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Published on Gold Anti-Trust Action Committee (http://gata.org)

Weenie Roast - Bill Murphy

By Administrator
Created 2001-10-28 07:00

The Gold Anti-Trust Action Committee has come up with more evidence that the gold market has been manipulated since 1995 than the Bush Administration has produced evidence showing Osama Bin Laden was responsible for the September 11 terrorist attacks on the United States. A smattering of that evidence includes the following:

*Virgil Mattingly, General Counsel of the Federal Reserve. According to the transcripts of the January 31st, 1995 meeting of the FOMC, Mr. Mattingly said: "The [ESF] statute is very broadly worded in terms of words like "credit" – it has covered things like the gold swaps – and it confers broad authority.

Why is it then that The Gold Anti-Trust Action Committee has a March 22, 2001 letter from Acting Treasury General Counsel, Stephen J. McHale, stating that the ESF has not held gold since 1978?

*On June 25, 2001 J Virgil Mattingly wrote a memo to Fed Chairman Alan Greenspan that the 1995 FOMC minutes in question were "transcribed inaccurately or otherwise became garbled." That memo was sent on by Alan Greenspan to Kentucky Senator Jim Bunning.

The FOMC minutes were not garbled. Mattingly's memo is reminiscent of the erased Watergate tape.

*From Reg Howe's Law Suit: In July 1998, Fed Chairman Alan Greenspan, testifying before the House Banking Committee, stated: "Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise." This statement amounted to a declaration that the gold price had been and would continue to be controlled. Not only did it constitute an open invitation to take advantage of the gold carry trade at very little risk, but also it pressured private holders of gold bullion to sell or lease their gold, thus augmenting the physical supply needed by the manipulators.

How did Chairman Greenspan know that this is exactly what would happen over the ensuing 39 months?

*Also from the Reg Howe Lawsuit and following the dramatic gold price run up after the Washington Agreement was announced: The fifth wave of preemptive selling in excess of two standard deviations occurred in response to this rally as the Fed, the Bank of England and the BIS struggled to halt and reverse it. According to reliable reports received by the plaintiff, this effort was later described by Edward A. J. George, Governor of the Bank of England and a director of the BIS, to Nicholas J. Morrell, Chief Executive of Lonmin Plc:

We looked into the abyss if the gold price rose further. A further rise would have taken down one or several trading houses, which might have taken down all the rest in their wake. Therefore at any price, at any cost, the central banks had to quell the gold price, manage it. It was very difficult to get the gold price under control but we have now succeeded. The U.S. Fed was very active in getting the gold price down. So was the U.K.

Not only did Alan Greenspan know what other central bankers would do on a gold price rise, he knew what his own Fed would do too!

*James Turk reports on the SDR Certificates held by the Exchange Stabilization Fund (ESF): "From 10,168 million in December 1995, the SDR Certificate account declined to 8,200 million by June 1999, or 19% over 3½ years. Now look at the decline beginning in the third quarter of 1999, which corresponds with the Washington Agreement signed in September of that year. In only 18 months the SDR Certificate account declined by 73%. Was there a panic to get gold into the market after the Washington Agreement to keep the gold price from rising? This evidence sure does support that conclusion."

..... "the US Treasury changed in September 2000 the classification of that portion of the US Gold Reserve in West Point to "Custodial Gold". It is interesting and probably meaningful to note that this change occurred in the fiscal year ending September 30th in which there was a substantial decline in the SDR Certificates. "

It all fits.

Yet, with all this accumulating evidence of gold market foul play, the leading gold producer CEO's maintain a Mafia like code of silence about GATA's discoveries; as does the gold press - preferring to do a tap dance around GATA, covering Mickey Mouse gold goings-on to fill their daily/weekly commentary.

It is very clear to me that the gold industry does not care about the truth, what is right and just, or even their own shareholders. What they do care about is not offending the banking and political interests of the world - no matter what those entities are doing to the gold price and to free market principles.

I wonder if there has ever been an industry like it - one that can be abused for years by such wrong doings and still not produce leaders willing to take on such obvious adversaries? That is why I call these men "Weenies."

GATA has handed these executives of the senior gold producer world all the material they would ever need to take on their obvious oppressors. Yet, they do nothing.

One only has to read just some of the material presented in this micro review of what GATA has on the cabal to begin to comprehend that the gold scheme was orchestrated with steroid-like zest during the Clinton administration by former Treasury Secretary, Robert Rubin. The fact that he will go down as one of the most onerous characters in American financial history will be of no surprise to most of us, but it will most likely shock the investment world!

