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

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September 24 - Gold $407.80 down $2.70– Silver $6.38 down 6 cents

Beyond Grotesquely Blatant!/Another Gartman Humdinger/Silver Warehouse Stocks Disappearing

Zitat

Many people have a wrong idea of what constitutes true happiness. It is not attained through self-gratification, but through fidelity to a worthy purpose...Helen Keller

GO GATA!!!

Any Café members who watched this morning’s Comex market action could most likely write this portion of the MIDAS themselves. The price-rigging so soon after the opening was as grotesque and blatant as it gets. My rant all week has been about the Gold Cartel’s obvious efforts to cap the gold price at the $410/$412 level, which has been the case for many months. While the retards in the mainstream gold world maintain their corrupted silence, this is the latest reason for our camp’s outrage:

*Yesterday gold was stopped at exactly $412. Not too long before the close, gold was staring at taking out that high of the day. However, the cabal and friends knocked it down $1 going into the bell, giving it a close of $410.40. As soon as the Access market opened, they brought it down to $409.40 and below $410 key resistance.

* The open interest rose a steep 9599 contracts yesterday to 265,051 as The Gold Cartel kept the lid on the price below $412 while the specs piled in.

*Option expiry is Monday. Thus, in CONCERTED action, the powers to be are making sure the $410 calls remain out of the money and the price stays below their defended position point.

*Today gold popped early, rising to $411.50 bid when The Gold Cartel ATTACKED with a fury, taking gold down $4+ on the session EVEN THOUGH the dollar was lower at the time against EVERY major currency. (Please note: There are a number of market watchers out there who still believe that the major (in some cases only) factor affecting the price of gold is what the dollar does. That just is not so. The major factor affecting the price of gold is The Gold Cartel and their price suppression antics, which are countered by a surging physical market. One only need review what the cabal did today to understand what the gold market is really all about.)

It certainly caught the attention of Wistar "Spartacus" Holt:

Bill,

I sent this chart a few minutes ago to every mining executive I have been in contact with.

Regards,
Wistar

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The floor reported The Gold Cartel and other dealers as the early sellers, even though the dollar was on the weak side. AFTER gold broke hard, down that $4+, the dollar began to strengthen. However, gold failed to follow the dollar strength as the offers dried up and solid buying began to emerge. The cabal then backed off.

The CFTC gold report released after the close came in as expected. The large specs reduced their longs by 7,181 and decreased their shorts by 2,290. The commercials increased their longs by 366 contracts and increased their shorts by 9,378 contracts.

Silver sold off in sympathy with gold. The silver open interest gained 1132 contracts to 83,566, still very much on the low side.

BIG NEWS!!!! The silver stocks, after rising a little more than 500,000 ounces yesterday, fell a sizeable 1,215,287 ounces to 108,749,096, a new low for the move. This is just what MIDAS has been looking for and is a constructive sign the silver market is as tight as reported by our London sources.

Crude oil closed in contract high ground at $48.88, up another 42 cents per barrel.

NOV WTI

http://futures.tradingcharts.com/chart/CO/B4

The dollar fell .03 to 88.59 and the euro dropped .04 to 88.59.

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The John Brimelow Report

interesting JP comment

Friday, September 24, 2004

Indian ex-duty premiums: AM $6.91, PM $5.56, with world gold at $408.60 and $409.70. Ample, and adequate, for legal imports. Despite recent high prices, India has not retreated from buying offshore gold.

TOCOM volume jumped 81% to the equivalent of 35,217 Comex lots; the active contract was up 13 yen, but world gold went out 95c below the NY close. Open interest slipped 159 lots. Buried in a curious Reuters release that the Japanese Finance Ministry will sell a small parcel of coins is the statement that

"The official said the sale had no relation to Japan’s policy of managing external reserves…the government had no plan to sell gold from those reserves"

If credible, this is an important statement. The Swiss Central Bank made a similar remark today discussing the sales 2000- to date. (Yesterday NY traded 51,362 lots. Open interest jumped 9,599 lots ( e.g. 29.9 tonnes.)

AS REFCO gloomily noted yesterday:

"But trade were sellers generally…. Despite the presence of heavy sellers the overall demand for bullion is quite strong."

Gold at its current levels has opponents. These do not include the main physical buyer (India) or the Middle East..

JB

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CARTEL CAPITULTATION WATCH

The DOW action is feeble. The PPT is huffing and puffing to little avail. All rallies failed today. After two downers in a row and a lousy week, it only managed to gain 8 to 10,047. The DOG continues to roll over and closed on its lows at 1879, down 7.

