GATA Chairman Murphy reports on meeting with CFTC

By Bill Murphy, Chairman
Gold Anti-Trust Action Committee Inc.
Thursday, December 18, 2008

About 45 minutes before I was to leave for my meeting with Commissioner Bart Chilton of the U.S. Commodity Futures Trading Commission, this news hit the tape:

"Obama to appoint Gary Gensler to lead Commodities Futures Trading Commission -- AP."

Gensler is a former undersecretary of the treasury and assistant secretary of the treasury.

Gensler is a Goldman Sachs alum and a Treasury man. Obama is putting one of the key figures in the Gold Cartel scheme into the top role at the CFTC. Talk about the fox guarding the henhouse! But the bad news might be good news.

My meeting with Chilton went on as scheduled and lasted about 50 minutes. The surprise was that three others from the CFTC staff attended, including the deputy general counsel. One of the other staffers had already viewed the video of GATA's Gold Rush 21 conference.

Chilton listened intently, took notes, as did one of the others, and asked many questions. I laid out GATA's presentation. I am not going to get into all the details, as we will see what takes place in the months to come. But I chuckled when telling them that if they really wanted to comprehend what the gold price suppression scheme is all about, all they have to do is go to their new chairman -- at the right time. No one knows what is going on better than he does.

I did not hold back. I said the main culprit of the Gold Cartel was our own government, which has been in league with bullion banks like JPMorganChase.

Naturally, I drew parallels to the Madoff scandal and how the Securities and Exchange Commission ignored nine years' worth of probable cause to suspect a Ponzi scheme. I also laid out how and why what is occurring in gold and silver could lead to a much bigger scandal if the price suppression scheme is not stopped -- and that is because the Gold Cartel is running out of the gold needed to meet the growing annual deficit between supply and demand.

I was very impressed with Chilton, and he said my trip to Washington would not be in vain.

There are two things for sure. First, as in the Madoff scandal, no one can say the powers that be didn't get the scoop, the facts about the gold price suppression scheme -- what has happened and why. And second, if there is one person in Washington who will try to get to the truth about gold, this is the man.

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