Thai Guru's Gold und Silber ... (Informationen und Vermutungen)

  • afm


    Verstehe Deine Emotionen nur zu gut!


    Die Schweiz will das Nationalbank Gold nicht verkaufen, sie HAT es schon verkauft. Zumindest bald 1300 Tonnen Gold von den früher vorhandenen gesammthaft 2600 Tonnen SNB Gold.


    Ueber was die Politiker aller Schattierungen zur Zeit streiten ist die Verteilung des Geldes (Fiat Money) die die Nationalbank für den Verkauf bereits erhalten hat, und für den kleinen Rest, den die SNB noch von ausstehenden Verkäufen bis zur Ausschöpfung der bewilligten 1300 Tonnen Gold der erhalten wird.


    Die restlichen 1300 Tonnen Gold stehen, vorerst wenigstens offiziell nicht zum Verkauf.


    Das Problem ist nur, dass niemand wissen will, wo den die übriggebliebenen 1300 Tonnen SNB Gold gelagert werden. Da die National Bank, ebenfalls eine Privat Bank, genauso wie die FED, keine Auskunft darüber erteilt wieweit sie das Schweizer Gold in der Schweiz verwahrt, oder in welchen Mengen sie das Gold im Ausland, von welcher Institution verwahren lässt, dürfen wir nur raten.


    Selbst der ehemalige Bundesrat Kaspar Villiger sagte sinngemäss auf eine parlamentarische Anfrage (kein Witz!), dass er es auch nicht wüsste, er es nicht zu wissen brauche, und es auch nicht wissen wolle, wo denn das SNB Gold gelagert sei. Es sei alles geheim!


    Die SNB führt in ihrer Bilanz ausgeliehenes Gold aus, genauso als Bestände aus, wie wenn es noch physisch vorhanden wäre. Die SNB sieht da anscheinend keinen Unterschied.


    Vielleicht versetze ich Dir damit noch einen Schock mehr lieber afm, doch ich befürchte, dass die Schweizerische Nationalbank bereits jetzt schon das allermeiste Gold, auch den offiziell übrig gebliebenen Teil von 1300 Tonnen Schweizer Gold, in Wirklichkeit gar nicht mehr physisch besitzt, zumindest nicht in der Schweiz, sondern der weit aus grösste Teil dieses CH Goldes sich bereits im Ausland, vermutlich in England, und in den USA befindet, und dass die SNB fast nur noch über Gold als Papier Forderungen verfügt. Von unabhängiger Seite wurden in der Schweiz meines Wissensstandes nach, in den letzten Jahren diese sogenannten Goldreserven, seit ich mich zu erinnern mag, noch nie physisch überprüft.


    Gruss


    ThaiGuru

  • [Blockierte Grafik: http://www.ftd.de/images/ft_logo_artikel.gif]


    Aus der FTD vom 6.9.2004


    Edelmetalle: Goldmarkt droht längere Verlustphase
    Von Wolfgang Wrzesniok-Roßbach


    Den Investoren am Goldmarkt droht eine längere Durststrecke. Nachdem die Goldpreise bereits nach den US-Arbeitsmarktdaten am Freitag eingebrochen waren, erwarten Analysten weitere Kursverluste.


    Gold in Dollar je Unze


    Große Teile der Gewinne der jüngsten Vergangenheit standen mit Terminsicherungsgeschäften großer Minen in Verbindung. Diese Sonderkonjunktur, die sich unter anderem an einem stark gestiegenen Goldpreis auf Euro-Basis zeigte, ist aber nun vorbei.


    Auch die Charttechnik ist beim Gold kritisch. Der wichtige Unterstützungspunkt von 401 $ je Unze wurde am Freitag zwischenzeitlich unterschritten. Die nächste technische Unterstützung liegt danach bei 392,50 $ je Unze. Wie sehr Händler inzwischen weitere Verluste für wahrscheinlich halten, zeigt sich auch an der deutlich erhöhten Nachfrage nach Gold-Verkaufsoptionen. Derivate in Höhe von mehreren hunderttausend Unzen wurden alleine am Donnerstag gekauft.


    Nachfragehoch durch Insolvenz


    Zu Wochenbeginn hatte das Bild trotz des zu diesem Zeitpunkt bereits erstarkten Dollars noch deutlich positiver ausgesehen. Nachdem die australische Minengesellschaft Sons of Gwalia unter die Aufsicht eines Insolvenzverwalters gestellt wurde, spekulierte der Markt, dass zumindest ein Teil der von der Gesellschaft in der Vergangenheit eingegangenen Terminsicherungsgeschäfte zurückgekauft werden müsste. Die sich daraus entwickelnde Nachfrage brachte das Gold dann auf das Wochenhoch von 411 $ je Unze.


    Für eine Überraschung sorgte eine Absichtserklärung des englischen Edelmetallverarbeiters Johnson Matthey, nach der die traditionsreiche Gold- und Silberscheideanstalt in Royston 2005 geschlossen werden solle. Die Entscheidung der Briten ist ohne Zweifel eine Folge des angesichts globaler Überkapazitäten wachsenden Wettbewerbs.


    Dass der Goldmarkt inzwischen nicht mehr rund läuft, zeigte sich auch an einer Mitteilung des World Gold Council. Die Marketingorganisation der Minenindustrie will den Schmuckabsatz mit einer 10 Mio. $ teure Werbekampagne fördern. Dieser Schritt bedeutet eine Abkehr von der in den vergangenen Jahren schwerpunktmäßig beworbenen Rolle des Goldes als Investmentmetall und ist ein Eingeständnis, dass der erhoffte Absatz bei den privaten und institutionellen Anlegern deutlich hinter den Erwartungen zurück geblieben ist.


    Silber folgt dem Goldpreis


    Das Silber folgte in den vergangenen Tagen überwiegend dem Goldpreis. Mit 6,80 $ je Unze erreichte es dabei schon am Montag das Wochenhoch, verzeichnete danach aber nur leichte Einbußen. Das positive Bild wandelte sich am Freitag. Dem Gold folgend, fiel Silber auf nur noch 6,46 $ je Unze - ein Niveau, von dem es sich bis zum Börsenschluss in New York kaum absetzen konnte.



    Beim Platin betrug die Handelsspanne in der vergangenen Woche rund 20 $. Den Tiefstkurs von 854 $ je Unze erreichte das Metall zunächst am Montag und dann wieder am Freitag. Der Höchstkurs wurde dann am Donnerstag im japanischen Markt verzeichnet. Rückkäufe von Minuspositionen durch Fonds, aber auch vereinzelte, industrielle Nachfrage hatten den Markt zwischenzeitlich gestützt.


    Außerdem nahmen Befürchtungen zu, dass es in der südafrikanischen Minenindustrie zu einem neuerlichen Streik kommen könnte. In dieser Woche wird es nun vor allem darauf ankommen, ob das aktuelle, charttechnisch wichtige Niveau gehalten werden kann. Sollte es durchbrochen werden, könnte die Notierung auf bis zu 825 $ je Unze zurückfallen.


    Wolfgang Wrzesniok-Roßbach ist Produktmanager Edelmetalle und Rohstoffe bei Dresdner Kleinwort Wasserstein in Frankfurt.



    Zitat

    Die Entscheidung der Briten ist ohne Zweifel eine Folge des angesichts globaler Überkapazitäten wachsenden Wettbewerbs


    Überkapazität ?(

    „Die Menschen sind so einfältig und hängen so sehr vom Eindruck des Augenblickes ab, dass einer, der sie täuschen will, stets jemanden findet, der sich täuschen lässt.“ (Niccolò Machiavelli)

  • Widersprüchlicher können die Meinungen wohl kaum sein. Während in der Financial Times Deutschland der Autor Wolfgang Wrzesniok-Roßbach dem Gold eine Verlustphase prophezeit, ist ebenfalls heute im Handelsblatt ein Artikel vom Autor Frederik Altmann, der genau das Gegenteil schreibt.
    Was kann man aus diesem Geschreibsel entnehmen ? - wohl, dass man sich selbst eine Meinung bilden muss, sonst ist man jede neue Stunde auf's neue verunsichert.



    Dieser Artikel aus dem Handelsblatt ist nachstehend.




    Der Goldpreis ist auf dem Weg nach oben


    FREDERIK ALTMANN


    HANDELSBLATT, 6.9.2004


    FRANKFURT/M. Das glänzende Gold ist als wichtiges Thema am Kapitalmarkt in den vergangenen Monaten vom "schwarzen Gold" Rohöl in den Hintergrund gedrängt worden. Nach dem steilen Preisanstieg beim gelben Metall von 2001 bis 2003 ist seit Jahresbeginn Ruhe eingekehrt. Aus charttechnischer Sicht spitzt sich nun die Lage beim Gold allerdings wieder zu – und das erneut im positiven Sinne.