It’s Groundhog Day too when it comes to US economic reports. TWO MORE came in weaker than expected:

08:30 August Durable Goods reported (0.5%) vs. consensus (0.3%); ex-transportation 2.3% vs. consensus 0.8%
Prior Durable Goods reading revised to 1.8% from 1.6%; ex-Trans. revised to 0.0% from (0.2%).
* * * * *

10:00 August Existing Home Sales reported 6.54M vs. consensus 6.63M
Prior reading unrevised from 6.72M.
* * * * *

The Swiss gold sale press release was bullish this morning because they declared for the first time that when their 1300 tonne tranche is completed early next year, they will be done:

Zurich, 24 September 2004

Press release

Last tranche of gold sales

In spring 2000, the National Bank began selling that part of the gold reserves no longer required for monetary policy purposes. The sales — which will total 1,300 tonnes — have to date been effected according to the agreement on gold sales concluded between 15 European central banks in September 1999. This agreement will expire on 26 September 2004. The National Bank has so far sold 1,170 tonnes of gold.

It will put the remaining 130 tonnes of gold on the market by the end of March 2005. The sales will be carried out under the new agreement between the central banks agreed upon in March 2004 and scheduled to enter into force on 27 September 2004. The National Bank will adhere to its proven strategy of conducting the sales in regular transactions with prime institutions with which it already maintains business relations.

The sale of this last tranche concludes the National Bank’s move to sell gold holdings no longer required for monetary policy purposes. The National Bank has no plans for any further gold sales at this juncture.

-END-

Citibank has been a prominent member of The Gold Cartel over the years. They have now been banned from bond auctions in Japan for a month due to their duplicitous behavior. They should be banned from the US gold market for the same reason, along with Goldman Sachs and JP Morgan Chase.

9/24 Japan bans Citibank from bond auctions

TOKYO - Problems at Citibank mounted on Wednesday when it was barred from participating in Japanese government bond (JGB) auctions, a development that could further undermine its reputation in the country.

Japan's finance ministry said it would ban Citibank from participating in JGB auctions from Sept 29 onwards. The exclusion comes after the Financial Services Agency (FSA) last week ordered the bank to close its private banking business for a year.

Last Friday, the FSA said it was handing out the unusually severe punishment because the bank had failed to screen its clients properly or to take adequate measures against money-laundering.

An official in the finance ministry's bond division said on Wednesday night that the decision to exclude Citibank from the bond auctions was a direct consequence of last week's FSA penalties. He said the ban was likely to last at least one month, more severe than the standard punishment.

-- Financial Times

Houston’s Dan Norcini in an email back to me after my expressing the following to him on the gold market action this morning: "Blatant and disgusting. The only people who care or say anything about this nonsense is our camp and we get ridiculed."

Yes indeed Bill - that is what is so pathetic. I have really come around to the view that the average American (and I am including many of the self-appointed, so-called "experts" who make up the advisers in the gold community as well as the financial world at large) have completely lost the ability to make rational, sound and intelligent judgments. Perhaps it is the modern day education system which was foisted upon the public beginning in the early 1900's but we now have a generation here in America which simply cannot think clearly and has lost all capacity for unbiased, critical analysis.

To watch this day in and day out as many of us do and to witness the market reactions to various stimuli and other inputs and to observe the near total disconnect from economic reality is simply like entering some sort of carnival mirror hall where everything is distorted. Those who continue to deny official sector intervention into the markets, and I am going to be very blunt here, have forfeited any right to respect among thinking people. Quite simply - they are intellectual morons and should be treated as such. It is their comments and opinions that should be ridiculed and their persons treated with the scorn and contempt that is due to such mental pygmies.

What I have learned over the years is that given the choice, the vast majority prefer to believe a delusion rather than to embrace truth. History also confirms this. You will find that those who challenged the status quo were always held up to ridicule because they dared to take on an accepted "truth" (think Copernicus and Galileo for instance). When they brough forth convincing evidence to not only refute the contemporary view but to also establish the truth, then it was that the arsenal of the truth haters was unleashed against them. Today's world is no different than yesterday's world because human nature never changes in spite of technological advancement or acquisition of knowledge. Men, when confronted with proof of an assertion that upsets their cherished notions, prefer to initially dismiss it outright. Failure to stop the spread of the new idea then results in ad hominum attacks which attempt to ridicule the character of the one attacking the sacred cow.

