Gold market manipulation carries Las Vegas conference debate

8:10p ET Wednesday, September 10, 2008

Dear Friend of GATA and Gold:

GATA Chairman Bill Murphy reports from the Hard Assets Investment Conference in Las Vegas that the audience there today overwhelmingly voted him the winner of his debate with Resource Investor's Tim Wood, in which Murphy argued that the gold market is manipulated by central banks and their affiliated investment houses and Wood argued that it is not.

According to Murphy, Wood declined to address any of the many specific documents and admissions Murphy cited as evidence of market manipulation, documents and admissions GATA has been publicizing for years. Instead, Murphy says, Wood asserted mainly that complaints of market manipulation are bad for the mining industry. But is the manipulation itself good for the industry? Is what has happened in the gold market over the last few months good for the industry? Will it stop if GATA stops complaining about it?

Of course this account of the debate is entirely one-sided. If Wood provides his own account at ResourceInvestor.com, GATA will publicize it. Of course he must be admired for his courage in being the first disbeliever in gold market manipulation to participate in such a debate.

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

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