If gold is like copper, why is this happening?

11:45p EDT Wednesday, September 29, 1999

Dear Friend of GATA and Gold:

I have a few dispatches for you tonight as we enjoy
these long-overdue and exciting times for gold.

* * *

First, GATA Chairman Bill Murphy has a lot of bullish
intelligence in a couple of new quot;Midasquot; commentaries,
one for tonight, one for last night, posted at
www.lemetropolecafe.com. I'm not going to repost them
here, since you can get them without charge by taking a
free trial subscription there.

But to summarize these two new quot;Midasquot; commentaries,
we have a long way to go in this gold rally, and Bill
explains why.

* * *

Second, here is an excerpt from last night's letter
from Bill to Cafe subscribers. It conveys some praise
for GATA:

quot;This past summer I 'guaranteed' the Cafe this sort of
price action in the precious metals. I was vilified for
some for making that guarantee.

quot;Many market participants are confused about what is
going on here. We at the Cafe are not. All last week I
called CNBC, The Wall Street Journal, and the lovely
news wire service people I met in New York. Except for
the gracious Janet Whitman of Dow Jones, they would
have given Rodney Dangerfeld more respect.

quot;Thus, it is with tremendous appreciation that I
present the following from one of the biggies in the
gold industry, Bob Bishop of Gold Mining Stock Report:

quot;A Note of Acknowledgment....

quot;While the internal dynamics of the gold market do not
lend themselves to ready understanding, one person
stands out for his work in developing the information
on the gold market that more and more are likely to
gain a better appreciation for in the weeks ahead.

quot;That person is Frank Veneroso, and I believe he's in
the earliest stages of being proven right about the
extend to which the gold market is short -- and of the
likely consequences attached to that trade.

quot;His former associate, Bill Murphy of the Gold Anti-
Trust Action Committee, is the person who has done the
most to gain the attention of the marketplace on this
subject.

quot;Those who own gold and gold shares owe both men a debt
of gratitude.quot;

quot;I accept such kind words in behalf of my two powerhouse
GATA associates, John Meyer and Chris Powell.quot;

* * *

And third, here's an interesting post tonight on an
Internet gold stock bulletin board I monitor. It refers
to Steve Kaplan's announcement Tuesday afternoon at
www.goldminingoutlook.com that he had just sold all his
gold shares, at the top of Tuesday's gold market:

quot;Guys like Kaplan can cost you a lot of money. He
refers to all the shorts having covered, knowing
perfectly well, but hoping you don't know, that he is
talking only about the Comex futures shorts. No one
even knows how much physical gold was shorted, borrowed
from central banks and bullion banks, all of which has
to be paid back. It must be a huge amount, as they have
managed to drive the price so low in the face of strong
fundamentals.

quot;Where will they get it? Not from me -- not until
they're ready to pay SERIOUS bucks for it. I don't want
to be greedy but I've waited a long time for this.

quot;The strategy touted to sell now and buy back cheaper
later is touted in every bull market. The purpose is to
get you to sell in panic on any pullback. They buy up
your stock and bullion; then you wait for even lower
prices, which don't come, because it's never quite low
enough; and then you wake up one morning and it's WAY
up and now you go through the agony of trying to decide
if you should buy in at the higher prices, or wait for
another pullback.

quot;So you get burned over and over and over, just like
you did on the way down, so they get you both ways and
you give up your profits to market manipulators.

quot;It takes fortitude and conviction to hold on through
pullbacks, but it is where the real money is made.

quot;You've already rode out the worst, and the best is yet
to come. If you don't believe that gold will go up much
higher in the long run, then you should probably get
out, stay out, and go buy some Internet stocks. I hope
this helps those in agony on whether to sell.quot;

Please post this as seems useful.

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