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--- Begin Message ----Caveat Lector- ------------------------ Yahoo! Groups Sponsor --------------------~--> <FONT COLOR="#000099">Yahoo! Domains - Claim yours for only $14.70 </FONT><A HREF="http://us.click.yahoo.com/Z1wmxD/DREIAA/yQLSAA/WfTolB/TM";><B>Click Here!</B></A> --------------------------------------------------------------------~->By Laura Humble Bloomberg News Service Thursday, June 24, 2004 http://quote.bloomberg.com/apps/news? pid=10000086&sid=aJ3k1VbA1_Mk&refer=latin_america LONDON -- Gold gained in London as the dollar weakened against the euro and yen, making the dollar-denominated metal more attractive as an alternative investment. The dollar fell after reports of attacks in Iraq before the U.S.-led coalition transfers power to an interim government next week. Gold often gains during political turmoil, since investors see it as a safe investment. "The backdrop of geo-political tensions, particularly in the Middle East, continues to underpin the market," said James Moore, a U.K.-based analyst at TheBullionDesk.com, in an e-mailed report. Gold for immediate delivery in London rose $2, or 0.5 percent, to $396.75 an ounce at 10:13 a.m. The euro was up 0.1 percent at $1.2110 and the yen was 0.7 percent higher at 107.77 per dollar. The yen gained after a government report showed growth in Japan's services industries accelerated in April. The euro strengthened when the French national statistics office predicted Europe's third-biggest economy would grow this at the fastest pace since the 2000. Gold surged 19 percent in 2003 as the euro rose 20 percent and the yen 10 percent. The gains made the metal cheaper for European and Japanese investors and more attractive as a hedge against a weakening dollar. U.S. and Iraqi officials have said they expect insurgents to step up violence in Iraq ahead of the planned handover of power on June 30. The northern Iraqi city of Mosul was targeted by four bombs today, killing a U.S. soldier and at least six other people, Agence France-Presse reported, citing a police officer. Gold rises in times of turmoil because it's expected to hold its value better than paper assets. Prices jumped 5.4 percent on Sept. 11, 2001, the day terrorists flew hijacked airplanes into the World Trade Center and the Pentagon in the U.S. Doubts about the planned sale of 600 tons of gold by the German Bundesbank also supported prices, Moore said. Former Bundesbank head Ernst Welteke said in January the bank wanted the sale option under the terms of a new agreement between 15 central banks that limits total gold sales to 2,500 tons over five years, starting in September. Axel Weber, who took over after Welteke resigned in April, yesterday cast doubt over the sale, saying it depends on the outcome of discussions between the 12 euro-using nations on currency reserves, the German weekly Die Zeit reported. The Bundesbank, the second-largest bullion holder after the U.S. Federal Reserve, considers gold a form of "natural hedging against strong swings in the dollar" and is giving it "an important role" in the management of its funds, Weber said, according to Die Zeit. "With uncertainty over potential German gold reserve sales overshadowing the market, support should be found," Moore said. The dollar may be boosted later by reports from the United States, which may support the view that the Fed will begin a series of rate increases next week, Moore also said. A report from the Commerce Department will probably say durable goods orders rose last month and a report from the Labor Department will probably say jobless claims held below the year's average last week, adding to signs the economy is accelerating. The Fed meets J une 30 to decide rates. "U.S. jobless claims and durable goods orders data today are likely to spark some life into the currency markets," said Moore. Gold has already fallen 7.3 percent from a 15-year high on April 1 as speculation the Fed will raise borrowing costs has boosted the dollar. The Fed's overnight lending rate has been at 1 percent, half the rate of that in the 12-nation euro region, since June. Higher rates in Europe helped boost the euro and gold last year by attracting more savers. Most other metals for immediate delivery in London followed gold higher. Silver gained 3 cents, or 0.5 percent, to $5.89 and platinum advanced $2, or 0.3 percent, to $809.50. Palladium was unchanged at $225.50. ---------------------------------------------------- To subscribe to GATA's dispatches, send an e-mail to: [EMAIL PROTECTED] To unsubscribe, send an e-mail to: [EMAIL PROTECTED] ---------------------------------------------------- RECOMMENDED INTERNET SITES FOR DAILY MONITORING OF GOLD AND PRECIOUS METALS NEWS AND ANALYSIS Free sites: http://www.jsmineset.com http://www.cbs.marketwatch.com