Beiträge von ThaiGuru

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

    [Blockierte Grafik: http://www.ameinfo.com/images/ame_fn_logo.gif]


    http://www.ameinfo.com/news/Detailed/44985.html


    Is there still upside in gold prices?


    In the past two years gold has risen by 25% while share prices have fallen in global markets. Now the talk is that further US dollar weakness will give the yellow metal another upward spike. So should you be buying gold?


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


    For the past two years gold has been a hedge against US dollar weakness with a 25% gain in price. However, in euro and yen terms gold has been a much more modestly performing asset, albeit a better one than falling stock markets.


    This week Newmont Mining, the world's biggest gold mining company, forecast $450 per ounce within a few months. Hardly a very impartial source of advice, but not a cry without an echo among more sanguine observers such as AME Info columnist Dr. Marc Faber.


    So why should gold prices head upwards? First, there is a trend towards a rise in all commodity prices in periods of low real interest rates as we have seen in the oil market, and also for metals and other commodities. Indeed, short-term US interest rates are probably negative at the moment, encouraging investors to put their money into something tangible.


    As Dr. Henry Azzam points out in an article on oil prices this week, for US interest rates to become positive then rates would need to rise from 1.5% at present to 3.5%. He says this is unlikely given the condition of the US economy at present.


    Another reason to be bullish on gold is that the imbalances of the US economy may result in a recession next year, accompanied by a financial crisis on Wall Street. Gold is the traditional safe haven under such circumstances.


    You only have to look back to the 1970s to see another oil boom era in which gold prices rose to a peak of more than $800 by 1980 before collapsing and never recovering even until now.


    Many commentators say that the financial system is far more stable and secure today than in the late 1970s but perhaps that overlooks the giant bets being placed in global capital markets by hedge funds and their proven capacity to cause major financial crises. We have only to recall the 1998 collapse of LTCM and the Asian economic crisis for an example of what hedge funds can do on the downside.


    Thus the cautious investor might care to stock up on the most conservative of gold mining shares, or stuff a bag of gold coins under the mattress. Fortune may favour the bold but they loose their heads in a crisis.

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

    Spieler0815


    Silber mit Kartoffeln vergleichen?


    Was soll das?


    Was stört Dich den so extrem am Vorschlag Butlers an die Seite der Silber Produzenten, der da sagt sie sollten die Gelegenheit nutzen bei diesen jetzigen Tiefpreisen beim Silber, mit einen Teil ihrer Cash Reserven (Papier Geld) echtes Silber zu kaufen.


    Das ist nun wirklich überhaupt nichts ungewöhnliches!


    Wenn eine Währung nach Ansicht eines betroffenen Landes massiv unterbewertet ist, wird dieses Land die eigene Währung unterstützen (kaufen/verknappen) bis der Preis wieder angemessen ist.


    Als die Oelpreise vor noch nicht allzulanger Zeit auf unrentable 14 Dollar pro Barrel gefallen waren, haben einzelne Opec Member selbst angefangen Oel zu kaufen, und zusätzlich wurde der Oelhahn solange zugedreht bis die Preise wieder auf ein ökonomisch, angemessenes Nivaugestiegen sind.


    Täglich kannst Du von Rückkaufsankündigungen von Firmen lesen die an der Börse ihre, wie sie glauben unterbewerteten Aktien selbst zurückkaufen, und aus dem Cash Flow bezahlen.


    Deine Anspielung, es gäbe Silber im Ueberfluss, zeugt zumindest davon, dass Du Dich nicht umfassend informiert hast, oder aber einfach nicht verstehen kannst, das bei einem nachweislich bereits 14 Jahre bestehenden Silberproduktions Defizit die Silberpreise nicht schon viel weiter gestiegen sind.


    Du forderst von anderen Usern Sachlichkeit!


    Wieso nimmst Du Dich selbst davon aus?


    Gruss


    ThaiGuru

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

    Ohne Kommentar!


    [Blockierte Grafik: http://www.kitconet.com/charts/metals/gold/tny_au_en_usoz_2.gif][Blockierte Grafik: http://www.weblinks247.com/indexes/idx24_hui_en_2.gif][Blockierte Grafik: http://www.kitconet.com/charts/xau/idx24_xau_en_2.gif]


    [Blockierte Grafik: http://www.kitconet.com/charts/metals/silver/tny_ag_en_usoz_2.gif][Blockierte Grafik: http://www.kitconet.com/charts/metals/gold/tny_au_en_euoz_2.gif][Blockierte Grafik: http://www.weblinks247.com/indexes/idx24_usd_en_2.gif]


    [Blockierte Grafik: http://www.kitco.com/images/live/au_go_0365_ny.gif][Blockierte Grafik: http://www.kitco.com/images/live/au_go_0030_ls.gif]

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

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


    http://www.lemetropolecafe.com


    CARTEL CAPITULATION WATCH


    Gold and US Presidential elections:


    Hi Bill:


    Over the last year I have seen a few articles that discussed how gold has traded in the past during US Presidential election years. Each article stated in summary that gold fares poorly in an US Presidential election year.