    Seit Ende 2001 konnte sich der Goldpreis mehrfach von seinem langfristigen Aufwärtstrend bei aktuell rund 395 Dollar je Unze nach oben abstoßen. Auf dem gleichen Niveau verläuft auch der exponentielle, gleitende Durchschnittskurs der vergangenen 40 Wochen. Die leicht steigende Linie stellt den langfristigen Kursverlauf geglättet dar und dient vor allem Händlern als wichtiger Anhaltspunkt. Zusätzlich stützt oberhalb dieses Niveaus bei gut 400 Dollar auch eine "innere Trendlinie" den Goldpreis, die seit dem Hoch im Februar 2003 etabliert wurde.


    Entsprechend ist die positive Grundtendenz bei dem Edelmetall ungebrochen. Bei 395 bis 400 Dollar ist der Ölpreis derzeit gut unterstützt ist. Andererseits kämpft Gold mit seinem mittelfristigen Abwärtstrend, der aktuell bei rund 414 Dollar verläuft. Dieser bildet eine zusätzliche Grenze oberhalb der Widerstandszone bis 408 Dollar, wo die obere Begrenzung einer seit Herbst 2003 intakten Seitwärtsbewegung liegt.


    Nach unten wird diese Handelsspanne bei 388 Dollar abgeschlossen. Ein erneuter Rückschlag ist somit nicht ausgeschlossen. Angesichts der guten Unterstützungszone um 400 Dollar, die als Einstiegsniveau dienen sollte, ist ein starker Kurssturz zunächst aber unwahrscheinlich.


    Positive Signale gibt auch der Kursverlauf der wichtigsten Minenaktien, der als Frühindikator für die Goldpreisentwicklung zu sehen ist. Die entsprechenden Branchenindizes laden derzeit zum Kauf ein. Wichtig bei der Beurteilung von Gold ist im Sinne der Intermarket-Analyse auch ein Blick auf die Entwicklung des Euros. Die Gemeinschaftswährung befindet sich allerdings aus technischer Sicht in einer etwas schlechteren Verfassung als im Juli dieses Jahres.


    Je nach Risikoneigung können zwei Handlungsempfehlungen für Investoren abgeleitet werden: Prozyklisch orientierte Anleger können bei einem signifikanten Überschreiten des Bereichs über 414 Dollar Positionen aufbauen. Antizykliker hingegen können einsteigen, wenn es noch mal zu einem Rückschlag auf den langfristigen Aufwärtstrend bei etwa 395 Dollar kommt.


    Auf jeden Fall sollten Anleger ihre Positionen unter 388 Dollar absichern. Bei schwächeren Notierungen würde sich das Chartbild massiv eintrüben. Aus technischer Sicht spricht derzeit aber mehr für ein positives Szenario: den Ausbruch des Goldpreises nach oben.


    Der Autor ist technischer Analyst in Frankfurt am Main.


    DE Edelmetall-Gold
    --------------------------------------------------------------------------------
    Gruß Kuddel.

  • Der Wolfgang Wrzesniok-Roßbach arbeitet und schreibt im Interesse des Gold Cabals. Sein Haupt-Arbeitgeber ist bemerkenswerter weise beim konkursiten Gold Hedger Sons of Gwalia involviert.


    Wenn dieser Gold Kartell Wasserträger von Absatzschwierigkeiten beim Gold schreibt, weiss er ganz genau, dass das nicht nur nicht stimmt, sondern sogar eine Lüge darstellt. Der Wrzesniok-Roßbach sollte eigentlich auch ganz genau wissen, dass ein eventueller Streik in Südafrika das Goldangebot noch weiter verknappen wird, und nicht etwa erhöhen.

    Bei einem seit über 10 Jahren bestehenden Goldproduktionsdefizit, dass dieses Jahr mindestens 1500 Tonnen Gold betragen wird, von einem Ueberangebot beim Gold zu sprechen, ist eine völlig idiotische Aussage, oder eben nur dazu gedacht die Leser der FTD böswillig in die Irre zu führen, oder zumindest zu verunsichern, und damit vom Gold Kauf abzuhalten.


    Und genau das macht dieser tatsachenverdrehede Schreiberling seit Jahren, und trotzdem hat sich die Nachfrage immer weiter erhöht, und die Gold Preise sind von 250.- Dollar bis auf 430.- Dollar gestiegen, und stehen zur zeit bei ca. 400.- Dollar.


    Gruss


    ThaiGuru

  • Der Schreiberling Wolfgang Wrzesniok-Roßbach äussert und behauptet in seinem neuesten Beitrag in der FTD, vom 6. September 2004, Gold Cabal linientreu, dass die Nachfrage nach Gold einbrechen würde.


    Die Chinesen schreiben aber etwas ganz anderes!


    China Daily berichtet in ihrem heutigen Zeitungsbericht davon, das die Nachfrage nach Gold in China gerade gewaltig ansteigt, und mit einer VERDREIFACHUNG der Nachfrage von jetzt 200 Tonnen auf 600 Tonnen Gold pro Jahr innerhalb einiger Jahre gerechnet wird. Diese zusätzlichen 400 Tonnen müssten nach Aussage von WGC fast gänzlich zusätzlich IMPORTIERT werden.


    Das ergäbe dann ein erhöhtes Jahres-Produktiondefizit von jetzt 1500 Tonnen, auf 1900 Tonnen Gold pro Jahr, wobei die steigende Nachfrage nach Gold in vielen anderen Ländern noch gar nicht berücksichtigt ist.


    Gruss


    ThaiGuru

  • [Blockierte Grafik: http://imgs.xinhuanet.com/icon/english/03/xhw_s.gif]


    http://news3.xinhuanet.com/eng…09/06/content_1948199.htm


    Surge in gold demand expected

    http://www.chinaview.cn 2004-09-06 08:11:15


    BEIJING, Sept. 6 (Xinhuanet)


    Annual gold demand on the Chinese mainland is expected to triple in coming years as a result of the ongoing gold market deregulation, according to the World Gold Council.


    In a report released yesterday in Shanghai, the council forecast a rise in gold demand on the mainland from the current 200 tonnes to 600 tonnes a year, based on the effects of a similar market deregulation on India. Much of the extra 400 tonnes a year would come from imports, reported China Daily.


    The report comes on the eve of the September 6 to 7 conference of the London Bullion Market Association in Shanghai, being held for the first time in China.


    The mainland now ranks No 4 in gold demand in the world.


    Council statistics show that gold demand on the mainland surged by 30.8 per cent year-on-year to 51.5 tonnes during the second quarter of this year, in which 50 tonnes were for jewellery and 1.5 tonnes for retail investment.


    The mainland's gold demand reached 207.6 tonnes last year, up from 203.9 tonnes in 2002 and 10 tonnes in 1982.


    Zitat

    "The Chinese people are generally becoming more affluent (because of the nation's steady economic growth) and gold, while it may no longer be a sole destination for investment, will certainly play its ancient Chinese role of conspicuous display of wealth, as an adornment and as a perceived store of wealth," the report said.


    Demand for jewellery in all its forms on the mainland will also be very strong, particularly in the booming cities of China's eastern seaboard, it said.


    The control of gold as an investment or in jewellery form has been thrown open to small investors on the mainland by making the precious metal available in pass-book accounts via commercial banks as bullion, coins and jewellery.


    Free entry into the gold jewellery business for domestic and foreign companies was permitted from April 2003. Permission is no longer required to operate as gold jewellery manufacturers, wholesalers and retailers.


    But imports of the precious metal are still controlled by China's four State-owned commercial banks. And gold jewellery imports are only allowed to seven firms designated by the People's Bank of China, the central bank.


    The Chinese Government is also "alarmed by the inflationary potential of vast private savings, and so may be encouraging gold purchase as a way of decreasing demand," the report said.


    "The role of gold as a consumption and investment choice could be adversely affected by concerns of higher personal investment in private pensions and health care to cover the collapsing dependency ratio (on the mainland) - by 2030 only 2.4 workers will carry every pensioner," it said.


    Major uncertainties affecting gold consumption on the mainland are that the current stock of gold in China is estimated to be an 5,000 to 8,000 tonnes, and the intentions of the central bank in its reserves policy. Now, China's central bank reserves 600 tonnes of gold, accounting for 2 per cent of its total foreign exchange reserve, compared with the European Central Bank's 15 per cent, it said.


    The mainland's foreign exchange reserves stand at some US$470 billion - among the highest in the world.


    Another factor for gold consumption is competition in the jewellery sector, the report said.


