New commentary by Reg Howe at Golden Sextant

3:27p ET Monday, April 21, 2003

Dear Friend of GATA and Gold:

GATA consultant James Turk, editor of the Freemarket
Gold amp; Money Report and founder of GoldMoney, whose
investigative reporting and accounting exposed U.S.
government intervention in the gold market, has
uncovered more documentation of that intervention and,
perhaps more important, strong evidence that the
governments that have been intervening against gold
are running out of metal.

Turk's findings can be found in a new essay, titled
quot;More Proof,quot; posted at the GATA Internet site here:

a href=http://www.gata.org/MoreProof.htmlhttp://www.gata.org/MoreProof.html/a

Examining reports from British Customs and the Federal
Reserve Bank of New York, Turk has found that the
the British and U.S. governments ALONE have likely
dishoarded nearly 7,300 tonnes of gold in the last
decade, far more gold than the 5,000 tonnes in
dishoarded gold from central banks worldwide that
has been estimated by the industry's standard but
unreliable reference, Gold Fields Mineral Services.
Using data issued by other central banks, Turk
concludes that when all central bank dishoarding
is counted, the worldwide total probably approaches
the 15,000-tonnes figure offered by the research of
GATA's other consultants, Frank Veneroso and Reg
Howe, who came to their conclusions by different
methods.

Perhaps of more immediate interest, the documents
discovered by Turk disclose a sudden sharp reduction
of gold dishoarding in 2002 that corresponds with the
rise in the gold price. He writes:quot;The 2002 gold flows
indicate that the tide has turned against the central
bankers, which is a result also confirmed by the rising
gold price last year.quot;

In short, Turk has disclosed powerful additional
evidence that central banks are running out of gold
and are less able to suppress the price. He concludes:
quot;Gold will again soar just as it did after the last
manipulation scheme failed in 1971.quot;

Ninety-nine percent of what is published about the
gold market is mere speculation and rumor at best
and disinformation at worst. Maybe 1 percent of it
is documented and verifiable, and, thanks to Turk,
Veneroso, and Howe, the world gets that from GATA.

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

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