    I decided to check. I was surprised to see that this is simply not true, unless you limit your sample to post 1981 through 2000 during which time gold was in a well defined bear market. If instead one looks at the 1970's, during which time gold was in a bull market, gold did well even in the Presidential election years of 1972, 1976 and 1980. In EVERY case gold closed either higher on the year or at its highs of the year and flat with the prior December. The attached chart shows this clearly, with colored labels and all.


    Gold in US Pres Election Years.ppt


    We are today again in a bull market in gold, by almost unanimous acclaim. Indeed, we are most likely in a secular bull market. Do secular bull markets last only 3 years? No, they are generally defined as secular only after they have had a 3 year run at least, and generally last a decade to several decades (see Adam Hamilton's "Gold Bull's Three Stages" at LeMetropolecafe.com). We are rounding the 3 year mark in gold's rise right now, sacramenting the secular bull view possibility.


    Based on these observations, it would be "normal" to expect gold to close at worst flat this year from December, 2003 (417.25 was the London fix on December 31st, 2003) and very possibly higher. In 1972, the first Presidential election year of the 70's golden bull, gold closed out December around 66 dollars an ounce, up from about 43 dollars in December of 1971. That translates into a RISE of 53% DURING A PRESIDENTIAL ELECTION YEAR. So much for the myth that gold always does poorly in US Presidential election years.
    All the best,
    David.


    A sample of the comments about Ed Steer’s essay at The Hemingway Table:


    Dear Ed,


    Your essay was stunning. It is the perfect companion piece to John Embry's expose.


    For any person who wishes to seek and to understand the truth of the present state of the financial system, your essay is the most incredible piece of work I have laid eyes on. It lays out the basic premise in precise and convincing manner. More importantly, it contains a library of the most trustworthy sources now available to back the premise.


    From having taken the journey from naivete and ignorance to painful acceptance of the truth, I have read virtually each and every source you have quoted. For most of us, these bits and pieces of information came over a period of years and were infused with doubts, questions, conflicting theories, etc.


    There is no room for doubt or argument anymore. You have provided a map that will lead any inquisitive mind on a journey that can be taken in a manner of a few weeks of spare time. And that journey will change the life of any person who takes it, and give them impetus to take steps to mitigate the damages to their own life when systemic collapse becomes a reality. What a wonderful, amazing essay!!!
    Terry Wetzsteon


    The Daughters of Gwalia mess won’t be the last one:


    Hi Bill


    In the Biz section of today's SMH (Sydney's main paper):


    The story is how Lihir is not looking like a good bet for institutional investors, esp. Rio Tinto...
    Deutsche Bank speaks of 4 factors: lower gold grades, higher maintenance costs, higher fuel costs and deliveries into hedge book at a loss.


    There follows a dark discussion of the dangers of hedging in the light of SoG, and how Lihir's hedging has become a subject of interest for mining types.


    ... more smoke!


    Tim


    Most of these long-term Aussie hedges were put on with gold below $300 years ago. By utilizing various derivatives strategies and the cantango at the time, the realized prices are higher than that, but far less than today. Meanwhile, costs for most of the gold producers have skyrocketed since then. Thus, they have LOCKED IN LOW sale prices, while their costs continue to escalate.


    The government of Eritrea (Minister of Energy and Mines) has told Nevsun, Sunridge and Sanu to halt all activity until further notice...No reason is given yet as to why. Nevsun, which has a world class gold discovery in Eritrea, has seen its share price tank from around $4 to less than $2 in one day. Whatever the reason for Eritrea’s move, it has done damage to this very important sector to its weak economy that will last for years.


    The gold shares fell, yet could be bottoming here. The XAU lost .78 to 92.15 and the HUI gave up 2.59 to 199.30.


    While today was aggravating to say the least, nothing can take away from the extraordinary bullish gold news which continues to surface. This assault on gold and silver during the last two Comex trading sessions is an orchestrated effort to intimidate the spec longs and get them out one more time. My guess is this is The Gold Cartel’s LAST HURRAH. With the Chinese, Indians and Arabs (among others) in major buy mode, gold is not going to stay below $400 for very long. This email from a fellow Café member is the best way to view today’s assault:


    Dear Bill,


    I think we should be thanking the Gold Cartel with all our hearts for today’s action! Gold is on sale for $398!! And I’m buying!!!


    You have mentioned some Metropole members are frustrated with bear raids like today. I say: Are you crazy? Frustrated? I’m REALLY HAPPY about it because it allows me to buy more physical ounces of gold than I imagined possible. Who thought we’d have another opportunity to buy gold under $400? I was afraid we wouldn’t. Whew!!


    And anyone out there not buying with two fists today should be thrown in the brig for a few weeks or months to think about why not. When you get out you can cry about how you wish you’d listened since now you will be buying gold at much higher prices or else we’ll have had Mike Bolser’s exhaustion event on the Comex and there won’t be gold for sale at any price! .


