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Financial Times features GATA

Section: Daily Dispatches

5:10p EDT Saturday, July 10, 1999

Dear Friend of GATA and Gold:

Here's some important news sent today by GATA
Chairman Bill Murphy to subscribers of his web site, Please post it as seems

Gold Anti-Trust Action Committee Inc.

* * *

Saturday, July 10, 1999

Dear Cafe Members:

There were two significant developments yesterday:

1) The U.S. Congressional Black Caucus on Friday
denounced the proposed IMF gold sale. In a letter to
President Bill Clinton, they congressmen wrote: quot;When
this proposal comes before Congress for consideration,
we will oppose it vigorously. We will not support
central bank gold sales; we will oppose them in
whatever form they are presented to Congress. We intend
to examine more realistic, more productive, and less
harmful alternatives.quot;

As we have been telling the Cafe for a long time now,
the IMF gold sale will not get through Congress. The
Black Caucus has now joined the leaders of both
political parties in opposition to the proposal. Who is
for it?

2) I received a phone call from the regulatory authority in
London that is the equivalent to the Securities and
Exchange Commission in the United States. They want
to know more about GATA's allegations and have asked
us to send them all the pertinent information we can.
The focus is on three areas:

* The size of outstanding bullion dealer gold loans.
Have they become so large that they may now pose a
threat to British financial institutions in the event
of a sudden sharp rise in the price of gold?

* Information regarding a supposed 1,000-tonne gold
short position that was uncovered on the books of
Goldman Sachs.

* Information regarding the rumor about Goldman Sachs
buying a billion dollars' worth of puts just prior to
the Bank of England gold sale.

If anyone has information that might be pertinent to
these matters, we would like to have it to send to the
regulators in London. Perhaps you might know of someone
who can add to what we already have put together. In
any case we finally have the attention of the
regulatory powers in England. Now is the time to
mobilize and put some spotlight heat on the gold-
borrowing shorts.

Merrill Davidoff, one of our attorneys at Berger amp;
Montague in Philadelphia, will be happy to speak to
anyone who wishes to speak to him on a confidential
basis. He can be reached at 215-875-3084, but as he is
a very busy man, please do not call him unless it
relates to issues that would be of interest to the
authorities in London.

And finally, for anyone who lives in the Phoenix,
Ariz., area, I will be on Pat Gorman's radio talk show
tomorrow (July 11) on behalf of GATA.

All the best,

Le Patron,
Chairman, GATA (


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