NY Times notices gold twice in a year!

8:19p Wednesday, November 26, 2003

Dear Friend of GATA and Gold:

Here's a great letter just sent to the South
African newspaper Business Day by Durban
Roodeport Deep CEO Mark Wellesley-Wood. It
raises an issue that has confounded GATA from
the beginning: Why does a developing country
like South Africa submit to international
financial arrangements that force it into
poverty and exploitation by foreign powers
when it needs only to follow its own national
interest to be among the richest countries in
the world?

Making the rand convertible into gold, as
Wellesley-Wood urges, would require South Africa
to withdraw from the International Monetary Fund,
whose rules forbid such a thing. But why be part
of an organization that serves only to keep one's
country down?

South African patriots, where are you?

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

* * *

To the Editor of Business Day:

Calls last week for the South African Reserve Bank
to increase buying of U.S. dollars are totally
misguided.

It is clear that we need to take the pressure off the
exchange rate to restore export competitiveness, but
buying dollars that are declining in value and that
nobody else wants is not going to solve the problem.

South Africa desperately needs lower interest rates
while, conversely, the United States should have higher
interest rates but can't afford them -- which is why
the dollar will be a bad bet for years to come.

It is not just in trade that the United States is
practicing protectionism. Having been on a
credit-funded consumer splurge, the United States
now is trying to export its hangover to the rest of
the world.

We in South Africa should not become exposed to this
problem by buying more dollars.

Foreign investors are shunning the dollar too, and as
a result gold is rising in price and regaining its
rightful place as the superior currency.

Instead, South Africa should immediately make the
rand convertible into gold -- a natural hedge for a
country with such a rich reserve endowment. The cost
of borrowing in the gold market has never exceeded
more than a few percentage points, and so, at a
stroke, we could be enjoying interest rates of only
2 or 3 percent.

What a powerful boost to our growth and, therefore,
to employment this would produce!

The real investment such a move would induce would
be in stark contrast to the speculative money hitching
a free ride on our misguided monetary policy right now.

As has always been the case, good money drives out
the bad.

The answer, I believe, is lying under our feet --
literally!

Mark Wellesley-Wood, Chairman and CEO
Durban Roodepoort Deep Ltd.

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

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

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