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         THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
        Monday, October 24, 2005 - Vol. 7 No. 214
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In This Issue:
* COMMENT: Pure Platinum.

* OFFSHORE: Turks & Caicos Deal. Swiss EU Tax Row. Bush in Panama.
  Refco Files in Bermuda. Cruise Ship Like No Other.

* WEALTH: IRS Continues Offshore Card Persecution. Dow Jones Quotes Us!
  FinCEN Anti-Money Laundering Screwed Up.

* PRIVACY & RIGHTS: PATRIOT Act Four Years Old.
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COMMENT: Pure Platinum.

Dear A-Letter Reader:

Two reader questions I've been getting a lot lately (in response to my
gold report) are "What about silver?" and "What about platinum?"
Excellent questions. Today, we're going to look at platinum.

There seems to be a buzz around platinum lately. Here are some
fundamentals...
• Platinum is used for jewelry, but also for industrial purposes (54% of
demand), mainly to control exhaust emissions in automobiles (in your
catalytic converter).

• South Africa produces 75% of the world's platinum. And in South
Africa, 70% of the platinum comes from an area called the Bushveld.
This puts a strong cap on global supply.

• During the last US recession in 2001-2002, platinum demand actually
increased -- from 5.6 million ounces to 6.2 million ounces annually.

Now let's add another interesting fact. In gasoline engines, palladium
can be substituted for platinum in emissions controls. Now, diesel
engines are becoming more popular due to higher energy prices – and
palladium CANNOT substitute for platinum in diesel engines.

Meanwhile China's annual car sales are expected to nearly double between
now and 2010. India is even more car-crazy than China. Demand from the
auto sector alone should keep pressing platinum prices higher.

Now, let's look at a weekly chart of platinum…

You can see that platinum is challenging overhead resistance from last
year, and recently hit a record high. If it breaks out to the upside,
my target price on platinum is $1,030.

But be careful. Platinum is not as liquid as gold. To show you what I
mean, between 50,000 to 100,000 gold futures contracts trade every day.
Platinum only trades around 700 contracts daily.

Also, market analysts at GFMS say that the world will have a surplus of
platinum next year, and that the speculative longs in the platinum
futures market has been rising steadily - two developments that
warrant caution.

Still, there's another potential price booster that weighs on the price
of platinum miners at the same time. 75% of the world's platinum is
mined in South Africa. A new precious metals law in that country
designed to boost the local processing of precious metals will probably
just boost the bureaucracy. Investors are wary of this squeeze.

However, this could be good for a precious metals miner outside South
Africa. For example, there is Russia's Norilsk Nickel, which produces
platinum along with palladium and nickel. Norilsk also has a
controlling stake in US miner Stillwater Mining (SWC). Stillwater
Mining is sitting on what it says is the only significant source of
platinum and palladium outside South Africa and Russia. The stock has
problems, so it's cheaper than it has been in the past, but sales are up
62% year over year. It might be worth a look, as long as you keep both
eyes open.

Meanwhile, gold is pulling back. But not to worry – backing and filling
is typical of a bull market. It just means we get to buy great gold
stocks at better prices.

Yours for investing profits,
SEAN BRODRICK, Investment Director
The Sovereign Society Ltd.
E-mail: seanbrod@bellsouth.net

PS: You know who has a handle on the red hot precious metals market?
Commodity Trend Alert editor Eric Roseman. His subscribers are already
showing open gains of 25% on Goldcorp, 56% on Newmont and 47.94% on
Silver Wheaton. To get Eric's latest hot pick, click here:
LINK: http://www.agora-inc.com/reports/CTA/WCTAFA00
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COMMENT LINKS:
* South Africa faces opposition to precious metals law.
  LINK: http://www.platinum.matthey.com/media_room/1129726802.html
* Platinum production forecast down in 2005.
  LINK: http://www.miningweekly.co.za/min/news/today/?show=76124
* Platinum, palladium outlook strong.
  LINK: http://metalsplace.com/metalsnews/?a=2701
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* FROM THE EDITOR'S DESK, BOB BAUMAN SAYS:
  OFFSHORE:

* TURKS & CAICOS NEW CONSTITUTION
GRAND TURK, T&C: You don't hear much about this British overseas
territory, but it is a tax haven and it has just reached agreement with
London on a new constitution.

