Bill Murphy commentary on eve of BOE auction

12:45p EDT Saturday, July 3, 1999

Dear Friend of GATA and Gold:

GATA's recognition as leader of the gold cause
throughout the world continues to grow.

The latest issues of the Harry Schultz Letter and Gold
Newsletter carry endorsements of GATA.

From the Schultz Letter:

quot;Never ask what's the gold price today. Always ask,
'What's the ALLOWED gold price?' There is no free-
market price yet. That day is yet ahead. So is a higher
gold price.

quot;Both will come, if they do, as the result of legal
suits brought against price-fixing, colluding New York
bond and bullion dealers by GATA -- Gold Anti-Trust
Action -- with Bill Murphy as Sir Galahad, backed by
lance-carrying anti-trust lawyers Berger amp; Montague,
flanked by crossbow archers firing poisoned truth
arrows (deadly) via the Internet, a weapon not hitherto
available to suffering gold shareholders, honest
futures traders, and gold mine companies.

quot;Who will pay for this attack on the price fixers?

quot;I hope YOU will. I want every gold shareholder to
'tithe' for this cause. Donate 10 percent of the
current value of your shares to GATA.

quot;With luck (and with truth on our side), your gold
share values will rise 1,000 percent, making an
investment in the truth war a bargain, as well as
richly satisfying to see the colluders put in their
place, in jail or with mega-fines.

quot;The insiders are betting you won't contribute. Prove
them wrong and send donations to GATA, Box 885, Great
Barrington, Mass. 01230.quot;

And here's what Brien Lundin writes in the lead article
of the July issue of Gold Newsletter. After forecasting
the blow-up on the gold-carry trade, Brien says:

quot;That is why many gold market watchers, including me,
feel that the question of whether there is an
organized, anti-gold conspiracy fiddling with the
market is largely moot. It makes good reading to
imagine a shadowy cabal at the highest levels of
international finance and government, perhaps complete
with code names and secret handshakes. But it doesn't
really matter whether such a high-level conspiracy
exists.

quot;The fact is, the same market participants who would
benefit from such a conspiracy already have their
interests aligned by their past actions. They don't
need to actively conspire. They all need a lower gold
price to survive and maintain economic order. So,
independently, they can and will do whatever is
necessary to achieve that goal.

quot;I still feel, however, that it is important to support
the efforts of the Gold Anti-Trust Action Committee,
ably led by Bill Murphy and John Meyer (GATA, Box 885,
Great Barrington, Mass. 01230). At the very least GATA
will help draw attention to the possibility of a
conspiracy, and make any such organized effort to
manipulate the gold price much harder to accomplish.
And you never know -- they could turn up a surprise or
two. I urge every serious gold investor to help them
out in whatever way you can.quot;

Please post this wherever it might help.

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

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