Submitted by cpowell on 05:00AM ET Tuesday, May 12, 2009. Section: Daily Dispatches 8a ET Tuesday, May 12, 2009Dear Friend of GATA and Gold:At the New York Hard Assets conference, MineWeb's Lawrence Williams reports a dismissive reference to GATA by the executive chairman of the GFMS metals market consultancy, Philip Klapwijk:"In a Q-and-A session, in response to a question as to whether he would debate Bill Murphy of GATA on the latter's view that there is a global banking conspiracy to keep the gold price down, Klapwijk replied with a very definite 'NO!' He quoted Margaret Thatcher on the IRA in that he would not wish to give the GATA views the publicity that such a debate might generate."Of course it is hard to imagine the Iron Lady selling Britain's gold reserves as her successor Gordon Brown did, nor fearing to defend her positions in open and honest debate in Parliament or elsewhere. But it is not hard to imagine Klapwijk and GFMS being on the payroll of financial institutions that are short gold, nor his needing to liken his opponents to terrorists so that his inability to review the facts of the gold price suppression scheme might be excused.The MineWeb story is headlined "GFMS Warns of Extremely Negative Fundamentals for Gold, Silver" and you can find it here:http://www.mineweb.co.za/mineweb/view/mineweb/en/page33?oid=83114&sn=Det...CHRIS POWELL, Secretary/TreasurerGold Anti-Trust Action Committee Inc.
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May 12, 2009
Good morning everyone, A weaker Dollar coupled with yesterday's 155 point decline in the Dow sent traders to the buy side of the metals in overnight activity....Silver is up 30 cents at $14.30......Gold gained $5.00 to $918.00......Palladium edged up $1.00 changing hands at $238.00.....Platinum is $1128.00 up $12.00......In the currency markets we find the Euro continuing it's assault on the Dollar...Traders point to yesterday's comments by ECB President Trichet....The Head of Europe's Central Bank said there are signs that an economic turning point in Europe is near, and the current downturn is easing.....Other traders feel that inflation is on the U.S. horizon.....Last on the Euro $1.3665 up 65/100ths of U.S. cent.....Crude Oil; another inflationary barometer is approaching the $60.00 level with the last trade at $59.55 up $1.05 per barrel....Some traders think the rise in Oil is leading an economic revival.....In the stock market arena the Dow looks about 30 points higher at the open......As for today's economic calendar; the Street gets a fresh look at our Balance of Trade....This month's deficit is expected to be $29 billion versus the prior month's $26 billion.....While it's nice to see the disparity between our exports and imports shrinking we still have a long way to go...Do you remember when the deficit was consistently in the $60 billion area?.......You would expect the deficit to decline as our dollar weakens......In other matters Fed Chief Bernanke stated optimism over the Bank Stress Tests avoiding any mention of questionable methodology in the testing process......That's about it....Have a good morning.......Howard