Alex here is one for the archives. I think I may frame it and call it the turning point for GOLD!!!!!!
Whhoomppp here it is whoomppp!
REUTERS DISPATCH TELLS
THE WORLD ABOUT GATA
By Alden Bentley
NEW YORK, April 20, 1999 (Reuters) -- Some gold market
players may be colluding to keep gold prices near their
lowest levels in 18 years, an industry group claimed
Tuesday, though there are also several economic factors
that may account for the slide in gold prices since 1996,
traders said.
The gold market in New York was abuzz on Tuesday about
an investigation into an alleged conspiracy by a cartel
of Wall Street firms and bullion banks to suppress the
price of gold, with the possible encouragement of the
Federal Reserve and the U.S. Treasury, traders said.
An industry group named the Gold Anti-trust Action
Committee (GATA), said it had retained Philadelphia
anti-trust and securities law firm Berger & Montague to
look into gold market manipulation. Telephone calls to
the law firm by Reuters had not been returned by
Tuesday afternoon.
"It's the duck story -- it looks like a duck it's
quacking like a duck, we say it's a duck and we're
gathering evidence to support the evidence that we
already have about that," Bill Murphy, chairman of
GATA, told Reuters. "If it's not orchestrated and if
it's trade, that is one thing. But we're saying it's
all being done by certain parties at the same time, in
a concerted action," Murphy said.
-MORE-
((--Alden Bentley, New York Commodity Desk, 212-859-
1641, nyc.commods.newsroom+reuters.com))
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