Friday, June 6, 2014

Gold , Silver and Precious Mets News , Data and Views on Non Farm Payroll Report Friday ( June 6 , 2014 ) ...... As this post is submitted , the Payroll Data has not yet been released ( this generally impacts the price and movements of PMs , so stay tuned for 8:30 EST )

One Ton Gold Shipment Into Hong Kong Revealed To Contain Just Worthless Metal

Tyler Durden's picture

Two years agostories of fake tungsten-filled gold coins and bars began to spread; it appears, between the shortage of physical gold (after Asian central bank buying) and the increase in smuggling (courtesy of India's controls among others) that gold fraud is back on the rise. As SCMP reports, a mainland China businessman, Zhao Jingjun, discovered that HK$270 million of 998kg of gold bars he bought in Ghana had been swapped for non-precious metal bars. What is perhaps even more worrisome, given the probe into commodity-financing deals and the rehypothecation evaporation; these gold bars were shipped to a Chinese warehouse before Zhao was able to confirm the fraud.
As South China Morning Post reports,police were last night making arrangements with a mainland businessman to check whether HK$270 million of gold bullion he bought in Africa was genuine after part of the consignment was swapped with metal bars.
On Wednesday, Zhao Jingjun, 43, opened part of his shipment in front of his buyer in Hong Kong and discovered the gold had been switched for worthless metal.

A senior officer said it would be the city's biggest heist in a decade if it was confirmed that all the gold had been stolen.

An initial inquiry showed Zhao purchased 998kg of gold bars from a company in Ghana in mid-April, police said.

The consignment, in 14 cases, was escorted by his staff and delivered from Ghana on a chartered flight late last month.

"Officers were told that his employee confirmed the cases contained the gold before it was loaded onto the chartered flight in Ghana," a police source said.

The source said the employee left Hong Kong after the consignment was handed to the staff of a logistics company at Chek Lap Kok airport. It was then couriered to a Tsuen Wan warehouse.

The businessman arrived from Hebei province on Monday and checked into the Kowloon Shangri-La hotel in Tsim Sha Tsui. On Wednesday, he had five of the cases couriered to his buyer's Hung Hom office.

"When he opened the boxes, he found they were filled with metal bars instead of gold bullion," the source said. "He told officers the cases appeared to have been tampered with."


A police investigator said:"We don't rule out the possibility that the gold bullion may have been switched for metal bars before being delivered to Hong Kong."

Zhao has reportedly made several such transactions. His business activities include the purchase of iron ore from Australia, Africa and South America.

Four years ago, 265 gold bars were taken from a Yuen Long company. Police arrested three men and recovered most of the HK$90 million in bullion stolen.
We can't help but feel this is not the last time as commodity-backed financings are unwound en masse and the underlying collateral found missing...sourcing the underlying by any means will be on the rise.
*  *  *
For those who want to learn more about China and gold, please read "How China Imported A Record $70 Billion In Physical Gold Without Sending The Price Of Gold Soaring"
For those curious what a fake 10oz bar looks like, here it is again:

It appears in thise case, the fraudsters could not even afford Tungsten (or maybe the Tungsten was rehypothecated elsewhere)...