It is bad enough that Robert Rubin and sidekick Lawrence Summers' gold scheme has already brutalized the gold world for over half a decade. The fact that Robert Rubin publicly consulted with Congressional leaders in Washington following the 9/11 disaster, and was right next to President Bush in China, is a testimony to his continuing influence on U.S. policy makers. Since gold is the Achilles Heel to his legacy, one can be sure he is still pressing the need to suppress the price of gold.

Unfortunately, the eventual blame for the gold mess is gradually shifting from the Clinton crowd to the present administration. What has been most disappointing is that GATA has alerted the Republicans/Bush camp over and over again of what was going on regarding the gold price and what the ramifications would be if they did nothing about it.

For example, on May 10, 2000 a GATA delegation consisting of Frank Veneroso, Reg Howe, Chris Powell and myself met with the Speaker of the U.S. House of Representatives, Dennis Hastert, and presented our "Gold Derivative Banking Crisis" document to him.

When our GATA delegation met with Speaker Hastert, we told him that GATA had found a cancer (many of you know the story, but it must be repeated for the record). We told the Speaker that we had uncovered a gold cancer - that the gold market was manipulated to the detriment of the American public and that painful, chemotherapy-like treatments must be quickly applied to prevent the patient from dying. We all told The Speaker that the treatments would be painful, but that the patient should live if treatment was applied immediately. We also told him that if his Republican friends won the 2000 Presidential elections, the gold market nightmare would blow up on their watch and they would be rightly blamed, IF they did nothing to change the course of history.

Once President Bush won the election, GATA followed up on the meeting with The Speaker by directing our findings to the new administration. Two letters to GATA from Lawrence Lindsey, the President's senior economic advisor, are testimony that the Bush team is very aware of the gold story.

That tragic story will not be totally rehashed in this commentary - we know the sickening details all too well. My purpose is to respond to Bob Landis' commentary, "Skunk at the Garden Party" and to present my experiences with, and thoughts on the leadership of the gold industry (an oxymoron if there ever was one).

A review of the pertinent aspects of Bob's brilliant essay follows:

The Skunk at the Garden Party
by Bob Landis

The Flying Circus
"When trouble arises and things look bad, there is always one individual who perceives a solution and is willing to take command. Very often, that individual is crazy." --
Anonymous

As the delegates sipped their Chardonnay and nibbled at their poached salmon hollandaise, an unruly mob swirled about in the surrounding cyberspace. Ragged and uncouth, they embodied the great unwashed that all clubs have been formed to exclude, from time immemorial. Rude noises and cries of "wimps!" and "weenies!" filled the air.

Who were these barbarians? A confederation of intellectual freebooters, empowered by the internet, intermittently and loosely linked under the "GATA" banner (Gold Anti-Trust Action Committee, http://www.gata.org [1]) and united in their conviction that the market for the metal under discussion in Denver is rigged by an unholy alliance of governments, central banks and bullion bankers. The Chairman and founder of GATA is Wild Bill Murphy, the patron of Le Metropole Café (http://www.lemetropolecafe.com [2]), an internet clearinghouse for unconventional investment commentary with gold la spécialité de la maison. Murphy is a former wide receiver for the Boston Patriots and commodities trader with a messianic complex, a flair for promotion and limitless reserves of energy. He also has an unerring propensity to offend nearly everyone, friend and foe alike, with intemperate language and off-the-cuff pronouncements.

Unruly, wacky and ill-mannered the GATA mob may be, but dumb they most assuredly are not. (OK, maybe some are. They know who they are.) Indeed, it is becoming increasingly obvious that some of the best thinking on matters affecting the gold sector is now being done outside the cloister in this anarchic tumult.

One of the sharpest tacks in this rabble is my friend and business partner Reg Howe, who as everyone knows filed a complaint in Boston federal court against a gaggle of government officials and bullion banks, alleging, inter alia, price fixing of the gold market. The complaint was filed pro se, meaning that Reg is both the plaintiff and the lawyer in the action. GATA has provided some money for the suit and a number of the woolly-heads have pitched in with analyses and advice.

Now, in my opinion the evidence adduced in the Howe Lawsuit even at this preliminary stage is overwhelmingly probative that the gold market is rigged as alleged. Indeed, I personally do not believe that it is any longer possible, assuming any degree of familiarity with the complaint and the affidavits, for reasonable men to differ on the basic point. But even if substantial additional evidence were required before price manipulation could be proved in court, this would hardly be a novel condition for an action in which the discovery process, let alone the trial itself, has yet to commence.

