The report below comes courtesy of the Gold Anti-Trust Action Committee (GATA).

“Market analyst Paul Mylchreest, who wrote the 2006 report for Credit Agricole’s Cheuvreux brokerage house concluding that the gold market was being manipulated surreptitiously by central banks and, the following year, a similar report for Redburn Partners, has revisited the gold market in a study for his own analysis service, the Thunder Road Report.

“Mylchreest examines the gold traded in the world’s biggest gold market, London, and concludes that either a tiny amount of real metal is supporting a spectacular volume of paper trades, “an accident waiting to happen”, or else that the world’s gold supply is spectacularly larger than officially acknowledged and the London gold market has been used in recent years to launder questionably obtained gold, perhaps the fabled “Yamashita’s gold” plundered from Asia by the Japanese military during

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Max Keiser, international journalist, provocateur and ex-stockbroker, was interviewed on Tuesday by the Russia Today television network on the oil trade’s so-called “US dollar dump” (courtesy of GATA). He reported that he was hearing from his sources in Paris and the Middle East that there was substance to the widely publicized article by Robert Fisk (The Independent) about worldwide collaboration to replace the US dollar as the medium of exchange for oil trading.

Keiser added that gold was to have a much larger role in the basket of currencies likely to be created to replace the dollar and said China, Russia and other countries moving to shift from dependence on the dollar were tired of funding US wars and occupations.

Source: Chris Powell, GATA, October 7, 2009.

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The following comments come from Chris Powell of Gold AntiTrust Action (GATA):

During last Friday’s hearing of the House Financial Services Committee on his legislation to audit the Federal Reserve System, US Rep. Ron Paul asked the Fed’s general counsel, Scott G. Alvarez, whether the Fed has ever been involved in the gold market. Four days earlier GATA had disclosed the Fed’s admission that it has records of its “gold swap arrangements” with “foreign banks” that it wants to conceal from the public. (Click here.)

Replying to Paul, Alvarez professed to have no expertise in the matter of intervention in the gold market but added that he could get Paul such information. Paul replied that one purpose of his audit legislation was to determine whether the US government was intervening in the gold market by using other governments as intermediaries.

That surely is

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It was another stellar day for all the precious metals yesterday…gold, silver platinum and palladium. Gold was up a hair over two percent…and the other three metals were up four percent plus.

Gold rose almost from the Globex open at the start of Friday morning trading in the Far East…and really moved to the upside the moment that Sydney closed for the weekend. From there, it rose steadily through London and the Comex open…with the peak price coming at the 4:00 p.m. London close…11:00 a.m. in New York. However, gold managed to close very close to its highs of the day [for a gain of almost $20] by the time electronic trading on the Globex system was over at 5:15 p.m. late Friday afternoon. The usual N.Y. commentator added this…”Aggregate estimated volume was only 100,104 lots and less than 25,000 contracts traded in the last three hours.”

However, the star performer was

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With American and British equity markets closed on Monday, there wasn’t a lot of activity in the gold and silver markets either. Both got sold off a tad in Sunday night electronic trading and during Monday in the Far East…but both recovered during European trading hours at, or after, London opened for the day. The highs…such as they were…were after the London close.

On Monday evening a more serious seller showed up in the New York access market, and by the close of Tuesday afternoon trading in Hong Kong, gold had about $17 shaved off its price. That was its low of the day, and a rally ensued in London that lasted until Comex trading began in New York at 8:15 a.m. yesterday morning, when another not-for-profit seller showed up. The New York low in gold was at precisely 9:30 a.m. Eastern Daylight Time. From there, another rally lasted until shortly

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Gold tacked on about $10 in early Wednesday morning trading in the Far East. But shortly before London began trading, all the those gains began to disappeared. The low for the day was shortly after Comex floor trading started. From there, a spirited rally began, which went vertical right after London closed for the day…but [as always] there was someone standing there with a hammer to make sure that the rally went no further.

click to enlarge

Silver was up a dime by 3 p.m. in Hong Kong in their afternoon yesterday…when it, too, began the long decline…with the bottom coming at 9:30 during Comex trading. The rally in silver ran into the same seller as gold…and at precisely the same time…and that was it for the day.

