Daily Dispatches

Remarks by GATA Chairman Bill Murphy, introducing
speakers at the GATA African Gold Summit in Durban,
South Africa, on May 10, 2001.

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I thought it might be best to begin our meeting by
explaining to you how the Gold Anti-Trust Action
Committee came into existence and what we are all
about.

I was writing gold market commentary for my financial
web site in the fall of 1998 when I noticed that the

Here is the text of GATA Chairman Bill Murphy's address
to the GATA African Gold Summit in Durban, South Africa,
on Thursday, May 10, 2001.

* * *

By Bill Murphy, Chairman
Gold Anti-Trust Action Committee Inc.

Two and one half years ago it was clear to me that the
gold market was rigged. I could see that just by the
way the market was trading after the Long Term Capital
Management hedge fund blow up and bail out by New York

8:38a ET Wednesday, May 9, 2001

Dear Friend of GATA and Gold:

Monday the Financial Times wrote about us, and
today the London Evening Standard did. Both stories
are in the context of the report out of the London
Business School dismissing the impact of derivatives
on the gold market and purporting to quot;refutequot; GATA's
complaint. (If only the big papers remembered their
Journalism 101 -- off the opinion page, it's quot;rebut,quot;

3:43p ET Wednesday, May 9, 2001

Dear Friend of GATA and Gold:

Below are the questions I have put to Fed Chairman Alan Greenspan
and Treasury Secretary Paul O'Neill through Sen. Joseph I.
Lieberman. It would help if others in the United States asked
their congressmen to do the same.

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

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1) What are the quot;gold swapsquot; cited in the minutes of the January