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Gold/Mining/Energy : Big Valley Resources (BV-ASE) -- Ignore unavailable to you. Want to Upgrade?

To: bcjt who wrote (221)	12/13/2000 12:10:54 AM
From: bcjt	Respond to of 231

A lawsuit supported by the Gold Anti-Trust Action Committee (GATA) and filed in the US District Court in Boston is accusing five investment houses, the Bank for International Settlements (BIS) and top officials of the US Treasury Department and US Federal Reserve Board of conspiring to suppress the price of gold. Plaintiff Reginald H. Howe, lawyer, market analyst, consultant to GATA and shareholder of BIS, is charging the defendants with price fixing, securities fraud and breach of fiduciary duty, while the government officials are also accused of exceeding constitutional authority. Howe says BIS, which owns a substantial amount of gold, has been at the centre of a scheme with central banks and the investment house defendants to co-ordinate the sale and leasing of gold and the sale of gold derivatives to keep the price of gold low to disguise inflation and weakness in the US dollar and to prevent losses on gold short positions held by certain banks. GATA Chairman Bill Murphy says the suit hopes to "mobilise the gold mining industry and gold shareholders around the world to help [GATA] restore a free market", adding that "mining companies, their employees and shareholders and developing countries have been ruined by the manipulation of the gold market...[while] certain Wall Street interests have made billions from this manipulation." (Dec 12/00) For more information: gata.org