    While gold has benefited from a number of marketing initiatives enacted by the World Gold Council, platinum has also been a major success story in China with consumption for jewellery purposes running at 50 tonnes a year.


    However, gold is making a come-back with the promotion of "K gold" (Italian-inspired 18 carat gold) as a less expensive alternative to platinum from late 2003.


    "We are very encouraged by the success of our "K gold" campaign. We are confident that consumers' interest in Beijing and Shanghai for "K gold" will sustain and will have a beacon effort on other key cities in China," said Albert Cheng, managing director of the council's Far East operations.


    The mainland is also the world's fourth biggest gold producer.


    Gold output on the mainland stood at 111.3 tonnes in the first seven months of this year, up 7.2 tonnes or 6.9 per cent from a year earlier, say statistics from the China Gold Council.


    The mainland's gold output reached 200.6 tonnes last year, up 5.7 per cent from 2002.


    (China Daily)

  • Ich glaube, dass wir jetzt gerade vom Gold Kartell gesteuerte Aktivitäten erleben, um mit aller Gewalt etwaige Kurssteigerungen zu verhindern.


    Am Freitag wurde der Gold- und Silberkurs nach unten gebracht und wenn man sich heute die Entwicklung des Silberkurses in den letzten Handelsminuten anschaut, scheint dies auch heute der Fall zu sein.


    Es gibt immer mehr Indikatoren, die beim Gold-/Silberkurs für steigende Kurse sprechen. Alleine die Meldungen in den letzten Wochen von der Sons of Gwalia, die Begrenzung der europäischen Zentralbankverkäufe auf 250 to jährlich und die verschiedenen Meldungen über eine stark steigenden Goldnachfrage aus dem südamerikanischen, arabischen und asiatischen Raum lassen einen doch hellhörig werden.


    Für mich ist Druck im Kessel und ich glaube, dass wir in dieser Woche noch einige Überraschungen erleben.

  • Gold rückt wieder verstärkt in den Fokus der Anleger. Neben seiner Funktion als sicherer Hafen spricht auch die steigende Nachfrage für das Edelmetall. Die BW Bank geht langfristig von einem Goldkurs zwischen 600 und 800 Dollar je Feinunze (31,1 gr) aus. Mit dem Junior-Gold-Miners-Zertifikat (ISIN DE000BWB0VN7, 120,9 Euro) der Stuttgarter haben Anleger nun erstmals die Möglichkeit, breit gestreut in kleine, überdurchschnittlich wachsende Minen wie Alamos Gold, Desert Sun Mining und Red Back Mining zu investieren. Der Korb enthält zehn jeweils gleich gewichtete Gesellschaften, deren Goldreserven deutlich mehr wert sind als ihr aktueller Aktienkurs. Weitere Kriterien: Die Förderkosten dürfen nicht mehr als 200 Dollar pro Feinunze betragen, und die Gesellschaft sollte während ihres Minenlebens mindestens 2 Mio. Unzen Gold produzieren. Einige dieser Minen gelten der BW Bank zufolge - bei erfolgreichem Projektverlauf - als Übernahmekandidaten.


    Quelle: Focus, 6.9., S.175 unter der Rubrik Kurse&Notizen

  • Diese heutige Meldung von Reuters zum Gold Geschehen, sollte der Linientreue Wolfgang vielleicht zuerst einmal lesen, bevor er weitere falsche, und manipulative Meldungen in der FTD verbreitet!


    Der ober, ober, Gold Hedger, und bisheriger Gold Preisdrücker Barrick Gold, Gold Cabal Partner, und angeklagte Gold Preis Manipulateur, sieht die Goldpreise, welch wunderbare Wandlung, noch in diesem Jahr, wieder auf mindestens das Nivau von 1988 steigen, 450.- Dollar, und will weiterhin ihr Gold Hedging abbauen. (hat Barrick auch bitter nötig, sonst droht Ungemach.) Sons of Gwalia war wohl doch etwas zu viel des guten?


    Plötzlich sieht Barrick nun Gold in einem total bullischen Licht, und will weiter stark von ihren immerhin noch über 13,9 Millionen Unzen betragenden Gold Hedges (Nur die offiziell bekannten Zahlen!) abbauen! Ob das wohl etwas mit dem laufenden Prozess gegen sie zu tun hat?


    CEO Lassonde von Newmont Mining sieht zukünftig bei von ihm erwarteten weiter steigenden Gold Preisen noch weitere hedgende Gold Minen den Bach runter gehen!


    Gruss


    ThaiGuru



    [Blockierte Grafik: http://sg.yimg.com/i/aa/mastheads/nwsma_1.gif]


    http://asia.news.yahoo.com/040906/3/1ntos.html


    Business - Reuters


    Reuters

    Monday September 6, 6:34 PM

    Gold producers cut hedging, bullish on price


    By Lewa Pardomuan

    SHANGHAI, Sept 6 (Reuters) - Major gold producers, expecting prices to rise towards 16-year highs in the next few months, are slashing their hedge books to take advantage, leading industry officials said.


    Barrick Gold Corp. , the world's third-largest bullion producer, estimated prices would rise to their highest levels since 1988, its chief financial officer, Jamie Sokalsky, told Reuters on Monday.


    Zitat

    "It seems that, for the first time in many years, many factors are bullish for gold. Demand is strong in areas of the world like China, and the U.S. dollar should remain weak," Sokalsky said on the sidelines of a global gold conference.


    Hedging, the selling of yet-to-be-mined nuggets at a preset price to lock in revenue, began falling out of favour as gold prices rose. Hedging protects miners when prices fall, but can backfire when prices increase.


    Gold rose as high as $424.60 an ounce this year but has not traded above $450 since 1988. It was trading around $401.25 an ounce on Monday.


    Sokalsky said gold would move into the "mid-$400s to high-$400s" an ounce range by the end of this year and hold there in 2005.


    Newmont Mining Corp. , the world's largest gold miner, expected gold to trade between $380 and $450 or higher for the next 12 months, company president Pierre Lassonde said on Sunday.


    HEDGE OR BUST?


    Many miners have scrapped or reduced their hedges because they also put a lid on the maximum price, preferring to take their chances on global bullion prices that have risen around 40 percent since 2002.


    Hedging has been blamed for restricting demand and weakening prices because gold purchasers have already bought unmined metal for future delivery. Removing hedges, on the other hand, stimulates demand.


    Zitat

    "We are going to use the volatility of the gold market to continue to reduce our hedge position. I think there's still a lot of de-hedging to be done in the industry," Sokalsky said.


    Toronto-based Barrick slashed its hedge book by 850,000 ounces to 13.9 million ounces, or 16 percent of its in-the-ground reserves, during the second quarter.


    Newmont expected more gold firms that hedged their output to declare bankruptcy as prices rose, Lassonde said.


    Last week, Australian mining house Sons of Gwalia Ltd. said it faced bankruptcy after discovering its mines might not have enough gold left to meet its hedge commitments and finance its foreign exchange exposures.


    A year ago, South Africa's AngloGold Ashanti Ltd. , the world's second-largest producer, announced a dramatic change to its hedge policy, cutting forward commitments to 30 percent of five years' production from 50 percent.


    Sokalsky said in addition to a poor outlook for the U.S. economy and the dollar, tighter supply also supported gold.


    Zitat

    "(There's) declining supply in the market place because there has been less exploration. Between mines' supply and demand, there's a shortage in the neighbourhood of anywhere from 500 tonnes to higher," he said.


    Zitat

    "That supply has been met by some central bank selling, but that differential between supply and demand should widen over time."

  • wasserzeichen


    Du kannst Gift drauf nehmen, dass dieser sogenannte Stabilitätspakt nicht einmal das Papier Wert ist auf dem er draufsteht.


    Die Engländer haben sich gerade zum Club der Stabilitätspaktbrecher dazugesellt.


    Leider wollen immer mehr Quellen Geld für öffentliche Berichte kassieren, sodass ich Dir diese Meldung nicht reinkopieren will.
    Ist mir auch das Geld nicht wert.


    http://www.ftd.de/cms/gate2?pS…133&pAssettype=FtdArticle


    Gruss


    ThaiGuru

  • Eine weitere Gold Nachfrage fördernde Meldung aus China!



    [Blockierte Grafik: http://www.thestandard.com.hk/image/standard_top_550.gif]


    http://www.thestandard.com.hk/…rticleid=50654&intcatid=2


    7 September 2004 / 02:29 AM


    China to open up gold trade

    Bloomberg


    China plans to allow individuals to speculate on the price of gold through the Shanghai Gold Exchange in a bid to boost trade, central bank governor Zhou Xiaochuan said.


