GATA press release seeks answers on gold swaps

7:23p ET Monday, July 23, 2001

Dear Friend of GATA and Gold:

Before passing along some comments by GATA
Chairman Bill Murphy about today's Dow Jones
Newswires story on the Federal Reserve's quot;we
don't rememberquot; response to Sen. Jim Bunning
in regard to U.S. government gold swaps, let
me note something important.

The Fed's response, and particularly the letter
from Fed Chairman Alan Greenspan, could have
simply denied that the U.S. government has been
engaging in gold swaps. Greenspan is listed as
having presided over the January 31, 1995,
meeting of the Federal Open Market Committee at
which these gold swaps were discussed. If the U.S.
government is engaged in such transactions, the
Fed and Greenspan surely know it, since the Fed
holds certificates laying some claim to the U.S.
gold reserves. The inquiry forwarded by Senator
Bunning gave the Fed and Greenspan the opportunity
to deny U.S. government involvement in gold swaps,
as well as their own knowledge of anything of the
kind.

But instead the Fed provided only a memorandum
from its lawyer saying that HE didn't remember
discussing the issue at a meeting six years ago.

That's no denial. That's an evasion of the
issue.

We're hot on the trail, and more convinced than
ever that it's the right trail.

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

* * *

By Bill Murphy, Chairman
Gold Anti-Trust Action Committee Inc.
July 23, 2001

A special thanks to all GATA supporters who have
written to their U.S. senators and representatives.
GATA has been at this for 31 months, and today's
Dow Jones Newswires story is most significant press
coverage we have had in the United States.

As hard as it is to fathom, this represents one of the
very few times the word quot;GATAquot; has even been put into
print in the United States, after more than 130 weeks
of effort.

This could be our breakthrough, watershed moment.
The story didn't even have any denigration of quot;the
conspiracy group.quot;

This proves that American citizens like Mr. and Mrs.
Rupert Raymond of Lexington, Ky., who wrote to
Senator Bunning, CAN make a difference -- that YOU
can make a difference.

This story, which is only the first of many to come,
is a tribute to all GATA supporters all over the world
who have taken the time to write, fax, and call
members of Congress, journalists, mining companies,
and others.

GATA has uncovered what may be the most horrific
financial scandal in American history. Its
ramifications dwarf Watergate, as it affects the
economies and governments of many other nations
as well as our own.

Our ragtag GATA army has taken on the Gold Cartel,
which includes the most powerful and wealthiest
groups in the world. We now have them on the
defensive. It is time to go all-out and keep the
pressure on them. They are making mistakes. It is
becoming harder and harder for them to conceal the
truth. How long can they continue to deceive
Congress?

Let Treasury Secretary Paul O'Neill hear from every
member of Congress. If you have not written your
U.S. representative or senators, please take 20
minutes to do so. This is proof that it works.

A good sample letter to Congress can be found here:

a href=http://groups.yahoo.com/group/gata/message/821http://groups.yahoo.com/gr...

Long live the quot;enveloping hornquot;!