What gives me comfort is knowing that ultimately truth will prevail. It always has although it seemingly appears to lose on the battlefield for long periods of time. What is taking place behind the scenes in these markets will come to light in a broader fashion in the months and years ahead of us. I can only say that those of us who have had to endure the mocking of the vociferous neanderthals who like drug addicts remain in a state of denial about these things, will be vindicated at the last. I for one think it is a good idea to record the pompous pontifications of those who ridicule the notion of official sector intervention into financial markets. For now their tongues parade through the earth and they glory in their idiocy. A day is coming when we will have the distinct pleasure of observing them choking on the worthless drivel that has proceeded from their lips.
Dan

First problems in Peru for Newmont, now Indonesia:

Indonesian police hold Australian Newmont manager

JAKARTA, Sept 24 (Reuters) - Indonesian police have detained an Australian executive from a subsidiary of Newmont Mining Corp. (NEM.N: Quote, Profile, Research) , the fifth employee to be held over pollution allegations, a company spokesman said on Friday.

The unit's American president has also been called in for questioning over accusations the Minahasa gold mine has polluted the waters of Buyat Bay and made people ill.

Denver-based Newmont, the world's largest gold miner, has strenuously denied the accusations by villagers in North Sulawesi province.

The case has alarmed foreign miners over the growing difficulty of doing business in Indonesia's outlying regions. Investment in the sector has slumped over vague regulations, illegal mining and tough environmental rules.

"So far, five of our employees are being detained by the police in Jakarta," said Kasan Mulyono, a spokesman for PT Newmont Minahasa Raya in Jakarta….

-END-

The following tends to corroborate what informed Café sources have been feeding us concerning China:

Good morning Bill

You used to have regular clips of Bob Chapman's "International Forecaster" report in you Midas reports. He disappeared and the reports stopped. He resurfaced about a year ago and publishes a part of his weekly (more or less) report on his website. Part of the report is precious metals; below is an extract which you may find interesting, and may (or not) correlate with what you know.

A news flash on CNBC at 0811, just after the UK market open stated that the Swiss Nat Bank would sell its remaining 130 tonnes of gold (presumably the balance of the total authorised by the 1999 Washington Agreement) by the end of April 2005. Didn't move the gold price at all.

"Last week we reported on the aspirations of the Chinese to get the average Chinese into gold in order to dump dollars and to bring some sanity to its mega-overheated economy and mega-inflation. The Chinese government could very well have been accumulating gold over the past several months, getting rid of dollars in the process, for the eventuality of being a major player in the gold market. Our sources say they have been very big buyers in the New York market, especially on openings when the cartel tries to drive the gold price down almost every day. The Asian markets are too thin to buy in size, so they have to buy in New York.

Rumor has it that China took delivery of 1,000 tons of gold last week."

Best wishes
Ian

More from Ian in England:

Good afternoon Bill

Earlier this afternoon I was on Instant Messenger with a friend of mine who is part owner of firm of trading advisors (who also run their own positions). He is exceptionally smart and has developed a proprietary charting/trading tool. He also makes a lot of money trading and has that rare combination of clarity of thought and lack of emotion when it comes to trading. On top of that he is a nice guy.

My reason for contacting him was to confirm that his chart interface programme was still valid for the new real time data feed I will be using, so I took the opportunity to ask where he thought we are at and where we are going marketwise. Without any prompting on my part his short, succinct answer was:

After the election everyone focuses on US debt, the DIA halves, the US$ falls off the cliff and gold soars.

All the best
Ian

Spot on in my book:

Bill,

The more cockroaches that crawl out of the house of Fannie, the more this situation reminds of the way in which Enron unraveled. I vividly remember shorting Enron in the low 40's, but not expecting it to be the empty shell that it really was. It's stunning to me that there has been no focus on FNM's off-balance-sheet accounting maneuvers, even though the Enron precedence should still be fresh in everyone's mind. The parallel's between ENE and FNM are startling. But what really scares me is the fact that the Company felt compelled to hire Stanley Sporkin and the board felt compelled to hire Warren Rudman. It truly feels to me like the fleas have jumped off the dying dog carcass and vultures are circling. I hope for our economic way of life my instincts are overactive right now, but watch gold/silver do a moon shot if I'm right.

Dave in DC

At least I have a pulse:

Marilyn,

My role is Investor Relations at Radius. Simon Ridgway is currently in the bush in Nicaragua. Sorry your investment hasn't worked out the way you hoped. The Pila / Radius situation was something that had to be addressed at some point. The larger shareholders -many of whom held positions in both Radius and Pila- had made it very clear that they found the situation very confusing. We were under pressure to streamline the companies, cut costs and rationalise the management of the 2 companies. As you are now a Radius shareholder, you can hopefully draw some comfort from the quality of the assets we have. Yesterday's deal with Meridian should give some indication of how good the Radius projects are, and we hope that this will eventually be reflected in the share price. I trust you've had words with your broker.... As for GATA, if I subscribed to their opinions I'd be happy to post the report. Sadly, neither myself nor Simon are particularly convinced by Bill Murphy's rather heated articles. If he was more measured and used less exclamation marks I might have more time for him. And frankly, some of the commentary is too technical by half even for someone with a reasonable understanding of the gold mining business. In short, from our perspective -and granted it might be short sighted- the market will do what the market will do. Our job is to focus on finding the resources that the industry will need tomorrow and not to get caught up in worrying about today's short or long contract trades. Please feel free to call me at any time. I'm happy to talk about Radius and will try to answer any questions you have. regards