All was calm---and volume was microscope---up until 8:45 a.m. EDT on Thursday.  Then the gold price blasted higher, most likely on the ECB interest rate news.  But within minutes, the sellers of last resort were there with a tsunami of Comex paper to kill the rally stone cold dead---and actually sold it down about eight bucks off its high tick.  It's unknown whether it was new long buying, or short covering by the technical funds, but it doesn't matter.  All that mattered was that JPMorgan et al prevented what was certain to become a market-clearing event in gold.
The low and high ticks were recorded by the CME Group as $1,241.20 and $1,257.90 in the August contract.
Gold closed in New York yesterday at $1,253.20 spot, up $9.60 from Wednesday's close.  Volume, up the to big price spike, had been fumes and vapours, but exploded to 128,000 contracts, net of June and July.
It was more or less the same price activity in silver.  Volume was nonexistent, but once price volatility began to surface shortly before 1 p.m. BST in London---and then in the subsequent 8:45 a.m. EDT price spike---volume blew out as well, from substantially under 10,000 contracts to north of 40,000 contracts by day's end.
The low and high ticks in silver were reported as $18.67 and $19.155 in the July contract.
Silver finished the Thursday trading session in New York at $19.035 spot, up 24 cents from Wednesday---and would have obviously done much better if JPMorgan et al hadn't put in an appearance.  Net volume, which was around 3,500 contracts at 8:30 a.m. BST in London trading, was 40,500 contracts by the end of electronic trading in New York yesterday---more than double what it was on Wednesday.
After getting sold down to its low of the day at 1 p.m. Hong Kong time, the platinum price rallied in fits and starts right into the 5:15 p.m. close in New York yesterday, although most of the gains [such as they were] were posted by 1 p.m. EDT.  Platinum only closed up five bucks.
Palladium also got sold down a few dollars during Far East trading as well---and didn't mount much in the way of a permanent rally until just before 1 p.m. in Zurich.  It then appeared that a willing seller wasn't prepared to allow the price to break above the $838 spot  mark in New York trading---and the metal closed up an even five bucks as well.
It was another day where it was obvious that all four precious metals wanted to sail away to the upside---and would have done so if not met by determined sellers with very deep pockets.
The dollar index finished trading late on Wednesday afternoon in New York at 80.66---and then slid about 10 basis points up until 12:40 a.m. BST in London, or 7:40 a.m. in New York.  At the point, the index blasted higher, coming within a couple of basis points of the 81.00 level just minutes after 8:30 a.m. in New York, less than an hour later.
Then equally as quickly, the index began to sell off---and most of the selling was done by shortly before 2 p.m. EDT---and the index was down to 80.34.  From there it traded more or less flat, closing at 80.36---down 30 basis points from Wednesday.
The index was already heading south when gold and silver had their 3-minute spikes.  Undoubtedly the dollar index and gold price activity were related to the interest rate news out of Europe, but they didn't happen concurrently.


The CME Daily Delivery Report showed that 146 gold and 1 silver contract were posted for delivery within the Comex-approved depositories on Monday.  In gold, the only short/issuer of note was Barclays, with 143 contracts---and the list of long/stoppers included "all the usual suspects" with the exception of Scotiabank.
The link to yesterday's Issuers and Stoppers Report is here.
There were no reported changes in GLD yesterday---and as of 10:05 p.m. EDT yesterday evening, there were no reported changes in SLV, either.  But when I checked the website at 3:16 a.m. EDT this morning, I noted that an authorized participant had withdrawn 145,074 troy ounces.  This may have been a fee payment of some kind.
Joshua Gibbons, the "Guru of the SLV Bar List", posted his weekly report on the goings-on within the SLV ETF for the week ending at the close of business on Wednesday---and this is what he had to say--- "Analysis of the 04 June 2014 bar list, and comparison to the previous week's list: 2,401,783.9 troy ounces were added (all to Brinks London). No bars were removed or had a serial number change."
"The bars added were from Solar Applied Materials (0.9Moz), Kazakhmys (0.6Moz), Dowa Mining (0.2Moz), and 11 others.  As of the time that the bar list was produced, it was overallocated 691.4 oz.  All daily changes are reflected on the bar list."
"The bars added appear to be freshly minted bars (unlike the older bars removed recently)."
And shortly after I filed my column this morning, I received an e-mail from the good folks over at Switzerland's Z├╝rcher Kantonalbank.  They had just updated their website with their gold and silver ETF data for the week ending May 30---and this is what they had to report.  Their gold ETF shed another 10,435 troy ounces---and their silver ETF declined by 135,580 troy ounces.
There was no sales from report from the U.S. Mint.
Over at the Comex-approved depositories on Wednesday, there was no in/out gold movement once again---and in silver, there was 91,158 troy ounces reported shipped out.  The link to that activity is here.
Reader Brad Robertson sent me a couple of charts yesterday.  The first one is the 5-minute gold tick chart---and the other is the 5-minute dollar index tick chart.  I mentioned at the top of this column that there was microscopic volume in gold yesterday, but that all changed as you can tell from the chart.  The same applies to the dollar index.


No redundant news and views .....