    The government wants to encourage more trade in gold as an investment, rather than restricting it to hedging against price movements by suppliers and buyers, Zhou told delegates to the London Bullion Market Association conference in Shanghai.


    Zitat

    ``The most important thing we heard from the Chinese today is that they're going to let citizens trade gold,'' Dennis Gartman, editor of financial newsletter Gartman Letter, said. ``China is one of the few societies where gold still has a mystical quality for its citizens and if you make trading available to them, you're going to add to demand.''


    Deregulating the market could triple China's annual demand for gold to about 600 tonnes, the World Gold Council said in a report on Sunday.


    Allowing individuals to trade on the Shanghai Gold Exchange would be the first step toward further market opening, exchange chairman Shen Xiangrong said. Futures trading and foreign participation are likely to follow.


    The timetable for introducing the changes was ``complicated'', Shen said. Plans to introduce foreign participants will not happen until after the future contract begins trading, he said.


    Gold traded on the exchange in the first seven months of this year rose 37 per cent to 170 tonnes, Shen said. By value, trade rose 57 per cent to 18.25 billion yuan (HK$17.2 billion), he said.


    China in 2001 allowed citizens to own gold and started the Shanghai exchange as an avenue for Chinese institutions to trade. With the surge in trading on the Shanghai exchange, foreign financial institutions are looking for ways to enter the market.


    Deutsche Bank, JPMorgan Chase and Royal Bank of Scotland Group are to offer Chinese banks access to the international gold market though EBS, which runs an electronic currency and precious metals trading system.


    Banks in China, all but four of which are restricted to trading on the Shanghai Gold Exchange, will be able to buy and sell gold electronically on EBS, which is owned by 13 financial institutions, EBS said in a statement released at the Shanghai conference.


    Zitat

    ``We've had pressure to open up to China from Deutsche, Royal Bank and JPMorgan,'' EBS spokesman Darryl Hooker said.


    ``With China having 110 local banks and 175 foreign banks, they see it as a huge opportunity for the expansion of their business.''


    Approved Chinese banks will be able to use the credit of Deutsche Bank, JPMorgan and Royal Bank of Scotland's to trade on EBS' spot market, Hooker said. Trading on the EBS spot market does not need approval from the Chinese government, EBS said.


    More than US$200 million (HK$1.56 billion) of gold a day is traded on EBS' electronic platform.


    ``If it can create more players, that will be good for the market at a time when US banks like Lehman Brothers and Merrill, as well as Rothschild's have pulled back,'' said Martin Mayne, associate director of client sales at NM Rothschild & Sons in Sydney. With about 12 trillion yuan of domestic savings held by Chinese citizens, there is potential for domestic consumption to rise dramatically, the exchange's Shen said.


    The World Gold Council based its target on the surge in demand following similar deregulation in the Indian market, though it cautioned the comparison may be misleading.


    Retail investors in China can now buy gold bullion through their commercial banks, which determine the price. Allowing them access to the exchange using authorised brokers would increase transparency and boost liquidity, Shen said.


    The central bank's Zhou said regulators were studying introducing a gold futures contract. This year, the government has approved cotton and fuel oil futures - bringing to nine the number of available contracts. The Chinese Securities Regulatory Commission aims to introduce corn futures in Dalian this year. To date, regulators have allowed resumption of only a handful of agricultural and industrial-metal contracts, and tried to restrict trade to hedging against price movements by buyers and sellers, rather than speculation for gain.


    Any opening of the gold market to futures contracts would be done slowly, Zhou said, adding that gold remains a central part of the bank's currency reserves strategy. China's central bank now holds about 600 tonnes of gold in its reserves.


    7 September 2004 / 02:29 AM

  • Aber bitte nicht, dass jetzt jemand auf den falschen Gedanken kommt, ich würde hier Werbung für EBS®™ machen!


    Dieses Posting dient nur dazu die Querverbindungen des Gold Kartells etwas mehr zu beleuchten. Wie ihr im letzten Posting aus China lesen könnt, wollen diese EBS®™ "Partner", den Chinesen für den geplanten Futures Gold Handel ihre "Handelsplattform" schmackhaft machen.


    Hoffe dass sich die Chinesen zweimal überlegen, mit wem sie Goldgeschäfte abwickeln werden, und ob FED Primary Dealer wirklich die richtigen Partner sind?


    [Blockierte Grafik: http://www.ebs.com/images/ebs_fx.gif]
    [Blockierte Grafik: http://www.ebs.com/images/metbkgd_top.jpg]
    [Blockierte Grafik: http://www.ebs.com/images/quote_metal.gif]


    http://www.ebs.com/products/metals.asp?page=3


    Startseite:


    http://www.ebs.com/


    EBS®™ Metals


    http://www.ebs.com/products/metals.asp


    EBS®™ Metals on EBS®™ Prime


    EBS®™ has extended access to electronic trading in gold and silver through EBS Prime.


    EBS Prime is an important new service which offers banks and ‘interdealers’ the opportunity to use the credit of an approved EBS Prime Bank and trade on some of the best available EBS®™ Spot prices.


    EBS Prime Customers will now be able to trade in gold and silver as well as in major currency pairs.


    Precious metals traders universally regard price and liquidity as being of paramount importance. EBS Spot offers single screen access to all the major currencies - with exceptional liquidity for all the major currencies and precious metals.


    EBS Prime Customers are now able to expand the depth and breadth of their own metals trading to better suit their business needs. In the currency markets, EBS Prime Customers have been seen to increase their business by more than 200%.


    EBS Spot is the leading spot and interdealer electronic precious metals broker, with an average of 500,000 ozs in gold and 4 million ozs in silver traded every day on the EBS Spot Dealing System.


    The first three EBS Prime Banks are Deutsche Bank, JP Morgan Chase and The Royal Bank of Scotland.


    To find out more about how EBS Prime can add value for your organisation, click here to contact the EBS Sales team.


    Die Partner von EBS®™ sind interessanter Weise fast alle gleichzeitig auch Primary Dealer der privaten FED!!!!


    Our Partners


    The EBS®™ partners are subsidiaries of the following banks and institutions:


    ABN AMRO *** JP Morgan Chase
    Bank of America *** Lehman Brothers
    Barclays *** The Minex Corporation of Japan
    Citibank *** The Royal Bank of Scotland
    Commerzbank *** S-E-Banken
    Credit Suisse First Boston *** UBS AG
    HSBC



    Diese auf der Hompage von diesen FED Primary Dealer gemachte Aussage verwundert mich dann doch etwas, weil bis vor kurzer Zeit behauptet wurde, Gold das Relikt der Vergangenheit, habe in unserer Zeit keine Bedeutung mehr, sei unnütz, bringe keine Zinsen, habe keinen Geld Charakter mehr, usw.!


    EBS®™ Metals


    EBS recognises gold as a global currency. EBS Spot is the leading precious metals broker, with an average of 500,000 ozs in gold and 4 million ozs in silver traded every day on the EBS Spot Dealing System.


    The EBS Spot system offers spot gold and silver to all foreign exchange and precious metals trading institutions through the EBS Spot Dealing System.


    EBS pioneered electronic trading for precious metals in July 2000 and remains the leading electronic broker in the spot gold and silver through the Loco London market.

  • Einen ungebrochenen Boom erleben Deutschlands Pfandhäuser. Bis Juni setzten sie mit rund 228 Mio. Euro nochmals gut 3 % mehr um als 2003. Im Vorjahr schnellte der Umsatz im ersten Halbjahr sogar um 15 % nach oben. Durch den hohen Goldpreis sind Pfandkredite gerade bei kleineren Selbständigen äußerst beliebt: Weil Banken mit Darlehen knausern, überbrücken Handwerker und Ladenbesitzer finanzielle Engpässe dadurch, dass sie den Schmuck ihrer Frauen versetzen - und in 92 % der Fälle später wieder auslösen.


    Ein Umsatzwachstum von etwa 7 % auf mehr als 480 Mio. Euro erwartet die Branche nun im gesamten Jahr 2004.


    Quelle: Focus, 6.9., S.13

  • Hier noch die neuste öffentlich zugängliche Liste mit den Primary Dealer der privaten FED!


    Falls Ihr wissen wollt was diese Primary Dealer so alles für die FED machen, und was die finanziellen Vorteile sind mit der ein Primary Dealer von der FED belohnt wird, solltet Ihr Euch mal die Zeit nehmen auf der, bis jetzt wenigstens noch, öffentlich zugänglichen FED Homepage etwas umsehen. Dabei hilft die Suchfunktion auf der FED Seite ungemein, in tiefere Gefilde vorzudringen!