Ralph Rushton
VP Corporate Development
Radius Gold Inc.
RalphR@Goldgroup.com

Love Marilyn Guinnane’s continuous efforts. What a dogged spirit1 She can be reached at:
maguinnane@cs.com

Australia’s Sid Reynolds (The Doc) has been one of GATA’s mainstay supporters for many years from Down Under. He has always spoken his mind and done what he could to get out our agenda into the public domain. His summary of GATA’s efforts is posted at The Matisse Table: 10/28 Sid Reynolds - Gold Price Manipulation.

A couple of days ago he sent me the following note in response to recent MIDAS commentaries:

G'day Bill,

I forgot to congratulate you and the boys on the great interview with Jim Puplava. I've forwarded it to many friends.

Your interview also got me thinking...

All this silence from analysts, producers and WGC in response to Embry can't be a coincidence.

-Clearly they aren't brain-dead (too much of coincidence).

-Maybe they're all corrupt, and secretly anti-gold (nah... too much of coincidence... although the jury is still out on WGC and some analysts).

-Maybe the anti-gold crowd are in their ear the whole time, about the "loonies at GATA". That amazing statement by Newmont about Gartman being a respected commentator has me highly suspicious that they are being influenced in some way by people who are anti-gold. But is it possible that the anti-gold crowd, could be in regular contact with all the gold producers? Possible but unlikely, especially since the few who are pro-GATA don't seem to have reported being badgered by the anti-gold mob... else Midas would have reported it.

-I've already stated previously that by elimination the gold producers must be scared (eg reference to latest Harry Potter book where the Wizard media are so scared of return of Dark Lord that they choose to put head in sand and deny its existence). But why are they scared, when GATA and friends regularly speak out?

Re the analysts: who knows, maybe they've been individually
bribed/bullied to avoid GATA

Re WGC: again who knows, but the fact they also rely on GFMS, and still
have some support from heavy hedgers, makes me think these hedgers are in their ear all the time, influencing policy.

3) Re the producers: Now here's an interesting mob. Put yourself in their shoes, if they were to publicly speak out against the US government, the government could life very difficult for them because they are companies (rather than individuals like GATA... well almost) and companies can be given a really hard time. For example, our little old harmless gold stock at Charters Towers wanted a friendly take over of one its existing shareholders (mutually beneficial deal), and ASIC (our equivalent of your SEC), used all sorts of delaying tactics for months - they even have a special takeover panel who investigated the whole deal. All these delays not only irritated our directors, but also irritated shareholders, who took it out on not ASIC, but the hapless directors!... Anyway the point I'm making is that I reckon is that directors of gold producers are terrified of upsetting governments if they publicly criticise them. Sure if they spoke out there might be some run of the gold price, but what's the point if the government then punishes you with never-ending enquiries and delays and even suspending share trading and making up some story to justify it? Gold could double, and the stock price could do nothing.

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CARTEL CAPITULTATION WATCH II

Now you may not like it, and I don't like it, but I can see no other reason why Newmont and other producers have their head in the sand.

Look mate, in the end, you can only warn people so many times. If they don't get it by now, they never will... and beside gold and silver are going to explode soon, with or without them.

Well done on the great interview again.

Regards, Sid

Sid makes valid points about Newmont and gold companies fears of government retaliation. Since other Café members brought this up also, I thought it would be a good time to address the issue.

Clearly this is a concern and a fair one to some degree for those firms who are operating in the US. Of course, GATA understood this five years ago and we have always realized this is not a black and white matter. My thoughts on why the US Government excuse fear doesn’t cut it in the end:

*In essence the argument to let the Newmont executives skate on this one insinuates they have the creative ability of a swarm of nats. There are many ways to "skin a cat." They are paying $3 an ounce to the silly World Gold Council to promote gold jewelry. This is a lot of shareholder money. All they would have to do is discreetly get together with the other major gold producers and have the World Gold Council be the ones to confront the bullion banks/U.S Government and raise queries in the public domain about gold market manipulation. The WGC could have gone to the poor sub-Saharan gold producing countries and explain how the price suppression scheme is devastating their economies. Visible political pressure could then be put on the US with special attention and a heads-up going to the Congressional Black Caucus, etc. We know this can work because this is just what happened when the IMF proposed gold sales.

