U.S. dollar. Clarifying the currency swap agreement, the Indian embassy in Abu Dhabi said the swap is for an amount of 2 billion UAE dirhams or 35 billion Indian rupees, depending on the central bank requesting the amount.

"The bilateral currency swap agreement between India and the UAE is expected to reduce the dependence on hard currencies like the U.S. dollar," the Indian embassy said. ...

... For the remainder of the report:

https://gulfnews.com/uae/government/india-uae-sign-currency-swap-deal-to...


* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

By Gabriel Friedman

National Post, Toronto

Friday, December 7, 2018

U.S. hedge fund billionaire John Paulson’s battle to oust the entire board of directors at Toronto-based Detour Gold Corp. and replace them with his own hand-picked group officially ends when final ballots are counted on Tuesday, but he may already claim some victory.

And perhaps Detour will too.

... Dispatch continues below ...

While that isn't the majority Paulson has campaigned for, it is an outcome that would give both sides cover to claim victory. ...

... For the remainder of the report:

https://business.financialpost.com/commodities/mining/detour-golds-battl...


* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

By Robert Lambourne

Saturday, December 8, 2018

November saw a continuation of significant trading in gold swaps by the Bank for International Settlements.

After falling in August and September, the BIS' purchases of gold via gold swaps soared in October, falling back by around 64 tonnes in November.

The BIS publishes a monthly statement of account that provides enough information to estimate the bank's level of trading in gold swaps and other gold-related derivatives. November's statement is here:

https://www.bis.org/banking/balsheet/statofacc181130.pdf

When it comes to its activities in the gold market, the BIS provides little information on the reasons for what it is doing and for whom it is acting:

http://www.gata.org/node/17793

But it is evident that the bank continues to trade actively in gold swaps to source gold for its member central banks and other financial entities, as evidenced by the decrease in November following the increase in October.

-----

Robert Lambourne is a retired business executive in the United Kingdom who consults with GATA about the involvement of the Bank for International Settlements in the gold market.

By Robert Lambourne

Saturday, December 8, 2018

November saw a continuation of significant trading in gold swaps by the Bank for International Settlements.

After falling in August and September, the BIS' purchases of gold via gold swaps soared in October, falling back by around 64 tonnes in November.

The BIS publishes a monthly statement of account that provides enough information to estimate the bank's level of trading in gold swaps and other gold-related derivatives. November's statement is here:

https://www.bis.org/banking/balsheet/statofacc181130.pdf

When it comes to its activities in the gold market, the BIS provides little information on the reasons for what it is doing and for whom it is acting:

http://www.gata.org/node/17793

But it is evident that the bank continues to trade actively in gold swaps to source gold for its member central banks and other financial entities, as evidenced by the decrease in November following the increase in October.

-----

Robert Lambourne is a retired business executive in the United Kingdom who consults with GATA about the involvement of the Bank for International Settlements in the gold market.

1:20p ET Friday, December 7, 2018

Dear Friend of GATA and Gold:

London metals trader Andrew Maguire, interviewed today by King World News, says he alerted the U.S. Commodity Futures Trading Commission and Justice Department seven years ago to the gold and silver market rigging done by a JPMorganChase trader who recently confessed in a plea bargain with the Justice Department.

Maguire says the Justice Department's intervention here, which has delayed civil lawsuits against the investment bank, aims to buy time so higher-ups can be protected.

Maguire's interview is excerpted at KWN here:

https://kingworldnews.com/whistleblower-andrew-maguire-a-trip-down-the-r...

CHRIS POWELL, Secretary/Treasurer

Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

Thanks to GoldCore's Mark O'Byrne for publicizing this.

* * *

Central Bank silent over plans for Irish gold in UK

By John Mulligan

Irish Independent, Dublin

Friday, December 7, 2018

Ireland's Central Bank has refused to say if it plans to move almost E200 million worth of gold bars from the vaults of the Bank of England as a result of Brexit, insisting that any such move would be "commercially sensitive."

The gold reserves have been held by its UK counterpart for a number of years, and the Central Bank has traditionally been coy on the precise details of the reserves, and the terms of the arrangement it has with the Bank of England.

It refused to be drawn yesterday on whether the reserves would be removed from the Bank of England either before or after the Brexit deadline of next March.

... Dispatch continues below ...

"The Central Bank's portfolio is managed in line with approved parameters, which are kept under regular review and we report on key activities and developments in our annual report," she added.

