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GATA - Gold Anti-Trust Action Committee
Manchester, Conn.

The Gold Anti-Trust Action Committee was organized in January 1999 to advocate and undertake litigation against illegal collusion to control the price and supply of gold and related financial securities. The committee arose from essays by Bill Murphy, a financial commentator, and by Chris Powell, a newspaper editor in Connecticut, published at Murphy’s Internet site, www.lemetropolecafe.com.

GATA - Gold Anti-Trust Action Committee is not verified as a 501(c)3 organization.

Latest News

Jun 27, 2019

By Gavin Jones and Giuseppe Fonte
Reuters
Tuesday, June 25, 2019

ROME -- The European Central Bank on Tuesday gave a substantial green light to a bill by Italy's ruling League party which seeks to spell out that gold reserves held by the Bank of Italy belong to the state, and not the bank itself.

The bill, tabled in February by the League's economics chief, Claudio Borghi, was strongly criticized by the opposition who said its aim was to allow the ruling coalition to potentially sell the gold to fix Italy's public finance problems.

... Dispatch continues below ...



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Borghi denied this, saying he wanted to clarify the legal ownership of the gold, establish a question of principle and bring Italy's situation in line with those of other EU states.

In an official opinion published on the ECB's website, the bank said EU treaties do not use the concept of ownership with regard to official gold reserves but deal only with the question of their "exclusive holding and management."

The opinion, signed by ECB President Mario Draghi, asked the government to consult with the Bank of Italy if it planned to push ahead with the legislation, in order that the central bank's independence be "fully respected." ...

... For the remainder of the report:

https://www.reuters.com/article/us-italy-cenbank-ecb/ecb-gives-cautious-...

* * *

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

Jun 27, 2019

By Jennifer A. Dlouhy
Bloomberg News
Wednesday, June 26, 2019

The Trump administration is throwing a lifeline to the massive Pebble Mine planned near Alaska's Bristol Bay, as regulators move toward undoing Obama-era environmental restrictions that have thwarted the project.

The Environmental Protection Agency said today it was resuming consideration of the proposed water pollution restrictions that have effectively stalled the project since they were outlined in 2014. Reconsidering the issue -- after a year-and-a-half hiatus -- is a necessary prelude to the EPA officially lifting the restrictions later.

... Dispatch continues below ...


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The EPA's action is a significant boost for Northern Dynasty Minerals Ltd. and Pebble LP supporters, who have called on the EPA to lift the Clean Water Act restrictions and let the proposed gold, copper, and molybdenum mine move forward. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2019-06-26/pebble-gold-mine-in-a...

* * *

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

Jun 25, 2019

Why India Should Not Outlaw Cryptocurrencies

By T.K. Arun
The Times of India, Mumbai
Tuesday, June 25, 2019

https://economictimes.indiatimes.com/news/economy/policy/why-india-shoul...

Even as plans are afoot to launch a digital rupee, India proposes to ban cryptocurrencies altogether, and a law is reportedly in the works that would make holding cryptocurrencies a crime that would put you in jail. The Reserve Bank of India has already banned cryptocurrencies.

This is myopic. India needs to be open to the possibility of using cryptocurrencies for international payments bypassing the U.S. dollar.

... Dispatch continues below ...


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Kinesis Engages Contis to Launch UK, European Debit Card for Its Digital Gold and Silver Currencies

Company Announcement
Tuesday, June 4, 2019

LONDON -- Today Kinesis Money announces the initiation of its U.K. and E.U. debit card program with Contis Group, the award-winning platform as a service that provides end-to-end banking and payments solutions. Kinesis has selected Contis for its European and UK debit card solutions and has officially started developments, scheduled for release in Q4.

The release of these euro- and pound-denominated debit cards will cement Kinesis' position in the market as a formidable global fintech player. The Kinesis debit card will allow Kinesis' clients in the U.K. and Europe to easily and efficiently use their Kinesis currencies to make purchases anywhere that has a merchant facility, as well as withdraw funds via global ATM networks. ...

... For the remainder of the announcement:

http://www.gata.org/files/Kinesis-Contis-06-04-2019.doc



Cryptocurrencies have a bad name and that is probably well-earned. But all currencies that move around using blockchain technology are not of the same kind. A subgroup is called stablecoins. Unlike bitcoins, which can be produced independently of any central bank, whose value is unstable and whose total numbers would hit a predetermined ceiling, stablecoins are linked to fiat currency, managed by banks and other reliable entities.

