Wednesday, August 17, 2016

Gekko Signs Up Engineering, Installation and Technology Deal with Brazahav Resources Inc

May 31, 2013 by · Leave a Comment 

Gekko Systems is pleased to announce the signing of a deal with Brazahav Resources Inc for the design engineering, supply and installation of a complete intensive leaching circuit for the Salinas project in Brazil.

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Interpipe-Steel and Seamless Pipes for the Mining Industry

May 31, 2013 by · Leave a Comment 

Interpipe is a global steel pipe manufacturer and one of the top ten largest producers of seamless pipes in the world. The company’s production facilities are located in the heart of Europe, close to…

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2013 Rainbow Lorikeet Silver Coin Fourth in Birds of Australia Series

May 30, 2013 by · Leave a Comment 

The Birds of Australia Series from the Perth Mint is expanded by its fourth silver coin with the 2013 Rainbow Lorikeet Silver Proof Coin. Each coin is struck from one-half ounce of 99.9% pure silver to proof quality with a colored image of a Rainbow Lorikeet featured on the reverse. The maximum mintage of this [...]

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2013 Silver Proof Set Among Weekly Favorites, US Mint Sales Show

May 30, 2013 by · Leave a Comment 

The 2013 Silver Proof Set was among coin collectors’ weekly favorites, the latest U.S. Mint sales stats show. It has been approximately four weeks since the set launched, and demand for them is still going strong. Collectors picked up 9,457 of the popular 14-coin Silver Proof Sets in this round. Though solid, that number was [...]

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GATA Chairman Murphy, other GATA favorites to speak at Dallas conference

May 30, 2013 by · Leave a Comment 

GATA

12:11a ET Friday, May 31, 2013

Dear Friend of GATA and Gold:

GATA Chairman Bill Murphy will join GATA favorites David Morgan of The Morgan Report, John Rubino of DollarCollapse.com, and Jay Taylor of J. Taylor’s Gold, Energy, and Tech Stocks letter at the Liberty Mastermind Symposium to be held at the Double Tree Hotel at the Dallas-Fort Worth Airport in Irving, Texas, on Friday and Saturday, June 28 and 29.

Also speaking will be the economist Martin Armstrong, Jeff Berwick of The Dollar Vigilante, “Ranting” Andy Hoffman of Miles Franklin Precious Metals, and 11 other leaders in alternative media who will discuss threats to liberty and how people can protect themselves.

The conference has arranged a discounted room rate with the hotel and plans a reception and dinner as well as a special screening of the movie “The Silver Circle.”

Registration costs $299. To register and obtain more information, please visit the conference’s Internet site here:

http://www.libertymastermind.us/

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

* * *

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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:

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Gold and silver price suppression has gotten ‘desperate,’ Leeb tells King World News

May 30, 2013 by · Leave a Comment 

GATA

11:33p ET Thursday, May 30, 2013

Dear Friend of GATA and Gold:

The Western gold and silver price suppression scheme has become “desperate,” fund manager Stephen Leeb tells King World News tonight.

Of the smash in the gold futures market in April, Leeb says, “Of course you don’t sell 400 tons of paper gold for no reason, in an asinine fashion.” He adds: “You don’t watch your Comex inventories draw down. There are so many signs of desperation.”

An excerpt from Leeb’s interview is posted at the King World News blog here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/5/30_We…

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

Brien Lundin: The April attack on gold was market manipulation

May 30, 2013 by · Leave a Comment 

GATA

By Brien Lundin
Gold Newsletter, Alert 704
Thursday, May 30, 2013

https://jeffersoncompanies.com/

The short attack on gold of April 12 and April 15 was almost assuredly a violation. The only question that remains is whether it was a violation of the exchange’s position limits — or a violation of the law.

To explain what I mean, allow me to step back a bit.

