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From Gold Anti-Trust Action Committee:
Gold price suppression explained by Reagan Treasury official
Gold price suppression by Western central banks figures heavily in a recent interview with former Assistant U.S. Treasury Secretary Paul Craig Roberts by Geoff Rutherford of Sprott Money News.
Gold price suppression is undertaken through naked shorting of the metal by bullion banks upon the encouragement of the Federal Reserve, Roberts says. He adds that it probably will continue until "the Shanghai Gold Exchange in which no naked shorts are possible, produces different prices, different behavior, or until the West is so depleted of gold that the risk of selling all those naked shorts that can't be covered becomes too high."
Video and a transcript of the interview are posted at the Sprott Money News site.
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From King World News:
Gold, silver price suppression is 'mission critical' for Fed
Mining entrepreneur Keith Barron tells King World News suppression of monetary metals prices has been "mission critical" for the Federal Reserve, which has been "doing everything it can to halt true price discovery" in those markets. Barron also warns that the Ebola virus, which has appeared in the United States, has the potential to collapse commerce. An excerpt from the interview is posted at the KWN blog here.
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From TheAustralian.com:
Shanghai gold surprise in store
By Robin Bromby, The Australian, Sydney
If you want to know what China will do in the future, it's usually a good thing to look at its past.
Don't trust us – listen to the late Chinese communist leader Zhou Enlai. "Past experience, if not forgotten, is a guide to the future," he said in 1972. He was talking about the relationship between China and Japan, but let's take another example, this time gold, which tumbled again to close the week at $1,191 an ounce.
Keith Goode, probably Australia's most experienced gold analyst, now running his own outfit at Eagle Research, was struck by what the Chinese are doing in Shanghai.
Putting together his thoughts after attending China's first gold congress, Goode says the gold bears have trumpeted reduced gold imports through Hong Kong as a clear sign China's gold consumption is falling dramatically. But these same people have failed to realize that, with the new Shanghai free-trade zone, China no longer needs to import through the former British colony. Why Shanghai? Simple, says Goode: It is because Shanghai was once the gold-trading center of the world. Until the fall of the Qing dynasty in 1912, Shanghai accounted for about 60 percent of all gold traded around the world. Gold trading was revived there in 1921 and lasted until Japan captured the city. Now the Shanghai Gold Exchange is the third largest in the world, after New York and London.
He believes China is still on course to make the yuan a reserve currency, backed by gold. China last reported its official gold holdings in 2009 at 1,054 tonnes. He thinks the figure may now be around 6,000 tonnes and the Chinese are waiting until they have 9,000 tonnes stored away before they announce they have passed the United States to become the world's biggest holder (a theory Pure Speculation has previously advanced).
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From Tocqueville Gold Strategy:
China has it right about gold and the dollar
Tocqueville Gold Fund manager John Hathaway's third-quarter letter to investors details how the fundamentals for a much stronger gold price remain in place, and he cites many of the developments to which GATA has called attention in recent weeks.
Hathaway's letter concludes: "We take comfort that our positive view of the future dollar gold price is shared by those who understand the difference between synthetic and physical metal and who regard the real substance as a matter of strategic imperative, not as a plaything for macro traders. We believe that China's negative assessment of the future prospects for the U.S. dollar is correct and that our investment strategy of investing in the shares of value-creating gold miners offers sensible and dynamic exposure to the inevitable repricing of gold in U.S. dollars."
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From Bloomberg News:
Gold sales at Perth Mint reach 11-month high as prices retreat
By Phoebe Sedgman
Gold sales from Australia's Perth Mint, which refines all the bullion output in the world's second-biggest producer, climbed 89 percent in September to the highest level in almost a year as prices declined.
Sales of gold coins and minted bars rose to 68,781 ounces from 36,369 ounces in August and the most since October 2013, according to data from the mint compiled by Bloomberg News. Sales were about 68,487 ounces in September 2013, data show.
Bullion prices dropped 6.2 percent in September, the biggest decline since June 2013, nearly erasing this year's gains. The dollar has climbed amid improving U.S. economic data and as the Federal Reserve raised interest-rate forecasts, while central banks in Europe and Asia maintained or expanded stimulus to spur economic growth. Gold coin sales by the U.S. Mint more than doubled in September to the highest since January, according to data compiled by Bloomberg.
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From King World News:
'Completely corrupted markets'
Sprott Asset Management's John Embry tells King World News the U.S. government now is simply making up economic statistics. He notes the constant algorithmic futures trading smashing the price of silver and says he considers the metal to be the world's most undervalued asset. The interview is excerpted at the KWN blog.
Also, GoldMoney founder James Turk says Comex spot silver prices seem to be falsified and that the monetary metal is in backwardation. Turk also notes that the Financial Times has permitted itself to describe the investment world as "distorted," a more polite term than "manipulated." Turk's interview is excerpted here.
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From BullionStar.com:
China aims to exceed U.S. in gold reserves
The president of the China Gold Association, according to gold researcher and GATA consultant Koos Jansen, argues that China should accumulate gold reserves greater than those of the United States because gold is a strategic asset, money without counterparty risk.
The association's president, Song Xin, adds that a "gold bank" should be established by China "to break the barrier between the commodity and monetary world. It can further help us acquire reserves and give us more say and control in the gold market."
Jansen's report is headlined "China Aims for Official Gold Reserves at 8,500 Tonnes" and it's posted at Bullion Star.
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From the Associated Press:
For one New Jersey candidate, the issue is gold
By Jeff Mulvihill
Republican Jeff Bell spent three decades in Washington working on policy and wrote a book promoting all aspects of social conservatism. But so far his campaign for the U.S. Senate has centered on just one issue: returning the United States to the gold standard.
It's an idea that his opponent, Democratic incumbent Cory Booker, dismisses as "defunct and debunked," which is pretty much how most economists seem to see it.
But a group of conservative thinkers pushing for the change is undaunted.
"It wouldn't be the first time that the majority of Ph.D. economists were on one side and Jeff was on the other and he turned out to be right," said John Mueller, who runs the economics and ethics program at the Ethics and Public Policy Center, referring to the idea that Bell advanced in the 1970s that cutting taxes could stimulate the economy.
Under the gold standard, the value of the dollar would be fixed to a certain amount of gold.
Through much of the U.S. history, that was the case. But since 1971, the U.S. has had fiat money that is not backed by gold or anything else.
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From King World News:
Onset of a 'worldwide depression' seen
Swiss gold fund manager Egon von Greyerz, interviewed by King World News, notes increasing evidence of the onset of a worldwide depression. Read the whole transcript here.
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From CMI Gold and Silver:
The world’s 10 most prolific gold fields
Gold has long been one of mankind's most prized possessions. Yet most people have little idea where gold comes from, other than from "gold mines."
Mining gold today often becomes monumental undertakings, truly some of man's greatest engineering feats. Imagine gold mining shafts nearly two and a half miles below the surface and it taking two hours for miners to get to their work stations. Imagine a pit so large that it can be seen from outer space.
No reason to imagine, those are the realities in the mining of gold revealed in "The world’s 10 most prolific gold fields":
- Witwatersrand Basin (Johannesburg, South Africa)
- Carlin Trend (Nevada, U.S.)
- Irian Jaya (Indonesia)
- The Super Pit (Kalgoorlie, Western Australia)
- Yanacocha (Peru)
- Gold Country (California, U.S.)
- Homestake Mine (South Dakota, U.S.)
- Lihir Island (Papa New Guinea)
- Dawson City (Yukon Territory, Canada)
- Hishikari Mine (Japan)
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