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Precious Metals Prices Soar! U.S Volume 13 Issue 11 Liberty Coin Service’s Monthly Review of Precious Metals and Numismatics October 31, 2007 As Central Bank Gold Price Suppression Conspiracy Falls Apart— Precious Metals Prices Soar! U.S. Dollar Falls To Record Low—Further Declines Expected Will Gold Reach $1,300 And Silver $22 By April 2008? There has been a flurry of revelations and from current levels. 2007 Year To Date Results new developments in the past month that Here are some of the recent developments Through October 30, 2007 just about all point to the falling value of that lead me to these conclusions. Precious Metals currencies in general and the U.S. dollar in News And Information You Platinum +26.4% particular. Gold +23.5% The prices of gold and silver have May Have Missed 1) When bureaucrats have to reveal Silver +11.2% climbed significantly as a result. Palladium +10.5% With only limited space in this newslet- something they would prefer remain un- ter, I can only cover some of the items and known and obscure, they can become ex- Numismatics MS-63 $20.00 Liberty +24.3% not go into the depth that they deserve. perts at burying the disclosure in the middle MS-63 $20.00 St Gaudens +23.5% But, uniformly, they lead me to the conclu- of lengthy reports. Sometimes, it takes a while before anyone catches on. MS-65 Morgan Dollar -3.3% sions that: The past coordinated efforts among a For example, on May 14 the U.S. Treas- US Dollar vs Foreign Currencies number of central banks, international ury’s weekly report of the U.S. International Japan Yen -3.6% agencies, and their partner bullion banks to Reserve Position changed the description of China Yuan -4.3% manipulate the price of gold downward are the U.S. Gold Reserve of 261.499 million Switzerland Franc -4.9% Great Britain Pound -5.3% becoming more public knowledge. ounces to “including gold deposits, and, if appropriate, gold swapped.” It was not Euro -8.6% More parties to this conspiracy are pub- India Rupee -10.9% licly acknowledging that this conspiracy widely reported until October that this represents an admission by the U.S. Treas- Brazil Real -18.0% existed and that they took part in it. Canada Dollar -18.3% Now, instead of discussing whether there ury that some of this gold is either no longer owned by the U.S. or that some of it has U.S. Dollar Index 76.775 -8.3% had been a major gold price suppression conspiracy, the questions focus on how been loaned to other parties! It is almost US and World Stock Market Indices widespread the efforts were. certain that some of the U.S. gold reserves Frankfurt Xetra DAX +20.9% Financial reporting standards for central have been removed from the vaults, one NASDAQ +16.6% banks and governments are changing to in- way or another! Dow Jones Ind Average +10.7% crease the disclosure of the extent of gold 2) On September 24, final oral arguments S&P 500 +7.9% leases and swap activity. were heard before a Federal judge in New London FT 100 +7.0% At least some of the bullion bank partners York for the class action settlement between Russell 2000 +3.6% brokerage giant Morgan Stanley and 22,000 Tokyo Nikkei 225 -3.3% in this manipulation are starting to book huge losses as they close out some of their of its clients. Without admitting any Intrinsic Metal Value Of U.S. Coins trading positions taken to participate in the wrongdoing, Morgan Stanley agreed to pay Lincoln Cent 1959-1982 2.32¢ conspiracy. several million dollars (which will likely go Lincoln Cent 1982-date 0.73¢ As the general public realizes that the mostly to the attorneys) and to revise its Jefferson Nickel-non-silver 6.75¢ price of gold today is as low as it is be- precious metals storage program. Roosevelt Dime 1965-date 3.06¢ cause of extent of the manipulation efforts, The lawsuit arose from Morgan Stanley’s Wash Quarter 1965-date 7.65¢ Kenn Half Doll 1971-date 15.31¢ they will also comprehend that the price of silver storage program. Customers paid gold today would have been at far higher fees to Morgan Stanley for storing physical silver in its vaults. One customer contacted bers of the 1,000 ounce silver ingots that levels if there had been no suppression ac- were supposedly being held in storage for tivity. Morgan Stanley to request the serial num- The current lukewarm investor sentiment towards precious metals is almost certain to Inside this issue: Gold Brokers Closing Out Short Positions page 2 heat up. As more investors start buying What Does This All Mean To You? page 3 precious metals, prices will rise sharply Buy Physical Silver At Spot page 4 (Continued from page 