The principal attraction of a new stablecoin -- there are many floating around, apart from Facebook's proposed Libra -- is the possibility of using that for settling international payments that do not involve a U.S. counterparty, without using the dollar.

When negotiations were creating the International Monetary Fund, John Maynard Keynes had proposed, on behalf of the British government, creation of Bancor, a new unit of account for settling international payments in a new International Clearing Union. The Americans pooh-poohed the idea and said the dollar would do quite well as the world's currency for settling international payments, thank you.

The war-ravaged Brits were in no position to resist the pressure of the U.S., then financing much of the Allies' war effort, and Bancor went into that heap of good ideas in history that never saw the light of day.

The U.S. derives much power from the use of the dollar as the world's principal currency for settling payments between countries. It can borrow as much it wants from the rest of the world and simply print dollars to repay the loans. Other countries cannot follow that example. That is bad enough.

Those were innocent times when the U.S. merely profited from global seigniorage. Then it started weaponizing the dollar. The latest example is the Iran sanctions. If any entity transacts with any entity that has transacted with Iran, even indirectly, that entity would be denied access to the dollar payment network.

No bank can afford to be cut off from access to the dollar. So no bank would deal with anyone that deals with an entity against which the U.S. has declared secondary sanctions. The dollar is a powerful weapon in the hands of the U.S. that it can wield against anyone it wants to. The Europeans made a half-hearted attempt to create a shield for European companies that want to do business with Iran, but this found no takers -- so little credibility did this system have.

Clearly, the way out is to have a payments system that allows transactions that do not involve a U.S. counterparty to be settled in a currency other than the dollar. Of course you can settle trade with the European Union in euros and trade with Japan in yen, if you have those currencies in reserve. If you do not, you have to settle in dollars, as with all other countries.

Creating a payments system that sidesteps the dollar is primarily a political task, granted. But if the courage is summoned, a technical challenge would still remain. A blockchain-based currency is the most likely technical solution. If India's legal system makes all blockchain-based currencies beyond the pale, that would hurt India's ability to take part in, leave alone lead, an effort by a coalition of nations to create a payment mechanism outside the dollar framework. Facebook's Libra is the one making the most news. But JPMorgan is launching its own stablecoin. IBM has created the framework for a global payments system using cryptocurrencies.

Not all currencies and payment systems that make use of the distributed ledger inherent in blockchain are suspect by definition. Of course systems must be put in place to prevent money laundering and heists that leave the unwary and the unsavvy bereft of their savings.

Distributed ledgers would probably play a big role in fintech solutions for cross-border remittances. When a migrant laborer in Dubai wants to send money back home to India, the cost can be prohibitive, as much as 5%. Fintech is working on the problem. Several of the solutions could take the form of tokens that move around on the blockchain technology. India should not be prohibiting such experiments.

Instead of banning cryptocurrencies, India should be taking the lead to rope in China, the EU, and other willing governments and the Bank for International Settlements to create payment and settlement systems that do not allow one issuer of a national currency to acquire a stranglehold over the global financial system, leaving open the possibility of a new stablecoin linked to a basket of currencies being created for the purpose, the basket and the linkage being managed by a credible body such as the BIS.

* * *

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

Jun 25, 2019

By Leonid Bershidsky
Bloomberg News
Tuesday, June 25, 2019

For years Russia has been the world's biggest sovereign gold bug. Even while gold prices were in the doldrums, it doggedly kept increasing its reserves. Now that gold is at the highest level since 2013, the tactic appears to be paying off.

... Dispatch continues below ...



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Glint Completes L5 Million Private Placement
and Welcomes Sprott as Strategic Investor

Company Announcement
Thursday, June 13, 2019

Glint Pay Inc. (glintpay.com), the first-mover company that enables physical gold to make instant payments using a debit Mastercard, today announced the completion of a private placement of L5 Million in London-based parent Glint Pay Ltd. The financing was led by Sprott, an alternative asset manager and a global leader in precious metal and real asset investments with approximately $8 billion in assets under management.

Founded in the United Kingdom in 2016, Glint established the first app-based account in February 2018 giving clients in Europe a low-cost way to buy, sell, and save physically allocated gold and for the first time instantly spend it via the Glint Mastercard anywhere Mastercard is accepted. Glint Pay then added multiple currency wallets, including U.S. dollars, British pounds, and euros in July 2018. The company is working on its launch into the United States. ...

