U.S. mint suspends gold coin sales; futures price is a fiction
- From: "Arizona Coin Collector" <nospam@xxxxxxxxxx>
- Date: Mon, 18 Aug 2008 04:57:26 -0700
FROM:
http://www.gata.org/node/6489
U.S. mint suspends gold coin sales; futures price is a fiction
Submitted by cpowell on Fri, 2008-08-15 04:27.
Section: Daily Dispatches
12:25a ET Friday, August 15, 2008
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.
* * *
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