Thom Calandra reports on opening of Denver Gold Forum

11p ET Wednesday, September 25, 2002

Dear Friend of GATA and Gold:

Nobody nails the truth better than the
King Report from M. Ramsey King Securities
Inc. (E-mail: kingreport@ramkingsec.com.)
A passage from tonight's report about
Fed Chairman Alan Greenspan's remarks in
London today should be chiseled into the
marble at the New York Fed. Then maybe
The Wall Street Journal and The New York
Times might figure out eventually what is
really happening in the financial markets.
That brilliant passage is appended here.

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

* * *

From The King Report
for Thursday, September 26, 2002

Yesterday, for the umpteenth time, Easy Al
said government shouldn't regulate derivatives
because it would stifle innovation.

That's pure crap. There has been virtually
no innovation in derivatives for decades.
Chicago option and futures traders employed
in the late '70s, the same mischief that
Enron, WCOM, and others exploited in the
bubble. And I can tell you from first-hand
experience that at that time, the same
institutions that today have derivative junk
that defies description avoided CBOE-listed
IBM puts and calls like the plague because
they thought they were too risky.

If your child tells you not to look in a
particular drawer, that's the drawer you
should scrutinize. Al doesn't want anyone
to know the depth of the derivative debacle
in banks.

Secondarily, Al doesn't want derivatives
regulated because that's how he and the
solons orchestrate market rigs, whether it
is currency, debt, stock, or gold.

Once upon a time, there were position
limits on futures and options because
history shows eventually someone corners
or rigs markets via options and futures.
However, after the solons saved the
financial system on October 20, 1987, by
using Morgan to rig the Major Market Index
futures, Easy Al and others realized how
easy it is to rig markets via futures.

And Al wants no position restraints on
those he or his ilk call upon to
quot;intervenequot; -- it prevents a paper trail
at the Fed or Treasury. The quid pro quo
is advance info.