    Thank you JP Morgan, and thank you federal reserve, and the BIS, and especially you Goldman Sachs!! You are so special to me, I love all of you for giving me this opportunity to take my wealth out of your greedy, corrupt hands!!


    Metropole Member and GATA supporter
    David Almond, MD
    Napa, CA


    Listen to the DOC. Now is the time to be LOADING up!


    GATA BE IN IT TO WIN IT!


    MIDAS


    Appendix


    G'day Bill,


    A case of "I told you so"!!!


    Once again, I refer to the JORC and VALMIN codes of practice of the AUSIMM.

    JORC CODE

    http://www.ausimm.com/codes/jorc.asp


    VALMIN CODE


    http://www.ausimm.com/codes/valmin.asp


    Reporting on a Quarterly basis to the ASX is MANDATORY for Resources and Reserves follwing these Codes.


    I noted that the term Resource has been used in the article, when in fact it is the Reserves (those that are economic at the stated Gold price) that should be reported to the financial markets.


    I would suggest that the Resources and Reserves have been incapable of meeting their Hedge Book, not for a month or two, but at least a year or two, or three or more. Incompetence. Their share price started to have problems in May 2001
    (attached).


    For SGW is say "golly gosh, we made a mistake" is too much to swallow.


    SGW currently have at least +531 granted tenements in WA, + 266 pending tenement applications, containing at least 814 historical mines, resources and reserves. Furthermore, they may have failed to "Negotiate in Good Faith" with
    Traditioal Owners concerning +200 pending tenement applications.


    I would suggest that their "panic" concerning their Hedge Book goes way back to at least their acquistio of Tarmoola and Carosue Dam (May 2001?), which have shown to be "lemons", with the the grade not being there (poor
    resources/reserve definition) and/or poor grade control prodcedures. There may have been a "lack" of Due Diligence in the verification of resourcs, reserves, production and reconciliation.


    "To be or not to be", that is the question. I would suggest that we may be witness to a massive misreporting to the ASX, but then again only the Courts can decide.


    I would suggest that any "class action" should look carefully at the share price history, especially that "magic date" of May 2001.
    Aye,
    Haggis


    Gwalia 'knew' of gold woes


    By John Paceas


    The West Australian, Perth
    Tuesday, September 7, 2004


    Failed miner Sons of Gwalia last night said it had received a preliminary report on its gold resources more than a month before it was forced into administration last week.


    The shock revelation comes as investors ponder a potential multi-million claim for sharemarket losses in the weeks leading up to Gwalia's $800 million collapse and suspension from trade.


    Responding to a probe by the Australian Stock Exchange, Gwalia said a preliminary resources review was handed to the board on July 22, five weeks before it called in administrators on August 29.


    However, Gwalia underlined that the results of the initial report were preliminary and hinged on further data from its WA mines.


    A separate external report on August 12 subsequently indicated a "preliminary view" that plans and forecasts for the Marvel Loch mine were uneconomic based on known resources at that date.


    Gwalia said it was then aware that "a material deterioration" of reserves and resources was possible, but that it needed to undertake further work before modifying its resource base.


    Nonetheless, Gwalia conceded it had then begun contacting its lenders and hedging banks to seek an "enforcement standstill" of its financial obligations for six months.


    The company also said a statement of its gold reserves and resources had been prepared by August 26 for presentation at a board meeting slated for the following Monday, but that it remained incomplete.


    The statement had still not been signed off by a so-called competent person as required by law.


    Gwalia last night said it did not become aware that its lenders would consider the reserves shortfall as a "material adverse change" in its financial position until August 28.


    It therefore believed it had complied with its continuous disclosure obligations. A spokesman for the stock exchange was last night unable to comment on whether Gwalia's reply, lodged after 5.30 p.m. Perth time, would end its probe.


    However, Gwalia's statement could have big implications for possible legal action by investors who bought shares before the collapse, potentially dating back as far as October 2003.


    Listed litigation funder IMF Australia yesterday said it had been hired by several Australian and U.S. shareholders to weigh up all avenues to recoup their money.


    IMF managing director Hugh McLernon said the key to any claim would be whether the market had been kept fully informed of Gwalia's financial position, and exactly when the company had discovered a likely substantial shortfall in its gold reserves and resources.


    "If there is a material shortfall, then the market has been ill-informed ever since October 2003, when the statement was that there were 3.2 million ounces in reserves," McLernon said. "Anyone who purchased shares in that period (would have) an action against the company -- and that is potentially a very large claim."


    More than $580 million in Gwalia shares were traded between October 8 last year, when the miner released its last reserves statement, and the time administrators were appointed.


    McLernon said Gwalia's initial retention of Ferrier Hodgson on August 6 would face particular scrutiny as an item that may have been material to investors. About $30 million in shares traded after that date.


    On Friday, administrators said Gwalia's debts may top $800 million. But a sale of the gold business and restructure of Gwalia's big tantalum division could deliver a substantial return.