    Gruss


    ThaiGuru



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    http://www.newyorkfed.org/news…arkets/2004/an040803.html


    Primary Dealer List

    Memorandum to all Primary Dealers and Recipients of the Weekly Press Release on Dealer Positions and Transactions


    The latest list reflects the following changes:


    Effective August 2, 2004, J. P. Morgan Securities, Inc. merged with Bank One Capital Markets, Inc. to form
    J. P. Morgan Securities Inc.


    List of the Primary Government Securities Dealers Reporting to the Government Securities Dealers Statistics Unit of the Federal Reserve Bank of New York


    ABN AMRO Bank, N.V., New York Branch
    BNP Paribas Securities Corp.
    Banc of America Securities LLC
    Barclays Capital Inc.
    Bear, Stearns & Co., Inc.
    CIBC World Markets Corp.
    Citigroup Global Markets Inc.
    Countrywide Securities Corporation
    Credit Suisse First Boston LLC
    Daiwa Securities America Inc.
    Deutsche Bank Securities Inc.
    Dresdner Kleinwort Wasserstein Securities LLC.
    Goldman, Sachs & Co.
    Greenwich Capital Markets, Inc.
    HSBC Securities (USA) Inc.
    J. P. Morgan Securities Inc.
    Lehman Brothers Inc.
    Merrill Lynch Government Securities Inc.
    Mizuho Securities USA Inc.
    Morgan Stanley & Co. Incorporated
    Nomura Securities International, Inc.
    UBS Securities LLC.



    NOTE: This list has been compiled and made available for statistical purposes only and has no significance with respect to other relationships between dealers and the Federal Reserve Bank of New York. Qualification for the reporting list is based on the achievement and maintenance of the standards outlined in the Federal Reserve Bank of New York's memorandum of January 22, 1992.


    Government Securities Dealers Statistics Unit Federal Reserve Bank of New York
    August 3, 2004

  • [Blockierte Grafik: http://www.goldseek.com/news/LemetropoleCafe/lmpc.jpg]


    http://www.lemetropolecafe.com



    September 6 - Gold $402 up $2– Silver $6.57 up 3 cents
    (London closes)



    Case For A Gold Price Explosion Continues To Snowball


    Side note:


    *66 US soldiers killed in August (hardly reported)
    *3 US soldiers killed yesterday
    *At least 7 US soldiers killed today.


    While I am no Kerry fan, as he has Robert Rubin as his economic advisor, President Bush has committed America to its biggest blunder in our history and will go down as our worst President ever (IMO) - with the coming US financial market disaster as an added reason for this assessment. When the US stock market turns south in a major way, the entire climate in the US is going to change. It could get very frightening.


    Iraq is a nightmare which has no end in sight and the situation worsens every passing month. In the months to come events over there will have profound effects on gold and on the dollar. Meanwhile, it seems to me more than half of America is rah-rahing Bush and his cronies as decisive warriors whom we can count on to take on and defeat the terrorists. All I could think of while watching the Republican Convention and that hateful Zel Miller was the old Nazi Party pep rallies. Patriotism seems to have gone amok and is being abused, in the sense that is dissent is being ridiculed, etc. Rally round the flag Patriotism is being flaunted to hide what is really going on behind the US economic/financial market scene. The fact that the main reasons we went to war in Iraq turned out to be bogus seem to be long-forgotten. What a nightmare! Kerry doesn’t deserve to be elected. He had plenty of time to counter the Bush neo-con disaster. He just says what the polls seem to dictate. Let Bush be re-elected to deal with, and take responsibility for, the outrageous mess he created.


    ***


    Overseas trading in gold was very subdued with both the US and Canada out for Labor Day holidays. However, it seems to me the case is building with lightning speed for an explosion in the gold price.


    Still of overriding importance is last Friday’s UBS gold report which suggested the central banks are more likely to only sell 250 tonnes of gold per year and not 500 tonnes as has long been taken for granted by the gold world. The ramifications of even issuing a report such as this are enormous and should not be taken lightly by any serious investor or gold market follower. On that note I would like to follow up on one of the significant MIDAS points brought to your attention on Friday:


    *The difference between the central banks having something like 29,000 tonnes of gold in their vaults versus less than 16,000 tonnes as GATA believes is enormous and extremely important. The yearly supply/demand deficit is running more than 1500 tonnes per year. This means The Gold Cartel needs to come up with 1500 tonnes per year to keep the price from rising.


    ***


    One Café member sent me a note saying 16,000 tonnes seems like a great deal too, so who cares. While I have gone over this before, now is the time to elaborate once again on this reduced central bank gold holding number, now that UBS has let the cat out of the bag the central banks are more likely to sell only 250 tonnes per year, not 500 tonnes.


    Officially the US is supposed to have 8136.4 tonnes in its vaults, the IMF 3,217.3 tonnes, the French 3,024.6 tonnes, the Swiss 1515.9 tonnes and the British 300 tonnes. The US and IMF need the approval of the US Congress to sell any of their gold, the Swiss have said they will be done after their recent selling of some 1200 tonnes, the French are NOT going to sell, and the British are already embarrassed about the 400 tonnes they sold years ago at $280. Total JUST those central bank numbers up and it comes to 15,777 tonnes of COMMITTED GOLD (allocating 1400 tonnes for Switzerland), which means if the GATA camp is correct, the central banks are hitting the wall right now. They have no central bank gold left to sell based on that analysis. It also means the gold in all the other central banks of the world is all gone too. While this may be so for Norway, Australia, Canada, Kuwait and others, we know this cannot be. No way all the other central banks have lent out all their gold. In fact certain ones like Argentina, Viet Nam and Russia have been recent BUYERS.


    The deal here is the GATA camp believes the US has mobilized its own gold in stealth fashion and has lent or swapped it out – to some degree with the Bundesbank. In other words, the US doesn’t have the gold in its vaults it says it does (maybe the IMF too). If we have lent out half our gold, or 4100 tonnes, this would free up other countries to still have that much in their vaults. My guess is the US is counting gold in the ground (say from Barrick’s gold reserves) still to be mined as part of its reserves, which is probably the reason the have renamed all US gold reserves as "Deep Storage Gold." This, or some deception such as this is their demented way of not telling the truth to the American public about its own gold.


    Some day the sordid details of the gold scandal will surface or be revealed. For now what is important to keep in mind, GATA has predicted The Gold Cartel is going to hit the wall and won’t have enough of their surreptitious gold to go around any more to keep the price down much longer. The UBS report on future CB selling is a first sign that day is very close at hand; that The Gold Cartel is in deep trouble and it has created rumblings in the central banking world. So is the STUNNING news from Barrick (see below), which supports this point of view.


    Once the psyche really turns in the investment world on the central bank gold issue, look out above!


    Meanwhile, the following was retrieved from The World Gold Council’s website for your perusal with some comments to follow:


    WORLD OFFICIAL GOLD HOLDINGS (JULY* 2004)