Hollande Says Big BNP Fine May Hit Europe Bank Stability

A potential $10 billion fine against BNP Paribas SA, France’s biggest bank, for violating U.S. trade sanctions could have repercussions affecting the stability of Europe’s financial sector, French President Francois Hollande warned ahead of his meeting with President Barack Obama.
U.S. authorities “must be fully aware of what is at stake from a sanction that would be not just unfair, but disproportionate, and with consequences well beyond a single French bank. Other banks could be targeted, introducing a risk, doubts, suspicions about the soundness of Europe’s financial system,” Hollande said late yesterday at a press conference at the Group of Seven meeting in Brussels.
Hollande plans to use a working dinner in Paris tonight with Obama to press his U.S. counterpart over potential American penalties faced by BNP Paribas, which had net income of 4.83 billion euros ($6.6 billion) last year.

Opinion: Why Germany should say no to Juncker

Jean-Claude Juncker vehemently criticized German-imposed austerity measures during the euro crisis. By doing so, he gained support in a number of countries -- especially those which would like to see the common currency zone degraded into a debt union.
Let's be clear: Jean-Claude Juncker is no friend of Germany. More to the point, the man is only friendly to the Germans so long as they are willing to cover the debts of their neighbors without grumbling too loudly. But as soon as Berlin suggests that other countries first take a look at their own spending before asking for German help, Mr. Juncker becomes indignant. Those well-behaved Germans, who he has praised in the past for doing so much for unity on the Continent under Helmut Kohl, quickly become barbarians in his eyes, unwilling to learn anything from the past.

China Should Resist Further Stimulus, IMF Says

China should refrain from rolling out more stimulus to boost economic growth and continue to implement changes to curb dangers from shadow banking and local government debt, the International Monetary Fund said.
“We are not counseling stimulus at this point, we don’t think that there are any sufficient signs to warrant that,” First Deputy Managing Director David Lipton said at a briefing in Beijing today.
China’s government is trying to sustain growth without implementing a stimulus on the scale of the $586 billion policy boost begun in 2008 that caused a record buildup of debt and inflated asset bubbles. The State Council, which last week said there was “relatively large” downward pressure on the economy, has so far resisted broader monetary-policy easing to curb debt that JPMorgan Chase & Co. estimates surged to 210 percent of gross domestic product last year.
It's wonderful of the IMF to offer unsolicited advice to the USA's largest creditor.  This Bloomberg story, filed from Beijing, showed up on their website in the wee hours of Thursday morning Denver time---and it's courtesy of Elliot Simon.

Ecuador to Goldman Sachs: We win, you lose

Goldman Sachs should have been wary of Ecuadorians bearing gold.
On Tuesday, Ecuador announced that it had swapped 1,165 bars of gold with Goldman. The gold is worth nearly $600 million, based on current prices. Goldman, in return, is giving the Ecuadorians “instruments of high security and liquidity,” which is likely cash or something close to it.
And Ecuador gets to keep its gold. As part of the deal, three years from now, the two will reverse the swap. Ecuador gets its gold back. And Goldman gets the going price for 1,165 yellow bars in 2017.
Goldman is basically betting that gold prices will be substantially higher by then---and that's pretty much a given, so it may be a no-risk trade for them.  I'd be prepared to bet a reasonable number of dollars that Goldman comes out of this trade much better off than the poor citizens of Ecuador.  We'll find out in the fullness of time. The story starts out more or less the same as the other two stories on Ecuador's gold that I posted earlier this week, but it doesn't end quite the same.  This news item showed up on the Internet site at 2:12 p.m. EDT on Wednesday---and it's definitely worth reading.  I thank Kenneth Beckman for bringing it to my attention---and now to yours.



