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Jan 30, 2013

GATA | THE GATA DISPATCH (January 30, 2013).: Rick Ackerman: Why isn't gold higher?

Rick Ackerman: Why isn't gold higher?

Submitted by cpowell on 06:39PM ET Wednesday, January 30, 2013. Section: Daily Dispatches
9:50p ET Wednesday, January 30,2013

Market analyst Rick Ackerman's new essay, "Why Isn't Gold Higher?," is actually another salvo in the sometimes contentious argument between inflationists and deflationists, which isn't GATA's fight. But Ackerman's essay still is delightful for ratifying some of GATA's premises:
1) Gold futures aren't reliable claims on gold.
2) Paper claims to gold have been diverting investment demand away from real metal, just as all commodity futures and derivatives long have been diverting investment demand for inflation hedges away from real things and into paper -- such diversion, suppressing commodity prices and concealing inflation, having become the primary purpose of futures and derivatives, as the British economist Peter Warburton argued in 2001 in his seminal essay, "The Debasement of World Currency: It Is Inflation But Not as We Know It":
3) Western central banks won't be the ones to precipitate a short squeeze in gold, because they don't want their leased and swapped gold back from their bullion bank agents. Instead, controlling the gold price surreptitiously to defend the value of their currencies and government bonds is infinitely more important to them.
Such premises may not quite have reached critical mass in the gold world, but if even the Financial Times is starting to acknowledge and credit GATA for them --
-- things may be changing fast enough that in a few years even the World Gold Council may have to pay as much attention to gold swaps, leases, and other mechanisms of central bank market intervention as to slinky high-fashion models, thereby achieving some relevance to the mining industry.
Ackerman's essay is posted at GoldSeek here:
And at 24hGold here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

NYT | Breaking News (January 30, 2013).: Hackers in China Attacked The Times for Last 4 Months

BREAKING NEWS Wednesday, January 30, 2013 9:30 PM EST
For the last four months, Chinese hackers have persistently attacked The New York Times, infiltrating its computer systems and getting passwords for its reporters and other employees.
After surreptitiously tracking the intruders to study their movements and help erect better defenses to block them, The Times and computer security experts have expelled the attackers and kept them from breaking back in.
The timing of the attacks coincided with the reporting for a Times investigation, published online on Oct. 25, that found that the relatives of Wen Jiabao, China’s prime minister, had accumulated a fortune worth several billion dollars through business dealings.

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http://www.nytimes.com/2013/01/31/technology/chinese-hackers-infiltrate-new-york-times-computers.html?hp&emc=na
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NYT | Global Update | Business (January 30, 2013).: Economy Contracted Unexpectedly in Fourth Quarter:

The New York Times International Herald Tribune
January 30, 2013
Compiled 21:45 GMT

Global Update

TOP NEWS

Syria Says It Was Hit by Strikes From Israeli Planes

By ISABEL KERSHNER and RICK GLADSTONE
The Syrian military said that a research facility in the Damascus suburbs was hit. Earlier news reports, confirmed by an American official, said the Israelis were targeting a truck convoy bound for Lebanon.

Syrian Opposition Leader Softens Position on Talks with Assad

By HANIA MOURTADA and RICK GLADSTONE
Sheik Ahmad Moaz al-Khatib expressed a willingness for the first time to talk with government representatives.

Opposition in Egypt Urges Unity Government

By DAVID D. KIRKPATRICK
A prominent opposition leader called on President Mohamed Morsi to hold a national dialogue one day after the nation's top general warned that Egypt was in danger of collapse.
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The Lebanese guerrilla force is betting that Assad will retain power, and has much to lose if he doesn't.
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Morsi Rejects Calls for New Unity Government in Egypt

By MELISSA EDDY and NICHOLAS KULISH
At a meeting with the German chancellor in Berlin, the Egyptian president, Mohamed Morsi, also defended his decision to impose a state of emergency and curfews in three cities.

Japan's Leader Expresses Willingness to Meet Chinese Counterparts

By MARTIN FACKLER
Shinzo Abe said the two Asian neighbors should not let the emotional island dispute further damage their economic relationship.

On 3rd Try, South Korea Launches Satellite Into Orbit

By CHOE SANG-HUN
The launching achieves South Korea's ambition of joining an elite club of space technology leaders, and comes seven weeks after the successful launching of a satellite by rival North Korea.
BUSINESS
State of the Art

The BlackBerry, Rebuilt, Lives to Fight Another Day

By DAVID POGUE
The new BlackBerry Z10 is lovely, fast and efficient, bristling with fresh and useful ideas.

BlackBerry Maker Unveils Its New Line

By IAN AUSTEN
The company introduced a new operating system and a new generation of phones, along with a new corporate name, with the hope of restoring its products' status as a symbol of executive cool.

Economy Contracted Unexpectedly in Fourth Quarter

By NELSON D. SCHWARTZ
Economic output at the end of 2012 fell at an annual rate of 0.1 percent as weaker exports, a drop in military spending and a slower buildup in inventories combined to pull the economy down.
TECHNOLOGY

Nintendo Warns of Weak Wii U Sales

By HIROKO TABUCHI
The company's latest console has not been as popular as executives hoped, but Nintendo made a small profit in the first nine months of its financial year.