    Tonnes Gold’s %


    share of reserves**


    1 United States 8,136.4 58.9%


    2 Germany 3,439.5 46.6%


    3 IMF 3,217.3 (1)


    4 France 3,024.6 56.9%


    5 Italy 2,451.8 50.2%


    6 Switzerland 1,515.9 28.2%


    7 Netherlands 777.5 48.5%


    8 ECB 766.9 (1)


    9 Japan 765.2 1.2%


    10 China, Mainland 600.0 1.6%


    11 Spain 523.3 33.1%


    12 Portugal 482.3 51.7%


    13 Taiwan 423.6 2.3%


    14 Russia2 390.1 5.7%


    15 India 357.8 3.8%


    16 Venezuela2 357.1 19.3%


    17 Austria 317.5 33.8%


    18 United Kingdom 312.5 8.7%


    19 Lebanon 286.8 22.6%


    20 Belgium 257.8 23.2%


    21 Philippines 243.9 18.6%


    22 BIS 194.3 (1)


    23 Sweden 185.4 10.8%


    24 Algeria 173.6 6.0%


    25 Libya 143.8 8.1%


    26 Saudi Arabia 143.0 7.2%


    27 Singapore 127.4 1.6%


    28 South Africa 123.8 15.0%


    29 Turkey 116.1 4.2%


    30 Greece 107.5 33.5%


    31 Romania 105.1 12.2%


    32 Poland 102.9 3.6%


    33 Indonesia 96.4 3.3%


    34 Thailand 82.7 2.4%


    35 Australia 79.7 2.7%


    36 Kuwait 79.0 11.8%


    37 Egypt 75.6 6.8%


    38 Denmark 66.5 2.3%


    39 Pakistan 65.3 6.8%


    40 Kazakhstan 55.3 10.7%


    41 Finland 49.0 5.2%


    42 Argentina 42.6 3.2%


    43 Bulgaria 39.8 7.1%


    44 WAEMU3 36.5 6.7%


    45 Malaysia 36.4 0.9%


    46 Slovak Republic 35.1 3.3%


    47Peru 34.7 4.1%


    48 Bolivia 28.3 38.9%


    49 Ecuador 26.3 27.0%


    50 Syrian Arab Rep. 25.9 (1)


    51 Morocco 22.0 2.0%


    52 Nigeria 21.4 2.7%


    53 Ukraine 15.6 2.2%


    54 El Salvador 14.6 9.0%


    55 Cyprus 14.5 5.9%


    56 Korea 14.1 0.1%


    57 Brazil 13.9 0.3%


    58 Czech Republic 13.7 0.6%


    59 Neths. Antilles 13.1 30.4%


    60 Jordan 12.8 3.3%


    61 Cambodia 12.4 15.2%


    62 Colombia 10.2 1.1%


    63Ghana 8.7 7.5%


    64 Latvia 7.7 6.1%


    65 Slovenia 7.6 1.1%


    66 Myanmar 7.2 11.9%


    67 CEMAC4 7.1 4.9%


    68 Guatemala 6.8 2.9%


    69 Tunisia 6.8 3.1%


    70 Lithuania 5.8 2.1%


    71 Ireland 5.5 2.6%


    72Mexico 5.3 0.1%


    73Nepal 4.8 4.0%


    74 Bahrain 4.7 3.1%


    75 Bangladesh 3.5 1.7%


    76 Norway 3.4 0.2%


    77 Canada 3.4 0.1%


    78 Mongolia 3.3 16.2%


    79Aruba 3.1 10.1%


    80 Hungary 3.1 0.3%


    81 Macedonia, FYR 2.8 4.0%


    82 Kyrgyz Republic 2.6 8.1%


    83 Luxembourg 2.3 10.1%


    84 Hong Kong 2.2 0.0%


    85 Albania 2.2 2.3%


    86 Iceland 2.0 2.7%


    87 Papua New Guinea 2.0 4.8%


    88 Mauritius 1.9 1.5%


    89 Trinidad & Tobago 1.9 1.0%


    90 Yemen, Republic of 1.6 0.4%


    91 Paraguay 1.1 1.3%


    92 Cameroon 0.9 1.7%


    93 Honduras 0.7 0.5%


    94 Suriname 0.6 6.2%


    95 Qatar 0.6 0.2%


    96 Dominican Republic 0.6 1.8%


    97 Tajikistan 0.5 5.2%


    98 Gabon 0.4 2.3%


    99 Malawi 0.4 4.7%


    100 Mauritania 0.4 1.2%


    101 Central African Rep. 0.3 3.4%


    102 Chad 0.3 3.0%


    103 Congo, Rep. of 0.3 12.9%


    104 Uruguay 0.3 0.1%


    105 Estonia 0.2 0.2%


    106 Chile 0.2 0.0%


    107 Costa Rica 0.1 0.0%


    108 Maldives 0.1 0.4%


    109 Haiti 0.0 0.8%


    110 Burundi 0.0 0.5%


    111 Fiji 0.0 0.1%


    NOTES


    *This table was updated on July 14th 2004 and reports the latest data available then. Data are taken from the International Monetary Fund's International Financial Statistics, July 2004 edition, and other sources where applicable. IFS data are two months in arrears, so holdings are as of May 2004 for most countries, April or earlier for late reporters. For Eurosystem members data are as of July 9th (except see note 5). The table does


    not list all gold holders: countries which have not reported their gold holdings to the IMF in the last 6 months are not included, while other countries are known to hold gold but do not report their holdings publicly. Where the WGC knows of movements that are not reported to the IMF or are misprints, updates or other changes have been made.


    **The percentage share held in gold of total foreign reserves, as calculated by the World Gold Council. The value of gold holdings uses the end- May gold price of $393.25 per troy ounce (there are 32,151 troy ounces in a metric tonne). The value of other reserves is from IFS table ‘Foreign Exchange and Total Reserves minus Gold’.


    All countries shown hold some gold. Where data are shown as zero, the figure is less than 0.05.


    1. BIS, ECB and IMF balance sheets do not allow this percentage to be calculated. Foreign exchange holdings for the Syrian Arab Republic are not available in IFS.


    2. Excluding gold out on swap.


    3. West African Economic Monetary Union including the central bank.


    4. Central African Economic and Monetary Community including the central bank.


    5. The European Central Bank's weekly financial statement for May 14th implied a coin purchase by one unspecified central bank of approximately 1.6 tonnes. Its statement for June 11th implied a sale of 2.6


    tonne. Neither statement specified which country and IFS data for May appear to exclude the purchase. The net impact of these changes is included in the Eurosystem total but not in any of the individual countries.


    6. Signatories to the first Central Bank Gold Agreement of September 1999 were the ECB and other Eurozone central banks (excluding Greece which was not a Eurozone member in 1999) plus Sweden, Switzerland and the UK. The second Agreement announced in March 2004 has the same signatories with the addition of Greece and the exclusion of the UK.


    Memorandum


    Tonnes Gold’s % share of reserves**
    World 31,736.5 (1)
    All countries 28,324.8 9.4%
    Euro area (inc ECB)5 12,204.6 42.3%
    CBGA 1 signatories6 14,111.0 36.0%
    CBGA 2 signatories6 13,905.9 38.7%


    -END-


    MIDAS notes:


    *"2. Excluding gold out on swap." Nothing is mentioned in this entire CB analysis about gold which is lent. How can this be since we know this is one of the major factors in the gold market? GATA knows the answer of course since we have caught the IMF telling its member banks to lie about lending and count loans as reserves. Same goes for swaps for that matter. This is well documented in the various GATA commentaries at The Matisse Table.


    To be more specific – take Kuwait for example:


    October 21 (1999) Gold $303.50 down $1.80 - Silver $5.20 up 3 cents


    The big story of the day was the news that Kuwait announced today that it planned to deposit 79 tonnes of gold reserves with the Bank of England for investment on world markets. Central Bank Governor Sheik Salem Abdu-Aziz al-Sabah said the decision was taken to "boost the Central Bank's returns." (according to Reuters)


    ***


    Thus we know Kuwait’s gold is all lent out, yet the IMF report says Kuwait has a 79 tonne gold holding with no accounting for this deposit (loan). Central banks like Kuwait CANNOT get their gold back without bidding up the gold price to the moon. This is what the IMF is desperately trying to keep the investment world from finding out.


    *The World Gold Council has Argentina down for 42.6 tonnes of gold as of July, knew they had purchased this amount this year, and NEVER SAID A WORD to anyone. Meanwhile, this joke of an organization and abomination to people who really are interested in gold, sets out on a $17 million marketing program to sell jewelry. More soon on this pitiful outfit.


    *Portugal is another example of a country who has nowhere near in its vaults what the IMF says it does:


    January 15 (2003) - Gold $350.80 down 90 cents - Silver $4.75 up 4 cents


    Revealed Portuguese Gold Loan/Swap Numbers Confirm GATA, Howe, Veneroso


    The John Brimelow Report


    …According to the Bank of Portugal’s 2001 annual report… out of its 606 tonnes of gold reserves (now 591) Portugal swaps 381 tonnes and lends 52 tonnes; ie over 70% in the lease market! They may be the second biggest gold lender in the world. Option sales ‘structures’ might conceivably lead to some further withdrawals?


    Are tighter lease rates coming?


    The footnote that discloses the distribution of the Bank of Portugal's gold is at:
    portugal.pt/publish/relatorio/Chap_IV_01.pdf">http://www.bportugal.pt/publish/relatorio/Chap_IV_01.pdf
    (scroll down to 9th page)


    The information that the Bank of Portugal has been so specific in its Annual Report is, I think, new to the market place. The news that 70% of Portugal’s gold has, in effect already been sold, lends powerful support to the view that much of the global C Bank 30,000+ tonne hoard is gone. This insight into a Central Bank’s gold option activity – with the insinuation others are also involved - further advances this case. And, once again, the new spectacle of junior bullion banks being willing to be so candid about (possible) clients suggests that they think that the era of Central Bank domination of the gold market is drawing to a close.


    JB


    ***

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    http://www.lemetropolecafe.com


    Teil II


    *Australia does not have 79.7 tonnes in its vaults. Months ago MIDAS reported a film crew who went into their vaults and revealed Australia only has something like 3 tonnes left. The rest has been lent out, GONE!


    I could go on and on with this. SOMETHING IS ROTTEN IN THE STATE OF DENMARK. The lies are everywhere when it comes to what has really transpired in the gold world over the past decade. What goes around comes around. It won’t be too much longer when the Robert Rubins and Alan Greenspans, the ones who promulgated the gold fraud scam into high gear, are found out.


