Interesting reading:
4/20/99
Something momentous has occurred for the gold market and gold industry. Finally, someone has
had the audacity to speak out against the continuous, outrageous and self serving negative barrage
of gold market commentary by the New York bullion dealers.
For good reasons, the gold mining companies have been petrified of the bullion dealers because
their credit lines are a life blood of their existence. Good relationships with your bankers is just
good business.
Unfortunately, the gold miner's banker has been "Hannibal Lechter" and good ole Hannibal has
coerced the gold industry into a "Silence of the Lambs" type of existence.
Until now!
Here is the statement released to the press on Friday by Chris Thompson, Chairman of Gold
Fields Limited:
Company Press Release
SOURCE: Gold Fields Limited
Gold Fields Responds to Hedging Rumours
JOHANNESBURG, South Africa, April 16 /PRNewswire/ -- Chris Thompson, Chairman of
Johannesburg-based South African gold producer, Gold Fields Limited, today announced that,
other than regular sales of production, the company has made no new forwards sales of gold
whatsoever during 1999.
Thompson said that the company had found it necessary to make this statement in response to
persistent
allegations that Gold Fields had recently sold large amounts of gold forward.
''These rumours appear to be emanating from New York-based bullion dealers'', said Thompson.
''The seeming explanation for these unfounded and persistent rumours is a desire by the short end
of the
market, or the dealers, to talk the gold price down. We do not wish to be associated with these
efforts,'' he said.
Gold Fields Limited is one of the world's largest, low-cost producers of gold, with anticipated
proven
reserves of 96 million ounces and annual production of four million ounces during 1999/2000. It
trades on the Johannesburg and London Stock Exchanges under the symbol ''GFL'' and, currently
in the US, on the OTC market under the symbol ''GDFDY''.
SOURCE: Gold Fields Limited
A representative of Gold Fields in South Africa recently signed up as a new trial member
in www.lemetropolecafe.com. I sent an email to Chris Thompson yesterday congratulating him on
his
"telling it like it is" and welcoming Gold Fields into the Cafe. Chris Thompson has taken
a strong stand. I urge all Café members to support this stand. Let him know what you think by
sending
him an email at: Investors@goldfields.co.za and take a close look at Gold Fields as an investment.
One of GATA's agendas is to urge shareholder buying support for gold companies that are doing
what they can to fight for a higher gold price.
We invest in gold companies to make money. We will only make money when the precious
metals prices go higher. What is the point of investing in a gold company if the gold price cannot
go up because the NY investment house cabal has other agendas? I truly believe the New York
investment houses have perpetrated one of the biggest financial scandals in the history of our great
country. They need to be put in their place.
Chris Thompson has been courageous. It is very important that we resonate his message around
the
internet so that other gold companies will speak up too. All of us are starting to make a difference.
Now is the time to turn up the heat on "Hannibal Lechter".
All the best,
Bill Murphy
Le Patron and Chairman Gold Anti Trust Action Committee Inc. |