The important thing is to recognize just how historic has been the amount of technical fund short selling in COMEX silver. I never expected the technical funds to exceed former levels of record silver shorts by the amounts reported. But as painful (to existing investors) as the recent price drop has been, it is precisely the unexpectedly large tech fund shorting that has created what may be the best silver set up ever. Make no mistake, the technical funds must buy back, rather than deliver metal to close out their short position. As a result of the record technical fund short selling in COMEX silver, there is now automatically embedded the largest amount of potential buying power in history. Coupled with the record long position of the raptors, silver could and should surprise to the upside at some point soon. I hate how we got to this circumstance, but love the fact that we’re there.  - Silver analyst Ted Butler: 04 June 2014
I'm not sure what to make of the spikes in silver and gold yesterday, as they didn't happen in direct conjunction with the machinations in the dollar index---and I'm not sure of the exact time that the ECB interest rate news was released.
But what I do know for sure is that the price spikes in both these metals most likely ran into a monster wall of paper from JPMorgan et al.  How much damage was done yesterday as the technical funds bought and the commercials sold, is hard to divine.  But---and that's a very big but at the moment---a quick peek at the CME's Preliminary Report for yesterday's trading showed small declines in total open interest in both metals, something I wasn't expecting at all---so maybe yesterday's price spikes were related to something else.
However, I've learned from hard experience [thanks to Ted Butler's repeated warnings] that 'da boyz' can cover their tracks real good as they're stomping around in the precious metal markets---and I've been wrong at the top of my voice before, so I'm "once bitten, twice shy" on these numbers at the moment.  But I did find them very encouraging nonetheless.  Time will tell, but we'll have to wait until next Friday's Commitment of Traders Report, which is a virtual lifetime away at the moment.
Here are the 6-month charts for both gold and silver once again.  I'm showing only the 50 and 20 day moving averages in both metals, as the 200-day m.a. is not even close to being in play in either metal at the moment.
As you can see, neither of the 20-day moving averages were penetrated yesterday, so maybe the technical damage wasn't that great.  But as I said a couple of paragraphs ago, we'll have to wait a week to find out what actually happened.
An as I type this paragraph, London has just opened, as it's exactly 8 a.m. BST.  Precious metal prices did nothing up until lunchtime in Hong Kong on their Friday, but popped a bit early in their afternoon---and going into the London open.  But all four are now off their highs---such as they were.  Volume is very light once again---around 15,000 contracts in gold and just over 4,000 contracts in silver.  The dollar index has barely moved since it opened in Tokyo earlier today.
Today is a big day for reports---jobs, the Commitment of Traders Report---and the Bank Participation Report derived from those COT numbers.  As I said yesterday, I'll have lots to talk about in Saturday's column.
And as I file today's column at 4:45 p.m. EDT, I note that not much has changed since the London open ninety minutes ago.  All four precious metal continue to struggle higher.  Gold volume is now 18,500 contracts---and silver's net volume is up to 5,300 contracts---which is not a lot of activity over that period of time.  The dollar index is now up a small handful of basis points.
As to what the remainder of the Friday session will bring, especially in New York, is a complete unknown.  I'm certainly expecting some activity at 8:30 a.m. EDT when the job numbers are released, but other than that, who knows?  I certainly don't---and nothing will surprise me when I power up my computer later this morning.
I hope you have a good weekend, or what's left of it if you live west of the International Date Line---and I'll see you here tomorrow.

Additional items ....

05 JUNE 2014

Gold Daily and Silver Weekly Charts - Pop Go the Weasels

Gold and silver liked Marvelous Mario's new negative interest rate policy for the ECB this morning. There is not a lot of doubt in my mind that they took a hit the past couple of days after option expiration to dampen any rally possibilities over what should surely be a big positive for the precious metals. Such are the ways of a currency manipulation.

So what next? Non-Farm Payrolls tomorrow, and Wall Street has set up what ought to be a real softball number of 215,000 headline jobs added, at least in the SIXTH year of The Recovery™.

If there are any more bad numbers to get out of the way, now would be the time to do it, because the midterm elections are drawing closer and closer, and the comps don't need to be increased for the months before an important event. That is certainly something that Wall Street and Pennsylvania Avenue have in common.

I am not so concerned with the short term movements in markets these days. Things will play out as they play out. Draghi's plan to institute negative interest rates on cash is significant, and don't let anyone make you think that is not.

Have a pleasant evening.

TF Metals Report: Expect more gold price suppression for short covering in June

11:50a ET Thursday, June 5, 2014
Dear Friend of GATA and Gold:
The TF Metals Report's Turd Ferguson forecasts more heavy price suppression by the gold cartel during June as it prepares to cover short positions in the futures markets:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

