How could anyone think that Morgan Chase is in the gold business?

7:34p ET Friday, January 3, 2003

Dear Friend of GATA and Gold:

As you can see from the Reuters story appended
here, Morgan Chase stomped around a little more
today supposedly in pursuit of that nasty quot;rumorquot;
that the bank has some connection to the gold
business. Morgan continues to ask the U.S.
Securities and Exchange Commission to investigate
the quot;rumor,quot; as if its origin was something other
than the ordinary public reports of the U.S.
Office of the Comptroller of the Currency, where
Morgan's enormous gold derivative positions have
been registered.

Oh well ... If you happen to know anyone at Morgan
Chase or the SEC, please direct him here:

Office of the Comptroller of the Currency
U.S. Treasury Department
250 E St. SW
Washington, DC 20219
Telephone: 202-874-4700

The Reuters story below isn't quite right insofar
as it says GATA has quot;propagatedquot; the gold rumors
about Morgan; GATA has only called attention to
what is public record about Morgan's gold
derivatives. GATA has no way of knowing the
profits, losses, and liabilities of Morgan's gold
business. (Nor, apparently, do Morgan's own
shareholders. Too bad for them.) But maybe Reuters
has come as close to the truth as can be expected
of a mainstream financial news organization. Gold's
friends probably should be delighted that this
issue has surfaced so much this week in any form.

GATA volunteers will staff our telephone and e-mail
address around the clock for the next several years
in anticipation of an SEC investigation, and we'll
alert you as soon as we learn of it.

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

* * *

JP Morgan asks SEC to check into gold trade rumors

a href=http://biz.yahoo.com/rc/030103/markets_gold_jpmorgan_1.htmlhttp://biz.ya...

NEW YORK, Jan. 3 (Reuters) -- JP Morgan Chase amp; Co.,
a major bullion dealing bank, said Friday it has asked the
Securities and Exchange Commission to look into rumors
about gold trading losses that dogged the bank throughout
2002.

quot;We brought the nature and subject of the rumors to the SEC
and asked them to look at it,quot; a spokesman for the bank said.

The rumors about Morgan's gold and gold derivatives operations
have been propagated over the Web site of the Gold Anti-Trust
Action Committee (GATA), a group that alleges bullion banks
have colluded with central banks to prevent the price of
bullion from rising.

The price of gold is at its highest in almost six years.

JP Morgan, which ran into trouble over its commodity and
derivatives dealings with bankrupt energy giant Enron Corp.,
said in November that market talk that it lost between $17
billion and $70 billion during the gold rally was quot;false
and irresponsible.quot;

The rumors surfaced several times last year, hurting the
bank's stock price.

Two weeks ago GATA said it will assist an anti-trust lawsuit
filed by U.S. coin and bullion dealer Blanchard and Co.
against JP Morgan and Canadian mining giant Barrick Gold
accusing each of manipulating the gold market to keep prices
weak.

Barrick dismissed the allegations of the lawsuit as ludicrous
and without merit. JP Morgan declined to comment.

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----------------------------------------------------

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