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Billionaire Steinmetz traces Guinea woes to Vale deal – paper

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Gold rush 2013 style has Dubai scrambling

GATA

By James Doran
The National, Abu Dhabi
Friday, June 28, 2013

http://www.thenational.ae/business/industry-insights/markets/gold-rush-2…

There is not enough space on airlines flying in to Dubai to meet the rapidly rising demand for physical gold in the emirate since the price plunged to record lows this week.

The price drop led to a rush of buyers for Dubai gold from the Middle East, Southeast Asia, the Balkans, Turkey, and parts of Europe, according to Tarek El Mdaka, the managing director of Kaloti Gold in Dubai.

“I cannot find a place for transporting gold on Emirates, on British Airways, on Swiss Airlines this weekend,” Mr El Mdaka said. “I am shipping in 1 1/2 to 2 tonnes of gold every day and it is going straight out.”

Mr El Mdaka added that gold is in such short supply in Dubai that he is able to charge a US$3 premium per ounce. “In the last week or so that has gone up from $1.25, $1.50 to $1.75. But now it is $3. We are really squeezed.”

Physical gold from Dubai has been selling strongly since the price of the yellow metal first plunged in April. But this week it has taken another historic tumble, creating a buying opportunity for small-time investors looking for gold bars, coins, and bullion.

Yesterday the price edged up a little with the spot price rising 0.5 per cent in early trading to $1,232 an ounce. On Wednesday, however, it fell 4 per cent to $1,221.80, the lowest price in three years, capping a 12 per cent decline in the past eight trading sessions.

Some parts of the Dubai market are not so buoyant as those in which Kaloti operates, however.

Gerhard Schubert, the head of precious metals trading at Emirates NBD, said that grades of gold known as 995, which would ordinarily be sold into the Indian market, are currently stuck in Dubai.

The Indian government has implemented import restrictions that have been backed up by the All India Gems and Jewellery Trade Federation in an effort to shore up the tumbling rupee.

“A lot of India’s gold comes in from Dubai and all of that is stuck here right now,” Mr Schubert said.

Mr El Mdaka, who does not sell into the Indian market, agreed. “The squeeze on physical gold in India would have a big effect on Dubai. Luckily though, there is a lot of demand coming from the rest of the world to soak it up,” he said.

* * *

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Derivative losses, bank leverage will sustain QE to infinity, von Greyerz says

GATA

12:31a ET Friday, June 28, 2013

Dear Friend of GATA and Gold:

Massive sovereign losses in derivatives and excessive leverage in banks will require “QE to infinity” even as gold price suppression collapses the gold mining industry and eliminates supply, gold fund manager Egon von Greyerz tells King World News. Von Greyerz expects gold to reverse upward in July. An excerpt from the interview is posted at the King World News blog here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/6/28_%2…

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

* * *

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Kingsgate Consolidated expects $300m writedown on Challenger mine

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Read more….

Deals this week: Baja Mining, Santa Barbara Resources, Mirasol Resources and more

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Blackthorn Resources’ Burkina Faso exploration permits renewed

Blackthorn Resources Burkina Faso (BBF), a wholly-owned subsidiary of Australia-based
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Market-rigging central banks laugh at technical analysis and ‘fundamentals’

GATA

6p ET Thursday, June 27, 2013

Dear Friend of GATA and Gold:

Technical analysis of a manipulated market like gold has been tedious nonsense for years, but these days, with virtually infinite paper dropped on the gold futures market at illiquid times to drive the price down even as the physical market remains strong, technical analysis has become insulting.

The only analysis worth anything anymore is the identification of the source of all the paper.

The suspects are obvious — Western central banks. Even a little-known fund manager who managed to get on CNBC yesterday perceived it:

http://www.gata.org/node/12725

But while central bank intervention now has driven the gold price down below the cost of production, the nominal spokesmen for gold investors and the gold mining industry have nothing to say, or nothing relevant.

Back on April 19, a week after the big gold smash, the World Gold Council could do no better than grumble about “speculative traders”:

http://www.gold.org/media/press_releases/archive/2013/04/world_gold_coun…

The gold council wasn’t heard from again until this week, when it offered a new formula for calculating the costs of gold mining, the better to publicize the insolvency of the industry the council purports to represent:

http://www.gold.org/media/press_releases/archive/2013/06/guidance_note_o…

This week the gold council also announced appointment of a managing director for worldwide investment, Kevin Feldman, lately marketing director for BlackRock’s exchange-traded funds, the masters of “now you see it, now you don’t” investing:

http://www.gold.org/media/press_releases/archive/2013/06/kevin_feldman_a…

Feldman said: “I look forward to developing new initiatives to expand access to gold investment through innovative products and partnerships while extending the organization’s leadership in helping investors to understand the benefits of gold to their portfolio strategies.”

“Innovative products”? Please, not more of those! Part of gold’s virtue as money is precisely that it is not “innovative.” Gold is just a lump of metal. While it can be fashioned into coins, bars, jewelry, artwork, and special industrial components, to function as money gold requires no innovation at all. Indeed, it requires only possession safely distant from those who would “innovate” it away into mere hypotheticals.

If the objective of the World Gold Council is only to support the fractional-reserve gold banking system and thereby to help inflate the hypothetical supply of gold to infinity, thereby robbing gold of its other virtues as money — its expense of production and its finiteness — the council is the enemy of the gold mining industry, gold investors, and everything gold as independent money stands for, like liberty, limited government, and the brotherhood of man.

If the council is just an agent of central banking in disguise, it cannot be expected to behave any differently. But what about gold advocates who are not turning gold into paper and electrons? So many of them are just pushing TA and economic theory while daily reality passes them by.

At King World News today, mining entrepreneur Pierre Lassonde prattles about seasonal trading patterns and supportive fundamentals:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/6/27_A_…

Even Ronni Stoferle of Incrementum in Lichtenstein and Erste Group in Vienna can’t do much better today than remind everybody that negative real interest rates are supposed to be good for gold:

http://www.gata.org/node/12729

But of course real rates have remained negative throughout gold’s big recent declines, and central banks are intimately familiar with gold’s relationship with interest rates. That’s what future U.S. Treasury Secretary Lawrence Summers’ 1985 academic study, “Gibson’s Paradox and the Gold Standard,” was all about:

http://www.gata.org/node/1373

To get control of currencies, bond prices, and interest rates, central banks use their powers of infinite money creation and almost infinite secrecy to laugh at and nullify technical analysis, fundamentals, and anything else that gets in the way of their great objective, the defeat of markets everywhere:

http://www.gata.org/node/12016

After all, as Stoferle, who has acknowledged gold market manipulation, notes in his new report, “Non-standard monetary policy measures seem to have become standard procedure.”

The World Gold Council, Lassonde, and a dozen other fantastically rich mining entrepreneurs and gold fund managers have been and remain utterly useless to the gold cause. With a mere million dollars to pay for lawyers and a little freedom-of-information and mandamus litigation, the golden grandees could tear the threadbare cloak off the Western central bank gold price suppression scheme and expose it to the world. While gold mining executives would still probably be too dense or fearful to understand it, many fund managers, governments, and ordinary investors around the world might, and might act accordingly.

Two years ago GATA had substantial success with its first freedom-of-information lawsuit against the Federal Reserve –

http://www.gata.org/node/9917

– and we’re ready to bring expanded lawsuits against the Fed, Treasury Department, and State Department to relieve them of the rest of their gold market-rigging secrets:

http://www.gata.org/node/11606

But if the gold mining industry, gold investors, and adherents of what gold stands for have no fight in them, it will be all GATA can do to keep the gold flag flying.

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

* * *

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

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