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

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


    http://www.lemetropolecafe.com


    CARTEL CAPITULATION WATCH


    Here’s another reason for the stock market to roar on:


    US layoffs up 6.6 percent in August to 6-month high


    WASHINGTON (AFP) - Job cuts announced by US companies increased 6.6 percent in August to 74,150, a six-month high, according to a monthly tally released by outplacement firm Challenger Gray and Christmas.


    Which is what the DOW did, following Friday’s big gain with another 81 to 10,341. The DOG was dragged along, gaining 18 to 1859.


    Bonds rose ¾ of a point to 111 23/32. Oil fell to $43.31 per barrel.


    A brief excerpt from Frank Veneroso’s stock market analysis put out this morning:


    I believe we have entered the second leg of the bear market, and I believe professional and retail investors are just on the verge of waking up to that realization. Students of history know this can often be the more vicious and violent leg. The unusually sharp drop in volume this summer tells me people are walking away from the US equity market, and/or views are becoming increasing polarized, such that there are fewer bids and offers that intersect between the two normal distributions of bull and bear views. Ned Davis had this observation regarding sinking volumes in his September 2nd piece: "Volume has traditionally been higher in the second half of a bull market, but it has been slightly lower during the second half of the current bull. That may mean nothing or it may mean that demand is definitely lacking, and if so, that is a high-risk warning."


    I also find the enormous relative performance catch up of utility and telecom sectors very telling. This is a clear manifestation of an increasingly defensive, yield oriented bet being placed by professional investors who cannot raise cash by mandate. They must stay in equities, they don’t like where the indexes are going, so they head for yield. Finally, the 50 day moving averages have crossed down through the 200 day moving averages on most of the major US equity indexes, which presents a very technically daunting picture for many naïve trend following professional and retail investors.


    -END-


    When the DOW put in one of its patented Hail Mary late rallies on Friday (over 120 points straight up in the afternoon), MIDAS sited a BOGUS Osama Bin Laden capture rumor as one of the main reasons why. I did not see this commented on anywhere else, but in MIDAS.


    Here is the follow-up for you. It is both revolting and sickening and why I am so outraged at the present day power structure in the US. They are taking America down with one lie after another. No free markets, no free press, but plenty of propaganda. This Orwellian US operation is completely out of control:


    Bill,
    This fits the well worn pattern to a T, but the rabbit pulling magic is wearing thin.
    jeff


    http://www.reuters.com/newsArt…e=topNews&storyID=6167620


    Pakistan: U.S. Official's Osama Claim Was 'Political'
    Tue Sep 7, 2004 08:05 AM ET


    ***


    This is not me talking about false rumors, but Pakistan and saying WHY! All they left out was the political reason was to get the stock market up to help Bush be re-elected.


    GATA’s Mike Bolser:


    Hi Bill:
    The Fed added $8.5 Billion in temporary repurchase agreements today September 7th 2004, an action that upped the repo pool to $61.515 Billion and kept its 30-day ma running upwards. The DOW is up a bit this AM, apparently feeling the upwards support from the Fed's primary dealer's futures buying. I await the coming, market-moving "event" that is being carefully prepped by the Fed's acolytes on Wall Street. The DOW could still jump towards 11,750...the political campaign is quite young and the Wall Street Bulls crave another run. Greed is VERY predictable.


    [Blockierte Grafik: http://www.lemetropolecafe.com/img2004/repos0907.gif]


    Late last week I suggested that this Thursday, September 9th 2004 would be a deadline for getting IN one's gold vehicle. That recommendation continues, ESPECIALLY with today's fresh buying opportunity. There are significant things moving into place this week and bonds are a clue. Thursday, Sept 3rd saw a low for the Ten-Year Treasury and the gold cartel made their move against gold in my forward looking metric on Friday. That tripped my alert.


    Bonds and the oddly flattening "yield curve"


    Savvy readers already know that the curve depicting short and long interest rates over time is called "The Yield Curve". Expert bond traders live and breathe by what happens on this curve since they make huge financial decisions on how and why it moves.


    One of my readers is a retired expert bond trader who has noticed a few things with today's bond yield curve for the ten-year treasury. Background first--the flattening of the curve can happen two ways: The short rates (which are Fed controlled) can classically move up (with long rates static) OR the long rates (Ten Year), ostensibly controlled by the "market", can move down with no change in the short rates (in response to deflation). Either of these actions flattens the yield curve. The Fed doesn't like steep yield curves.


    What this trader sees clearly in the current flattening phase is that the long rates are coming down and this is a DIFFERENT KIND OF FLATTENING than shown in previous patterns. In his experience, whenever there is a change in the TYPE of flattening, it is time to exit the bond market. Thursday, September 3rd, 2004, the Ten-Year made a yield low of 4.29% but as the chart below reveals, the Ten Year has made a SERIES of higher lows and higher highs:


    Readers will recognize the reason for the odd style change in yield curve flattening (by hammering the long rates down) as being likely due to Fed intervention to suppress the long rates through their "Policy Puts" as described by their ace Cambridge University consultant, Professor PA Tinsley. We appear set for a run to higher Ten-Year yields (In the view of my bond expert, perhaps up to 5.30%). So Thursday was the signal to exit bonds.


