More bogeymen contrived to try to scare the gold market

11:55p ET Tuesday, July 31, 2007

Dear Friend of GATA and Gold:

Resource Investor's Jon A. Nones reports that Italy's government is considering selling its gold reserves in the name of reducing the national debt -- a grand new bogeyman to try to scare the gold market with.

Being almost as idiotic financially as the United States, Italy almost certainly would sell its gold and soon find that its national debt somehow had tripled anyway even as the gold was now gone.

You can find Nones' report on Italy here:

http://www.resourceinvestor.com/pebble.asp?relid=34408

Other news stories that may be expected in coming days as subprime mortgage lenders and hedge funds around the world begin collapsing and a stampede out of fiat currencies and into precious metals needs to be averted by central banks:

-- Frito-Lay Inc. announces that a tenth-ounce U.S. gold eagle coin will be stuffed into every box of Crackerjack popcorn.

-- B.L. Ze'bub, director of the Saudi Arabian Monetary Agency, the country's central bank, discloses that the bank has embarked on a program of selling 666 tonnes of gold from its reserves at $666 to finance the purchase of 666 F-666 jet fighters from the United States, which are designed to fly as fast as a bat out of hell.

-- President Bush announces that for national security reasons gold owners will be required to register with and be fingerprinted by the Federal Bureau of Investigation -- unless they are illegal aliens.

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

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http://www.neworleansconference.com

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