In any event, one would expect that representatives of an industry which is in desperate financial condition, who produce a fungible product the price of which has been at historic lows for the past several years, and who are gathered in formal and informal congress, might express a passing interest in ascertaining the truth of allegations made in pending legal proceedings that their product has been the subject of an illegal price fixing scheme.

One would be wrong.

The Howe Lawsuit was the skunk at the garden party. No one at the Denver conference, outside a few renegades who recognized each other by their secret handshake, acknowledged its existence or the implications it holds for the industry.

Why not? Principal reasons appear to include the following:

1. The Murphy Factor. Mention Murphy's name to any member of the club and you immediately develop a terminal case of cooties. It is a testament to the awesome power of the internet that a single individual can offend so many. It is also a tribute to the human power of rationalization, that mere association of that individual with serious, formal allegations of market manipulation made by another individual can provide such a handy pretext for ducking the substance of those allegations. It's time to move beyond this shabby pretext and focus on the content, not the form…………….

-END-

It certainly is time for the gold producer CEO's to stop acting like grade school children and start dealing with reality, also known as the truth. That means getting over their petty problems with me, and my "crazed, circus-like ways!"

First, of not so little importance, let it be known that a gold producer Garden Party is one boring party that I could not pass on fast enough anyway.

Second, GATA's mission is to expose the truth about gold, not to be accepted by the gold industry. THAT hungered desire by the industry to be "accepted" and to be on mutual message has led to the horrendous predicament in which they now find themselves.

GATA forges on so that the gold price may be allowed to rise to its natural free market level, which is many hundreds of dollars higher than it is at the moment. As chairman of the Gold Anti-Trust Action Committee, my role is do what I can to win the day for those that asked me to do so, and for the legion of GATA supporters around the world. They have expressed their confidence in GATA Treasurer/Secretary Chris Powell and I to get the job done. And, we have done our best for years to do just that.

If it were not for some of the gold producer CEO's, we might have won the day already. The staff of the U.S. House of Representatives Sub-Committee on Domestic and International Monetary Policy was told by certain gold producers that there was nothing to GATA's allegations. Thanks to the gold industry, the GATA delegation's trip to Washington was sabotaged by what was supposed to be our own team.

The same thing happened prior to our GATA African Gold Summit in Durban, South Africa. At least one major gold producer in South Africa told The Ministry of Minerals and Energy that what GATA had to say was of no importance. Thanks guys! Gold company shareholders please take note.

To set up critically important meetings like this in the past 3 years, I have traveled to Paris, France; Fairbanks, Alaska; Vancouver, Canada; Toronto, Canada; Denver Colorado; Washington, D.C. twice; New York twice; and Durban, Johannesburg, Pretoria and Cape Town in South Africa. All to be undermined by gold producer CEO's. One of them even failed to show up for a pre-arranged meeting with me after I traveled 2000 miles. I would like to know how any of the Garden Party CEO's would react to someone with those kinds of manners, if they were treated that way? I wonder how many of those trips these Garden Party CEO's would make without pay? How many years would they work for free to try and be of help?

I use the words, "weenies" and "wimps" for these gentlemen (as a group) only because other phrasing is unsuitable for print and public consumption.

My goal in life is not to become some sort of Che Guevara Gold Czar. I only want to win the day and "get a life" again; there are too many roses to smell out there rather than dealing with this drudgery year in and year out. They can have their precious gold industry; that day cannot come soon enough for me. Meanwhile, GATA fights on, and carry on we will, until the Gold Cartel phony bums are sent running for the hills.

Let us review a bit of the past 3 years:

*Evidence over those years supports and builds on GATA's basic supposition from day one - that the gold market is manipulated. The evidence accumulated from many sources over this period of time is overwhelming that this is the case, as is the proof that the gold price has been managed for over half a decade. The GATA camp has not found one shred of evidence that contradicts our basic analysis.

*No one in the gold industry has come forth to challenge GATA's findings. Not one. They cast aspersions of a general nature saying we are wrong, but NEVER WHY. GATA has challenged the World Gold Council and Gold Fields Mineral Services to debate us about the true state of the gold market and they have either declined, or not bothered to respond.

*During GATA's first two years, representatives of Barrick Gold and Anglogold derided GATA publicly during formal presentations in South Africa and New York by referring to us as the "conspiracy people. " Obviously, they did so in order to elicit disdainful guffaws from their audience.