I think you get the point. All Newmont had to do was hide behind the World Gold Council. I am sure there are many other avenues they could have taken over the years, IF they had an ounce of creativity.

*The difference between a willingness to deal with the gold truth and GATA’s findings, versus the subservient and disingenuous course Newmont has chosen, is the difference between $400 gold and $800 gold. The difference between the investment world understanding that more than half the central bank’s gold supply is gone and has been used in a devious scheme to suppress the price the past decade is the difference between $400 gold and $800 gold.

What would the share price of Newmont be if gold were at $800 today, $120 per share? THIS would dwarf any local problems created by the US Government which might develop because they were disturbed by Newmont’s prying and attempts to expose the truth. (How sick is that? The fear is that one would be punished by our government for exposing its own deception and fraud!). What would the share price of Newmont drop to IF they did incur a temporary problem here and there, like just what happened to them at their Yanochocha property in Peru? A few dollars per share? $20 per share? Big deal! Shareholders would still be jumping up and down for joy with Newmont trading at $100 per share, instead of $40+.

I just don’t buy these lame excuses of the deadbeat gold companies anymore. They don’t cut it when all is said and done. For Newmont to give more credibility to Dennis Gartman than John Embry is an outrage of epic proportions. Gartman knows as much about the gold market as I do about nuclear physics. History is going to judge these timid executives very poorly.

Speaking of Dennis Gartman, he is at it again. From his daily GARTMAN LETTER commentary this morning, which is so anemic it almost takes your breath away:

Finally, we know nothing of the company other than it is Australian, but we note that Crosus Mining almost certainly shall come under attack by GATA for the company’s management announced earlier today that it has added to its gold hedge book another 120,000 ounces of gold. In the world of gold trading this is but a mote in the eye, but to us this is really quite an important announcement…and a courageous one.

The company’s managing director, a Mr. Mike Ivey, said Croesus remains "positive…on the gold price," but that it also remains leveraged to it. Given that, its wise to hedge some of its forward production, and we shall strongly agree. He said that management

Believe(s) that a prudent amount of gold hedging is to the benefit of the company and our shareholders… (Croesus) remain highly exposed and leveraged to the Australian gold price and chose the current strength in the Australian dollar gold price to protect our revenue base.

The anti-hedge community will surely take Mr. Ivey to task. Knowing nothing more about the company than this, we suggest that Mr. Ivey be applauded for his decision, which seems to us to be the decision of a reasonable, well intentioned businessman who simple finds himself in the "manufacture" of gold.

***

I truly feel sorry for people who actually pay that guy, which is no small amount. This I must check this out, however, I was told today he charges clients $3,000 to $6,000 a year for his daily letter and he has around 1,000 clients. That’s not chump change. For sure the guy knows how to market his material. My retort on Mr. Gartman's ramblings:

*How can anyone know nothing about a company and then say a business decision is a wise one? In and of itself, that statement reveals the depth to which Gartman studies an issue.

*It appears he wrote this to purposely aggravate GATA and gain favor with some of this bullion banking clients whom we have exposed for years. Gartman is like a first-grader tattling on his fellow 6-year old classmate to curry favor with the teacher.

*For crying out loud, Sons of Gwalia just blew up because of their ignorant hedging policies and here he is extolling Croesus.

*Gartman is really out of the loop and doesn’t get it. Shareholders are going to applaud Croesus by DUMPING their stock. He is clueless and doesn’t understand times have changed. $400 gold is nowhere and not a very profitable price for many gold companies as mining costs have risen significantly the past couple of years. No reason to own a company who caps the price at these levels.

*As for me speaking about hedging personally. I am not against it all. It can be a valuable tool for management and has been over the years for many in the commodities/financial markets. However, it has been a horror show the past many years for the gold world. Why:

*The bullion banks used the concept to aid their own price suppression scheme, making a fortune in fees in the process.

*It was most popular when the gold price was $300 or less. Those who hedged down at those levels made terrible business decisions and their share prices have suffered ever since.

*Gartman’s clients like JP Morgan Chase conned some producers like Newmont to make awful business decisions. Remember when Newmont sold it’s a fair amount of its production forward with gold around $260 right before the Washington Agreement Announcement.

*Imprudent hedging advice already buried Ashanti and the Daughters of Gwalia. Who’s next?

*This is the real kicker and leaves me to wonder if his initials really stand for Dummy Goofball. Years ago with gold under $300 he publicly attacked myself and GATA for our anti-hedging views. Made a big deal out of it, as I recently have covered (there was more which I have been unable to locate). He LAUDED Barrick Gold (a client) and extolled their brilliance. He cited Barrick as the flagship of the gold industry and its outstanding management. Since then:

CEO Oliphant was fired.