    Flat PMA Lines behind the flattening yield curves


    I draw your attention to another interesting feature of the attached Ten-Year.gif chart. The period beginning in June 2002 ushers in a remarkably flat proprietary moving average (pma) period to be followed in June 2003 with another long, linear rising phase in long rates...it appears to the untrained eye that the pma lines are being MADE flat, almost as if by computer algorithm. Also, their sharp, hairpin, directional turns give them away. I'm not ready to officially hammer the Fed on this one just yet, but I'll look for some more "coincidences" in the Ten Year yield.


    [Blockierte Grafik: http://www.lemetropolecafe.com/img2004/TenYear0907.gif]


    We know that the Fed steers the DIVG's moving averages and it is logical that they do the same in the all-important Ten-Year Treasury yields. In other words, IF a GOLD cartel exists, then a BOND cartel should ALSO exist since interest rates ARE eventually linked to gold (Gibson's Paradox).


    The bottom line is that long rates are going up, likely because the "policy Puts" aren't working as well as they once did (Note the failure to dip sufficiently BELOW the target pma line in this last down phase), and whenever long rates move....gold moves But today's hammer on gold is just a head fake...an attempt to fool the cautious precious metals investor.


    Today's move in gold and last Thursday's bottom in the Ten Year yield are screaming at us to get into gold today.
    +++++++++++++++++++++++++++


    Last week I suggested that if the Beslan hostage crisis went badly, Vladimir Putin would be in no mood to tolerate any further Georgian encroachment by US supported proxies. Over 300 dead out of 1,200 hostages, apparently not the result of a planned commando assault but from a tragic series of miscalculations by the terrorists (who must have had mass murder on their minds form the beginning). Read Putin's weekend speech to the Russian Nation:


    http://www.itar-tass.com/eng/l…?NewsID=1214686&PageNum=0


    Look at his expression in the supplied picture. Mr. Bush had better tread lightly in Georgia. Some in the Russian Federation go so far as to assert that Georgia is a staging area for terrorists:


    Tbilisi denies presence of Chechen rebel bases in Pankisi Gorge
    By: Tbilisi. (Interfax-AVN) on: 04.09.2004 [13:23 ] (85 reads)
    http://iraqwar.mirror-world.ru…ticle.php?articleId=21664



    Tbilisi. (Interfax-AVN) - Georgian Foreign Minister Salome Zurabishvili has denied statements that Chechen rebels bases are present in the Pankisi Gorge.


    "Russia officially recognizes in the international arena that there are neither Chechen rebel bases, nor terrorists in the Pankisi Gorge. Therefore, all accusations against Georgia are unfounded," Zurabishvili said at a press briefing in Tbilisi on Thursday, commenting on statements by Leonid Ivashov, vice president of the Russian Academy of Geo-Political Sciences.


    Ivashov said at a news conference on Thursday that, in fact, Georgia is a rear base for carrying out terrorist attacks against Russia. He also said that "rebel bases are located not only in the Pankisi Gorge, but in other parts of Georgia as well, including at medical centers." Corresponding financial centers for terrorism are also located in Georgia, Ivashov said.
    ++++++++++++++++++++++


    This area is likely to spark a major conflict drawing Putin, now entrapped in revenge mode, to commit a sizable military force in direct confrontation with the US-leaning and educated Georgian Predsident, Mikhail Saakashvil. The $30 Million offered by the Bush administration for "biological non-proliferation buildings" appears more like a simple political payoff since Senator Richard Lugar recently delivered the check.
    Mike


    I came through he hurricane OK but my daughter in West Palm Beach took the brunt of 100MPH winds for many hours. Trees down, still no power, new generator failed (a lesson to run the things for many hours upon delivery to test their reliability). Still spotty phone service but no lasting damage. Now if only we can put the hex on approaching Ivan.


    ***


    The gold fundamentals and positive news for gold gets better and better on a weekly basis these days. The latest:


    Associated Press


    China to Let Individuals Trade in Gold

    09.07.2004, 02:02 AM


    China's gold-crazed masses will be allowed to trade in the precious metal under reforms that will upgrade trading on the country's nascent market, state media reported Tuesday.


    Trading in gold will provide another choice for individual investors who keep their money stashed in bank accounts due to a lack of desirable investment options, the official Xinhua News Agency cited the central bank governor, Zhou Xiaochuan, as saying.


    Trading by individual investors would unlock some of the 1.2 trillion yuan (US$145 billion; euro 119 billion) now kept idle in bank savings accounts, Zhou said.


    "China will speed up the opening of its gold market to bring gold exchanges more in line with international practice," Zhou was cited as telling an industry conference in Shanghai. "China's gold market will eventually become one inseparable part of the international gold market."


    China still tightly controls trading in the precious metal, and restrictions on gold imports and exports limit international dealings.


