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--- Begin Message ----Caveat Lector- 11:40a Saturday, December 20, 2003Dear Friend of GATA and Gold: GATA consultant Reg Howe has inspected the books of the Bank for International Settlements, the Commodity Futures Trading Commission, the U.S. Office of the Comptroller of the Currency, and other financial authorities for his new analytical essay, "Gold Derivatives: Hitting the Iceberg." Howe's major conclusions: "That producer hedge book reductions have had little if any impact on total gold derivatives reported by the BIS suggests, as does the absolute data itself, that producer hedging never accounted for much more than the very visible tip of a gold derivatives iceberg consisting in major part of transactions related to the gold carry trade, which never could have grown to the size implied by the BIS data without the active support of the G-10 central banks.... "Clearing house rules require that losses to trading accounts be posted each day at settlement. Losses of the size incurred by the commercial gold shorts over the past few months beg two tough questions: What risk management system would allow losses of this magnitude to accrue without mandating the closure of losing positions? And are the central banks, directly or indirectly, assuming the burden of these losses?.... "While gold derivatives reported by the BIS declined slightly in this year's first half, the gold derivatives of U.S. commercial banks, including J.P Morgan Chase, rose in the second and third quarters by nearly 1,000 tonnes. These increases, which came at the same time that the commercial shorts on the COMEX were raising their open positions to record levels notwithstanding eye-popping mark-to-market losses, lend further support to the hypothesis that the commercial shorts consist primarily of bullion banks with both heavy exposure to the gold carry trade and substantial official support." Together with GATA consultant Mike Bolser's recent study, "Government Intervention: Gold and Long-Term Interest Rates," which can be found here -- http://www.gata.org/Bolser121803.htm -- this research documents how central banks are struggling to defeat free markets and deceive the world about international economic policies and conditions. This is essentially totalitarian and unjust and thus is likely to have a bad end. Howe concludes: "The gold community has prospered more than most over the past year. And having endured years of oppression by government, not to mention ridicule by establishment figures of all stripes and colors, gold bugs have earned the right to enjoy their good fortune. But real gold bugs are not profiteers. They are freedom fighters. For them, securing their own financial survival and that of their families is important but not sufficient, for they dream of a world in which gold is again the international monetary numéraire and where all peoples and nations meet on a level economic playing field characterized by free markets and an absence of malignant government intervention. You can find Howe's "Gold Derivatives: Hitting the Iceberg" at his Golden Sextant Internet site here: http://www.goldensextant.com/commentary26.html#anchor25233 If you read nothing about markets over the next year besides these works of Bolser and Howe, you still will know more about what is really happening than if you read the major financial publications from cover to cover every day. GATA is deeply grateful to Bolser and Howe for their scholarship and courage. CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. ---------------------------------------------------- To subscribe to GATA's dispatches, send an e-mail to: [EMAIL PROTECTED] To unsubscribe, send an e-mail to: [EMAIL PROTECTED] ---------------------------------------------------- RECOMMENDED INTERNET SITES FOR DAILY MONITORING OF GOLD AND PRECIOUS METALS NEWS AND ANALYSIS Free sites: http://www.jsmineset.com http://www.cbs.marketwatch.com http://www.mineweb.com/ http://www.gold-eagle.com/ http://www.kitco.com/ http://www.usagold.com/ http://www.GoldSeek.com/ http://www.capitalupdates.com/ http://www.goldenbar.com/ http://www.silver-investor.com http://www.thebulliondesk.com/ http://www.sharelynx.com/ http://www.mininglife.com/ http://www.financialsense.com http://www.goldensextant.com http://www.goldismoney.info/index.html http://www.howestreet.com http://www.depression2.tv http://www.moneyfiles.org/ http://www.howestreet.com http://www.minersmanual.com/minernews.html http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html http://www.goldcolony.com http://www.mineralstox.com http://www.321gold.com Subscription site: http://www.lemetropolecafe.com/ http://www.hsletter.com Eagle Ranch discussion site: http://os2eagle.net/checksum.htm ---------------------------------------------------- COIN AND PRECIOUS METALS DEALERS WHO HAVE SUPPORTED GATA AND BEEN RECOMMENDED BY OUR MEMBERS Centennial Precious Metals 3033 East 1st Ave. Suite 403 Denver, Colorado 80206 www.USAGold.com Michael Kosares, Proprietor US (800) 869-5115 Canada 1-800-294-9462 European Union 00-800-2760-2760 Australia 0011-800-2760-2760 [EMAIL PROTECTED] Colorado Gold 222 South 5th St. Montrose, Colorado 81401 www.ColoradoGold.com Don Stott, Proprietor 1-888-786-8822 [EMAIL PROTECTED] Investment Rarities Inc. 7850 Metro Parkwa Minneapolis, Minnesota 55425 http://www.gloomdoom.com Greg Westgaard, Sales Manager 1-800-328-1860, Ext. 8889 [EMAIL PROTECTED] Kitco 178 West Service Road Champlain, N.Y. 12919 Toll Free:1-877-775-4826 Fax: 518-298-3457 and 620 Cathcart, Suite 900 Montreal, Quebec H3B 1M1 Canada Toll-free:1-800-363-7053 Fax: 514-875-6484 http://www.kitco.com Lee Certified Coins P.O. Box 1045 454 Daniel Webster Highway Merrimack, New Hampshire 03054 www.certifiedcoins.com Ed Lee, Proprietor 1-800-835-6000 [EMAIL PROTECTED] Miles Franklin Ltd. 3015 Ottawa Ave. South St. Louis Park, Minn. 55416 1-800-822-8080 / 952-929-1129 fax: 952-925-0143 http://www.milesfranklin.com Contacts: David Schectman, Andy Schectman, and Bob Sichel Resource Consultants Inc. 6139 South Rural Road Suite 103 Tempe, Arizona 85283-2929 Pat Gorman, Proprietor 1-800-494-4149, 480-820-5877 [EMAIL PROTECTED] Swiss America Trading Corp. 15018 North Tatum Blvd. Phoenix, Arizona 85032 http://www.buycoin.com Dr. Fred I. Goldstein, Senior Broker 1-800-BUY-COIN [EMAIL PROTECTED] ---------------------------------------------------- HOW TO HELP GATA If you benefit from GATA's dispatches, please consider making a financial contribution to GATA. We welcome contributions as follows. By check: Gold Anti-Trust Action Committee Inc. c/o Chris Powell, Secretary/Treasurer 7 Villa Louisa Road Manchester, CT 06043-7541 USA By credit card (MasterCard, Visa, and Discover) over the Internet: http://www.gata.org/creditcard.html By GoldMoney: http://www.GoldMoney.com Gold Anti-Trust Action Committee Inc. Holding number 50-08-58-L Donors of $750 or more will, upon request, be sent a print of Alain Despert's colorful painting symbolizing our cause, titled "GATA." GATA is a civil rights and educational organization under the U.S. Internal Revenue Code and contributions to it are tax-deductible in the United States. -END- Yahoo! Groups Links To visit your group on the web, go to: http://groups.yahoo.com/group/gata/ To unsubscribe from this group, send an email to: [EMAIL PROTECTED] Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/ www.ctrl.org DECLARATION & DISCLAIMER ========== CTRL is a discussion & informational exchange list. 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