Initially, the precious metals shares held up well despite the onslaught…but the

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By Charles Wyatt Minesite.com Thursday, May 7, 2009 It was great timing by Adam Fleming, chairman of Fleming Family #38; Partners, to have the team from GATA in London simultaneously with Marc Watchorn, chief executive of Wits Gold. Bill Murphy and Chris Powell of GATA #8212; or the Gold Anti-Trust Action Committee, to give it its full [...]div class="feedflare" a href="http://feeds2.feedburner.com/~ff/YourFinancialFuture?a=qBXge2lwoZQ:l_5jNNQaKSo:yIl2AUoC8zA"img src="http://feeds2.feedburner.com/~ff/YourFinancialFuture?d=yIl2AUoC8zA" border="0"/img/a a href="http://feeds2.feedburner.com/~ff/YourFinancialFuture?a=qBXge2lwoZQ:l_5jNNQaKSo:F7zBnMyn0Lo"img src="http://feeds2.feedburner.com/~ff/YourFinancialFuture?i=qBXge2lwoZQ:l_5jNNQaKSo:F7zBnMyn0Lo" border="0"/img/a a href="http://feeds2.feedburner.com/~ff/YourFinancialFuture?a=qBXge2lwoZQ:l_5jNNQaKSo:7Q72WNTAKBA"img src="http://feeds2.feedburner.com/~ff/YourFinancialFuture?d=7Q72WNTAKBA" border="0"/img/a a href="http://feeds2.feedburner.com/~ff/YourFinancialFuture?a=qBXge2lwoZQ:l_5jNNQaKSo:V_sGLiPBpWU"img src="http://feeds2.feedburner.com/~ff/YourFinancialFuture?i=qBXge2lwoZQ:l_5jNNQaKSo:V_sGLiPBpWU" border="0"/img/a a href="http://feeds2.feedburner.com/~ff/YourFinancialFuture?a=qBXge2lwoZQ:l_5jNNQaKSo:qj6IDK7rITs"img src="http://feeds2.feedburner.com/~ff/YourFinancialFuture?d=qj6IDK7rITs" border="0"/img/a a href="http://feeds2.feedburner.com/~ff/YourFinancialFuture?a=qBXge2lwoZQ:l_5jNNQaKSo:l6gmwiTKsz0"img src="http://feeds2.feedburner.com/~ff/YourFinancialFuture?d=l6gmwiTKsz0" border="0"/img/a a href="http://feeds2.feedburner.com/~ff/YourFinancialFuture?a=qBXge2lwoZQ:l_5jNNQaKSo:gIN9vFwOqvQ"img src="http://feeds2.feedburner.com/~ff/YourFinancialFuture?i=qBXge2lwoZQ:l_5jNNQaKSo:gIN9vFwOqvQ" border="0"/img/a /div

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Chris Powell of GATA is interviewed by Fox Business News, and discusses how the Gold Reserves of the US have not been audited for nearly 50 years.

The Fed pulled out its “nuclear” option last week when it announced coming purchases of $300 billion in long term Treasuries (and other similar extravaganzas). This is an act of total desperation.

It will also serve as a key historic moment in US and global monetary economics. Let’s look closely at what it will mean to you.Why exactly did the Fed resort to such a stunt? The stated reason is to bring down long- term interest rates in typical central planning fashion. A re-inflation of another credit bubble is also in their pipe dreams. We all like low interest rates when we borrow,but our capacity to borrow is long gone. Unfortunately, low interest rates punish savers who should be the backbone of a healthy economy.

The real reason for the Treasury support is that no one else will make these purchases. Foreign nations are balking, and in fact, don’t have enough

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