    The Shanghai Gold Exchange, the country's only gold market, opened in October 2002. Although two pilot projects have been launched for futures trading, most transactions are still spot dealings.


    The 108 members of the exchange include only gold producers, gold-consuming companies and commercial banks.


    The public's appetite for gold is evident, however, in the hoards of Chinese tourists that crowd into jewelry shops in Hong Kong and other Asian cities, intent on putting some of their savings into precious metal.


    In late June, the Shanghai market began allowing trading in 50-gram (1.76-ounce) bars, lowering the threshold for investors, the state-run newspaper China Daily cited Shen Xiaorong, chairman of the exchange, as saying.


    "We are continuously strengthening our creation of products," Shen was cited as saying.


    Transactions on the Shanghai Gold Exchange totaled 235.35 tons valued at 22.96 billion yuan (US$2.7 billion; euro 2.3 billion) last year. In the first seven months of this year, trading volume jumped to 363.76 tons valued at 36.9 billion yuan (US$4.5 billion; euro 3.6 billion), Xinhua reported.


    -END-



    From http://www.urbansurvival.com (George Ure):


    Eye Popping Gold Calcs


    I had a little time on Monday to look at the most recent Treasury Department report on U.S. gold holdings, which you can find at: http://www.fms.treas.gov/gold/. A couple of things pop out when you look at the numbers:


    The Treasury says there are 261,562,868.485 Troy fine ounces of gold.
    They value this at $11,043,759,730.42.
    This means the U.S. implied valuation of its gold stock is about $42 an ounce ($42.22 if you want to be precise about it).
    I thought for fun, sport and amusement, it would be interesting to see what gold would be priced at if the price of gold was equal to the financial obligations of the United States?


    To get there, I took the accrued Federal Debt: http://www.publicdebt.treas.gov/opd/opdpenny.htm available from the Treasury Department $7,365,716,545,609.45 and to which I added the Federal Reserves currency in circulation (M-1). $1,326,000,000,000. for a total debt +currency of $8,691,716,545,609.45.


    Ask yourself: What would be the value the U.S. government would have to place on its gold stocks if they were to be balanced off against the wildly printed currency thanks to past and present inflations plus the runaway national debt? The answer...


    $33,229.93 per ounce.


    Going the other way: of the $8.6 trillion of currency in circulation plus piled on debt, using the whole stock of U.S. government owned gold valued at $401 per ounce, we find the government's gold would fetch a mere $104,886,710,262.485. Sure, $104 billion is a tidy sum, but if the government's gold was valued that way, we would still have a debt plus unbacked currency of $8.586 trillion. All these calculations are based on M-1 currency - and the problem gets far worse as you include the digitally created dollars of M-3 and beyond.


    With the web bots forecasting gold to rise dramatically in the near future, we can't help by look at our modest gold collection (both coins) and wonder what they will some day be worth.


    What should an ounce of gold be worth? There are lots of answers, but here are some I found on the net:


    One ounce should buy a "good man's suit" along with a pair of good shoes and a belt. Assuming this was not a cheapie mall store a good man's suit could be in the $1,000 range today.
    In 1954 an ounce of gold would buy you 12 barrels of oil. If oil stays in the range of $45 that would argue for $540 gold.
    Just correcting inflation from gold's previous high of $850 in 1980 would price it at $2,054.70 an ounce in 2003. You could probably round that up to $2,116 because of the latest year worth of inflation.
    Several decades back, an ounce of gold would buy "the Dow". However, the fact that the Dow is at 10,000+ today doesn't mean gold should be there - it may just be an indication of how wildly over-prices the stock market it.


    On the other side, it wasn't that long ago that a $20- bill would buy a $20 gold piece. Today, it takes more than 20 of those same $20 bills to buy one! Another site notes "In 1960 a journeyman carpenter was paid about $6. per hour, for which he could obtain 60 silver dimes at any bank. In 1983 this same carpenter received about $12. Federal Reserve Notes per hour, yet it could only be redeemed for 15 (silver) dimes. His (our) labor is actually being devalued. "


    http://www.livefree.com/freedomtech/part2.html


    Our fear is not so much that gold will go up - it's that when it does go up it will indicate the collapse of something extremely important to the world - confidence in the U.S. dollar. And when that happens, the web bot's description of the economy at coagulating will be upon us.


    -END-


    From The King Report last evening on the European job picture:


    The Observer: "Europe is reaching crisis point Forget America: the government should be worrying about the situations in France and Germany by Will Hutton The proximate cause of both France and Germany's political crisis is that they are not generating enough jobs and growth even though both are high productivity economies. .. They also need to change the structures in their labour markets, from wage bargaining to rules on working hours, that inhibit employment growth in the growing parts of their economy while designing welfare systems that support and encourage workers to move from areas of decline into areas of growth." http://observer.guardian.co.uk…ry/0,6903,1297576,00.html


    -END=

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    The John Brimelow Report


    Finale?


