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

To: Hawkmoon who wrote (27414)	1/31/1999 1:52:00 PM
From: Matt C. Austin	Read Replies (1) \| Respond to of 116762

GOLD SHAREHOLDERS, ADVOCATES ORGANIZE FOR ANTITRUST SUIT AGAINST PRICE FIXING Contact: Bill Murphy, 603-433-9389Email: 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 MurphyLe Patron

To: Hawkmoon who wrote (27414)	1/31/1999 2:50:00 PM
From: Francis R. Biscan Jr.	Read Replies (1) \| Respond to of 116762

Hi Ron, I enjoy your posts along with the many others that help us think things through. As you stated: "Strength in the price of gold undermines the confidence in economic strength, and all of the coincidental factors that make up that confidence." One would have to ask, why that is the case. If there is a lack of confidence in whatever economy or currency one has stored his value in, he would look for some other store of value. As you mentioned, it could be anything. The attempt by some to destroy gold to sustain confidence in anything that people are loosing confidence in does nothing to instill confidence, but acts to confuse. Another proxy will be found to protect ones wealth, if it is not gold. The bullish case for gold, IMO, can be found in it's simple commodity status. Money supply has grown by leaps and bounds over Gold supply growth. There are many more dollars to by a slightly greater supply of gold. Without dishoarding, gold would be gradually moving higher, as demand growth has outstripped new supply growth. That demand, in an indirect way, is a result of the high rate of money growth and the accompanying prosperity. I am not saying that gold could not be kept down for a lengthy period of time, but eventually, if the supply / demand picture stays the same or improves, the powers that are manipulating confidence will run out of the tool they are using to do so, namely gold. When this takes place, or is even perceived as coming to pass, gold will head higher. Have a good day, Rich

To: Hawkmoon who wrote (27414)	1/31/1999 6:19:00 PM
From: lorne	Read Replies (2) \| Respond to of 116762

Hello again Ron. You Said >>> Now if the Swiss Franc goes up in value due solely to the rise in the price of gold, is this a proper reflection of the inherent worth of its economy or unemployment rate? Who has a larger GDP, and technical prowess, as well as the military, and political power to protect their interests here or abroad? <<< Why is that the Swiss Frank would increase in value due to a rise in the price of gold and the USA dollar would lose value, I think the USA has the single largest supply of gold in the world how could an asset of this value undermine the economy and currency of the USA. An ounce of gold at this moment in Canada is $ 433.40. As the Canadian dollar lost value compared to the US$ the price of gold rose however the cost of bread, oil, clothes etc. stayed much the same so the Canadian dollar is still worth a dollar the only big change is gold is more expensive. You said >>>Now where the H*ll is the logic in substituting one financial illusion for a previous one? I accept that the Fiat system is an illusion. Money is an illusion. Gold is an illusion. But so long as we believe it is real, it works as a storehouse of value.<<< Not sure why you would want to substitute one for the other ? If they both have an illusion of value whats the point in choosing just one you may choose the wrong illusion, use both and create real money. You said >>>Rightly or wrongly, we have a Fiat system based upon the economic strengths and weaknesses of our underlying economies. Throwing in an irrelevant commodity like gold, platinum, palladium, or diamonds, as a competitor to that system would be devastating and cause drastic economic disruptions.<<< According to Duisenberg it is not an irrelevant commodity it is a reserve used to defend their local currency. European Central Bank president Wim Duisenberg said that gold's role in the central bank reserves is to defend local currencies, not capital appreciation. Take care Lorne