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Jul 24, 2013

Dennis Gartman insists that there are no conspiracies in gold: GATA | THE GATA DISPATCH JULY 24, 2013.

Dennis Gartman insists that there are no conspiracies in gold

10:51p ET Wednesday, July 24, 2013

Today's "Talking Numbers" program by CNBC and Yahoo Finance concocted a silly pillow fight between two talking heads, commodity letter writer Dennis Gartman and UBS and CNBC analyst Art Cashin, over "gold conspiracy theories," Cashin having remarked this week, if a bit incoherently, that something seems to be wrong in the gold market.

Gartman disagreed today, insisting that there are no conspiracies in gold. So apparently Gartman would have investors believe, just for starters:

1) The Federal Reserve has no secret gold swap arrangements with foreign banks, since such undertakings among two or more entities would define conspiracy, and Fed Governor Kevin M. Warsh was lying when he admitted such secret arrangements:

http://www.gata.org/node/7819

2) The Bank for International Settlements is not constantly and secretly trading gold, gold futures, gold options, and other gold-related derivatives on behalf of its members, which are exclusively central banks -- again, action undertaken secretly in concert by two or more entities, or conspiracy -- and that admissions of such trading, including the BIS' own annual reports and Power Point presentations, are lies or forgeries:

http://www.gata.org/node/11012

http://www.gata.org/node/11622

3) The Washington Agreement on Gold did not unify the gold market policies of 15 European central banks, was not negotiated in secret by them before it was announced on September 26, 1999, and never really happened at all:

http://www.ecb.int/press/pr/date/1999/html/pr990926.en.html

4) There is no G-10 Gold and Foreign Exchange Committee, it does not consist of central bank and treasury officials from G-10 member countries, it does not meet secretly to discuss the gold policies of its members, and the document released by the Federal Reserve to GATA in February 2011 at the order of the U.S. District Court for the District of Columbia, purporting to be the minutes of the committee's secret meeting in April 1997, is a forgery concocted by the Fed to deceive the court:

http://www.gata.org/node/9623

5) William R. White, head of the monetary and economic department of the Bank for International Settlements, was lying when he told a BIS conference in Basel, Switzerland, in June 2005 that a primary purpose of central bank cooperation is "the provision of international credits and joint efforts [emphasis added] to influence asset prices (especially gold [emphasis added again] and foreign exchange) in circumstances where this might be thought useful":

http://www.gata.org/node/4279

On today's "Talking Numbers" program Gartman says again that the world would be better off if "gold bugs" spent more time trying to cure cancer and less trying to prove conspiracies related to the gold market. But surreptitious market rigging is a sort of cancer in itself, insofar as it facilitates the exploitation of countries that don't issue the world reserve currency and destroys free markets everywhere, including the markets of the country issuing the reserve currency, markets Gartman's letter purports to analyze even when, manipulated, they become mere holograms.

GATA is not a "conspiracy theory" organization or advocate. GATA documents the age-old if overlooked conspiracy of central banks against gold particularly and against free markets generally. This is actually fairly easy work, as the documentation is all over the place and central banks are sitting ducks for specific questions about their gold policy; they can seldom answer without incriminating themselves:

http://www.gata.org/node/11661

The central banks' only effective defense in regard to gold is the refusal of the mainstream financial news media and financial letter writers like Gartman to dare to commit actual journalism.
The hard part of GATA's work is that while you can lead a financial journalist to the documentation, such as the documentation above and the additional documentation in GATA's archive here --

http://www.gata.org/taxonomy/term/21

-- you can't make him grow a backbone, which seems to be the only thing established by that "Talking Numbers" program with Gartman today. Thankfully it's less than six minutes long and can be found at Yahoo Finance here:

http://finance.yahoo.com/blogs/talking-numbers/gartman-cashin-no-gold-co...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

The Prime Interest July 24, 2013.: Lew Rockwell on the Next Financial Crisis and Detroit's Dysfunction


NYT International Herald Tribune | Global Update | Business July 24, 2013: European Union Aims to Lower Credit Card Fees

July 24, 2013
Compiled 20:45 GMT

Global Update



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Snowden Lawyer Says No Clearance to Leave Airport

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The lawyer helping Edward J. Snowden brought him clothes and a copy of "Crime and Punishment" but said more work was needed on his asylum request.