    Tuesday, September 07, 2004


    Tuesday: AM $7.24, PM $7.66, with would gold at $401.30 and $400.60. This is basis Madras, usually slightly lower than Bombay (which was closed today). Very high; way above legal import point.


    Monday: AM $6.98, PM $6.95, with world gold at $401.55 and $401.70. Also very high, and lavish for legal imports. Premiums over $7 are quite unusual. India is clearly a strong importer at these prices.


    TOCOM today traded the equivalent of 21,696 Comex lots, 94% more than Monday. World gold was steady enough, going out at $401.20, 40c below the London close yesterday and of course $1.10 above NY’s Friday close, but Japanese futures traders, apparently, were upset by the notably firmer yen, and sold. Open interest fell sharply, the equivalent of 2,615 Comex lots (to only 90,200 Comex equivalent) and the active contract closed down 9 yen, a one month low. Once again platinum futures traded double the value of gold (unlike yesterday they did not fall). Gold is clearly unfashionable amongst Japanese futures traders at present. (In NY on Friday gold traded 68,508, with open interest falling 12,378 lots.)


    Gold is still in fashion in the Middle East. Dubai trade statistics published on the interesting Dubai Metals & Commodities website indicate that Q1 gold imports by weight were 64% above Q1 ’03, 15% above Q4 ’03, and even 4.7% above Q1 ’01 when gold was at the post-Washington Accord nadir, below $270. Dubai’s imports are presumed to be substantially re-distributed around the region: which apparently likes buying gold right now.


    As remarked yesterday, for those who missed my note then:


    "The LBMA Shanghai Gold conference is producing strange and wondrous sights. Between Barrick’s Sokalsky suggesting to Reuters that gold should see the "mid to high $400s" by the end of this year (e.g. within 17 weeks!), Newmont’s Pierre Lassonde, in his charmingly collegial way, saying they expect more gold company hedge-precipitated bankruptcies, and GFMS predicting a tripling of Chinese gold consumption in five years and talking of the Chinese having a "traditional frenzy for gold products" (not very visible this past decade, alas) the battered gold veteran starts wondering if he has stepped through the Looking Glass, or into a Time machine."


    It is only fair to note that, in the past, the extreme nature of Barrick’s involvement in hedging was surmised by some to be predicated on knowledge gleaned by this large company’s assiduously establishment-cultivating management. Consequently the bullish Sokalsky statement quoted above (hardly conducive to the economical lifting of huge hedges) has to be classified with the UBS assertion last week that the Washington Accord 2 quotas would not be taken up, as possibly indicating concrete knowledge, rather than reasoned analysis.


    As noted yesterday, Friday’s short session was distinguished by exceptionally heavy volume, the heaviest in fact since August 20, when open interest made the virtually unprecedented 19,062 contract leap on a $6 price rise. This time gold fell $5 and the open interest fall (12,318 lots) eradicated about a quarter of the build-up in open interest since gold started trying to rise in mid August.


    Clearly quite a few tired longs were blasted out on Friday. But the pressure in the final hour, with almost half the day’s estimated volume and a third of the weakness, suggests short selling too. So does the NY opening today. Given the visible behavior of the physical market, this is not a healthy level to be short.


    JB

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    September 7 - Gold $396.90 down $5.10– Silver $6.36 down 31 cents


    Stock News Bearish So PPT Ramps Market Up, Gold News Super Bullish So Gold Cartel Takes Bullion Down


    Zitat

    "America will never be destroyed from the outside. If we falter, and lose our freedoms, it will be because we destroyed ourselves." Abraham Lincoln, 16th U.S. President (1809-1865)


    The more things change, the more they stay the same. The gold news the past 4 days, as expressed in this column, doesn’t get any more bullish. However, since PRICE ACTION MAKES MARKET COMMENTARY, it will barely be discussed by most of the pundits when discussing today’s gold market. This is exactly why The Gold Cartel made sure gold was taken down. Of course, when Comex was closed yesterday and most of the cabal was out on holiday, gold rose overseas – as it should have.


    The only major news which could have impact on the stock market the past few days was Hurricane Frances, which could negatively impact the US economy in the weeks and months to come. Since the economic damage was worse than expected, it should have been a negative for the US stock market.


    The PPT would have none of this, however, Upon waking this morning, the S&P was bid up 5, while gold was taken way down from Monday’s London close. Setting the tone for US stock market trading by the PPT is one of their specialties. It takes very little money to jack up the S&P’s when the cash (stock) market is closed. At the same time, the dollar was weaker with the yen much stronger. By day’s end, the yen rose over a point to 109.31, the euro gained .42 to 121.02 and the dollar fell .42 to 8.24. So much for the dollar/gold relationship again. It matters little when The Gold Cartel gets its dander up and goes into action.


    Today’s market rigging could not be more blatant. However, not matter how blatant it is, town criers like those in our camp will be ignored. In the end this will lead to a complete financial market fiasco in the US. The rigging of our markets is leading to an Enron-type ending – except much grander in scale. All those who warned about something being very wrong at Enron (it was a fraud) were ignored, or fired. Even as Enron’s share price began to tank from $80+ towards zero, Forbes and Fortune continued to laud the firm, as did almost ALL the Wall Street analysts. Discovering the truth about Enron was the last concern of any of them.


