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Jan 29, 2011

Weeky Zeal Intelligence Newsletter | Mining Interactive

Dear Friends:
Adam Hamilton has posted his weekly Zeal Intelligence Newsletter on the Mining Interactive Website. Click here:
Zeal Intelligence Weekly

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Siver Futures misrepresesent Silver's Real price / Silver Shortage, Bond Market Manipularion.../ Germany Promised U.S. in 1967 stop the conversion of Dollars to Gold | GATA - THE GATA DISPATCHES

Silver futures trading has nothing to do with metal's real price, Sprott says

Submitted by cpowell on 11:39AM ET Saturday, January 29, 2011. Section: Daily Dispatches 7:37p GMT Saturday, January 29, 2011
Dear Friend of GATA and Gold (and Silver):
Interviewed by King World News this week, Sprott Asset Management CEO Eric Sprott discusses, among many things, the silver shortage, worldwide food shortages and inflation, and the likely massive gold offtake caused by millions of new retail gold accounts at banks in China. Regarding silver, Sprott says "99.9 percent" of daily silver futures trading has nothing to do with the physical market. The interview is about 18 minutes long and you can listen to it at King World News here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

Silver shortage, bond market manipulation figure in metals wrap at KWN

Submitted by cpowell on 11:09AM ET Saturday, January 29, 2011. Section: Daily Dispatches

7:08p GMT Saturday, January 29, 2011
Dear Friend of GATA and Gold (and Silver):
The weekly precious metals review at King World News finds Bill Haynes of CMI Gold and Silver reporting in detail on the severe shortage in large silver bars, and's Dan Norcini commenting on the upward manipulation of the government bond market by the Federal Reserve. Norcini also remarks that he expects gold to be returned to an official role in the world's monetary system. The interviews are about 20 minutes long altogether and you can listen to them at King World News here:
Or try this abbreviated link:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

Germany promised U.S. in 1967 not to convert dollars to gold

Submitted by cpowell on 10:30AM ET Saturday, January 29, 2011. Section: Daily Dispatches 

By Lars Schall

Saturday, January 29, 2011
Thanks to GATA consultant Dimitri Speck and U.S. economist James K. Galbraith, a copy of the so-called Blessing letter, written on March 30, 1967, can be published for the first time on the Internet. The letter's text refutes the widespread assumption among German gold bugs that the letter promised the U.S. government that the German central bank, the Bundesbank, would never relocate the German gold reserve from New York to Germany as long as U.S. troops were stationed in Germany. The letter has nothing to do with the location of the German gold reserve.
Instead, the letter, written by the Bundesbank's president at the time, Karl Blessing, and sent to the then-chairman of Board of Governors of the U.S. Federal Reserve System, William McChesney Martin Jr., made this important promise on behalf of the Bundesbank:
"By refraining from dollar conversions into gold from the United States Treasury, the Bundesbank has intended to contribute to international monetary cooperation and to avoid any disturbing effects on the foreign exchange and gold markets. You may be assured that also in the future the Bundesbank intends to continue this policy and to play its full part in contributing to international monetary cooperation."

Speck, author of the German-language book "Geheime Goldpolitik" ("Secret Gold Politics," about which more information is available at, puts the Blessing letter in context:

"In 1967 the Americans and British threatened to reduce their troops in West Germany on account of the cost. Because of the Cold War, West Germany wanted to avoid a reduction in military forces but didn't want to pay more for those forces. Part of the resolution of the issue was the Blessing letter, which confirmed Germany's waiver of conversion of dollars into gold. Thus Germany, like other countries, bought security by accumulating dollar claims as foreign-exchange reserve.
"The right of governments to convert dollars into gold from the U.S. Treasury was canceled by the U.S. government in 1971. But four years earlier the Blessing letter affirmed the formal renunciation of the largest dollar holder, Germany, of conversions of dollars into gold. The letter was thus an essential step toward the global dollar standard, which was recognized already by the U.S. government and communicated in internal documents."
The Blessing letter is archived at the Lyndon B. Johnson Presidential Library in Austin, Texas. Because of his research, Speck gave the decisive encouragement for its publication here. Galbraith, a professor at the University of Texas in Austin and author of "The Predator State," gave the decisive help in obtaining a copy of the letter.
The Blessing letter can be viewed at GATA's Internet site here:
An article in German about this discovery has been published simultaneously at the German Internet site Goldseiten here:
And at the German Internet site Infokriegernews here:
Lars Schall is a freelance journalist based in Germany.

