DROOY CLOSES HEDGE BOOK...
GATA presentation stuns London mining analyst
conference
12:53p ET Thursday, May 23, 2002
Dear Friend of GATA and Gold:
GATA Chairman Bill Murphy reports that the
GATA delegation "stunned" the mining industry
analysts conference in London today with a
presentation about the official sector short
position in gold and the suppression of the
gold price by central banks.
The GATA delegation includes Reginald H.
Howe, James Turk, Robert K.Landis, and the
novelist Arthur Hailey.
Among the mining company officials present
was Durban Roodeport Deep CEO Mark
Wellesley-Wood, who told the conference that
his company supports GATA's objectives and
principles and will not support the World
Gold Council. Wellesley-Wood also explained
to the conference the urgency of closing
Durban's hedges, which has just been
accomplished through the issuance of shares.
Also attending the conference is the renowned
Swiss gold banker and author of the
just-published book "Gold Wars," Ferdinand
Lips, whose book was discussed with great
interest.
Landis remarked of Murphy's presentation: "You
are in the belly of the beast and they did not
lay a hand on you."
Interestingly, the price of gold in New York,
which had been languishing most of the trading
session, shot up by $5 when the London conference
recessed.
Murphy and the GATA delegation will be meeting in
London with mining company officials as the
conference continues.
On a funny note, Murphy said he had been picked
up at Gatwick, the London-area airport, by a cab
driver who is the president of GADA -- with a D
-- the Gatwick Auto Drivers Association. The driver
explained that his group had just won a legal
battle against something called the Gold Online
Cab Co. It wouldn't surprise me if the Gold Online
Cab Co. is owned by J.P. Morgan/Chase!
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc. |
