GATA News..................
Dear Friend of GATA and Gold:
Here's some important news sent today by GATA
Chairman Bill Murphy to subscribers of his web site, www.lemetropolecafe.com. Please post it as seems useful.
CHRIS POWELL, Secretary
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: "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."
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 & 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,
BILL MURPHY
Le Patron, www.lemetropolecafe.com Chairman, GATA (www.gata.org)
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