* * *

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MarketWatch: Personal Finance Daily The Weeks Top Personal Finance Stories


Personal Finance Daily
JANUARY 29, 2011
The week's top Personal Finance stories

By MarketWatch

In case you missed them, here are the top 10 Personal Finance stories from MarketWatch for the week of Jan. 24-28:

Tax changes to watch for on your 2010 return

This tax-filing season taxpayers don't have too many new provisions to worry about, but there are some changes that could trip you up.
Read more: Tax changes to watch for on your

Where the health-reform fight will go next

Health reform is the law of the land since President Obama signed the overhaul bill last March. But if Republicans get their way it could be subjected to death by a thousand cuts — funding cuts, that is.
Read more: Where the health-reform fight will go next.

Eight credit-card changes to watch for

From higher interest rates to more cash-back rewards, credit-card issuers are retooling their offerings — and consumers should stay informed.
Read more: Eight credit-card changes to watch for.

Five top online tax-prep sites

E-filing is here, and MarketWatch's Eva Rosenberg compares five of the top tax-prep sites to help you decide which one to use.
Read more: Five top online tax-prep sites.

New real-estate sales tax is on the way

The real-estate sales tax was enacted as part of the health-care reform legislation and becomes effective in a couple of years. But it is complicated, and it's hard to predict how it will effect every seller.
Read more: New real-estate sales tax is on the way.

Top 10 cities where foreclosure rates are highest

Foreclosure activity showed signs of easing in some of the hardest-hit markets last year, even though activity rose on a nationwide basis as the country dealt with high unemployment rates, according to a report by RealtyTrac.
Read more: Top 10 cities where foreclosure rates are highest.

Tax deductions with some of the biggest payouts

A $5,000 or $6,000 deduction is a hefty tax break for which a taxpayer may understandably yearn, but it's small beans when compared with the tens of thousands of dollars in savings some reap through deductions and credits.
Read more: Tax deductions with some of the biggest payouts.

Mortgage fees on the rise again

Rising mortgage fees announced by Fannie Mae are beginning to impact costs for borrowers — even those with good credit scores.
Read more: Mortgage fees on the rise again.

Workplace lawsuits ramp up

Companies are facing more legal action from employees — a trend that can help and hurt workers, experts say.
Read more: Workplace lawsuits are on the rise.

Even health-care jobs can be tough to find

It's still a good time to look for work in health care, one of the most reliable job generators through the lengthy recession. But job seekers may be surprised to find fewer opportunities and longer job searches than they anticipated.
Read more: Even health-care jobs can be tough to find.

Chirpy Results, Outlook | RTTNews Morning Market Briefing


Morning Market Briefing Sat Jan 29 09:01 2011

Stocks To Watch

Jan 29, 2011 Chirpy Results, OutlookThis stock comes into our radar, as the company posted better-than-expected results for the first-quarter, and guided second quarter expectations well above consensus. This semi equipment maker double Full Article.

NYT: Morning Business News.- Social Security and Welfare Benefits Going Paperless


Social Security and Welfare Benefits Going Paperless

Social Security and welfare checks are being replaced by direct deposit and debit cards, which will change some rituals of inner-city life, like using federal benefit checks as collateral.

Revamping, Home Depot Woos Women

To balance a drop in items sold for big renovations, the company is trying to get women, 50 percent of its customers, excited about more modest makeovers.

Goldman Sachs Gives Blankfein a Big Raise

The firm increased Lloyd C. Blankfein's salary to $2 million for 2011, from $600,000, and granted him a bonus of restricted stock valued at $12.6 million.

NYT: ALERT FGC BOLSA - FGC FINANCIAL MARKETS.- John A. Paulson Makes $5 Billion Betting on Gold

January 29, 2011 


Mr. Paulson made more in 2010 than he did in 2007 when he bet against subprime investments.