Gold certificates aren''t gold, but allocated gold is a lot closer

1:19a ET Saturday, June 7, 2003

Dear Friend of GATA and Gold:

GATA Chairman Bill Murphy is off trying to rally the
gold army at Cambridge House International's World Gold,
PGM, and Diamond Investment Conference in Vancouver
and has left your correspondent alone with the e-mail
server and the liquor cabinet. As proof that I have
tried to spend more time with the former, appended here
are links to a lot of interesting gold-related
commentaries of the past week or so.

* * *

Jim Sinclair's June 6 commentaries argue that the Federal
Reserve may be jawboning in favor of inflation but it's
not enough when the Exchange Stabilization Fund is still
intervening surreptitiously to prop up the dollar:

a href=http://www.jsmineset.com/s/Home.asphttp://www.jsmineset.com/s/Home.asp/a

CBSMarketWatch's Thom Calandra sees gold's price
doubling by the end of the year:

a href=http://cbs.marketwatch.com/news/story.asp?guid=%7B0066FB1A%2D0C2D%http:/...
2D46CD%2DA24D%2DFD57406591E7%7Damp;siteid=mktw

Or try this abbreviated link:

a href=http://ls.shapebyforce.com/sbf/197http://ls.shapebyforce.com/sbf/197/a

Writing in Forbes, Susan Kitchens doesn't think gold is
going much farther:

a href=http://www.forbes.com/global/2003/0609/041.htmlhttp://www.forbes.com/glo...

Paul A. McCulley, managing director of Pimco, writes that
the Federal Reserve really is committed to driving the
dollar down:

quot;To reverse deflationary expectations, a central bank must
credibly commit to pursuing a higher inflation rate. Note, I
said 'credibly.' Reflating is all about convincing the public
to believe that their cash really will be turned into trash,
inducing them to spend their cash to buy things -- goods,
service, and assets -- before it loses value, in the process
generating rising inflation.quot;

a href=http://www.pimco.com/ca/bonds_commentary_fedfocus_recent_index_bottom_ht...
archive.htm

Or try this abbreviated link:

a href=http://ls.shapebyforce.com/sbf/198http://ls.shapebyforce.com/sbf/198/a

Charles V. Zehren warns that having attracted so much
foreign capital may not be a blessing to the United States
much longer, now that the Asian countries that hold 95
percent of the world's trade surplus are contemplating
diversifying their foreign exchange reserves:

www.newsday.com/business/printedition/ny-
zehren3299011may25,0,7939281.story

Or try this abbreviated link:

a href=http://ls.shapebyforce.com/sbf/199http://ls.shapebyforce.com/sbf/199/a

Sean Corrigan of Capital Insight observes at Gold-Eagle
that quot;infinite moneyquot; -- as when central banks drive
interest rates down near zero -- is not really infinite
wealth:

a href=http://www.gold-eagle.com/gold_digest_03/corrigan060403.htmlhttp://www.g...

Or as Kipling put it in rhyme:

In the Carboniferous Epoch
we were promised abundance for all,
By robbing selected Peter
to pay for collective Paul;
But though we had plenty of money,
there was nothing our money could buy,
And the Gods of the Copybook Headings said:
quot;If you don't work you die.quot;

* * *

Now, where DID Murphy leave the key to the cabinet?
... Ohmigod -- he took it all with him!

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

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