1) team of traders from HSBC. The decision Curiously, Goldman Sachs just released him. was made after the unit sustained losses in several commodity sell advisories on Mon- When Morgan Stanley declined to pro- the third quarter. day. The firm is influential enough that oil, vide the serial numbers (each of these bars It is difficult for me to fathom how any gold, silver, platinum, and other prices is marked with a unique serial number, a metals trading operation could lose money dipped yesterday. purity marking, a manufacturer’s hall- when trading volumes are increasing, but 10) The International Monetary Fund mark, and weight), the customer retained they did. It would be like a stock broker (IMF) has come out with its latest standards an attorney. The resulting class-action saying that even though stock indices were for financial reporting by governments and lawsuit revealed that Morgan Stanley did at record levels and they were handling re- central banks. Compliance with these stan- not have any physical silver in its vaults. cord volumes of trades, they were going to dards is voluntary and scheduled to take ef- Instead, it had paper contracts for poten- stop operations because they were losing fect in 2008. Buried in the middle of almost tial delivery of silver. Yet, the company money. There is probably more to this 200 pages of “bureaucratese” is a call to collected fees for a service it claimed to story that may never be publicly revealed, change the way that gold holdings are ported. be providing, but did not. One of the de- including the possibility that they were try- Instead of one single asset called gold, the fenses asserted by Morgan Stanley was ing to trade in concert with others trying to central banks and governments are asked to that other brokers engaged in the same de- suppress gold prices and ended up taking disclose just how much gold is physically in ception. huge losses as gold prices continued to rise. their possession, how much is out on lease, 3) In October 1992, The Quantum Fund 7) Goldman Sachs, a major broker fre- and how much is committed to swaps. earned $1.1 billion as it “broke the Bank quently identified as one of the bullion bank This change in reporting may have been of England” over the Bank’s attempt to partners in the gold price manipulation con- prompted by an embarrassment two years distort the value of the British Pound. spiracy, made significant reductions in its ago. Russia announced that it intended to One of the major partners in this fund (the gold short positions on the Tokyo TOCOM double its central bank holdings of gold from most famous is George Soros) is com- last Friday and early this week. Their net 500 to 1,000 tons, then later revealed that it modity expert James Rogers. At a meet- short position there has dropped to the low- only had about 125 tons physically in its ing in Amsterdam on October 23, Rogers est level since before 2006. Several other vaults because the rest was out on lease—but said he is shifting all of his assets out of major bullion banks and brokers were also reported as being in the vaults to comply with the U.S. dollar and is buying the Chinese reducing their short positions on the TO- IMF requirements at the time! yuan. He said, “I’m in the process of—I COM, though on a smaller scale. I expect at least some central banks and hope in the next few months—getting all This move could actually be the most sig- governments will start disclosing this detailed my assets out of U.S. dollars. I’m that nificant of the past month. It may be a sign information next year, partly because compli- pessimistic about what’s happening in the that the participants in the gold manipula- ance with the reporting requirements may be U.S.” He later predicted that the Chinese tion may be abandoning the short positions a condition of receiving funding from the yuan will quadruple in the next decade they took to affect the price suppression. IMF. Other nations may comply because versus the U.S. dollar. Rogers also said To do so, they would have the effect of re- non-disclosure might suggest that the govern- he is holding commodities such as plati- ducing supply and increasing demand, ment or central bank was trying to hide nega- num, gold, silver, and palladium. which would put more pressure for higher tive news. 4) In a recent video interview by a re- gold prices. I expect that any significant disclosure of porter from the Beijing office of London’s 8) Caught between the decline in the the extent of official gold holdings out on Financial Times, Rogers said that the dol- value of the U.S.
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