"The Central Bank's transactions in gold are commercially sensitive and no further comment can be made at this time," she said.

The latest Central Bank annual report shows that it had €209.3m worth of gold and gold receivables on its books at the end of 2017.

It's believed that included €193.5m worth of fine gold held as gold bars with the Bank of England, and an additional amount of gold coins held at the Central Bank.

Ireland's gold reserves are among the lowest in Europe.

The Central Bank is believed to have close to six tonnes of gold reserves, or more than 211,000 ounces.

An ounce of gold was selling yesterday for $1,238.

It's also not known if the bank has lease arrangements in relation to its gold reserves. ...

... For the remainder of the report:

https://www.independent.ie/business/brexit/central-bank-silent-over-plan...


* * *

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

By Kevin Dugan

New York Post

Thursday, December 6, 2018

At the New York Stock Exchange, some traders are more equal than others.

That's the bitter takeaway from stockbrokers, who say the Big Board, in an unusual move last week, gave special treatment to a broker at Morgan Stanley who asked to trade large blocks of stocks for several minutes after the markets closed.

The frantic floor trader needed to make orders after the closing bell on at least four stocks last Friday -- the last trading day before President Trump and Chinese President Xi Jinping’s long-anticipated summit in Argentina to hash through trade issues, two people familiar with the trades told the Post.

... Dispatch continues below ...

Instead, exchange officials on Friday looked the other way, according to the sources. Rather than cutting him off at the standard deadline -- 10 seconds before 4 p.m., they gave the Morgan Stanley broker until 4:08 p.m. to complete a last-minute flurry of big transactions, according to the sources. ...

... For the remainder of the report:

https://nypost.com/2018/12/06/ny-stock-exchange-let-morgan-stanley-make-...


* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

All Around the World, Central Bank Independence Is Under Threat

Anirban Nag, Rene Vollgraaff, and Walter Brandimarte

Bloomberg News

Thursday, December 6, 2018

South Africa's top monetary policy maker spoke for his peers around the world last week when he declared that threats to central-bank independence from politicians are no longer just an "emerging-market phenomenon."

The U.S. Federal Reserve, Bank of England, and European Central Bank are feeling the heat from elected lawmakers, while India and Turkey are among others under pressure.

"There's concern among the central-banking community that the independence of central banks could be under threat," South African Reserve Bank Governor Lesetja Kganyago said.

... Dispatch continues below ...

Financial markets risk being unnerved if investors suspect central banks will bow to lobbying and take their eye off inflation. That could push up long-term interest rates. Conversely, officials might feel the need to stamp their authority by raising short-term borrowing costs higher than they would otherwise.

Here's a rundown of the monetary institutions getting unwanted attention from politicians. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2018-12-07/the-political-heat-is...


* * *

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Russia May Be Handing Vanezuela a $6 Billion Lifeline

By Jim Wyss

Miami Herald

Thursday, December 6, 2018

BOGOTA, Colombia -- As Washington tries to build an economic wall around Venezuela, President Nicolás Maduro keeps digging tunnels.

On Thursday Maduro said that Russia had agreed to invest more than $5 billion in boosting Venezuelan oil production and an additional $1 billion in mining -- principally for gold.

After meeting with President Vladimir Putin this week, Maduro said the Russian government and private sector would also invest in Venezuela's diamond sector, bring in new satellite technology and provide some 600 tons of wheat in 2019. In addition, Russia will continue to supply and maintain Venezuela's military arsenal.

... Dispatch continues below ...

But the announcement was greeted with skepticism by some. Venezuela already owes Russia an estimated $6 billion in overdue loans, and there are doubts that Russia would be willing to double down on its bad bet. ...

... For the remainder of the report:

https://www.miamiherald.com/news/nation-world/world/americas/venezuela/a...


* * *

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

By Mayela Armas

Reuters

Thursday, December 6, 2018

CARACAS -- Two high-ranking Venezuelan officials are traveling to London with plans to meet with the Bank of England over the repatriation of $550 million in gold held in the bank’s coffers, according to two sources with knowledge of the situation.

The government of President Nicolas Maduro is seeking to bring 14 tonnes of gold back to Venezuela because of fears it could be caught up in international sanctions on the country, sources told Reuters this month.

... Dispatch continues below ...

Maduro’s critics, including exiled opposition leader Julio Borges, have argued that the gold should not be repatriated because it could be used to finance corruption.