ETF Securities enters race to provide silver price benchmark

By Xan Rice
Financial Times, London
Wednesday, June 4, 2014
One of the biggest providers of exchange traded funds has entered the race to develop a new global silver price benchmark when the 117-year-old London silver fix is disbanded in August.
ETF Securities, which pioneered gold-backed ETFs and oversees $19 billion in assets, said on Wednesday that it had submitted a detailed proposal to the London Bullion Market Association, and was consulting market participants.
The UK company's move highlights the strong competition to provide a new daily reference price for silver. The London Metal Exchange -- which is the world's largest bourse for base metals futures, and has previously quoted silver prices -- is working on its own electronic alternative, as is the Chicago Mercantile Exchange, which oversees the biggest silver and gold derivatives contracts.
On Wednesday, Platts, the benchmark and information provider, confirmed that it had entered discussions as well. It said: "We have held conversations with the LBMA and we look forward to continued collaborative engagement regarding price discovery in the silver market."
Whichever organisation is chosen to run the new silver benchmark will also be in a strong position to take over the under-fire gold fix, if the group of banks that operate this benchmark decide to phase it out.
Participating in a benchmark price process would offer prestige to a company such as ETF Securities, while the exchanges would also stand to gain from transaction fees, commissions, and licensing revenue.
Graham Tuckwell, founder and chairman of the ETF Securities, said his proposed solution for silver pricing would involve the London Stock Exchange's auction platform for shares and result in physically-settled transactions.
"From talking to people in the market, I am absolutely confident that this will be benchmark accepted by the LBMA members," Mr Tuckwell said. "It offers real transparency and the infrastructure is already in place."
Under the current system, banks run an auction system by teleconference, to set a single price that is used by silver miners, jewellers, and financial institutions to trade the metal and value their inventories. However, like the gold fix, the silver benchmark has been criticised as opaque and old-fashioned and has attracted increased regulatory scrutiny following global probes of alleged manipulation of Libor and foreign exchange indices.
A decision to abandon the London silver fix from August 14 was made after Deutsche Bank failed to find a buyer for its seat on the rate-setting body earlier this year -- leaving only HSBC and Scotiabank involved.
The LBMA, the trade association for London’s $1.6 trillion-a-year silver market, launched a consultation in May to come up with a revised pricing mechanism.
ETF Securities' proposed solution would be based on the company's silver fund, which is backed by physical metal and traded on the London Stock Exchange. Market participants wishing to buy or sell metal would deal using the LSE's electronic auction process, which lasts for five minutes and uses algorithms to calculate closing prices for shares at 4.30 p.m. each day. Transfer of silver bars between the buyers and sellers would occur two days later.
Mr Tuckwell said he was still in talks with the LSE about his proposal, and that he wanted the silver auction to occur at noon, in line with current practice. People familiar with the process said that Thomson Reuters has also expressed interest in offering a silver price.
The process is being closely watched by market participants elsewhere in the precious metals industry. If a new silver benchmark is seen as an improvement, it will add to calls for the 95-year-old gold fix to be scrapped.
The twice-daily gold auction process is run by four banks in London. In May the UK's Financial Conduct Authority fined Barclays, one of the four fixing members, L26 million for poor controls after one of its traders used the auction to push down the gold price in order to avoid paying out on a derivatives contract.

Ecuador used gold reserves for Goldman Sachs loan collateral

By Nathan Gill
Bloomberg News
Wednesday, June 4, 2014
QUITO, Ecuador -- Ecuador President Rafael Correa said today proceeds from a loan obtained from Goldman Sachs Group Inc. after he offered more than half the country's gold reserves as collateral will go toward investing in economic growth.
The government, faced with a budget deficit forecast to hit a record this year, said last week that it "invested" 466,000 ounces of gold with Goldman Sachs in return for
"instruments of high security and liquidity." The transaction added to reserves of "monetary gold" and would generate as much as $20 million in profit, according to a central bank statement.
The gold reserves "serve as collateral for a loan," Correa told reporters at the presidential palace in Quito. "With this loan, we can invest in the country."
The deal, amounting to 1,165 gold bars worth about $580 million at current prices, comes on top of government attempts to sell about $700 million of bonds this year in what would be the nation's first foreign debt sale since it defaulted on $3.2 billion of its notes in 2008 and 2009.
Ecuador's government hasn't sufficiently explained the operation with Goldman Sachs and the difference between the central bank's original statement and Correa's comments today, said Luis Fernando Torres, a congressional representative for Tungurahua province. The government has liquidity problems and has begun delaying payments to some public officials, he said.
"An investment and a loan are totally different things," Torres said today in an interview at the nation's Congress in Quito. "This operation is baffling."
Correa's administration is also in talks with China to finance a $10 billion refinery in the coastal province of Manta, Strategic Sectors Minister Rafael Poveda said today at the event in Quito. The government expects to sign a deal for $2 billion in August, of which $500 million will be for the government's discretionary use, he said.
The Finance Ministry forecasts the government will need about $4.94 billion to cover this year's budget deficit. The government has said that if it doesn't find the funds to finance the gap, it will cut spending on budgeted infrastructure projects.

