10:48a ET Friday, February 22, 2002

Dear Friend of GATA and Gold:

The famous (and, we hope, by the time we're through, infamous) academic study co-written by Lawrence Summers, Gibson's Paradox and the Gold Standard, published in the June 1988 issue of The Journal of Political Economy and describing the historic relationship between the gold price and interest rates, has been posted in Adobe Acrobat format here:

http://www.gata.org/files/gibson.pdf [1]

A longer version of the study, published three years earlier by the National Bureau of Economic Research in Cambridge, Massachusetts, has been posted here:

http://www.gata.org/files/GibsonsParadox-OriginalVersion.pdf [2]

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