To ALL:
My apologies if this has been covered. I am too far behind to catch up on this thread. There ought to be a lot of support for this from mining companies that have been brought to the edge of the abyss!
Le Metropole Members,
The following press release was sent sent out to the press.
It was a result of a piece my Midas du Metropole, now posted
at the Kiki Table and a letter posted at the Kiki Table, by
newspaper editor, Chris Powell, called "Invitation TO A
Lawsuit". For some additional light on this subject, you might
want to read "Pot of Gold" by John Hathaway, portfolio manager
of the Tocqueville Fund. It can be viewed at the James
Joyce Table.
GOLD SHAREHOLDERS, ADVOCATES ORGANIZE
FOR ANTITRUST SUIT AGAINST PRICE FIXING
Contact: Bill Murphy, 603-433-9389
Email: LePatron@LeMetropoleCafe.com
#RYE, NEW HAMPSHIRE, U.S.A., Monday, Jan. 25, 1999 --
An international committee has been formed to prepare
an antitrust lawsuit against Wall Street investment
houses and Federal Reserve officials it accuses of
conspiring to suppress the price of gold.
#The committee, Gold Anti-Trust Action (GATA), will
solicit support from mining companies, their
shareholders, political figures, and people with a
philosophical interest in sustaining gold's traditional
monetary function, according to the committee's
chairman, Bill Murphy.
#Murphy, a financial markets commentator who edits
an Internet web site of financial commentary,
www.LeMetropoleCafe.com, said the committee has
obtained substantial evidence of the collusion of
Wall Street investment houses with each other and
with Federal Reserve officials to control gold's
price and supply.
#He cited specifically the Federal Reserve Bank of New
York's orchestrating last year the bailout by Wall
Street investment houses of Long-Term Capital
Management of Greenwich, Conn., a hedge fund whose
failed speculations in derivatives, some involving
gold, were said to threaten to collapse stock and
currency markets internationally.
#Other Wall Street investment houses recently formed
what they call the Counterparty Risk Management Group,
which, Murphy said, is open collusion to control the
price and supply of derivatives and their underlying
securities and commodities, including gold.
#Murphy also noted Federal Reserve Board Chairman
Alan Greenspan's unusual statement last July to a
Senate committee that governments are prepared to
lease gold to suppress its price.
#Greenspan told the committee: "Nor can private
counterparties restrict supplies of gold, another
commodity whose derivatives are often traded over
the counter, where central banks stand ready to
lease gold in increasing quantities should the price
rise."
#Murphy said: "These people are called 'the Masters
of the Universe' but their collusion to drive the
price of gold down and monopolize its supply is
still against antitrust law and is devastating an
honest industry and its stockholders. It is also
distorting markets everywhere and eroding the vital
restraint gold traditionally has imposed on
currencies. GATA is mad as hell and we're not going
to take it anymore. And we don't have to. The law is
on our side."
#Murphy said the committee organized at the prompting
of an essay written for his Internet site by a
Connecticut newspaper editor, Chris Powell, who had
been involved in antitrust litigation in that state.
#"GATA is spreading the word of the lawsuit plan
throughout the gold community and is recruiting
plaintiffs and potential donors to underwrite the costs
of litigation," Murphy said. "We're not accepting
contributions now, just taking names and addresses of
gold people who would be interested in fighting back
and who might like to make pledges in any amount and
become plaintiffs. The early response is enormously
encouraging."
#Murphy said that nearly $10,000 in pledges from
ordinary gold shareholders and potential plaintiffs
were received by electronic mail in the 48 hours
after the lawsuit idea was publicized, even before
the committee had formally organized.
#GATA's mailing address is 1079 Ocean Blvd., Rye, N.H.
03870 USA. Its electronic mail address is
LePatron@LeMetropoleCafe.com. Its telephone number
is 603-433-9389.
#The committee's two vice chairmen are John D. Meyer
of Great Barrington, Mass., a money manager, and
Boudewijn Wegerif, project manager for the Monetary
Studies Programme in Stockholm, Sweden.
-END-
All the best,
Bill Murphy
Le Patron
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