How the Bank for International Settlements rigged gold even 20 years ago

3:57p ET Wednesday, June 5, 2002

Dear Friend of GATA and Gold:

MiningWeb.com has just reported an explanation for
the plunge in the gold price today.

The plunge, MiningWeb says, quot;came in the wake of a
large after-market trade in New York last night, with an
unnamed fund liquidating 5,000 futures contracts, a move
which knocked the price first to $326/oz, then to $324/oz,
and finally to $321/oz, where some dealers reckon it has
found support. Interestingly, one senior
Johannesburg-based trader says the long-liquidation by
the fund appears to have been an intentional strategy to
lower the gold price. He could not give reasons for the
fund's alleged intent, although he said it could have been
a move designed to lower the gold price in order to buy
in again at lower levels. The sale was executed using
the 'Access' system on Comex, which allows for
anonymous trading by large funds.quot;

This story probably will make MiningWeb's home page
shortly:

a href=http://www.theminingweb.comhttp://www.theminingweb.com/a

But for now the full link is here:

a href=http://m1.mny.co.za/MGGold.nsf/Current/4225685F0043D1B242256BCF00643BAht...
C?OpenDocument

If that doesn't work for you, go to MiningWeb's home
page, click on quot;Goldquot; at the top left, and the headline
quot;Why gold tankedquot; will appear on the next page to
open up.

If MiningWeb is right, it would seem that certain
shorts may be awfully eager to cover soon.

CHRIS POWELL, Secretary/Treasurer