Barrick’s share price has been one of the worst in the industry. Back then it traded par with Newmont. Since Gartman’s tout, Barrick has fallen to a $23 to $26 discount to Newmont. Smart investors loathe Barrick.
Last year Barrick renounced hedging. Renounced it Gartman, you fool! DG went around drooling over Barrick’s hedging when gold was below $300. Now with gold at $400+, Barrick has given it up. How can that be so smart? By definition, EVEN Barrick Gold admits it was a BIG mistake to stay hedged below $300.

Barrick knows what is coming. The only reason they have most likely not lifted more of their hedges is the US Government and JP Morgan Chase won’t let them cover any faster. Barrick’s own CFO says gold could hit $485 by year end. Why would they not cover more gold down here if they could? Who in their right mind wouldn’t with that bullish an outlook?

As a result of their collusion with JP Morgan Chase and manipulation of the gold price, Barrick is defending two major law suits in New Orleans Federal Court. The judge found enough evidence of gold price manipulation and collusion to allow the case to go to Discovery. It can’t be going badly because the second case was just filed AFTER the Discovery process was ongoing for months.

And finally, a gold producer has to be nuts to hedge at these price levels. It tells me they (Croesus and anyone else doing it at these levels) know nothing about the real gold situation, like Gartman. Half the central bank gold is gone; the bullion banks are mega-short and cannot retrieve their gold without the price rising hundreds of dollars per ounce; the annual supply/demand deficit is 1500+ tonnes, which can only be met by surreptitious Gold Cartel selling; the Iraq War is a mess with the situation likely to worsen in the months ahead; oil is shooting for $50+ per barrel; the financial house of the world’s largest power, the US, is a horror show; and there is no telling what could happen in the gold derivatives arena when all heck breaks loose – a happening which might affect EVERY hedger!

Keep talking Dennis Gartman and inserting foot in mouth. The GATA camp thanks you for the entertainment.

You know, here is a good one for you. GATA’s Andrew Hepburn, our "Harry Potter," understands light years more about gold than this Dennis Gartman and he is still finishing his college schooling in Canada. Andrew notes this afternoon:

Bill,

Dennis Gartman says he disagrees with the Sprott report "in its entirety". Yet, a statement made by Gartman in the aftermath of the Washington Agreement, while not citing manipulation, does speak to the spillover effects that the unwinding of the gold carry trade had. A Dow Jones article dated September 30, 1999 included the following:

"Dennis Gartman, investment advisor and editor of the Gartman Letter, an investment advisory newsletter, said the "other shoe is already dropping badly," referring to Tuesday's intraday drop in U.S. stocks. He said he believed hedge funds are covering gold shorts by selling U.S. stocks and the U.S. dollar."

This statement is not dissimilar to remarks that cited possible systemic risk in the aftermath of the Washington Agreement. Frank Veneroso spoke of "an intense coordinated effort by the official sector to turn the gold price down at that time to avert financial instability." John Hathaway talked of encountering "numerous anecdotal indications that there was much pleading by this beleaguered group [i.e. banks presumably caught short] to the Bank of England and the US Treasury." Then governor of the Bank of England Eddie George is reported to have said that the official sector "looked into the abyss if the gold price rose further. A further rise would have taken down one or several trading houses, which might have taken down all the rest in their wake." And finally, Dow Jones said that according to Ted Arnold, then of Prudential Bache (and certainly not a rabid gold bull), central banks were selling gold in order to prevent a major financial crisis. That article noted that, "If gold prices continue to rise sharply, they could cause major losses at U.S. and European investment and bullion banks and cause a domino effect that could lead to a major financial crisis, said Arnold."

Given that reliable information (such as a statement by a gold analyst at Bank of Montreal-owned Nesbitt Burns) indicates that LTCM was short 400 tonnes, how Gartman can effectively side with the consensus estimates of total gold loans is puzzling to say the least (remember, he disagrees with the report in its entirety-so he must take issue with the contention that gold loans are far in excess of GFMS estimates).

Best Regards,
Andrew

By the way Gartman, you scoff at notion your clients are manipulating the gold price. The legendary Jim Sinclair, known as "Mr. Gold" in 1980 because he was the man who predicted what gold was going to do and why – whose clients included the rich Arabs, politicians, celebrities, etc., - has forgotten more about gold than you haven’t even learned yet. His comments today, including what he thinks of your clients (COT is Jim’s term for Gold Cartel):

Friday, September 24, 2004, 12:44:00 PM EST

Jim Sinclair’s Commentary:

You have to hand it to those COT crooks to play every hand. You also need to know how worried they are today. I hope they suffer the pangs of hell this weekend as their time is certainly overdue. These boys are hard on the defensive pulling every string they can. As far as this "BS" is concerned, I say the following:

1/ What is new? We saw this same BS in the 70s. Nothing imaginative about these guys.