My good friend Gene Arensberg follows gold trading on the Comex better than anyone else in the market. Following up on some comments I made in a recent Gold Newsletter Alert, Gene really got on a roll and ended up sharing some amazing analysis with me and a couple of other of our wellknown gold-market friends.


As soon as I read what Gene had come up with, I urged him to publish it on the blog at his Got Gold Report. He did so –

http://www.gotgoldreport.com/2013/05/so-much-for-position-limits-on-come…

– and I urge you to read the whole thing as soon as you can.

What Gene did was analyze what happened on those two days in mid-April, based on the initial reports that a 124-tonne initial order, and perhaps as much as 400 tonnes, were sold in an obvious attempt to take the gold market down.

Gene goes through the numbers in detail, and the bottom line is this:

“… In order for the initial 124-tonne sale to have occurred ‘legally’ it would have had to have been 14 traders, all with zero orders open, all acting simultaneously, all acting independently, in their own self-interest, without colluding with each other to ‘sell for effect’ or conspiring to foment a price smash.

“In actuality, the chances that there were 14 traders who held zero open orders all acting independently, all throwing their full allowable 3,000 contracts into the gold market within a few minutes of each other are infinitesimally small.

“Much more likely is that the initial sale that triggered the sell-stop putsch in gold was done by a single trader, acting so far outside the position limit regime as to be brazen about it.”

So there you have it. Gene goes on in some detail, and again, I urge you to read the whole piece, and his ongoing commentaries, which are outstanding.

As you know, I don’t believe that there’s day-to-day manipulation of the gold market. But I do believe that certain powers-that-be intervene at key strategic points. The April manipulation may have been motivated by profit rather than politics, or perhaps both. But manipulation it was.

* * *

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

Virtual currencies run into legal trouble in U.S.

May 30, 2013 by · Leave a Comment 

GATA

By Stephen Foley
Financial Times, London
Thursday, May 30, 2013

http://www.ft.com/intl/cms/s/2/dc18a5be-c872-11e2-8cb7-00144feab7de.html

According to the website Localbitcoins.com, in the United States alone there are more than 2,000 people in 650 towns and cities who want to sell you Bitcoins for cash, right now.

Transactions in the virtual currency, which came to mainstream attention this year, are anonymous and untraceable — and they are increasingly drawing the scrutiny of law enforcement authorities who fear they will become a tool of money launderers.

A string of legal actions and regulatory manoeuvres in the United States in recent weeks has made life more complicated for people who hope to make a living from trading virtual currencies, which are created by individuals or companies instead of governments, and which are used outside the traditional banking system.

A glance at the US section of Localbitcoins.com elicits a stark warning from one legal expert.


“You better get yourself registered, or you better get your name off the list real fast,” says Carol Van Cleef, a partner in Patton Boggs’ banking practice and an adviser on anti-money laundering policies.

The bout of concern over the future of virtual currencies was sparked this week as the Department of Justice and the US Treasury moved against Liberty Reserve, the creators of “LR,” a currency that a criminal complaint said was used to launder the proceeds of credit card fraud, identity theft, investment fraud, computer hacking, child pornography, and narcotics trafficking.

The action comes less than a fortnight after the Department of Homeland Security seized the US bank accounts of the largest Bitcoin exchange, saying its owner had failed to register the company as a money services business (MSB).

One of Bitcoin’s early uses was as the currency of choice for buyers and sellers of drugs on the website Silk Road, although its supporters point to a gathering number of legitimate businesses that use it.

But the burgeoning number of virtual currencies, and the wave of entrepreneurial interest in building payments systems on the back of them, could be held back by the costs of acceding to government demands that they root out illicit uses. This could particularly be the case with Bitcoin and similar experiments, which rely on a decentralised and anonymous network of computers around the world to manage transactions.

“Criminals are always the first adopters,” Ms Van Cleef says. “They will hit it and hit it, and they will keep hitting it until controls are put in place.”

For the libertarians who have been drawn to virtual currencies as a means of wresting economic control from governments and central banks, recent developments have put them in a spot, she adds.

