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Jul 2, 2009

Gata Dispatches:"Austrian Bank's Gold Report Cites Market Manipulation

Submitted by cpowell on 12:34PM ET Thursday, July 2, 2009. Section: Daily Dispatches 3:30p ET Thursday, July 2, 2009Dear Friend of GATA and Gold:Erste Group Research, a division of Erste Group Bank AG in Vienna, Austria, has just published a 53-page special report on gold that includes a section on manipulation of the gold market. This section seems to have been heavily influenced by GATA's work.Under the headline "Is the Gold Price Subject to Manipulation?," found on Page 39 of the report (and Page 40 of the Adobe Acrobat reader), the Erste Group report says:"The intraday movements have been showing an unusual pattern for many years now. In the early hours of Asian trading, the gold price tends to go up. Conversely, the afternoon fixing in London tends to trigger a downhill ride, which finds itself offset only partially in the New York session. "The extreme concentration of futures positions seems particular as well: Currently three U.S. banks are positioned net short to the tune of 12.3 million ounces. This is equal to more than 15 percent of global production."In a speech in July 1998 Alan Greenspan addressed this context, saying that 'central banks stand ready to lease gold in increasing quantities should the price rise.'"The article 'Gibsons's Paradox and the Gold Standard' by Lawrence Summers, currently chairman of the economic advisory board of President Obama, is another example. In this article Summers explains the connection between low key lending rates and the gold price."Paul Volcker, former chairman of the Federal Reserve (1979 to 1983) and currently a member of the economic advisory staff of President Barack Obama, pointed out, 'Joint intervention in gold sales to prevent a steep rise in the price of gold, however, was not undertaken. That was a mistake.'"And James Mofett, CEO of Freeport McMoRan, said, 'The central banks are the OPEC of gold. They will control the price of gold by selling until they change their minds.'"You can find the report at the Erste Group Internet site here:
Or try this abbreviated link: at that page, to open the report you'll have to click on the tiny Adobe Acrobat PDF emblem a dozen lines below the headline "Research Detail."CHRIS POWELL, Secretary/TreasurerGold Anti-Trust Action Committee Inc.
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Subject: Gerald Celente Trends
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Date: Wed, July 01, 2009 11:05 pm

Gerald Celente Trends

California to start issuing IOUs

Posted: 01 Jul 2009 02:20 PM PDT

California misses budget deadline

The US state of California is on the brink of issuing IOUs instead of making direct payments, after lawmakers failed to agree on ways to balance the budget.

State senators in Sacramento wrangled into the night as the start of the new fiscal year on 1 July approached.
California faces a budget shortfall of some $24.3bn (£14.5bn), but lawmakers are at odds over how to tackle it.
With tax revenues slumping amid the economic slowdown, several US states are facing a budget crunch.
California struggles to balance its budget ever year, but this year has been particularly difficult.
And the size of the Californian economy - it generates nearly 13% of US gross domestic product - means what happens there matters.Read full Story :
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$5000 Gold in a couple of years says expert

Posted: 01 Jul 2009 12:15 PM PDT

$5,000 Gold Coming

James DiGeorgia, publisher of the Gold and Energy Advisor, explains why $5,000 gold prices are imminent and reveals the best ways to buy the precious metal.
This posting includes an audio/video/photo media file: Download Now