http://www.mineweb.com/ http://www.gold-eagle.com/ http://www.kitco.com/ http://www.usagold.com/ http://www.GoldSeek.com/ http://www.capitalupdates.com/ http://www.DailyReckoning.com http://www.goldenbar.com/ http://www.silver-investor.com http://www.thebulliondesk.com/ http://www.sharelynx.com/ http://www.mininglife.com/ http://www.financialsense.com http://www.goldensextant.com http://www.goldismoney.info/index.html http://www.howestreet.com http://www.depression2.tv http://www.moneyfiles.org/ http://www.howestreet.com� http://www.minersmanual.com/minernews.html http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html http://www.goldcolony.com http://www.miningstocks.com http://www.mineralstox.com http://www.321gold.com http://www.SilverSeek.com http://www.investmentrarities.com http://www.kuik.com/KH/KH.html (Korelin Business Report -- audio) http://www.plata.com.mx/plata/home.htm (In Spanish) http://www.plata.com.mx/plata/plata/english.htm (In English) Subscription site: http://www.lemetropolecafe.com/ http://www.hsletter.com Eagle Ranch discussion site: http://os2eagle.net/checksum.htm Ted Butler silver commentary archive: http://www.investmentrarities.com/ ---------------------------------------------------- COIN AND PRECIOUS METALS DEALERS WHO HAVE SUPPORTED GATA AND BEEN RECOMMENDED BY OUR MEMBERS Blanchard & Co. Inc. 909 Poydras St., Suite 1900 New Orleans, Louisiana 70112 888-413-4653 http://www.blanchardonline.com Centennial Precious Metals 3033 East 1st Ave., Suite 403 Denver, Colorado 80206 www.USAGold.com Michael Kosares, Proprietor US (800) 869-5115 Canada 1-800-294-9462 European Union 00-800-2760-2760 Australia 0011-800-2760-2760 [EMAIL PROTECTED] Colorado Gold 222 South 5th St. Montrose, Colorado 81401 www.ColoradoGold.com Don Stott, Proprietor 1-888-786-8822 [EMAIL PROTECTED] El Dorado Discount Gold Box 11296 Glendale, Arizona 85316 http://www.eldoradogold.net Harvey Gordin,� President Office: 623-434-3322 Mobile: 602-228-8203 [EMAIL PROTECTED] Investment Rarities Inc. 7850 Metro Parkway Minneapolis, Minnesota 55425 http://www.gloomdoom.com Greg Westgaard, Sales Manager 1-800-328-1860, Ext. 8889 [EMAIL PROTECTED] Kitco 178 West Service Road Champlain, N.Y. 12919 Toll Free:1-877-775-4826 Fax: 518-298-3457 � and 620 Cathcart, Suite 900 Montreal, Quebec H3B 1M1 Canada Toll-free:1-800-363-7053 Fax: 514-875-6484 http://www.kitco.com Lee Certified Coins P.O. Box 1045 454 Daniel Webster Highway Merrimack, New Hampshire 03054 www.certifiedcoins.com Ed Lee, Proprietor 1-800-835-6000 [EMAIL PROTECTED] Miles Franklin Ltd. 3015 Ottawa Ave. South St. Louis Park, Minn. 55416 1-800-822-8080 / 952-929-1129 fax: 952-925-0143 http://www.milesfranklin.com Contacts: David Schectman, Andy Schectman, and Bob Sichel Missouri Coin Co. 11742 Manchester Road St. Louis, MO 63131-4614 [EMAIL PROTECTED] 314-965-9797 1-800-280-9797 http://www.mocoin.com Resource Consultants Inc. 6139 South Rural Road Suite 103 Tempe, Arizona 85283-2929 Pat Gorman, Proprietor 1-800-494-4149, 480-820-5877 [EMAIL PROTECTED] Swiss America Trading Corp. 15018 North Tatum Blvd. Phoenix, Arizona 85032 http://www.swissamerica.com Dr. Fred I. Goldstein, Senior Broker 1-800-BUY-COIN [EMAIL PROTECTED] ---------------------------------------------------- HOW TO HELP GATA If you benefit from GATA's dispatches, please consider making a financial contribution to GATA. We welcome contributions as follows. By check: Gold Anti-Trust Action Committee Inc. c/o Chris Powell, Secretary/Treasurer 7 Villa Louisa Road Manchester, CT 06043-7541 USA By credit card (MasterCard, Visa, and Discover) over the Internet: http://www.gata.org/creditcard.html By GoldMoney: http://www.GoldMoney.com Gold Anti-Trust Action Committee Inc. Holding number 50-08-58-L Donors of $750 or more will, upon request, be sent a print of Alain Despert's colorful painting symbolizing our cause, titled "GATA." GATA is a civil rights and educational organization under the U.S. Internal Revenue Code and contributions to it are tax-deductible in the United States. -END- Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/gata/ <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! 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Let us please be civil and as always, Caveat Lector. ======================================================================== Archives Available at: http://www.mail-archive.com/[EMAIL PROTECTED]/ <A HREF="http://www.mail-archive.com/[EMAIL PROTECTED]/">ctrl</A> ======================================================================== To subscribe to Conspiracy Theory Research List[CTRL] send email: SUBSCRIBE CTRL [to:] [EMAIL PROTECTED] To UNsubscribe to Conspiracy Theory Research List[CTRL] send email: SIGNOFF CTRL [to:] [EMAIL PROTECTED] Om
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