Board-Ansicht
Mix-Ansicht- Chancellor under attack over sale of gold reserves - Diogenes, 26.05.2002, 10:49
- Re: Die Morgan Chase-Goldmanipulatoren immer mehr in der Schieflage - Reinhard, 26.05.2002, 11:56
- Re: Wer hat Angst vor Notenbankverkäufen? - JLL, 26.05.2002, 13:45
- Re: Wer hat Angst vor Notenbankverkäufen? - le chat, 26.05.2002, 15:12
Re: Die Morgan Chase-Goldmanipulatoren immer mehr in der Schieflage
May 25 - Gold $320.40 down $2.10 - Silver $4.86 down 4 cents
Reporting from the Royal Automobile Club, Pall Mall, London
Gold bulls around the world ought to take up a collection to send Reg Howe and I somewhere on the planet to talk about the gold market. May of last year we spoke at the GATA African Gold Summit and gold spiked up. This year gold is spiking, as we presented at the Association of Mining Analysts. A coincidence, I am sure.
One of the speakers at the conference said that gold was trading at $315, down $3. There was a good group of mining analysts and bullion dealer types in attendance. After a nice late lunch, they went back to work. All of a sudden, gold shot UP $5 on the day.
What fun we had laughing about that at the special dinner Adam Fleming, chairman of Harmony, threw at his private men’s club that evening. The bullion dealers probably pooh-poohed GATA to each other, then went back to work and bought gold.
More trouble at J.P. Morgan Chase. Co-head of their investment banking group, Jeffrey Boisi, was canned. Among the reasons given were bad loans to companies like Enron. Gold loans perhaps? What GATA fun, as I went over what I knew about the J.P. Morgan Chase problems at the conference. To have this kind of announcement the following day is a hoot!
The AMA conference was well attended and was very enjoyable for Reg and I. Michael Coulson deserves accolades for having the gall to schedule two men from GATA to speak on the same venue, 33% of the total on the dais.
Peter Warburton gave a wonderful macro presentation on the economy. All three of his scenarios for the future are bullish for gold. I mentioned to him what a great fan he has in The Café’s Ed Steer.
Mark Wellesley-Wood, CEO and chairman of Durban Roodepoort Deep, gave a stunning presentation on the Roodepoort Rocket. What a masterful job he has done. The share price of DD has gone up like a rocket. In his presentation he had a NASA like rocket taking off for the moon - very clever and funny. It was most gratifying to read on the screen that Durban supports GATA’s “objectives and principles.” He also hinted at the possibility of paying future dividends in gold, maybe in association with James Turk’s http://www.goldmoney.com.
Mark was very vocal in his opposition to the World Gold Council and their efforts to promote gold jewelry vis-à-vis marketing gold for its value as money. He pointed out it made no sense to him to pay the WGC $4 per ounce of gold from his production and the shareholder’s profits and send it their way. I could not agree more. The WGC should be disbanded. They have been a detriment to higher gold prices the past years and are filled with a bunch of know-nothing, stuffed-shirt bureaucrats.
Reg was “brilliant” as Dave McKay noted in his www.theminingweb.com commentary.
Andy Smith made fun of gold bulls. I like him personally, but he is going to look very silly as gold roars toward $400 and beyond.
It was a pleasure to meet so many special Café members from all over the world. They came from Bahrain, Netherlands, Belgium, South Africa, Canada, U.S., France and Hong Kong. One of them has a wife who is from the Philippines. He explained to her about the IMF requesting their central bank members to show their swapped out gold as reserves, thereby concealing from the investment world that a great deal of gold was no longer in central bank hands. She did not believe him for some reason. Finally, she called a good friend of hers who just happens to be the top guy of the central bank of the Philippines to get the right scoop. He told her GATA WAS CORRECT and the IMF was not being truthful with the public. The GATA ARMY strikes again.
It was a special thrill to meet Arthur Hailey and his wife. He received quite an ovation when I introduced him - especially after I explained that 31 months ago, in support of GATA, he sold all of his Barrick stock, bought Gold Fields with the proceeds and announced his shift publicly, along with his reasons for doing so. Talk about a great move!
Bob Landis, who continues to receive acclaim for his Barrick analysis, figures Barrick’s hedge book was about 500 million underwater as of Thursday’s close. Word is that Barrick has shifted its funds and placed them in the hands of its counter parties. A margin call of sorts?