Unfortunately, the events of September 11th demonstrated that conspiracies are not something to be scoffed at. In fact, conspiracies may be the most significant impediment to world peace and personal freedom, as we know them today. Barrick and Anglogold most likely guffawed at the possibility that some cave dwellers in Afghanistan could wreak such havoc in the United States.

When GATA first met with the formidable anti-trust law firm of Berger & Montague in Philadelphia, we were informed that conspiracies to fix price and supply in markets were a dime a dozen. To laugh about their existence was for the realm of the conspirators themselves to purvey on an unsuspecting public.

If maniacal Muslims, riding on horseback in the middle of nowhere, could effect a well coordinated plan to rock the stability of the Western world, do you not think that a pompous group of bankers, some gold producers and a tiny faction of the United States Government could manipulate the gold price for their personal agendas and gains?

One of the most sobering discoveries for GATA over the years has been to learn that there is no freedom of the press when it comes to opposing the interests of the big money/banking crowd. It is not only a U.S. phenomenon, but also a world wide one - and, it includes the pontificating right and left wing columnists. What a bunch of self-righteous hypocrites they are!

As proof of that contention, I cite all the attention to getting the right scoop on Osama Bin Laden and his murdering associates. We are at WAR with this man and his colleagues; yet, the press claims it is their duty to disperse as much information about them as possible because the public has the right to know. They say that is the way it is supposed to be in free and open societies.

Then, why is it that the U.S press and mainstream world press refuse to present to the general public what GATA has discovered and to inform them of Reg Howe's hearing in Massachusetts Federal Court on November 5, 2001?

As said earlier, GATA has more evidence that the gold price is manipulated than the U.S. has produced of Bin Laden's guilt, which was significant enough to declare a War. Can you imagine the U.S. press not covering Bin Laden's dastardly doings? The big financial dangers to America today are the big bullion banks and the complicit U.S. press that refuses to challenge their propaganda. They are running roughshod on the truth and are getting away with it. While it is not only the misrepresentation of the gold truth that is the problem, it is the gold issue that is my focus. It is not an overnight story.

The evidence that GATA has amassed over the years all points to an orchestration of the gold price by certain bullion banks, the ESF, the IMF and the BIS.

Only two weeks ago, GATA supporter Andrew Hepburn discovered a blatant discrepancy in what the IMF tells the public versus how it tells its member countries to account for gold swap transactions.

* E-Mail: publicaffairs@imf.org [3]
To whom it may concern,

When asked the question:

"Why does the IMF insist that members record swapped gold as an asset when a legal change in ownership has occurred?"

The IMF responded that: "This is not correct: the IMF in fact recommends that swapped gold be excluded from reserve assets. (see Data Template on International Reserves and Foreign Currency Liquidity, Operational Guidelines, para. 72, http://dsbb.imf.org/guide.htm [4])."

However, according to an IMF paper entitled "The Macroeconomic Statistical Treatment of Reverse Transactions"(see http://www.imf.org/external/pubs/ft/bop/2000/0013.pdf [5] page 32), it is recommended for gold swaps " that they should be treated as collateralized loans, and that the counterparties, by sector or non-resident, be identified. Accordingly, the gold continues to be held on the balance sheet of the original owner, the cash taker;"

This treatment is supported by a footnote on the web site of the central bank of the Philippines which states that "Beginning January 2000, in compliance with the requirements of the IMF's reserves and foreign currency liquidity template under the Special Data Dissemination Standard(SDDS), gold swaps undertaken by the BSP with non-central banks shall be treated as collateralized loans. Thus, gold under the swap arrangement remains to be part of reserves and a liability is deemed incurred corresponding to the proceeds of the swap" http://www.bsp.gov.ph/statistics/sefi/fx-int.htm [6]

-END-

The above mentioned examples of gold market duplicity are enhancements for the hundreds of other bits of gold price manipulation that GATA has amassed over the years, but they are of particular importance to this rebuke of the senior gold industry CEO's.

Gold Fields Mineral Services, apologist for the bullion banks, and the Bank for International Settlements state that the official number of central bank gold loans is around 5,000 tonnes. The GATA camp believes that Frank Veneroso's gold loan numbers of 10,000 to 16,000 tonnes are the correct numbers. That is an extraordinary difference, for if Frank Veneroso is correct (GATA's anecdotal revelations support his numbers), then The Gold Cartel is going to run out of physical gold in the years to come to support the heroin/junkie-like habit of feeding gold into the market to hold down the price.

