Encourage NY''s attorney general to take on the gold cartel

10:37p ET Wednesday, July 31, 2002

Dear Friend of GATA and Gold:

Here's a letter written by James Sinclair,
CEO of Tan Range Exploration and a veteran
executive in the gold business, and Harry
Schultz, editor of the International Harry
Schultz Letter, that GATA asks its supporters
to send to their country's central bank. A
directory of central banks has been posted
here:

a href=http://www.lemetropolecafe.com/Ni2/CentralBanks.htmlhttp://www.lemetropo...

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

* * *

Dear People:

Do you know that Enron has been reported to
have many derivative transactions in gold?

Do you know that gold producers represent
only 11 percent of the notional value of gold
derivatives reported on the books of the
international commercial banks by the
International Monetary Fund? Therefore,
approximately 89 percent of the ultimate
beneficiaries of gold you have leased have no
gold production with which to replace your
gold.

Do you know who has been the ultimate
beneficiary of all the gold leases you have
been party to?

Do you know that in time you might be
revealed to have inadvertently financed
corporate crimes, as with Enron?

Do you realize that it is impossible at
present market levels for the gold that you
have leased to be returned as gold?

Do you know that the ultimate beneficiaries
of the gold you have leased are poor credit
risks and getting worse?

Do you realize that as the investigations
into the affairs of the corporate criminals
progress, you may well lose all the gold you
have leased, financed crime, and failed a
national trust?

As head of a central bank, now that you are
informed, you are obliged to investigate the
practices of gold leasing and take
appropriate measures to stop financing crime.

Sincerely yours,

James Sinclair and Harry Schultz