* Turks & Caicos agrees with UK on new constitution.
LINK: http://www.tax-news.com/asp/story/story_open.asp?storyname=21438
* More about the Turks & Caicos.
  LINK: http://www.odci.gov/cia/publications/factbook/geos/tk.html
-----
* SWISS TELL EU TO MIND THEIR OWN TAX BUSINESS
ZURICH: The Swiss Finance Minister defends the Swiss tax
system against EU questions about cantonal corporate tax rates.

* Swiss finance minister defends tax system. LINK:
http://www.swissinfo.org/sen/swissinfo.html?siteSect=106&sid=6181516&cKey=1129985425000
* EU questions Swiss cantonal tax system.
  LINK: http://www.tax-news.com/asp/story/story_open.asp?storyname=21457
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* CASTRO STIRS ANTI-BUSH PANAMA OPPOSITION
HAVANA: Communist Cuba continues to try to stir up protests against
Pres. Bush's impending visit to Panama.

* Despite repression, students protest Bush visit to Panama. LINK:
http://www.plenglish.com/article.asp?ID={4F8E90E4-C74D-4E58-988C-DA682411C26A})&language=EN
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* $1.4 million frozen in stock scam in Panama, Cayman Islands. LINK
http://www.nynewsday.com/news/local/wire/newjersey/ny-bc-nj--stockscammers1020oct20,0,6268646.story?coll=ny-region-apnewjersey
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* Troubled Refco files applications in Bermuda. LINK:
http://www.theroyalgazette.com/apps/pbcs.dll/article?AID=/20051020/BUSINESS/110200104
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* The World a cruise ship like no other; possible tax haven? LINK:
http://www.canada.com/vancouver/vancouversun/news/travel/story.html?id=56ad0c1c-f8c8-430c-a085-cc9224d5409c
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  WEALTH:

* I.R.S. CONTINUES OFFSHORE CARD PERSECUTION
The IRS asks access to eBay's PayPal customer records as part of a
continuing attack on Americans allegedly using offshore credit cards
to evade paying income taxes.

* PayPal gets IRS request for clients list. LINK:
http://www.billingsgazette.com/index.php?id=1&display=rednews/2005/10/21/build/business/45-pay-pal.inc
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* DOW JONES QUOTES SOVEREIGN SOCIETY

Dow Jones Market Watch quotes Sovereign Society's Investment Director,
Sean Brodrick, again: "Obviously, we're seeing demand destruction" for
natural gas. The question is: is this temporary, as people put off
buying gas, hoping that prices go down? Or is this permanent, brought on
by real conservation and lifestyle changes?" "The first real freeze this
winter should be revealing" and "if demand doesn't ramp up after that,
I'd get bearish on natural gas."  LINK:
http://www.marketwatch.com/news/story.asp?guid={90C78046-8CF1-4EE7-9508-A07088C6B78D}&doctype=103
* Get Sean's special report, "70 Days to Empty" Click here:
  LINK:  http://www.agora-inc.com/reports/190SENGY/W190FA28/
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* U.S. ANTI-MONEY LAUNDERING AGENCY SLIPS
FinCEN's online reporting system has been hacked into and it has failed
for two years to issue rules on correspondent accounts. LINK:
http://counterterror.typepad.com/the_counterterrorism_blog/2005/10/banks_hit_for_a.html
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  PRIVACY & RIGHTS:

* PATRIOT ACT FOUR YEAR OLD
*  ACLU calls for U.S. Senate Version of Patriot Act reform. LINK:
http://www.aclu.org/SafeandFree/SafeandFree.cfm?ID=19286&c=206
* Bill of Rights Readings on 4th Anniversary of Patriot Act.
  LINK: http://www.infozine.com/news/stories/op/storiesView/sid/10955/
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER.
* Bob Bauman, Editor * Daniel Aponte, Jr. Editorial Asst.
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