... For the remainder of the announcement:

https://glintpay.com/en_us/glint-en_us/glint-completes-5-million-private...



The U.S. dollar's dominance as a global reserve currency is commonly thought to result from the dearth of safe assets. Russia, however, recently has provided an example of how a sizable economy with the world's fifth-biggest international reserves can minimize dollar assets and still do well. So far it doesn't have many followers, but gold buying by central banks is going up. ...

... For the remainder of the report:

https://www.bloomberg.com/opinion/articles/2019-06-25/putin-s-gold-bet-i...

* * *

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

Jun 24, 2019

7p ET Monday, June 24, 2019

Dear Friend of GATA and Gold:

Now that the world has realized that central banks are faking it, Craig Hemke of the TF Metals Report writes tonight at Sprott Money, the next bull market in gold has begun.

"Of course the Comex precious metals will never move straight up and never without bank interference," Hemke writes. "This bull market will undoubtedly unfold just as the past one did: with one step back for every two steps forward. Momentum will ebb and flow while the commitment of traders reports will get heavy and due for occasional 'washes.' But what you're about to see is something like what we saw in the run from 2009 through 2011."

From his lips to the Great Market Manipulator's ear, and we don't mean that other Powell.

Hemke's commentary is headlined "Recognition and Adjustment" and it's posted at Sprott Money here:

https://www.sprottmoney.com/Blog/recognition-and-adjustment-craig-hemke-...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[email protected]



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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

Jun 24, 2019

5:23p ET Monday, June 24, 2019

Dear Friend of GATA and Gold:

If the past is any guide, Dave Kranzler of Investment Research Dynamics in Denver writes today, central banks and bullion banks are gathering their forces -- their naked shorting -- for a smashing of the gold futures price in the next 10 days. Even so, Kranzler writes, the gold price lately has been establishing both higher highs and higher lows. "This tells us that the Western central bank/bullion bank effort to control the price of gold is limited in its success," Kranzler writes. "This is likely because of immense demand from Eastern hemisphere buyers (central banks, investors, citizens) who require actual physical delivery."

Kranzler's analysis is headlined "Gold Is Going Higher but Brace Yourself for Volatility" and it's posted at IRD here:

http://investmentresearchdynamics.com/gold-is-going-higher-but-brace-you...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[email protected]


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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

Jun 24, 2019

10:32 ET Monday, June 24, 2019

Dear Friend of GATA and Gold:

Gold is the secret knowledge of the financial universe, your secretary/treasurer remarks in an interview, published today, with the Swiss precious metals advisory service proprietor Claudio Grass.

"Controlling the gold price is the first objective of central banking," your secretary/treasurer adds, "since a free-market gold price would allow the monetary metal to compete with government currencies and diminish demand for government bonds."

... Dispatch continues below ...


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The interview covers parts of the history of central banking's longstanding policy of intervening in the markets against gold, as well as the possibility that central banks will need to revalue gold upward to offset the burden of rapidly rising debt.

The interview is headlined "Gold Is the Secret Knowledge of the Financial Universe" and it's posted at the gold-focused German internet site ProAurum here:

https://newsroom.proaurum.de/gold-the-secret-knowledge-of-financial-univ...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[email protected]

* * *

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

Jun 24, 2019

By Nelson Banya
Reuters
Monday, June 24, 2019

HARARE, Zimbabwe -- Zimbabwe today declared its interim currency to be the country's sole legal tender in a bid to stem black-market demand for foreign currencies.

The Real Time Gross Settlement (RTGS) dollar was introduced in February as a first step toward a new currency by year's end, a key part of President Emmerson Mnangagwa's plan to stabilise an economy racked by inflation and widespread shortages.

... Dispatch continues below ...



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"The British pound, United States dollar, South African rand, Botswana pula, and any other foreign currency whatsoever shall no longer be legal tender alongside the Zimbabwe dollar in any transactions in Zimbabwe," a government notice said.

Zimbabwe adopted the U.S. dollar as its official currency in 2009, when most Zimbabweans had already ditched the hyperinflation-wrecked Zimbabwe Dollar.

However the latest iteration of the domestic currency, the RTGS, has struggled to gain trust among large firms and ordinary Zimbabweans. Economic analysts fear 2009 may be repeating itself with the interim currency. ...

... For the remainder of the report:

https://af.reuters.com/article/zimbabweNews/idAFL8N23V2BJ

* * *

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