April HK figures confirm China gold import downturn

Gold imports via Hong Kong fell again in April, confirming the downward trend for the past 2 months following the very strong year-on-year January and February figures.

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$5.8 billion Las Bambas copper deal transformational for MMG

The recently announced deal for MMG to take on the major Peruvian mine being divested by Glencore Xstrata will bring it into the big league of global base metal miners.

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Rio Tinto to cut up to 300 jobs at Oyu Tolgoi mine

The cuts amount to just under 5% of the workers at the Mongolian mine and include full-time employees and contractors.

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CHARTS OF THE DAY

By Toby Connor, Gold Scents

Toby Connor

GoldScents

A financial blog primarily focused on the analysis of the secular gold bull market.

If you would like to be added to the email list that receives notice of new posts to GoldScents, or have questions, email Toby.

2014 $20 Summertime Commemorative Silver Coin at Face Value

The Royal Canadian Mint offers another timely seasonal release for its "Exchange $20 for $20" program with the 2014 $20 Summertime Commemorative Silver Coin. Shown on the reverse of the 99.99% silver coin is a traditional summertime scene. The issue appears as the third strike of 2014 for the $20 for $20 program and the […]

Cloud Peak Energy to Improve Safety and Reduce Costs Using Guardvant OpGuard System

Guardvant, Inc., a provider of innovative mining technology has been selected by Cloud Peak Energy, a leading coal company with three operations in the Powder River Basin, to supply the OpGuard, Operator Fatigue and Alertness Monitoring System.

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Today’s gold price suppression will end as London Gold Pool did, Turk tells KWN

GATA

8:39p ET Tuesday, May 27, 2014

Dear Friend of GATA and Gold:

Recent long periods of backwardation in gold show that central banks are losing their battle against gold as they did when the original London Gold Pool collapsed in 1968, GoldMoney founder and GATA consultant James Turk tells King World News tonight.

“That the gold market has been in backwardation on so many occasions, and in many cases remained in backwardation for extended periods, just shows how unhealthy the market has traded because of paper manipulation,” Turk says. “The Western central planners and their agents at the bullion banks have had an ongoing war against gold for a long time now, and the tide may finally be turning against them, despite today’s downdraft.”

Turk’s interview is excerpted at the King World News blog here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/5/27_Ja…

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

Hulbert thinks lousy sentiment, charts drag gold down, not central banks

GATA

8:20p ET Tuesday, May 27, 2014

Dear Friend of GATA and Gold:

Financial letter writer Mark Hulbert, commenting today for MarketWatch.com, says he knows what’s dragging the gold price down — unfavorable sentiment among other financial letter writers and unfavorable charts:

http://www.marketwatch.com/story/heres-the-real-reason-gold-is-falling-2…

It’s no matter to Hulbert that by their own admission central banks are trading in the gold market “nearly every day,” presumably for policy purposes rather than for fun competitions among their foreign exchange desks –

http://www.gata.org/node/13373

http://www.gata.org/node/12717

– nor that, as noted by GATA consultant Rob Kirby of Kirby Analytics in Toronto, the U.S. government’s broker, J.P. Morgan Chase & Co., maintains trillions of dollars’ worth of interest rate derivatives that cannot possibly be hedged, cannot be anything other than government intervention in the bond markets:

http://news.goldseek.com/GoldSeek/1249407911.php

No, to hear Hulbert tell it, it’s all lousy sentiment and charts — as if that surreptitious trading by central banks might not be creating the lousy sentiment and charts.

Maybe technical analysts like Hulbert shouldn’t be scorned too much. They can’t want to believe in or even know about central bank intervention in markets because it would nullify their work, their whole careers, revealing that they have been interpreting mere holograms created precisely to deceive them. But the self-importance of these analysts is both ridiculous and insufferable.

In a time of comprehensive market interventions by central banks, technical analysis is no more useful than reading entrails or tea leaves. But there would be plenty of room for technical analysts in another occupation: financial journalism. They would need only to put a few specific questions to central banks about their involvement in the gold and interest rate markets and they would have financial journalism all to themselves.

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

Stockholm Precision Tools-Gyroscopic and Magnetic Borehole Survey Instruments, and Downhole Survey Tools

Stockholm Precision Tools is well-known for its downhole gyro-surveying systems, borehole survey instruments and subsystems used for directional surveying and navigation, including the GyroTracer Dir…

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Gold mine collapse in Ghana kills six

A gold mine collapse in Ghana’s Ashanti region on Monday has killed six people and left three injured, a local official has said.

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