When The Gold Cartel hits the wall, the ramifications for the world financial markets will be ominous. Unbeknown to most, the time horizon for this ticking time bomb is not that far off:

Frank A. J. Veneroso presented the following at the GATA African Gold Summit in his:

Facts, Evidence and Logical Inference A Presentation On Gold Supply/Demand, Gold Derivatives and Gold Loans:

Now we have a conservative set of gold lending numbers and we have a more aggressive set of such numbers. Our range of estimates implies that somewhere between 10,000 and 16,000 tonnes of the official sector gold position has left those vaults by way of the lending process.

And you can see that these are very substantial percentages. In the more aggressive case, almost half of the central bank's gold has left those vaults and it is now flowing out at a pretty rapid rate. So not only have we depleted the central bank physical gold stock more than most people have thought, but what metal is left in the vaults is diminishing at a more rapid rate than people think.

We use our more aggressive numbers, we have less in those vaults and it is flowing out at a faster rate; consequently, it takes less than seven years to empty the vaults.

So whatever is happening in the gold market--- whatever is keeping the gold price down---if our numbers are correct, it can't go on that much longer, because we know not every central bank will lend or sell all its gold. In fact, if our analysis is correct, the official sector knows what is coming. If the official sector is rational, it knows what will happen to the gold price when this large flow that is depressing the price abates and ultimately ends---the price will go up by a lot. Therefore, some rational central banks will not sell and lend down to the last ounce. Instead they will start to buy. So regardless of what has been happening in the gold market, if our data is correct, then, within a couple of years, whatever the official sector is doing, it will terminate and the gold price will rise.

-END-

This is what Frank had to say over 6 months ago, way prior to the changing of the world on September 11. It is my contention that Frank Veneroso's analysis is the main reason that bullion dealer Credit Suisse abruptly announced its exit from the gold business a couple of weeks ago. They know what is coming and want out as fast as possible.

The implications of the supply/demand work of Frank Veneroso and the revelations of the GATA camp are of the most profound importance to the gold industry. What else is even close? Reducing the cash costs at some gold mine by 3%?

What does the gold industry do about all of this that the GATA camp hands them? Worse than nothing - they go out of their way to silence the facts. Mind boggling! This industry is beyond pathetic. I am not the only one who feels that way.

From Frank Veneroso's presentation at the GATA African Gold Summit:

"You might want to know why I have come all the way down here to participate in this conference. I find it extremely annoying that there is a hell of a lot of obvious evidence out there that something is happening in the gold market---that there are very large supplies coming into the market---larger than the consensus would claim---and no one is willing to discuss it.

I have had interviews with the press. After the interviews, its has always turned out that the articles were killed. I have requested debates with Goldfields Mineral Services and they have refused to show up. I have asked the World Gold Council to fund pertinent research studies and they have not responded. I never get a response that counters the evidence that I can bring forward. I simply get extreme silence. Only GATA has looked at this evidence and taken it to the public, and so, as a result, I feel it is incumbent on me to present it once again in their forum because I think that it represents evidence of very large undisclosed official supplies in the market that is systematically ignored. If there are any producers here who have influence on organizations like the Gold Council---if you find this persuasive---you should go to them and say, "Hey, listen, this guy has real evidence. He may not be right but it poses serious questions. It should be addressed. Why isn't it being addressed?"

-END-

Before GATA ever came into being, Frank met with some of the leading gold producer CEO's in Kalgoorlie, Australia. The result of that meeting: the usual big ZIP PITY DO DAH.

At minimum, one would think any serious gold producer CEO would immediately challenge the ESF, IMF and the BIS about the GATA camp gold swap discoveries, or ask their associations to do so! How long are gold industry leaders going to let the lies go on?

The IMF gold swap revelations alone can partly explain the difference between Frank Veneroso's gold loan numbers and that of the gold industry. The implications for the gold price, gold investors and gold shareholders are more than dramatic. Are the senior gold producers even curious?

Forget it when it comes to these meatheads. That would require too much sophistication, effort and integrity. After all, they did not even bother to look into how it could be that the official gold price at the end of 1997, 1998 and 1999 was exactly $289 per ounce for those 3 years.

What we have here is a flagrant breach of ethical conduct by the leadership in the gold industry. They have looked the other way on a scandal that will dwarf the Love Canal, Tobacco, Firestone and Clinton girl scandals. The evidence of wrongdoing was all too obvious for a very long time in all those cases too. How many lives were lost or ruined in all of those scandals before remedies were allowed to percolate - the full truth to be known by the public?