What if people ever started asking about rehypothecated gold?

Chinese Port Stops Metal Shipments Due to Probe, Trade Sources Say
By Melanie Burton
Monday, June 2, 2014
SYDNEY, Australia -- China's northeastern port of Qingdao has halted shipments of aluminium and copper due to an investigation by authorities, causing concern among bankers and trade houses financing the metals, trading and warehousing sources said on Monday.
Port authorities could not immediately be reached for comment. ...
"Banks are worried about their exposure," one warehousing source in Singapore said.
"There is a scramble for people to head down there at the minute and make sure that their metal that they think is covered by a warehouse receipt actually exists," he said. ...
... For the full story:

Copper Plunges Most In 3 Months As "Rehypothecation Evaporation" Concerns Grow

Tyler Durden's picture

Copper prices accelerated lower overnight and are sitting at 5 week lowsfollowing rapidly growing fears that the commodity warehousing probe will uncover exactly what we have been warning about for months - there is no 'there', there. As we explained in great detail here and here, the discrepancy of reportedly 80,000 tonns of aluminum and 20,000 tonnes of copper is sparking wholesale liquidations as carry traders, lenders, and borrowers all scramble to find out if their promised commodity is there. Iron ore, which has seen its price tumble dramatically, is also on the watch list as the port had said it was investigating whether iron ore warehouse receipts were fraudulently used multiple times to raise finance by different banks.

As we concluded yesterday,
So far it is unknown just what happens next: when it comes to copper and certainly gold, there has been a substantial downswing in prices. How much of that is attributed to CFDs unwinding is unclear. But the bigger question, and not just for gold prices, but for the Chinese economy is if indeed the funding deal house of cards is imploding, what happens to China's shadow banking system, which is extremely reliant on the billions in "rehypothecated" dollars emanating from non-existent metal collateral.
Because should the Qingdao port fiasco spread and be confirmed at all other venues that use commodities for funding purposes, then that may just be the straw that breaks the already weakened back of China's credit system. How the PBOC will respond to that may be just the variable that answers what happens to China's inflation, and thus to the price of the simple, unencumbered underlying physical metals in the coming weeks and days.
Stay tuned.


Former Greek leader says nations mull new gold-linked SDR

5:25p ET Friday, June 6, 2014
Dear Friend of GATA and Gold:
Interviewed by King World News, London gold fund manager Ben Davies reports a conversation in which a former prime minister of Greece acknowledged that world leaders have seriously discussed creating a reserve currency combining the International Monetary Fund's "special drawing right" with gold:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

Alasdair Macleod: Asian gold strategy clarifying

10a ET Friday, June 6, 2014
Dear Friend of GATA and Gold:
Gold is now plainly part of the Chinese and Russian plan for an Asian economic zone bigger than the Americas and European Union combined, GoldMoney's Alasdair Macleod writes today.
China, Macleod writes, "will continue to trade with Europe and America and to extract minerals from Africa and Australia, but there is no doubt her commercial focus is now on Asia. And when it comes to cross-border trade settlement negotiated at inter-governmental level, we can assume that Western currencies will be excluded where possible. The choice will be for the balance of trade to be settled in a mutually acceptable Asian currency or gold. ...
"It amounts to an Asian gold strategy that excludes the West, and by supressing the gold price through sales and leasing of monetary gold, Western central banks have unwittingly enabled China's carefully thought-out plans. How and when will Western central banks break the news to us all that the bulk of the gold reserves entrusted to them are now in Asian hands and they have been secretly complicit since the 1970s in setting up a whole continent with what probably amounts to the largest wealth transfer in history?"
Macleod's commentary is headlined "Asian Gold Strategy Clarifying" and it's posted at GoldMoney's Internet site here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.