( BW)(TX-GATA) New Report on Gold Market by Veneroso Vindicates GATA
¶ DALLAS--(BUSINESS WIRE)--March 21, 2005--Frank Veneroso, perhaps the world's foremost gold market analyst, has written a new study of the market that the Gold Anti-Trust Action Committee says concurs almost completely with its long-held positions.
¶ Veneroso's report has been posted at the Internet site of Gold Newsletter and concludes:
¶ -- The gold market is "managed" by central banks through their sales and leasing of gold.
¶ -- The central banks are probably attempting an "orderly retreat" with gold, trying to control the speed of its ascent.
¶ -- The central banks will exhaust much sooner than is generally expected the supplies of gold they are willing to sell or lease. They won't spend anything close to their last ounces.
¶ -- Gold's strength even as speculators on the commodities exchanges sell their positions is an indication that central banks are seeking to cover their
short positions at every opportunity.
¶ -- The price of gold in a market not manipulated by central banks will be above $600 per ounce.
¶ -- The gold supply-and-demand statistics of GoldFields Mineral Service, on which the gold trading and mining industries rely, are so contrived and mistaken as to
have become "ludicrous."
¶ Because Veneroso's report is so contrary to the dubious spin put on the gold market by establishment financial news organizations, Gold Newsletter's editor,
Brien Lundin, has generously given permission to GATA to post the report in the clear at GATA's Internet site here:
¶ GATA considers Gold Newsletter to be an essential
tool for gold and silver investors, the more so now that Veneroso is writing for it, and new subscribers to Gold Newsletter are offered a year's subscription for half price, $99, here:
CONTACT: Gold Anti-Trust Action Committee
Bill Murphy, 214-522-3411
KEYWORD: TEXAS UNITED KINGDOM INTERNATIONAL EUROPE
INDUSTRY KEYWORD: MINING/METALS ADVERTISING/MARKETING BANKING
SOURCE: Gold Anti-Trust Action Committee