If AngloGold really wants gold up, it might ask some questions


By Bill Murphy, Chairman
Gold Anti-Trust Action Committee Inc.
February 25, 2001

During my recent visit to South Africa, it was
suggested that it might be possible to organize a
meeting of the mining ministers of the African gold-
producing countries, at which the Gold Anti-Trust Action
Committee could convey its findings about the
manipulation of the gold market.

It is hard to imagine an issue of greater importance to
these ministers, because exposing the gold market
story will mean a gold price hundreds of dollars higher
than it is today. That will revitalize the African mining
industry and the economies of many African nations.

It will also mean that hundreds of thousands of miners
will go back to work all over Africa. Since, on
average, 11 or 12 other people count on the income from
each miner for support, this is no small matter.

It will also mean that money suddenly will be available to
fight the terrible disease and crime problems afflicting Africa.

Since my return from South Africa, I have been working
on calling the GATA Africa Gold Conference. The first
thing it will take to pull it off is sponsorhip money. To that
end, GATA has raised $60,000 in commitments. We
have also received indications of backing by members of
the South African business community.

Reg Howe and Frank Veneroso have pledged their time
gratis to make presentations to the conference. In
addition to the mining ministers, we hope that
important South African politicians, businessmen,
mining union executives, gold producers, and press will

We hope that a few key U.S. politicians will attend as well,
since the conference will be of enormous significance to
the developing African countries and their black-led

So I am going to Washington on Thursday, March 8, to meet
with as many of the following as I can: the Congressional
Black Caucus, Republican and Democratic leaders, Ralph
Nader, and leaders of the National Association for the
Advancement of Colored People.

To that end, I am sending faxes and endeavoring to make
appointments with various schedulers. If any of you can
be of additional assistance in this matter, please do so,
and send any positive feedback or instructions my way.
I will use Wednesday, March 7, or Friday, March 9, as a
swing day for additional meetings.

Then, on Sunday, March 11, I take off for Toronto and
the annual convention of the Prospectors and Developers
Association of Canada. There I hope to drum up more
support for the African Gold Conference and alert the
Canadian press to what GATA is planning.

That is what GATA intends to do to break the back of
the Gold Cartel, whose greed has ruined the lives of so
many. But to win the day we need your help, and
it need not necessarily be financial.

We must keep the pressure on. GATA needs you to write
just one letter to maintain our "wave attack" battle plan
against the Gold Cartel.

Remember the thoughts from the book "Leadership Lessons
from Emperor Shaka Zulu the Great":

* * *

Shaka looked at me, his eyes blazing, and he smiled:
"Now I know how we will conquer all tribes in our path.
Today I have discovered something that will make
Dingiswayo smile in his grave."

"What do you mean?" I inquired.

"You see these waves? You see why they are
unstoppable?" Shaka said as he pointed to the sea with
his spear. "From now onwards the Zulu army will be like
these waves. When we attack, we will not all attack at
the same time; we will have waves of warriors. Just as
the enemy thinks that he has worn us out, a new wave
will emerge and the enemy will have no time to regroup.
We will wear the enemy down with relentless waves of
attack until they give in."

* * *

GATA is using the same tactic. Everywhere the Gold
Cartel turns, we will find a relentless way to confront
it. Shaka's "enveloping horn" will close in on them. They
will be defeated.

To achieve that end, GATA Treasurer/Secretary Chris
Powell and I would appreciate it if you wrote to U.S.
Treasury Secretary Paul O' Neill, to the Bush
administration's new head of the Justice Department's
anti-trust division, Charles A. James, or to any members
of Congress or other political leaders aware of the gold
price manipulation issue.

As the Treasury Department is due to respond by March
15 to our lawsuit with Reg Howe in U.S. District Court
in Boston, the time to write is now.

The addresses are:

Treasury Secretary Paul O'Neill
U.S. Treasury Department
1500 Pennsylvania Ave. NW
Washington, D.C. 20220

Charles A. James
Anti-Trust Division
U.S. Department of Justice
950 Pennsylvania Ave.
Washington, D.C. 20530

Treasury Secretary O'Neill's recent appointment of New
York Federal Reserve Bank official Peter Fisher to be
undersecretary for domestic finance makes your letter
even more important. At the New York Fed, Fisher has
been executive vice president in charge of markets,
watching global credit and currency markets for signs
of trouble. According to The Wall Street Journal, in
1998 Fisher engineered the bailout of the Long-Term
Capital Management hedge fund, persuading skeptical
regulators that the alternative would be an international
financial meltdown. Fisher also serves on the Gold and
Foreign Exchange Committee of the G-10 central banks.

Fisher knows all about the collusion in the gold market.

According to The Wall Street Journal, "though Mr.
Fisher has yet to get formal White House clearance, Mr.
O'Neill has settled on him as his choice, according to
people familiar with the nomination. His appointment
would require confirmation by the Senate."

Also according to the Journal, "Mr. Fisher would round
out the Treasury secretary's roster of top economic
aides. Mr. O'Neill, a retired Alcoa Inc. chairman, has
recruited Kenneth Dam, a former State Department
official, to be deputy Treasury secretary. Stanford
economist John Taylor is Mr. O'Neill's choice as
undersecretary for international affairs."

GATA hopes that Fisher, who was not given the key gold-
related position of undersecretary for international
affairs, formerly held by gold's nemesis, Ted Truman,
has been brought into the Treasury Department because
of this line of thinking: "You got us into this mess;
now get us out of it." That is, Fisher knows enough about
how the gold manipulation works so that maybe he will
be able to unwind it without blowing everyone up.

But we can leave nothing to chance. Washington must
know that we know what has happened and that this grave
injustice must be undone soon.

Chris Powell and I will do our part on that score. We
hope that you will do yours.