2/ The effect of official sales is to allow major interests to purchase large gold positions at singular prices. Sales in the 70s were responsible for the bull market and not opposed to it. What makes you think it will be different now?

3/ When these nitwits have sold their gold, it will go to $5000 as owning it is more powerful than not owning it.

4/ Who expects any bank to fail to sell what they can under the Washington Agreement #2?

5/ What effect did Washington Agreement #1 have on gold after it turned the corner at $248? The answer is NONE.

-END-

The gold/silver shares wanted none of the precious metals sell-off today – not after their brilliant technical breakout earlier this week. The XAU closed up .23 to 96.30, while the HUI came back late to finish at 251.08, down .14.

As aggravating as today was, the big picture is really coming together. Gold, silver and the shares are SCREAMING BUYS! This is what I see coming in the near future (move over my friend Mahendra):

*Gold and silver are FINALLY going to take off out of nowhere and blow The Gold Cartel out of the water. The move will be dramatic and one which very few in the entire investment world are looking for. The clueless gold world will be even more surprised. More and more commentators are looking for gold to move after the US Presidential election (guess they must know about the manipulation bit too). It will catch many flat-footed if the move comes ahead of the election. The catalyst could come from anywhere – oil blowing through $50, Fannie Mae blowing up, etc.

*Out of nowhere, when gold takes out $430, gold investors all over the world will want in on the gold, silver and share move ALL AT ONCE. Those that missed out on the oil move, which is still on their radar screen, will want in on the gold and silver one. At the same time, those on board all this time, like us, won’t be selling. We will be buying more. This will lead to a frenzied buying panic with the prices of some of the juniors/explorations going berserk.

The timing of all of this is so, so difficult. Hopefully, the hurricanes battering Florida will end soon. The gold, silver hurricane season is still to come and they will all be of the "Category 5" variety!

GATA BE IN IT TO WIN IT!

MIDAS

Appendix

Michael Isenberg
4783 Alberton Court
Naples, Florida 34105

22 September 2004
Henry Paulson, Chairman & CEO
Goldman Sachs & Co.
85 Broad Street
New York, NY 10004

Dear Mr. Paulson;

Congratulations on the firm’s third quarter results.

According to the financial news most of your profits came from trading efforts, especially in the area of commodities. I find it amazing you can attain such stellar results, especially when small investors such as myself are frustrated daily by what appears to be management and/or manipulation of many of the primary markets in our country. A case in point being the gold market. Is it possible that Goldman Sachs just might be involved in manipulating this market? Is it possible that Goldman Sachs just might be in violation of United States Anti-Trust Laws?

I am certain you and others in your firm are aware of the Sprott Asset Management report entitled "Not Free, Not Fair." This is a brilliant piece of work written by John Embry, an honest, ethical, highly respected member of the financial community. The probable exception being the bullion and the central banks who appear to be engaging in activities relative to the gold market that are at the very least highly suspicious to me and downright illegal in the minds of many professionals who understand the complexities of trading far better than I do.

I have two simple requests of you and your firm.

1. Please report to the public the percentage of your third quarter 2004 profits that came from trading in the gold market.

2. Please read the Sprott Asset Management report, "Not Free, Not Fair." Following this exercise either publically support and agree with the basic theme of the report or publically state why you are in disagreement with Mr. Embry. Any contrary opinions on the part of Goldman Sachs should be supported by facts and documentation.

In all reality I have very little hope that Goldman Sachs has the moral courage to comply with my request. However, I am confident that your firm will be exposed for its manipulation of a supposedly free trading market if you are in fact guilty of such practices.

Keep an eye on the Blanchard law suite against Barrick Gold and JP Morgan-Chase. It could very well be the beginning of an avalanche ( assuming that the powers to be are unable to control the actions of the judge) that will bury those who have engaged in illegal practices that allow elitist financial institutions to steal the hard earned money from the people who are the real backbone of this country.

By the way, I am a member of The Gold Anti Trust Action Committee and I am proud to be involved with Bill Murphy and his associates.

Very truly yours,

Michael Isenberg
Member, GATA

cc Bill Murphy

Zitat

"Hab's nicht nachgeprüft, aber wenn das stimmt, ist das genau das, was ich meinte"

Diese GATA Angabe stimmt sicher!

War in der Vergangenheit bereits dutzendfach der Fall, dass Gold ohne ersichtlichen Grund zuerst fällt, und erst danach der Dollar steigt, und nicht etwa umgekehrt wie man uns glauben machen will.

