Four-digit gold price possible, Hathaway says


10:30a EST Friday, February 17, 2000

Dear Friend of GATA and Gold:

Here's a bulletin from GATA Chairman Bill Murphy
to his subscribers at
about today's gold price action.

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

* * *

By Bill Murphy

As we have been reporting to you, the
"Hannibal Cannibal" bullion dealer camp is in
utter disarray. Our side received word today,
via a Cafe member, that Gavin Stuart, chief
gold options trader for Dresdner Bank, was
just given the hook.

Previously, the Cafe has reported that the chief
gold trader for UBS was fired and that mega-bear
gold analyst Kevin Crisp of J.P Morgan is now
on permanent vacation. We also have received more
input that there will be further dismissals at
J.P Morgan's bullion operation. J.P Morgan is
co-chair of the Counterparty Risk Management

It is very clear that bullion desks around the
world are feeling HEAT. They will feel much
much more.

The official-sector "general" still desperately
trying to hold down the price of gold is losing
his lieutenants all over the place. Hard to fight
a war without soldiers and strategists.

That is not to say they are defeated. Gold was up
$2.50 this morning before the U.S opening at 7:30
to 8, Society Generale, Morgan Guaranty, et al.,
came in right on cue to knock the gold price down
going into the U.S opening, in the hope of
attracting more selling.

So far today their ploy has not worked as gold
is presently trading up $3.20 on the day. According
to John Brimelow, demand for gold in India continues
to surge and the premiums are as high as he can

Just in. A surprise. Chase Bank, the massive
seller yesterday, has turned around as a massive
buyer today buying everything it can.