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Gold/Mining/Energy : Pacific Rim Mining V.PFG -- Ignore unavailable to you. Want to Upgrade?

To: Claude Cormier who wrote (14143)	2/2/2001 6:34:27 PM
From: Richnorth	Read Replies (1) \| Respond to of 14627

LATEST NEWS FROM GATA "Le Metropole Members, "Bill just called me from South Africa and at his request, I've posted an article from the major SA publication MONEYWEB at the James Joyce Table. He's getting a fantastic reception in SA. This would be a GREAT time to show your support, those of you who are not yet Cafe Members...... help make HISTORY!" :) ****** From www.MoneyWeb.co.nz: "Gata's Bill Murphy:fringe lunatic or golden messiah? "Bill Murphy, the personality behind the Gold Anti-Trust Association (Gata), is in South Africa on an awareness and fund-raising mission the fruits of which may help finance an amazing finale in Gata's two-year crusade. "If successful, Gata will strip bare a gold cartel whose influence allegedly extends to the highest reaches of the US government. "The crucible of Gata's argument is the upcoming legal proceeding scheduled for March 15. This is when key US business players, such as JP Morgan and Goldman Sachs, will appear in the Massachusetts District Court to respond to a complaint brought by Gata's Reg Howe. If the judge admits the action, even Alan Greenspan will appear under oath answering evidence supplied by Gata of a sprawling, four-year long manipulation of the gold price. "According to Murphy, short positions totalling up to 12 000 tons of gold have been amassed by JP Morgan, the Chase Manhattan Corporation, Citigroup Inc, Deutsche Bank AG and the Bank for International Settlements (BIS). "Gata contends that allowing the gold price to rise in line with market forces will expose the banks to potential losses worth billions of dollars. According to the Office of the Controller of the Currency, the notional value of the off-balance-sheet gold derivatives on the books of the US commercial banks exceeds $87 billion - greater than the total US official gold reserves of approximately 8 140 tonnes. 'Wild Bill' Murphy "Murphy is known somewhat curiously as "Wild Bill"; curious because he's more avuncular than swashbuckling. His blazer still has the price tag attached to the sleeve. He hauls it off with an embarrassed snigger. He's carrying reams of papers, supporting documents, folders and reports and repeatedly fishes around, sometimes fruitlessly, for the evidence his amazing story demands. "For example: the International Monetary Fund sought to break the Washington Agreement - a moratorium on most central bank gold sales - by leaking physical gold to the Exchange Stabilisation Fund (ESF). In itself, the activities of the ESF are esoteric at best; dubious even. But in less than three months after the Washington Agreement was signed, gold derivatives surged to $87.6 billion from $63.4 billion. "Then, the Bank of England decided to sell 400 tons of its gold reserves; a plan hatched to maintain supply to major US banks desperate for physical material to close out their positions. In short, the BoE is in league with the gold cartel. Odd, isn't it that each UK auction is timed to coincide with futures close outs on Comex, Murphy asks? "Alan Greenspan decided to join the board of directors of the BIS - a position not taken by a federal reserve chairman in 64 years - to exercise greater influence in gold flow. Everyone is in everyone else's pocket. The conspiracy even extends to Lawrence Summers, secretary of the US Treasury. "It goes on and on. Take speculation that Barrick Gold is hoping to buy one or more of South Africa's gold assets. Attempts to grab unhedged mine supply are aimed at satisfying the gold cartel's desire for supply which easily falls below the amount of derivative exposure. "They (Barrick Gold) are very tight with the gold cartel," says Murphy. Are other gold producers involved?: "AngloGold is aware of the gold cartel but not complicit," he says. Branded a lunatic "Murphy says the mainstream media won't give him time of day. "I was on CNBC once and that was it," he says. He believes the links between big business, with its extensive financial advertising in the press, is strong enough to have Gata placed on the lunatic fringe. "But there's the nagging regularity with which New York always seems to cap an improvement in the gold price. "Time and again, gold rallies only to be knocked on the head in the US. Cogent explanations for the trend are in short supply. In fact, Murphy believes Gata is maligned without proper consideration. "If you haven't read the evidence, how can you say we're wrong," he says. He's carrying copies of the report "Gold Derivative Banking Crisis" to convince the sceptics. "Even the sober Gold Fields Mineral Services (GFMS) has asked worrying questions about gold flow lately. There's some 180 tonnes of gold trade GFMS couldn't account for in 2000. "We think the figure is greater. GFMS have become more tolerant of our views," he adds. GFMS recently said it watched Gata's progress with interest. "Is it possible Gata is right and only now 'respectable' organisations are cottoning on? Some won't acknowledge Gata, however. The highly respected Jessica Cross of Virtual Metals is one; the World Gold Council is another. Not even gold producers admit to having an interest in Gata's work. South African company Harmony Gold says, contrary to media rumours, that the company has not contributed financial support to Gata. "Asked about the daunting prospect of facing up against the world's biggest bankers, Murphy laughs somewhat nervously, but you get the impression he's loving every bit of it. "I never thought I'd end up doing this," he says. Again, that's difficult to believe. Murphy is a bred in the bone maverick; born to swim against the current." "I'm sick of the rich banks in New York. I want to put them in their place. I'm tired for the Establishment and want them to know they can't get away with everything just because of who they are," he says. If he's right, and Gata makes headway in March, gold bulls have every right to expect a massive run in gold. Murphy is forecasting a price of $600 an ounce before big business can clear the market. By: David McKay ****** <A HREF="http://www.LeMetropoleCafe.com/entrance.cfm">Le Metropole Cafe</A> All the best, Geoff Barnes, Webmaster for Bill Murphy Le Patron www.LeMetropoleCafe.com