Finance Minister Simon Zerpa, who is under sanction by the United States over corruption concerns, and Central Bank Chief Calixto Ortega plan to discuss the issue with Bank of England officials on Friday, said the sources, who asked not to be identified. ...

The Trump administration levied a new round of sanctions a month ago against Venezuela meant to disrupt its gold exports.

But blocking repatriation of Venezuela’s gold would be politically explosive for the Bank of England.

The bank offers gold custodian services to many developing countries, which would likely be concerned that they could be targeted for having adversarial relationships with Washington. ...

... For the remainders of the report:

https://www.reuters.com/article/us-venezuela-gold/venezuela-officials-se...


* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

2:55p ET Thursday, December 6, 2018

Dear Friend of GATA and Gold:

The London Bullion Market Association's new format for reporting gold trading by its members is less complete and understandable than the previous one, BMG Group market analyst Brandon White writes today for Palisade Research. Essentially, White writes, the LBMA appears to be preventing disclosure of central bank intervention in the gold market. His analysis is headlined "Arctic Trails, Winter Gales, and Gold's Secret Tales" and it's posted at Palisade Research's internet site here:

https://palisade-research.com/golds-secrets/

CHRIS POWELL, Secretary/Treasurer

Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

11:40p ET Wednesday, December 5, 2018

Dear Friend of GATA and Gold:

Interviewed last week by Max Keiser on Russia Today's "The Keiser Report," Swiss bullion dealer Egon von Greyerz said Western central banks will exhaust their gold reserves through leasing and other price-suppressing mechanisms as metal moves from West to East even as central banking generally will forever underwrite gold prices with inflation. With world debt now reaching four times the world's annual productivity, von Greyerz said, that debt can never been repaid except through massive inflation.

So when will gold have its day? Von Greyerz predicts that it will come within the next five to seven years.

Keiser's interview with von Greyerz is 13 minutes long and begins at the 12:45 mark at YouTube here:

https://www.youtube.com/watch?v=Q55xde1cUfo&feature=youtu.be&t=768

CHRIS POWELL, Secretary/Treasurer

Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

10p ET Tuesday, December 4, 2018

Dear Friend of GATA and Gold:

If you think Western investors in the monetary metals have had a tough few years, take a look at Helene Renaux's report for France 24 about artisanal gold miners in Sudan, who help make the country the second-largest producer of gold in Africa and the ninth in the world at the expense of practically bathing themselves in liquid mercury every day without much awareness of its poisonous effects on their health.

... Dispatch continues below ...

So if you have any connections with the Sudanese government, please let them know that GATA would be glad to send a representative to Khartoum to explain how the country is getting screwed but doesn't have to remain another rich country insisting on being poor.

The France 24 report is headlined "Sudan's Gold Rush Driven by High-Risk, Unregulated Mining," is five minutes long, and can be viewed here:

https://www.france24.com/en/20181204-focus-sudan-unregulated-gold-rush-h...

CHRIS POWELL, Secretary/Treasurer

Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org


* * *

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

9:10p ET Tuesday, December 4, 2018

Dear Friend of GATA and Gold:

Univision, the big Spanish-language television network in North America, yesterday quoted Bullion Star gold market analyst Ronan Manly in a report about the Bank of England's refusal to repatriate Venezuela's gold.

In an English version of Univision's reporting, Manly says "the more logical and likely explanation" for the expropriation of Venezuela's gold "is that the United States, through the White House, U.S. Treasury, and State Department has been liaising with the British Foreign Office and Her Majesty's Treasury to put pressure on the Bank of England to delay and push back on Venezuela's gold withdrawal request."

The Univision report is posted here:

https://www.univision.com/univision-news/latin-america/dont-let-venezuel...

CHRIS POWELL, Secretary/Treasurer

Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

5p ET Tuesday, December 4, 2018

Dear Friend of GATA and Gold:

A shortage of palladium and a squeeze in the London market for the metal may hint at similar squeezes soon in the monetary metals, the TF Metals Report's Craig Hemke writes today at Sprott Money.

Hemke writes that back in the 1960s "physical gold shortages created an inability to manage price, and this led to the inevitable demise of the London Gold Pool in 1968. A true global palladium shortage that forces the hand of the banks and exposes their schemes to the light of day could be the first step to ending the ongoing LBMA/Comex gold pool 50 years later."

Hemke's analysis is headlined "What Is Mr. Palladium Telling Us?" and it's posted at Sprott Money here:

https://www.sprottmoney.com/Blog/what-is-mr-palladium-telling-us-craig-h...

