Hello Bill, this was posted on Kitco chat is this the same as what you are working on.
Copyright © 1998 Goldilocks and the three BEARS/Kitco Inc. All rights reserved
The following was posted over at the USA gold site. It seems there might be a legal suit that could be brought against the Federal Reserve for gold manipulation. If there are any U.S. lawyers on this site please comment on the following comment by a Canadian Lawyer. This could get interesting.
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Law of evidence and gold manipulation, cont.
Further to my previous post ( post#1909 ) , I hope to post a further message within a couple of weeks, setting out my visceral
"first-glance" perspectives on the proposed legal proceeding. It will point out that the oft-quoted-on-gold-sites statement of the
Fed Chairman that central banks will lease gold if the price rises could possibly be viewed as an "admission against interest",
which is very powerful evidence in a court. Of course, the entire exchange leading to that statement will have to be examined, to
place the statement in its proper context. I will further argue that, on the basis of the record as I presently understand it to be, it is
"fairly arguable" that the POG is being manipulated. As a result, I do not believe a proceeding against the Fed would be dismissed
on an application for summary dismissal. Finally, I will argue that the most efficient means to proceed against the Fed
( assuming US law is the same as Canadian law ) would be in a judicial review application against the Fed for an order in the
nature of prohibition, enjoining the Fed from selling or leasing gold, or colluding or co-operating with any national or
international body, government, entity, person or corporation in the sale or leasing of gold. The basis would be that gold
sales/leasing aimed at protecting the position ( s ) of individual persons, corporations or funds is beyond the Fed's mandate. ( A US
lawyer would have to assess the Fed's enabling statute and related court decisions, if any, to demonstrate this point ) . The Fed
should be the only respondent and there should not be any action for civil damages as part of this particular proceeding. Such an
approach would minimize the number of parties and lawyers,
minimize costs, and would expedite the resolution of the matter. Perhaps a US conservative or libertarian think tank's legal
department would handle the case.
I hope this post will contribute to discussion on the proposed proceeding.
P.S. A further way to pressure the Fed is to launch Freedom of Information requests to the Fed and all branches of government
concerning the LTCM bailout, the unusual timing of the rate cut before options expiration, and any topic remotely relating to gold
manipulation. If USAGOLD does not object, I have no problem with copying this post and post#1909 to other gold related web
sites. |
