Friday, August 15, 2008

Trade Alert: IAU GLD

Gold continues to get hammered by the powers that be and we be holders anyway, anytime, at any price. Here's why. Here's why.

U. S. mint suspendeds gold coin sales.

The suspension is overwhelming evidence that the futures contract price of gold on the commodities exchanges is substantially below the physical market price and that, indeed, the commodities exchanges are being used as GATA long has maintained -- as part of a massive scheme of manipulation of the precious metals, currency, and bond markets.

Dear Friend of GATA and Gold:

The U.S. Mint has suspended sales of American eagle gold coins and is refusing orders from dealers, two coin and bullion dealers confirmed Thursday.

The mint's suspension of gold coin sales follows its tight rationing of sales of silver eagle coins, begun in May, when sales to the public were terminated and sales to the mint's 13 authorized dealers were tightly limited.

Word of the mint's suspension of gold coin sales came from the American Precious Metals Exchange in Edmond, Oklahoma, (http://apmexdealer.blogspot.com/2008/08/news-alert-us-mint-suspends-sale...) and from Centennial Precious Metals in Denver, Colorado.

The suspension is overwhelming evidence that the futures contract price of gold on the commodities exchanges is substantially below the physical market price and that, indeed, the commodities exchanges are being used as GATA long has maintained -- as part of a massive scheme of manipulation of the precious metals, currency, and bond markets.

Michael Kosares, proprietor of Centennial Precious Metals and host of its Internet bulletin board, the USAGold Forum (http://www.usagold.com/cpmforum/), explained Thursday:

"The U.S. Mint buys direct from the refiners, and this suspension of gold eagle sales may be an indication that the supply line is already backing up, or that the mint expects that it will back up for the rest of the year. I wonder who would give up physical metal at these prices and under these circumstances except distressed sellers. The central banks are in a hunker-down mode as far as I can determine, and it's the mines that supply the refiners. So if the mint, which buys from the refiners, is having a difficult time locating metal, what does that tell you? I keep saying that we may get a surprising rubber-band effect later in the year when the pre-holiday/festival season kicks off in September/October. It may happen sooner. One of our indicators of approaching a bottom in gold is how many calls Centennial Precious Metals gets from our U.S.-based Indian clientele. Here's a quote from my office's report to me at the end of the day today: 'Today was a good day. ... There must have been an Indian convention where someone was handing out USAGold business cards.' That may give you a clue as to thinking in India proper and probably the rest of the Asian rim."

That is, through their agents the bullion banks the Western central banks, desperate to prop up a corrupt and totteringt financial system, have put gold so much on sale that even the U.S. Mint can't find any now. The price reported from the commodities markets is a fiction -- a scary one, perhaps, but a fiction no less.

You can strike a blow at the market riggers who are defrauding the world -- just buy a little real metal. The dealers listed at the bottom right of this dispatch will be glad to help you do it.

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

4 comments:

Jerome said...

This is a load of horse manure. There IS no shortage of gold or silver bullion coins from the US Mint --
http://catalog.usmint.gov/webapp/wcs/stores/servlet/ProductDisplay?catalogId=10001&storeId=10001&productId=14450&langId=-1&parent_category_rn=13238
Copying what some other Oklahoma blogger said and not quoting the US Mint's site directly tipped me off.

You bugs are all trying to raise prices on your deflating product by creating an artificial scarcity in the face of a 20%+ sell off in gold and worse in silver.

Ray said...

That article referenced was in September 2007 - a year ago. I haven't seen any news about a stoppage this month...

StockMarket -Implode said...

Please i'm beghin ya all a yas, take this seriously. There is no silver. This is on the Kitco.com homepage right now.



Please Note: Metal price changes are now based on closing prices at 5:15 PM NY time Mon-Fri. As a reference point Click for details.

IMPORTANT NEW NOTICE: Due to market volatility and higher demand in the entire industry, we are anticipating delays in supply of all bullion products. Please note that you can continue to place orders and prices will be guaranteed; however, cancellation fees will still be applicable regardless of the length of the delay. Consequently once inventory is received there may also be delays in processing and shipping by our vaults.

Mint News Blog said...

The gold eagles for sale on the US Mint's website (per first comment) are "collectible versions" of the coin.

They are currently priced around $1,200 for a one ounce gold coin compared to spot gold of $786.

If anyone is crazy enough to pay a 50% premium, I guess the Mint is happy to sell them.

The issue at hand are the bullion coins sold by the US Mint to a network of authorized dealers. The suspension is a significant development that bears watching.