CHRIS POWELL, Secretary/Treasurer

Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

11a ET Tuesday, December 4, 2018

Dear Friend of GATA and Gold:

In his November 16 edition, our old friend Jay Taylor, publisher of Jay Taylor's Gold, Energy, and Tech Stocks newsletter --

https://www.miningstocks.com/

-- wrote extensively about gold market manipulation and credited GATA for proving it.

Taylor went on to present a chart of morning and afternoon gold price fixes from the London Bullion Market Association showing that the gold price has nearly always been knocked down during London trading, so much so that buying on the afternoon fix and selling on the morning fix long has been spectacularly profitable, while doing the opposite long has been spectacularly unprofitable.

... Dispatch continues below ...

With Taylor's kind permission, his November 16 letter's section on manipulation is posted in PDF format at GATA's internet site here:

http://www.gata.org/files/JayTaylorLetter-11-16-2018.pdf

CHRIS POWELL, Secretary/Treasurer

Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org


* * *

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

6:06p ET Monday, December 3, 2018

Dear Friend of GATA and Gold:

GoldMoney founder James Turk and mining entrepreneur Pierre Lassonde, interviewed today by King World News, note the sharply declining open interest in the gold and silver futures markets and speculate that a change in trend is underway. Both say they can't recall a sharper drop.

Turk's remarks are posted at KWN here:

https://kingworldnews.com/james-turk-the-start-of-something-big-in-silve...

Lassonde's are posted at KWN here:

https://kingworldnews.com/legend-pierre-lassonde-responds-to-yesterdays-...

CHRIS POWELL, Secretary/Treasurer

Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

By Clint Siegner

Money Metals Exchange, Eagle, Idaho

Monday, December 3, 2018

JPMorgan Chase and a number of other bullion banks are in a whole lot of trouble. Evidence detailing years of rigging markets and swindling clients is piling up.

Deutsche Bank pleaded guilty two years ago and forked over hundreds of thousands of documents. John Edmonds, a former JPMorgan trader, entered his own guilty plea last month and turned state’s evidence.

The carefully cultivated system of captured regulators may not help the banks this time.

... Dispatch continues below ...

The DOJ might be ready to actually prosecute crimes this time around. Bankers may have to explain to criminal juries what they have been doing. When they have finished, class-action attorneys and civil juries will get in on the action.

Perhaps for the first time since metals futures began trading, the possibility exists that crooked bankers will be held to account. There is still a long way to go, and there is certainly plenty of reason to doubt the Department of Justice will live up to its name. But there is hope.

It is never too early for market participants to be thinking about what free and fair metals exchanges might look like. ...

... For the remainder of the commentary:

https://www.moneymetals.com/news/2018/12/03/2019-free-fair-gold-silver-m...


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3:12p ET Monday, December 3, 2018

Dear Friend of GATA and Gold:

Hugo Salinas Price of the Mexican Civic Association for Silver writes today about coming across an old receipt for a Mexican gold coin he purchased for 717 pesos in 1972. He calculates that it has appreciated in value against those 1972 pesos by a fantastic margin. That is, the coin for which he paid 717 pesos 46 years ago would be worth nearly 31 million of those old pesos today. He's still living in Mexico and thinks he'll hold on to that coin a while longer.

Salinas Price's short essay is headlined "Story of a Gold Coin" and it's posted at the association's internet site here:

http://plata.com.mx/enUS/More/365?idioma=2

CHRIS POWELL, Secretary/Treasurer

Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

Assuming, of course, there's anything left of Europe in a few months.

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By Viktoria Dendrinou and Nikos Chrysoloras

Bloomberg News

Monday, December 3, 2018

The European Union is set to unveil plans for challenging the dollar's dominance in global markets, including energy, as it seeks to strengthen the international role of its currency and become more independent from the U.S. amid a widening rift in transatlantic ties.

The EU must develop "a full range of trustworthy interest rate benchmarks" in financial markets and a fully integrated instant payment system, according to a draft set of initiatives due to be released later this week by the European Commission. The bloc's executive arm will also explore the possibility to further develop the role of the euro in foreign exchange markets.

... Dispatch continues below ...

"There is scope for the euro to develop further its global role and achieve its full potential, reflecting the euro area's political, economic, and financial weight," the commission said in the draft obtained by Bloomberg. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2018-12-03/here-s-how-europe-pla...


* * *

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16