    The same is true today about the US financial markets, especially gold. To this day there has not been ONE serious treatment of the brilliant Sprott report by the financial market press around the world (it was sent to all of them by Fed-Ex). The one responsible story I expected to come out is now a week behind the time line I expected to see it. My guess is this story, along with pictures which were taken, has been spiked. Not only have there been no stories about this heralding report about the gold market, it has been met with stone cold SILENCE from the gold industry itself! The reason for that is obvious. The Sprott report cannot be challenged, so the gold establishment folk wimps say NOTHING. Unreal! The report is one which is aimed at helping these dolts.


    This is all going to end very badly. The truth will eventually prevail and the financial market media and gold world establishment will be exposed for the hypocritical phonies they really are. When financial market chaos kicks in down the road, there will a myriad of cries of, "HOW COULD THIS HAVE HAPPENED?" Please file this somewhere and send them to read the MIDAS diaries of the last 6 years to GET HOW!!


    The dye was cast today for gold. The Gold Cartel, in conjunction with its sister rigger The Working Group on Financial Markets (PPT), wanted gold sent lower to nullify all the bullish news which has recently surfaced. As we have seen in the past, the days in which gold should really take off, it does just the opposite – thanks to the crooked cabal. Case closed.


    The gold open interest fell a staggering 12,378 contracts to 260,669 as the bad guys began their usual spec flush out on Friday in a major league way. Surely there was more liquidation today.


    On a more positive note, our STALKER source has a hunch the mother STALKER (Chinese) could represent something like the major gold trading exchange in Shanghai and the new mini-STALKERS might represent smaller exchanges being set up in Nanking, Peking, etc. As you will see below, the Chinese are going all out to open up their gold market to the Chinese public. All of these exchanges will need bullion on hand to get their business’ started. Our source believes part of this $1.5 billion dollar tranche of gold they will be in the market soon to buy will go for this purpose. It’s only a hunch on my source’s part, but for other reasons I cannot discuss, it makes a good deal of sense.


    Silver was annihilated. Straight down today. Our STALKER source with the London silver dealer contacts remarked today we saw the same kind of price action the last time the Royal Mint was in trouble this past spring – the difference being the price was much higher then. What none of us understand is how they keep doing what they do.


    On the plus side, the floor reports this bloodbath has cleaned out all the funds. They are GONE! What a broken record this is.


    The silver open interest fell 2822 contracts to 92.140.

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    The John Brimelow Report


    Chinese wonders M. East horrors


    Monday, September 06, 2004


    Indian ex-duty premiums: AM $6.98, PM $6.95, with world gold at $401.55 and $401.70. High: lavish for legal imports. The rupee weakened slightly today, with selling pressure partially attributed on Reuters to "gold-related (dollar) buying by a foreign bank" a virtually unprecedented comment which suggests trade is indeed active.


    TOCOM gold was completely overshadowed by platinum, which fell a further $10 during Japanese hours on a dollar volume twice that of gold. Gold itself only traded the equivalent of 11,197 Comex lots, 30% below Friday; the active contract closed down 4 yen, but world gold edged up $1.25 above Friday’s NY close. (On Friday Comex was estimated to have traded 88,000 contracts.)


    Friday’s story was really not the magnitude of the gold sell-off, but the ferocity of effort mounted to achieve it. According to the Comex estimates, 38,000 contracts traded in the final reporting period of just over an hour (the exchange closed just after 12 noon). Only one day last week traded decisively more. Pretty startling for a short session before a long weekend closing a Convention-blockaded week.


    In essence, the Bears (whatever their motive) burned off a great deal of energy without much to show for it. This is not a surprise considering the physical market situation. US-centric, technically oriented analysts are naturally more apprehensive.


    The LBMA Shanghai Gold conference is producing strange and wondrous sights. Between Barrick’s Sokalsky suggesting to Reuters that gold should see the "mid to high $400s" by the end of this year (e.g. within 17 weeks!), Newmont’s Pierre Lassonde, in his charmingly collegial way, saying they expect more gold company hedge-precipitated bankruptcies, and GFMS predicting a tripling of Chinese gold consumption in five years and talking of the Chinese having a "traditional frenzy for gold products" (not very visible this past decade, alas) the battered gold veteran starts wondering if he has stepped through the Looking Glass, or into a Time machine.


    A Time Machine might seem most appropriate to those who remember the uglinesses of the 1970s. On a bloody Labor day for the U.S.M.C. it is timely to consider how the situation laid out in


    http://www.exile.ru/2004-September-13/war_nerd.html


    is going to be resolved.


    JB

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    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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    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

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

    [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


    ***

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

    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



    [Blockierte Grafik: http://www.newyorkfed.org/images/v2/m/masthead_052303_01.gif]


    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

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

    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.

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

    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

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

    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

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

    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



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    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."

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

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    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)