“This is the issue for those people who do not believe in government. They are going to have to ‘cut a deal with the devil.’ If they are in the financial services world, they are going to have to recognise that.”

This is by no means accepted across the Bitcoin community.

“People are way too US-centric when discussing Bitcoin,” says Erik Voorhees, an early evangelist for the currency, who moved from the US to Panama to pursue his business ventures.

“Bitcoin’s early successes will not be in the US. They will be in the developing world where a banking system is practically non-existent or where currencies are being destroyed, such as in Argentina. US Bitcoin businesses absolutely need to follow the US regulations or they’ll be shut down, and that doesn’t help anyone, but US regulations do not apply to, for example, a Kenyan company doing business with Kenyans.”

Venture capital money has flowed into Bitcoin payments businesses on the theory that the currency could be used to increase the speed and reduce the cost of international transactions, even through the US.

In March, the Financial Crimes Enforcement Network, a division of the US Treasury, clarified that all virtual currency exchangers needed to register as MSBs, and to set up procedures to identify and report suspicious transactions, in the same way as traditional banks must.

Since then, some Bitcoin businesses have reported having their accounts shut down by their banks.

Steve Hudak, spokesman for FinCEN, says it is not the Treasury’s intention to stifle innovation in virtual currencies.

“We do expect banks to assess their risk tolerance and assess their customers, but we certainly did not intend to label all these businesses as unfit for banking,” he says. “Our intention is only to set out what they need to do to make themselves legitimate under FinCEN regulations.”

* * *

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

India may try anything to reduce gold imports — except stabilize the rupee

May 30, 2013 by · Leave a Comment 

GATA

India May Consider More Steps to Curb Gold Imports

By Rajesh Roy
The Wall Street Journal
Thursday, May 30, 2013

http://online.wsj.com/article/SB1000142412788732441260457851453188945755…

NEW DELHI — India may consider more steps in early June to reduce domestic gold consumption if imports of the metal remain high this month, a senior finance ministry official said Thursday.

Gold imports in April more than doubled in value from a year earlier to $7.5 billion as prices hit a two-year low. Imports are expected to be high again in May because of the wedding season and festival-related demand.

“Imports have jumped substantially in the first fortnight of May. We are waiting for the complete month’s data before taking a call if more measures are required,” the finance ministry official told The Wall Street Journal.

He didn’t elaborate what steps the government may take, but said there is no plan to ban gold imports or to further raise the import tax.

Industry executives said the government may limit the amount of gold imported by state-run agencies such as MMTC Ltd. and State Trading Corp. of India Ltd.

“It’s very difficult to ban imports as gold is an emotional issue in India. Any such move will also lead to a rise in the smuggling of gold,” the official said.

Gifting gold jewelry during weddings is a tradition in India. Buying usually increases during Hindu festivals such as Diwali and Akshaya Tritiya. This year, Akshaya Tritiya, a major gold-buying festival, was on May 13.

Imports of the precious metal have been a major contributor to India’s wide trade and current-account deficits. Only crude oil accounts for a larger share of India’s imports than gold.

India is estimated to have imported 100-120 metric tons of gold in April and the figure is expected to remain at a the same level this month, industry executives said. Usually, India imports 70-80 tons a month.

India has already taken several steps to damp demand for gold, including raising the import tax to 6% from 2% over the past year. Until mid-May, bullion dealers could place gold import orders with a designated bank by paying a margin upfront and the rest on delivery, but a new rule stipulates they pay the entire amount before importing.

India will also sell from next month government bonds that will adjust returns based on the rate of inflation, a move aimed in part at weaning away small investors from buying gold as a hedge against high inflation.

* * *

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

Deals this week: Mission Mining, Pacific Iron Ore, Marifil Mines and more

May 30, 2013 by · Leave a Comment 

Mission Mining Company has inked an agreement with Colten Metals to lease, mine, and operate the El Dorado Mine in California.

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