I said I would deliver two juicy bits at the conference.
The first was about the U.S. Treasury/ESF, gold and the 52 American hostages in Iran. GATA has had this information for some time, but did not want to use it to sensationalize this sort of thing while Reg Howe’s case was ongoing.
It involves an email to Canada’s Andrew Hepburn, which refers to an email from Walker Todd, who worked as an attorney in the legal department of the Federal Reserve Bank of New York from 1974 until 1985. An official at the Cleveland Federal Reserve Bank copied Andrew on an email sent to him by Todd. In 1981, Walker was a member of the United States negotiating teams that obtained the release of 52 United States hostages from Iran.
It concerned the Virgil Mattingly gold swaps statement revealed in the FOMC minutes in 1995. It reads: “As far as we know, there have been no Fed gold swaps since the late 1960’s, and probably no Treasury gold swaps since the Iranian hostages release in 1981. I should know because I think I am a signatory of that gold swap.” -Walker
As far as I know, this is the first time it has been revealed that gold was delivered to Iran to get the hostages out. Once again, the Treasury mobilized U.S. gold in a secretive fashion. More important was the 1981 date, which contradicts the letter I have from Department of the Treasury Acting General Counsel, Stephen J. McHale. He states, “the ESF has not been used to manipulate gold prices. In fact, the ESF has not held gold since 1978.” The Todd email also lends credence to James Turk`s discovery of ESF gold activity that he revealed in his remarkable expose, “Smoking Gun.”
I also spent a bit of time in my presentation discussing “Deep Throat” who is one of GATA’s many sources around the world providing us with information on the goings-on in the gold world. It seemed to catch the attention of many of the attendees. One former Morgan employee/ derivative specialist introduced himself to me at the luncheon and said that James Turk had asked him if he was “Deep Throat.” The answer was no as the identity of our informant shall remain unknown.
“Deep Throat” sent me the following regarding J.P. Morgan Chase, which I read to the attendees:
“The gold book was a loan book, period. They borrowed gold from the Fed and lent it out, as you have been arguing. The options/futures/other swaps were to keep the book matched. Some of the counter party names on the loan portion of the book are very dodgy, Libya, Syria, etc, which is one reason why the book may be under scrutiny. In his view, Dinsa was a cog in that he structured the deals he presented, but did not initiate the deals. The composition of the book was known to senior management. He thinks Dinsa will take the fall but be treated well to make sure the right things are said.”
Libya and Syria!! - recently declared among the 7 nation states that sponsor terrorism. Great Morgan! Fed lending gold out! Greenspan said that was not the case to Senators Lieberman and Bunning. Even if they are lending out the gold for the ESF, or other central banks, it means the Fed, at minimum, has been an active participant in the manipulation of the gold price.
#554 von ThaiGuru 25.05.02 22:26:28 Beitrag Nr.: 6.487.440 6487440
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http://www.smh.com.au/articles/2002/05/25/1022243278382.html
Gold set to ignite market
By John Synnott and agencies
May 26. 2002
The Sun-Herald
Gold stocks are set to rise again this week after the surging gold price held at US$320 (A$575) an ounce on overseas markets yesterday.
"Every time the gold price goes up, the share prices follow," Macquarie Bank gold analyst Frank van Rooyen said.
The weak US dollar and conflicts in the Middle East and India-Pakistan were factors pushing up the gold price, Mr van Rooyen said.
"There are also declining signs of a strong economic recovery in America," he said.
Macquarie Bank has reset its gold target price to US$330-335, but Mr van Rooyen expects it to return to US$300 within a year as world central banks sell off the precious metal and the US economy picks up.
US reports yesterday showed the economy expanded at a 5.6 per cent annual rate during the first quarter.
Although less than expected, it was faster than the 1.7pc pace in the final quarter of 2001, so economists remain confident the US has pulled out of a recession that started 15 months ago.
Declines in business spending suggest GDP will rise less than 3pc this year, economists said.
The figure still represents the strongest performance in nearly two years, but provided little incentive for Wall Street investors to buy.
The Dow Jones industrial index was down 1.1pc yesterday in the slowest trading day on the New York Stock Exchange this year.
It culminated a losing week as the selling erased much of the market`s gains of the previous two weeks. The Dow dropped 2.4pc, the Nasdaq lost 4.6pc and the S&P fell nearly 2.1pc.
Quelle: wallstreet-online, gold board, User: thaiguru
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