    Yep, what GATA has been ranting about for a long time is beginning to snowball our way. Got the BIG MO going for us! The news from Barrick below is no less than stunning. They sound a bit like GATA groupies. Chris Powell put out this dispatch earlier today:



    10:57a ET Monday, September 1, 2004


    Dear Friend of GATA and Gold:


    There's a big gold industry conference in Shanghai, and Barrick Gold's chief financial officer, Jamie Sokalsky, is spreading GATA's message there.


    At least it seems so from the Reuters dispatch from the conference, which has an interview with Sokalsky that is appended.


    Sokalsky says:


    * Barrick's gold price forecast is higher even than Newmont's -- the high $400s by the end of this year.


    * Industry hedge buybacks are far from over and Barrick will use gold price "volatility" to keep reducing its own hedges. This is as good as saying that Barrick, once the great hedger that used central bank gold to help knock the price down, now is putting a floor under the price.


    * Gold demand is far outpacing mine supply, and the gap is being covered by ... selling by central banks. That is, Barrick acknowledges that central bank intervention has been suppressing the gold price.


    This market manipulation and the signs of its weakening couldn't be plainer. And yet they are not reported in the mainstream financial press or at MineWeb -- which seems still not to have reported even the bankruptcy of Australia's big overhedged gold miner, Sons of Gwalia, more than a week ago, just as the World Gold Council has declined to comment on it.


    That is, gold is the secret knowledge of the financial universe and is not to be permitted to the Western public. If you want to know what's really going on with gold, maybe you should learn Chinese.


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


    * * *


    Gold Producers Cut Hedging, Bullish on Price


    By Lewa Pardomuan
    Reuters
    Monday, September 6, 2004


    SHANGHAI -- Major gold producers, expecting prices to rise toward 16-year highs in the next few months, are slashing their hedge books to take advantage, leading industry officials said.


    Barrick Gold Corp., the world's third-largest bullion producer, estimated that prices would rise to their highest levels since 1988, its chief financial officer, Jamie Sokalsky, told Reuters on Monday.


    "It seems that, for the first time in many years, many factors are bullish for gold. Demand is strong in areas of the world like China, and the U.S. dollar should remain weak," Sokalsky said on the sidelines of a global gold conference.


    Hedging, the selling of yet-to-be-mined nuggets at a preset price to lock in revenue, began falling out of favour as gold prices rose. Hedging protects miners when prices fall but can backfire when prices increase.


    Gold rose as high as $424.60 an ounce this year but has not traded above $450 since 1988. It was trading around $401.25 an ounce on Monday.


    Sokalsky said gold would move into the "mid-$400s to high-$400s" an ounce range by the end of this year and hold there in 2005.


    Newmont Mining Corp., the world's largest gold miner, expected gold to trade between $380 and $450 or higher for the next 12 months, company president Pierre Lassonde said on Sunday.


    Many miners have scrapped or reduced their hedges because they also put a lid on the maximum price, preferring to take their chances on global bullion prices that have risen around 40 percent since 2002.


    Hedging has been blamed for restricting demand and weakening prices because gold purchasers have already bought unmined metal for future delivery. Removing hedges, on the other hand, stimulates demand.


    "We are going to use the volatility of the gold market to continue to reduce our hedge position. I think there's still a lot of de-hedging to be done in the industry," Sokalsky said.


    Toronto-based Barrick slashed its hedge book by 850,000 ounces to 13.9 million ounces, or 16 percent of its in-the-ground reserves, during the second quarter.


    Newmont expected more gold firms that hedged their output to declare bankruptcy as prices rose, Lassonde said.


    Last week Australian mining house Sons of Gwalia Ltd. said it faced bankruptcy after discovering thatits mines might not have enough gold left to meet its hedge commitments and finance its foreign exchange exposures.


    A year ago South Africa's AngloGold Ashanti Ltd., the world's second-largest producer, announced a dramatic change to its hedge policy, cutting forward commitments to 30 percent of five years' production from 50 percent.


    Sokalsky said in addition to a poor outlook for the U.S. economy and the dollar, tighter supply also supported gold.


    There is "a declining supply in the market place because there has been less exploration. Between mines' supply and demand, there's a shortage in the neighbourhood of anywhere from 500 tonnes to higher," he said.


    "That supply has been met by some central bank selling, but that differential between supply and demand should widen over time."


    -END-


    GO GATA! First Barrick renounces future hedging last fall and now this. Sokalsky makes Newmont’s Lassonde look like a gold bear and even has the gall to even mention the real reason the gold price is being kept down. Barrick has been apart of The Gold Cartel scheme for years and an arch enemy of the free gold market forces. They KNOW what is coming and are probably reducing their hedges as fast as JP Morgan Chase will let them. Combined with what UBS put out on Friday, this is EXPLOSIVE in my book.


    Another point of note. Sokalsky speaks of a 500 tonne, or higher, yearly deficit. GATA has long contended that deficit IS HIGHER, as noted earlier – like 1500 tonnes+. That difference is the amount of central bank gold which has been surreptitiously fed into the market by The Gold Cartel to suppress the price the past 8 to 10 years. Sokalsky KNOWS THAT!


    PS – Look for some possible news later this week on the Blanchard gold price manipulation suit against Morgan and Barrick.


    Then, we have this tidbit on gold demand:


    AFX News Ltd. London : Financial News Products


    Gold demand in China expected to triple in next few years


    SHANGHAI (AFX) - Gold demand in China is expected to triple in coming years as a result of ongoing gold market deregulation in the world's most populous country, according to a World Gold Council report Monday.


    In its latest report released ahead of the London Bullion Market Association meeting in Shanghai Monday and Tuesday, the council forecast a rise in demand for gold in China from the current 200 tonnes to an annual 600 tonnes in "the next few years".


    China is the world's third largest consumer of gold after India and the United States, and demand on the mainland for the precious metal soared by 30.8 pct year-on-year to 51.5 tonnes in the second quarter this year.


    Last year gold demand in China was 207.6 tonnes, up from 203.9 tonnes in 2002 and just 10 tonnes in 1982.


    Most of it was used for jewellery, the report said.


    "The Chinese people are generally becoming more affluent and gold, while it may no longer be a sole destination for investment, will certainly play its ancient Chinese role of conspicuous display of wealth, as an adornment and as a perceived store of wealth," the report said.


    As an investment, gold has been thrown open to small investors on the mainland where it is now available in pass-book accounts via commercial banks as bullion, coins and jewellery.


    However, only China's four state-owned commercial banks can import the precious metal, while gold jewellery imports are only allowed by seven firms designated by the People's Bank of China, the central bank.


    China has a 108-member gold exchange, which opened last October after 53 years of state monopoly control.


    -END-


    Short memories! It was the heinous Goldman Sachs, The Gold Cartel’s Hannibal Lecter, who led Ashanti to a hedging disaster five years ago. Some things never change:


    Inside Business – ABC Online
    Transcript
    Questions remain over Gwalia debacle
    Date : 05/09/2004
    Reporter:


    ALAN KOHLER: What Sons of Gwalia did in selling gold forward is a bit like me getting paid now for presenting next year's Inside Business programs.


    It's called hedging, because if I did that I wouldn't have to worry about the ABC getting another budget cut and cutting my pay - I'd be hedged against a price fall. But then again, if everyone around me got a pay rise, I'd miss out.


    Sons of Gwalia appears to have sold more future gold than they could possibly produce. And that's a bit like me getting paid now for six programs in February 2005 when there's only four Sunday's that month.


    Pretty straightforward really - if you sell what you haven't got and can't possibly produce it in time, you're in trouble. If you do that with other peoples' money, then they're in trouble, and that's what the directors of Sons of Gwalia did.


    Three separate questions now arise - did those directors know, or should they have known, that the company was insolvent before they raised the white flag this week?


    That's simply another way of robbing investors and creditors. And did directors know they were selling gold they couldn't produce? Because if so, they were not fulfilling their duties as directors.


    And should brokers who have been recommending the stock - notably J B Were Goldman Sachs, and the professional fund managers who owned it - have better protected their clients from loss and should they now be held to account? How fully did they investigate the company's affairs?


    Were J B Were's Goldman Sachs' eyes a bit misted over as they looked at the books, by the fees they were getting from the company to raise capital?


    And what due diligence did the fund managers do before investing our superannuation in the company? There are always recriminations after a corporate collapse - sometimes even a royal commission, as we saw with HIH.


    In this case the questions will be angrier than usual because the Sons of Gwalia's collapse was plainly self-inflicted, that is - it wasn't just hit by a market downturn, and also because some people apparently saw it coming and some didn't.


    Those who didn't should be asked - why not?


