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John Hathaway: Gold can Triple - nov - 2, 2006

John Hathaway: Gold can triple without any catastrophe


Submitted by cpowell on 05:16AM ET Wednesday, November 1, 2006. Section:

8:14a ET Wednesday, November 1, 2006

Dear Friend of GATA and Gold:

Tocqueville Gold Fund manager John Hathaway surveys the gold and financial markets in his new essay, "Trivial Pursuit," and remarks:

"Should fear revisit the financial markets, buying power for gold is without precedent. While the gold mining industry struggles to produce 2,500 tonnes per year, an amount that would increase the above-ground stock of gold by a paltry 1.7 percent, the financial system continually spews out a blizzard of new financial assets, all of which represent potential claims for liquidity and safety.

"In the bleak days of 1935, the market cap of above-ground gold equaled 15 percent of U.S. financial assets. In 1980, when bonds were dubbed 'certificates of confiscation' and good-quality equities traded at six times earnings and 6 percent dividend yields, that same percentage was 29 percent. In today's carefree world, that percentage is only 3 percent. The price of gold can double or triple in the absence of catastrophic outcomes simply as more investors attempt to position the exchange-traded fund."

That is, the ratio between gold and all other financial assets is more extreme than ever, and as Wits Gold Chairman Adam Fleming said at GATA's Gold Rush 21 conference last year, even a small move by investors can take the central banks out of their gold.

You can find Hathaway's essay at Gold-Eagle here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

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Recommended Gold & Bullion Dealers

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

Centennial Precious Metals
Box 460009
Denver, Colorado 80246-0009
Michael Kosares, Proprietor

Colorado Gold
222 South 5th St.
Montrose, Colorado 81401
Don Stott, Proprietor

El Dorado Discount Gold
Box 11296
Glendale, Arizona 85316
Harvey Gordin, President
Office: 623-434-3322
Mobile: 602-228-8203

Gold & Silver Investments Ltd.
Mespil House
37 Adelaide Rd
Dublin 2
+353 1 2315260/6
Fax: +353 1 2315202

Investment Rarities Inc.
7850 Metro Parkway
Minneapolis, Minnesota 55425
Greg Westgaard, Sales Manager
1-800-328-1860, Ext. 8889

178 West Service Road
Champlain, N.Y. 12919
Toll Free:1-877-775-4826
Fax: 518-298-3457
620 Cathcart, Suite 900
Montreal, Quebec H3B 1M1
Fax: 514-875-6484

Lee Certified Coins
P.O. Box 1045
454 Daniel Webster Highway
Merrimack, New Hampshire 03054
Ed Lee, Proprietor

Lone Star Silver Exchange
Suite 635, 3521 Oak Lawn Ave.
Dallas, Texas 75219

MRCS Canada
12303-118 Ave. NW
Edmonton, Alberta T5L 2K2
Michael Riedel, Proprietor

Miles Franklin Ltd.
3015 Ottawa Ave. South
St. Louis Park, Minn. 55416
1-800-822-8080 / 952-929-1129
fax: 952-925-0143
Contacts: David Schectman,
Andy Schectman, and Bob Sichel

Missouri Coin Co.
11742 Manchester Road
St. Louis, MO 63131-4614

Resource Consultants Inc.
6139 South Rural Road
Suite 103
Tempe, Arizona 85283-2929
Pat Gorman, Proprietor
1-800-494-4149, 480-820-5877

Richard Nachbar Rare Coins
5820 Main St., Suite 601
Williamsville, N.Y. 14221-8232

Swiss America Trading Corp.
15018 North Tatum Blvd.
Phoenix, Arizona 85032
Dr. Fred I. Goldstein, Senior Broker

The Moneychanger
Box 178
Westpoint, Tennessee 38486
Franklin Sanders
1-888-218-9226, 931-766-6066


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