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House Narrowly Rejects Effort to Limit N.S.A. Surveillance: NYT Breaking News Alert July 24, 2013.

| BREAKING NEWS ALERT

BREAKING NEWS Wednesday, July 24, 2013 7:07 PM EDT
House Narrowly Rejects Effort to Limit N.S.A. Surveillance
A divided House defeated legislation Wednesday that would have blocked the National Security Agency from collecting vast amounts of phone records, handing the Obama administration a hard-fought victory in the first Congressional showdown on intelligence policy since Edward Snowden’s security breaches last month.
But the bipartisan coalition, pressing to rein in the N.S.A., vowed that the increasing outrage unleashed by Mr. Snowden’s leaks would overwhelm opposition in the coming months.
The 217-205 vote was far closer than expected and displayed the shifting allegiances and fierce lobbying on both sides. Conservative Republicans — leery of what they see as Obama administration abuses of power — teamed with liberal Democrats long opposed to intrusive intelligence programs in a left-right coalition. The Obama administration made common cause with the House Republican leadership to try to block it.

READ MORE »

http://www.nytimes.com?emc=edit_na_20130724

Jan Skoyles: Backwardation, negative GOFO, and the gold price: GATA I THE GATA DISPATCH JULY 24, 2013.

Jan Skoyles: Backwardation, negative GOFO, and the gold price

7p ET Wednesday, July 24, 2013


The Real Asset Company's research director, Jan Skoyles, today joins those who see backwardation in the gold market and consider it a sign of great stress and an impending explosion in price. Skoyles' commentary is headlined "Backwardation, Negative GOFO, and the Gold Price" and it's posted at The Real Asset Company's Internet site here:

http://therealasset.co.uk/backwardation-gofo-gold/

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committeee Inc.

NSA can't search its own emails, agency claims: RTAmerica July 24, 2013.

Today's CNBC Top News an Analysis July 24, 2013.


CNBC Top News and Analysis

NYT | Politics July 24, 2013: Weiner Admits Explicit Texting After House Exit

July 24, 2013

Politics


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President Obama spoke about the economy On Wednesday at Knox College in Galesburg, Ill.

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Senator Mitch McConnell walked to his office from the Senate chamber last week. The minority leader faces challenges from both the left and right in Kentucky in 2014.

McConnell Campaign, Facing Woman as Challenger, Says It Won't Shy From Issues

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U.S. Halts Delivery of F-16 Fighters to Egypt, in Sign of Disapproval

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Representative Harold Rogers said of President Obama:

House G.O.P. Sets New Offensive on Obama Goals

As President Obama prepares to lay out his economic plans, Republicans are proposing the biggest cuts since 1995, delivering blow after blow to programs he will promote as vital.
Gen. Keith B. Alexander, the N.S.A. director, held classified meetings with House members on Tuesday.

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FTC Commissioner Maureen Ohlhausen joins Twitter: FTC Press Release July 24, 2013.







FTC Commissioner Maureen Ohlhausen joins Twitter


FTC Commissioner Maureen Ohlhausen joined Twitter this week! She was sworn in as a Commissioner of the Federal Trade Commission on April 4, 2012, to a term that expires in September 2018. You can read more about her in her official biography and follow her on Twitter: @MOhlhausenFTC.

On Thursday, Commissioner Ohlhausen will provide remarks about the FTC’s Section 5 authority at the Chamber of Commerce. She will also tweet highlights of her remarks.

Commissioner Ohlhausen joins @FTC on Twitter along with @JulieBrillFTC and @Josh_WrightFTC. The FTC also tweets in Spanish: @LaFTC. More news from the FTC >>

The Conscience of a Liberal Been There, Done That: Monetary and Fiscal Policy Edition by Paul Krugman: NYT I Opinion Today July 24, 2013.

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