Seit jahren ist belegt, dass die Goldpreise, Währungen, Börsen, und Bond Märkte, etc. manipuliert sind. Es gibt auch dutzende Beweise dafür. Es will sie nur fast niemand wahrhaben. Es gibt verschiedene Aussagen von FED Direktoren, und auch anderer Zentral Banken, die direkt, oder indirekt, dies öffentlich bestätigt haben.

Schlussendlich geht es der FED darum, zu verhindern das echtes Geld, sei es physisch, oder in Papierform, unser heutiges (legales) "Falsch" Geld ablöst, und die Welt wieder zu echtem Geld zurückkehrt.

Dann vermutlich wohl ohne die FED, und anderen sich ganz, oder Teilweise in Privatbesitz befindlichen Firmen mit Zentralbanken Status, mit dem Recht zum Selbstkostenpreis auf Kosten von Steuerzahlern Geld drucken zu dürfen.

Geld war früher auch schon einmal anders, und vor allem etwas ehrlicher gewesen!

[Blockierte Grafik: http://en.wikipedia.org/upload/1/17/Us-gold-certificate-1922.jpg]

yoyo

Hälst Du Deinen Spiegel verkehrt rum?

Wenn Du Dir die beiden INO Charts von Gold, und Dollar vom Freitag ansiehst, und seriös vergleichst, kannst Du unschwer erkennen, dass diese Charts mit Sicherheit nicht hoizontal spiegelverkehrt verlaufen.

Der Gold Preis steig bis auf 11.50 Dollar, und fiel danach innert kurzer Zeit bis auf 407 Dollar pro Unze. Da war es kurz vor 10 Uhr morgens!

Erst danach stieg der Dollar trotz schlechten Wirtschaftsdaten auf über 88.5 Punkte im Dollar Index. Da auch die Zeiten beim Dollar Index Chart angegeben sind, solltest Du leicht erkennen dass es ca. 11 Uhr 20 war, als der Dollar endlich seinen (FED/Primery Dealer manipulierten?) Anstieg beendete.

Der Goldpreis wurde zuerst auf 407 Dollar runterverkauft, und erst danach setzte der Dollar zum Höhenflug auf über 88.5 Punkte an.

Gruss

ThaiGuru

Der Dollar Chart zum Vergleich!

Nachdem ich heute, seit längerer Zeit wieder einmal die Hauptseite von Goldseiten.de besuchte, habe ich zu meiner Ueberraschung festellen müssen, dass neuerdings eine Gold Bullion Bank, und ebenso Primery Dealer der FED, unter A.Greenspan, auf der Frontseite ihre Werbung für Gold Derivative, und andere im Effekt Goldpreis schädigende Anlageformen verbreiten darf.

Obwohl auch mir bekannt ist, dass Goldseiten.de aus dem Betrieb dieser Seite Kosten erwachsen, die beglichen werden müssen, empfinde ich es als einen Affront gegenüber allen Gold, und Silber Bugs, wenn eine Home Page wie diese hier, die bis anhin in ihrem Inhalt Gold freundlich auftrat, sich nun plätzlich gegen Bezahlung indirekt in die Dienste einer Gold Bullion Bank wie der ABN Amro stellt.

Ich nehme an, dass die ABN Amro den Organisatoren dieser Seite als Werbevertragspartner so viel an Einkünften wert sind, dass sie bewusst in Kauf nehmen, dass die Aufklärungs Arbeit echter Gold Bugs, mit der Goldseiten im Netz bekannt wurde, hier nun genauso wie bei Wallstreet-Online.de hintergangen werden, und früher, oder später die Derivativ Zocker, und Gold Pessimisten im Board sehr schnell das Steuer übernehmen werden.

Ich denke ich werde erneut umziehen müssen.

Gruss

ThaiGuru

Wohl nach dem Motto, "Geld stinkt nicht"?

yoyo

Zu deinen 5 Fragen!

Ist die FED nun an einen schwachen oder starken Dollar interressiert ?

An beidem, je nach dem was der FED gerade nützlicher erscheint!

Ich lese immer wieder Widersprüchliches.

Ich auch!

Wieso sollte die FED den Dollar stärken.

Macht sie doch gar nicht. Sie hindert nur Gold daran über die 412 Dollar Marke auszubrechen.!

Ich dachte ein schwacher Dollar ist gut für die Wirtschaft.

Im Prinzip ja, jedoch nur solange, wie der Dollar dabei seinen Weltwährungsstatus beibehalten kann!

Kämpft sie nun gegen die eigene Wirtschaft ?

Wohl kaum, es sieht aber vielfach sehr danach aus!

Gruss

ThaiGuru