GATA getting support from South Africa!
Le Metropole Members,
From Chris Powell:
----------
12:20p ET Sunday, February 4, 2001
Dear Friend of GATA and Gold:
Yesterday's Durban Independent reported that GATA has
been endorsed by South Africa's National Union of
Mineworkers. This is one of the crucial steps toward
getting that country behind the gold cause and the
cause of free markets, and one of the things GATA
Chairman Bill Murphy went to South Africa to
accomplish. If South Africa can be persuaded to stand
up for itself against the Wall Street fixers, we'll
win.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
170,000 JOBS LOST IN MINING
Mineworkers Union endorses GATA
By Sandile Ngidi
Durban Independent
February 3, 2001
The manipulation of the international gold price in the
1990s has cost close to 170,000 South African mine
workers their jobs, the U.S.-based Gold Anti-Trust
Action Committee (GATA) said this week.
GATA Chairman Bill Murphy said the fixing of the gold
price had harmed South Africa severely, as the country
was the biggest producer of gold in the world.
GATA is asking U.S. District Court in Massachusetts to
test their claims that some leading U.S. investment
institutions and public officials were "suppressing the
gold price."
Murphy has accused the Bank for International
Settlements and J.P. Morgan & Co. Inc., among others,
of fixing the gold price in order to make gold a cheap
source of capital.
"As long as the price of gold remains low, this is a
financial bonanza to a privileged few at the expense of
the many," he said.
This week the campaign got the support of South
Africa's biggest mining-sector trade union. The
300,000-strong Cosatu-affiliated National Union of
Mineworkers said it was time to expose "cartels in the
international gold market."
Spokesman Mr. Gino Govender said the sharp decline in
the international price of gold in the 1990s had caused
a mining crisis in the country.
Consequently, mining crisis summits were held in 1998
and 1999 in order to "arrest retrenchments in the
mining sector."
Murphy said mine workers in Africa and on other
continents had lost jobs "in the thousands."
It was also proving increasingly hard for the local
economy to get the boost it needed, he said.
"Statistics reveal that diseases associated with
poverty and lack of education are once again increasing
at a frightening rate," he said.
At the time of going to press, attempts at getting
comments from the two financial institutions had proved
futile.
-END-
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