In each case the charges were against big money interests. That is why it takes so long for the truth to surface in scandals such as the gold one. What the GATA camp has found takes on the grandest money, banking, press and political power interests of all time. No lightweight adversaries, that is for sure. That is why it is taking so long to shine a light on the real gold problem, to defeat The Gold Cartel.

There is too much at stake for us to lose. It is about more than just money. James Stock of Durban, South Africa puts it in perspective:

HEADLINE: Aids reaches 'shattering dimensions' in SA

ABSTRACT: Aids accounted for one in four deaths in South Africa last year and is the country's leading cause of death, with "shattering dimensions", according to a leaked Medical Research Council report which the government has still officially to release.

By the year 2010 SIX MILLION South Africans will die from AIDS. Contributing causes: no education and no medicines to lower concentration of infection and thus its ability to be contagious. ALL BECAUSE THERE IS NO MONEY. SA wouldn't need help or charity if the corporations and institutions involved with the illegal manipulation of the gold price would stop doing it.

This is at least a 5-year-old scam and has the sole objective of making easy money. It takes no account of whom or how many are hurt or die in the process.

The figures that are quoted here are ONLY for South Africa. The damage is universal amongst third world gold producers.

We haven't begun to talk about the thousands of orphans, their pointless lives and their potential to go to waste as productive humans. The hundred of thousands of miners now out of work and their large dependent families now below the breadline, or the hoards that work below ground at great personal risk in frightening circumstances for a pittance.

-END-

James is right. I have been there and seen of what he speaks. One of the big problems in South Africa is a lack of hope. The Gold Cartel has done what it could to make that a reality for the lives of the blacks in South Africa. Meanwhile, they had the audacity a few years ago to back an IMF proposal to sell 3000 tonnes of gold to supposedly help the poor.

Even the nations this proposal was intended to help did not buy into that ploy.

That is bad enough, yet there is even more! Simultaneously, the West continues to dump its cheap gold to perpetuate the goofy strong dollar policy and bail out the complicit and massively short bullion banks - while the East (Russians, Muslims, Indians and Chinese) are buying the gold up. They are delighted the West is so short sighted and irresponsible. They know the longer the price is forced to stay down, the higher the price will soar in the years to come.

The more gold the East owns, the greater say they will have in world financial matters as time goes by.

The West is setting itself up to be blackmailed by strong hand gold holder nations. We are fighting a WAR now and will be for the foreseeable future. We are printing money to finance that WAR. Common sense tells us that a good amount of our resources are going to be depleted as time goes on. The U.S. will be more vulnerable to financial attacks with each passing year. Certainly, the dollar will be most vulnerable. Will we have all our gold to back up the dollar when it will be needed most?

The Gold Cartel are evil doers. They must be stopped; they must be defeated. The Gold Anti-Trust Action Committee will do whatever we can to get that job done. For years Chris Powell and I hoped that the gold industry would wake up and seriously promulgate our efforts. It looks like that is just not going to happen.

Many gold company leaders do not have the courtesy to even respond to faxes, emails, phone calls and invitations. Chris Powell has worked tirelessly for three years, holding GATA together with his GATA mailings and endless attention to taking care of GATA correspondence and committee details. Chris is widely recognized as one of Connecticut's most proper and respected citizens. How much cordiality or how many thanks do you think he has received from the senior gold producer CEO's?

So be it! But, let not that be the end of it. Reg Howe's Hearing in Massachusetts Federal Court looms close on the horizon: Monday November 5th. Reg's work is nothing short of brilliant. For years the gold industry has clamored for greater market transparency. Reg Howe's quest is to go to discovery to find out the truth. Is that not what the gold industry says they are after too?

If the judge rules that the case is going forward, Reg Howe will need a substantial financial war chest to take on The Gold Cartel. It is time the gold industry supports him.

Wake up gold industry. Reg Howe is the man of the hour - the man to lead you out of oblivion, no matter how the Court rules. To even think of spending $200 million dollars to promote fancy jewelry during WARTIME is the heart of folly - what utter drivel. Take a fraction of that money and get behind Reg Howe. Show your shareholders and the investment world that I am wrong - that you really aren't "WEENIES" after all.

It is my hope that the GATA Army, gold shareholders and supporters of a free gold market will send this commentary to the senior executives of the gold producer companies all over the world.

BILL MURPHY
CHAIRMAN
GOLD ANTI-TRUST ACTION COMMITTEE


Source URL:
http://gata.org/node/4263