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Strategies & Market Trends : Gold - soon to be the new "in" play -- Ignore unavailable to you. Want to Upgrade?

To: d:oug who wrote (5)	8/13/1999 7:05:00 AM
From: d:oug	Respond to of 40

An Open Letter to Members of the Press (Bill Murphy, GATA) Bill Murphy Chairman, The Gold Anti-Trust Action Committee (GATA) It is time to wake up to what has been going on in the gold market. I can understand some initial reticence about grasping what The Gold Anti-Trust Action Committee has been telling you: that the gold market is being manipulated. No one wants to believe that, but enough is enough. It is time to start asking some hard questions of your traditional sources of information who have been feeding you disinformation to keep you off guard about what certain bullion dealers have been doing with " a little help from their friends." You are not floating down that big river of "De Nile" alone. The Gold Anti-Trust Action Committee has contacted the most prominent gold producers since February. Most have not even bothered to respond to us thus far and we are still waiting for them to give us support. In general, they are a sad lot (with a few stalwart exceptions for which we always be grateful). It appears that some producers have either joined in with the bullion dealers and "officialdoms" that are a part of a "collusive effort' to knock down the price of gold, while others have allowed themselves to be put in the unfortunate position of being forced by their own bankers to forward sell at the bottom of the market. I call these nefarious bullion dealers "Hannibal Lechter,", as the most accurate way to categorize the cannibalistic way they have conducted their affairs in the gold market. The cunning "Hannibal" has recruited speculators along the way to facilitate the move down in the price of gold. Who can blame the speculators? After all, until very recently they could borrow gold at 1% interest rates and use the proceeds to invest elsewhere. In essence, they had Alan Greenspans's infamous comment serving as protection for their principal, ie., "central banks stand ready to lease gold in increasing quantities should the price rise." When the price of gold was about to explode, they recruited the Bank of England to help them out by announcing a "future" gold sale (no other central bank has acted in this manner in over 20 years). The speculators also had the comfort of knowing that in difficult financial "stress" times, "Hannibal Lechter" would recruit a hedge fund or two to borrow hundreds of tonnes of gold to sell in the market place to add more pressure on the gold price. What has been a total shock to me is how "Hannibal Lechter" has "Silenced the Lambs." And the "Lambs" are you the press (except for a few more stalwarts for which we will also be forever grateful). Most of you are unwilling to question the pablum that is presented day after day to you by the establishment crowd. What is most bothersome is that you refuse to mention the Gold Anti-Trust Action Committee or air the reasonable evidence that we have gathered that the gold market has been manipulated to a significant degree. Right or wrong, it is not unreasonable that our view point be heard. The United States Congress wants to listen to what we have to say. Why don't you? What is so threatening about just printing what we have to say? If we are way off base, no one will care and that will be the end of it. There is not one of you that who not defend The First Amendment and the freedom of speech principle. Most of you will criticize China for their crackdown on individual freedoms. But are you any different? Do you represent "The Peoples Republic of America?" - "The United States of China?" I suggest that, unconsciously, you have sunk to a lower level than the Chinese whom you berate and that you are "hypocrites." I say that because GATA is challenging some of the "power structure" and some of the "big money" in the United States in the sense that we are suggesting that some of them are part of a vast manipulation of the gold market. Freedom of the press rules in the U.S. unless it challenges that structure. This is becoming all too clear to me. The Gold Anti-Trust Action Committee has sent a 21 page document to Senator Phil Gramm, who is Chairman of the Senate Banking Committee. This document articulates some of the evidence of manipulation that we have accumulated and his staff has found it to be quite "interesting." GATA asks you to be just as discerning, for if we are correct, one of the great financial scandals in American history will unfold in the months and years to come and it will have to do partly with what we have uncovered. Do not recoil from investigating what we have to say BEFORE a crisis develops. The sooner this "outrage" is uncovered, the less will be the financial pain down the road for the average American. GATA has made it this far with the support of good citizens all over the world who can "smell" that something is very wrong in the gold market. Donations have come to GATA from "a people's army" - individuals who want a wrong righted. The Gold Anti Trust Action Committee surges forward in their behalf and informs them as best we can at our website, www.gata.org. We are unpaid volunteers searching for "truth, justice and the American Way." What is wrong about doing a story on that? Bill Murphy Chairman, The Gold Anti-Trust Action Committee Send mail to lepatron@lemetropolecafe.com with questions or comments