Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Bobby Yellin who wrote (46876)	1/8/2000 7:58:00 PM
From: d:oug	Respond to of 116768

Bobby, Can you or Hutch or Ron Reece discribe to this thread the extent that U.S. Treasury Secretary Lawrence Summers addressed the questions that GATA asked in the recent open letter in Roll Call ? Seems to me that the average American citizen can take his one line sentence to mean "Don't worry, your gold is safe and sound. Trust me, I'am a government official and will protect your gold at all cost, no matter what has to be done to accomplish the goals deemed correct by your gov't LEADERS." Sounds like it would be a waste of time & money to have an audit done because the last one done in the Eisenhower Administration identified all is ok, and since then we American citizens have NEVER had cause to feel concern that our government leaders were anything but trustful. Saturday, January 08, 2000 BOSTON (Reuters) - The United States has not sold any of its gold reserves and has no plans to do so, U.S. Treasury Secretary Lawrence Summers said on Saturday. "I categorically deny assertions that U.S. gold reserves were being sold off or that there is any plan to sell them off," Summers told reporters on the sidelines of an economics conference. Thursday, December 9, in Roll Call, ... publication at the U.S. Capitol. Chris Powell, Secretary Gold Anti-Trust Action Committee Inc. (Open Letter) To: Allan Greenspan, Chairman, Federal Reserve System Lawrence Summers, Secretary of the Treasury What Are You Doing With America's Gold? 1. Does the Federal Reserve or the Treasury Department, either on their own behalf or on behalf of others, including other government agencies, such as the Exchange Stabilization Fund, lend gold or silver, facilitate the lending of gold and silver, or trade in any securities, such as futures contracts and call and put options, involving gold and silver? 2. If the Fed or the Treasury Department do lend these precious metals, do they do so only on a swap or repurchase arrangement basis, or do they also lend unsecured? 3. What are the credit criteria that a potential borrower needs to establish with the Fed or the Treasury? 4. What credit limits are applied to borrowers? How do they vary between secured/swap lending and unsecured lending? 5. How often are counterparty positions marked to market in these transactions? 6. What happens if market price movements cause the credit limits to be exceeded? 7. Does the Fed or the Treasury have any counterparty credit utilizations in excess of 90 percent of the limit? 8. Have any precious metal-related credit limits been amended other than in credit limit reviews in the normal course of business? 9. Do the Fed or the Treasury Department or any other government agency ever own or deal in derivatives that are connected with precious metals? Do any of these agencies write call options against the Treasury's or Federal Reserve's gold holdings, or write naked call options? 10. Do the above-mentioned credit limits and mark-to-market provisions apply to derivatives as well? 11. Have the Fed, the Treasury, or any other government agency, either directly or through their management of foreign custody accounts, collaborated with the Bank for International Settlements, the Bank of England, or any other central bank with a view to managing, smoothing, or otherwise affecting the market price of gold? There is also great concern that U.S. gold reserves have been lent or sold. Those gold reserves are a great national financial asset, yet they have not been audited officially since the Eisenhower Administration. So in addition to answering the above questions, we ask you to arrange an independent audit so that the country may be assured that its gold remains in public hands. Chris Powell SECRETARY/TREASURER GATAComm@aol.com GOLD ANTI-TRUST ACTION COMMITTEE, INC. Suite 1203, 4718 Cole Avenue, Dallas, Texas 75205 www.gata.org