Analysts See the Good in Amazon's Poor Results

By DAVID STREITFELD
Amazon missed expectations on both revenue and profit, but an increase in its operating margin - to 3.2 percent from 2.7 percent - caught investors' attention.

Tools of Modern Gunmaking: Plastic and a 3-D Printer

By HENRY FOUNTAIN
Recent gunmaking efforts have stoked concerns that inexpensive and increasingly popular 3-D printers might make access to weapons even easier.
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Mixing the Unmixable: Soccer and Politics

By ROB HUGHES
The laws of the global game remain FIFA's to impose. But while there is a vacuum of leadership, three of the principal European soccer nations appear to be making their own arrangements.

Long-Suffering New Zealand Cricket Fans Suffer Some More

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A year ago, it looked like things might be turning around for New Zealand's national team. Then the chaos returned.
United States 0, Canada 0

Listless U.S. Squad Plays Canada to Draw

By ANDREW KEH
The United States men's national team stuttered to a scoreless draw in their friendly match Tuesday against Canada.
U.S. NEWS

Strict Gun Laws in Chicago Can't Stem Fatal Shots

By MONICA DAVEY
The city's experience has revealed the complications inherent in carrying out local gun laws around the United States.

Giffords Implores Senate to Act at Hearing on Guns

By JENNIFER STEINHAUER
Gabrielle Giffords, the former representative who was shot in 2011, told a Senate panel on Wednesday, "Too many children are dying."

Gunman Opens Fire at Phoenix Office Complex, Wounding 5

By REBEKAH ZEMANSKY and TIMOTHY WILLIAMS
A police spokesman said the shooting was "not random," and the gunman was still at large.
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By THOMAS L. FRIEDMAN
The Great Inflection has transformed the world over the past decade. Each individual has to adapt.
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A Better Immigration Plan

The president offered his own ideas for reform, with a citizenship path at the center of his proposal.

MarketWatch | Wall Street at Close Report (January 30, 2013).: U.S. stocks end lower, retreating from 5-year high

By Polya Lesova

NEW YORK (MarketWatch) -- U.S. stocks dropped on Wednesday after the Federal Reserve said growth in economic activity has paused in recent months. The Dow Jones Industrial Average DJIA -0.32% slipped 44 points, or 0.3%, to end at 13,910.42, with General Electric Co. GE -1.20% and Exxon Mobil Corp. XOM -1.16% leading the blue-chip index lower. The S&P 500 index SPX -0.39% declined 5.88 points, or 0.4%, to 1,501.96. The Nasdaq Composite index COMP -0.36% dropped 11.35 points, or 0.4%, to end at 3,142.31.

NYT | Opinion Today (January 30, 2013).: The Conscience of a Liberal Calvinist Monetary Economics

The New York Times

January 30, 2013

Opinion Today


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Our visa system actually encourages illegal border crossings.
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There are joys and rewards in growing some of your own crops; there's even beauty.
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Brooks and Collins edge back toward the fiscal cliff so you don't have to.
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Bipartisan Hunting Buddies

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The harsh truth is that too many Americans are dying from gun-related shootings.
Leading the Way Out of Debt
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Leading the Way Out of Debt

By TINA ROSENBERG
New York City's network of Financial Empowerment Centers, which help poor clients take control of their finances, is a model for the rest of the nation.
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By GEORGE BISHARAT
Palestinians should ask the International Criminal Court to prosecute Israeli war crimes.
Questions for Hagel's Confirmation Hearing
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Treat Greed in Africa as a War Crime

By KAMARI MAXINE CLARKE
Corrupt heads of state are only part of Africa's problem. Avarice and exploitation are root causes.
Stone Links: Jane Austen, Ethicist? Pope Benedict, Marxist?
Opinionator | The Stone

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In this week's links: Marxist admirers of a Pope conversant with the Frankfurt School; Jane Austen as moral philosopher; and more.
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How a European banking family made a fortune off Southern cotton.
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The Gun Report: January 30, 2013

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A controversy over pejorative language in a German children's book suggests that "German" is still seen more as designating ethnicity rather than citizenship.

NYT | Breaking News Alert (January 30, 2013).: Syria Says It Was Hit by Strikes From Israeli Planes

The New York Times | BREAKING NEWS ALERT
BREAKING NEWS Wednesday, January 30, 2013 3:36 PM EST
The Syrian government said that Israeli warplanes carried out an airstrike inside its territory on Wednesday, raising the risks that the two-year-old civil conflict in Syria could spread beyond the country’s borders.
A statement by the Syrian military said that a scientific research facility in the Damascus suburbs was hit, but the precise target was unclear. Earlier news reports, confirmed by an American official in Washington, said the Israelis were targeting a truck convoy inside Syria that was bound for Lebanon.

READ MORE »

http://www.nytimes.com/2013/01/31/world/middleeast/syria-says-it-was-hit-by-strikes-from-israeli-planes.html?emc=na
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