    VIDEO:


    Alan Kohler says there are still many questions to be answered after the unexpected crash of Sons of Gwalia. Real Dialup Win Dialup


    -END-


    Below are some excerpts from Australia’s The Age on September 4 on the Gwalia mess:


    …There are suggestions that at least two of Sons of Gwalia's three gold operations are considered uneconomic, which in turn suggests the losses for the hedge book counterparties could be substantial. That virtually guarantees that equity holders won't see any return once the tantalum business is sold and its proceeds absorbed by creditors.


    The fate of Sons of Gwalia and its investors will reinforce the lessons from Pasminco's collapse and other hedge-related disasters.


    Even sophisticated institutions will be reluctant to invest in companies with extensive hedging operations, particularly where the hedging strategies are complex, and one suspects even the investment banks who sit on the other side of the hedges will be more cautious in future when assessing the quality of the resources that underpin the future production commitments and the proportion of production that can be sold forward.


    Sons of Gwalia's strategy left it, and them, with no margin for error.


    bartho@theage.com.au


    -END-


    What is important to focus on is how this Daughters of Gwalia hedging fiasco is going to influence further hedging from here on in. The smell is beginning to grow all over the place thanks to The Gold Cartel crowd and gold is only at $400. Wait until we get to $500.


    [B]From Bill Buckler’s Privateer:


    "Over the last week of the northern summer, US markets ebbed to their nadir of "thin trading". On September 3, over a short session, Gold took a $US 5.50 smack to the downside amid large volumes in late trading. How flagrant can you get? Not half as flagrant as Mr Bush's acceptance speech. Manipulating the "price" of Gold is kindergarten stuff compared to this."


    Mining Web’s Tim Wood has taken pot shots at me personally and at GATA for five years. Whether it was Barrick’s hedging, gold producer blow-ups like Ashanti, potential derivatives blow-ups, gold price manipulation, central bank loans, etc., you could count on Tim to take us on and mock us.


    Gradually GATA is being proved right on all counts. "If you can’t stand the heat, get out of the kitchen," they say. T Wood is getting out of the kitchen. Just in:


    "Tim Wood quit MineWeb yesterday and will be going to work for Sandy Lawrence at IIC."


    I spoke at a Sandy Lawrence conference in New York five years ago. Never was asked back. Just like what happened at CNBC. Wood and Lawrence deserve each other.


    I strongly suggest Café members take a serious look at a Mahendra membership. I am including what he had to say about gold yesterday because of his commentary of last week. Don’t want to leave any misunderstandings out there and let you know exactly where he is coming from.


    LET THE FUTURE UNFOLD SLOWLY BUT SURELY


    Dear Members,


    Today is 4 September – a long waiting is over and now I feel free to say that time for gold has started to rule world's economy and world financial market. The wave of gold will be every where, its popularity will spread like a perfume smell and yes I am excited. I feel relief because 3 September is passed but it did some damage. Power of time is unique because the gold spot price closed at $400 on 3 September even after a frenzy in which a lot of people dumped metals during a final day of negative wave as though there would be no tomorrow. Gold however fought back and firmly stood against all onslaughts to close at $400. This is the power of gold and I once again confirm that no power on earth or the universe can bring down gold prices below $400. On Friday, it just so happened that an external power played a negative role for metals. As I have stated many times previously, the impact of external powers and influences is usually short-lived.


    This year I was wrong for the second occasion in my weekly predictions on metals. The first time was on the last week of April 2004 when metal prices went down and the metal stocks collapsed. This was however not the case during last week. Metals stocks remained quite stable and stood firm like the wall of China.


    I do not want to dwell too much onto the past today as it is a special day for me. This is because it is the day in which I was brought forth into this beautiful planet.


    Here is this week prediction (6 September to 10 September) and I am sure that you will clearly get all answers. All the short seller in metals and currencies should watch from Tuesday.


    GOLD


    Once again I went through all my previous calculations to reconfirm the precision of my predictions and ascertain whether I was making any mistake in calculating movements of astrological planetary positions. I didn't found any error. I concluded that this was just an external short-term impact which normally lasts a few hours. Indeed, this was only created by few using the employment data.


    I NEVER PROMISE SOMETHING COMPLETE WITH THE DATE IF I AM NOT CONFIDENT ON ALL MY 15 POINTS. THE 15 POINTS SAY THAT BEFORE THE LAST DAY OF SEPTEMBER GOLD WILL REACH AROUND $448. WHAT ELSE DO MY MEMBERS WANT? GOLD STOCKS WILL HAVE AN UNBELIEVABLE RISE. HOLD YOUR GOLD INVESTMENT.


    This week gold should accomplish my last week's pending prediction in four trading sessions……..


    LET THE FUTURE UNFOLD SLOWLY BUT SURELY


    Thanks & God Bless,
    Mahendra Sharma
    http://www.mahendraprophecy.com


    The reason for putting this MIDAS out on a holiday is it seems to the gold price could explode in the very near future. For those not in place it will become harder and harder to get on board as far as entry and risk/reward timing is concerned. Maybe gold and silver blow sky high this week, maybe weeks from now. Hard to say. However, there is a feeling in my bones the price of both are about to go berserk.


    Now is a particularly special time to be doing your gold homework again if you are out of the market or are under-positioned. I also urge you to contact other friends/investors who remain gold/silver market clueless to take out a free two week trial membership before the precious metals market train leaves the station!


    GATA BE IN IT TO WIN IT!


    MIDAS

  • [Blockierte Grafik: http://www.goldseek.com/news/LemetropoleCafe/lmpc.jpg]


    http://www.lemetropolecafe.com


    Appendix


    NEW READING AT ANGLO FAR-EAST RESEARCH


    "THE TRUTH AND THE FRAUD"


    Full article : http://www.anglofareast.com/040904.html


    "It is rare today to meet someone that has any idea of the fraud that exists in the modern monetary, economic and financial world. It is even rarer still to meet someone that, once knowing this truth, goes boldly into the streets proclaiming what they have learned."


    Best Regards
    Philip Judge
    pjudge@anglofareast.com


    * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
    THIS MONTHS TELECONFERENCE
    With BILL MURPHY of the Gold Anti Trust Action Committee


    "THE PRESENT AND FUTURE GOLD MARKET"


    ## Register Early as lines are already LIMITED ##


    NORTH AMERICA
    Friday Evening 24th September
    9.00 PM East Coast USA time


    AUSTRALIA/NEW ZEALAND
    Saturday Morning 25th September
    11.00 AM Aust Eastern Std Time


    (total run time 60 - 90 mins)
    Introduction (5 mins)


    More information and registration
    http://www.anglofareast.com/teleconference.html



    * * * * * * * * * * * * * * * * * * * * * * * * * * * * *


    THE TRUTH AND THE FRAUD


    Follow the link for the COMPLETE article :
    http://www.anglofareast.com/040904.html


    We are living in an age where most often truth and reality is masked by confusion, mis-information and frequently, outright lies and deceit.


    Our modern global economic and financial infrastructure has been built on the defective foundation of an inflationary, usurious, debt-based monetary system.


    It is a flawed and unsustainable system where wealth and labour are continually depleted by debt.


    The change to our present fiat monetary era was gradual over many decades, brought about by stealth, deception and lies. Due to its fragility, this is a system that continually requires further lies, deception and even treachery to maintain it.


    In the present era of deficits, mal-investment and debt, there continues a monumental struggle with natural market forces. The greater the artificial forces of market manipulation, the more the power of the free market grows.


    It is rare today to meet someone that has any idea of the fraud that exists in the modern monetary, economic and financial world. It is even rarer still to meet someone that, once knowing this truth, goes boldly into the streets proclaiming what they have learned.


    Bill Murphy from the Gold Anti-Trust Action committee is one such person. For more than 6 years now, Bill has desperately tried to raise awareness, pointing to the fraud and dishonesty of the "bullion carry trade".


    Bill has maintained that the gold price suppression scheme has negatively affected the portfolio of hundreds of thousand of investors, the balance sheet of hundreds of mining companies, and aided the impoverishment of literally millions of people living and working in gold producing countries such as South Africa. Yes, Bill is one of a rare breed indeed.


    THIS MONTHS TELECONFERENCE
    With BILL MURPHY of the Gold Anti Trust Action Committee


    "THE PRESENT AND FUTURE GOLD MARKET"


    Full article : http://www.anglofareast.com/040904.html


    * * * * * * * * * * * * * * * * * * * * * * * * * * * * *


    BETTER BULLION BANKING AND OWNERSHIP
    http://www.anglofareast.com/
    (TOLL FREE within USA) 1 888 212 4558


    * * * * * * * * * * * * * * * * * * * * * * * * * * * *

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