The Gold Anti-Trust Action Committee needs your help

http://www.gata.org/invite.html ^ | 02/08/02 | underdog

[underdog]

The Gold Anti-Trust Action Committee needs your help in making our luncheon at the National Press Club on February 12, Lincoln's Birthday, a big success.

The luncheon is for the news media, members of Congress and their staffs, representatives of public policy study institutions, and others who could have an impact on legislation, public policy, and publicity. GATA hopes that its supporters in the United States will notify their senators and representatives about our presentation and urge them to attend or be represented.

GATA supporters outside the United States can help by contacting major news organizations in their country and urging coverage of the GATA presentation through Washington bureaus. Try to create as much interest as possible by making telephone contact. By e-mail or fax, please let me know of anyone who has expressed interest, and I will contact him or her.

Also, please e-mail me fax numbers or e-mail addresses of anyone in the Washington area you should think should be invited.

The affair is by invitation only.

Bill Murphy

Chairman Gold Anti-Trust Action Committee

[underdog]

Gata Link

[underdog]

Sorry, I still can't seem to get the hang of linking (duh!), the address is: www.gata.org/

[rohry]

I am familiar with GATA, but others may not. Here is a brief statement from their WEB site:

The Gold Anti-Trust Action Committee was organized in January 1999 as a Delaware corporation to advocate and undertake litigation against illegal collusion to control the price and supply of certain financial securities, particularly securities involving gold. The committee arose from essays by Bill Murphy, a financial commentator, and by Chris Powell, a newspaper editor in Connecticut, published at Murphy's Internet site, www.lemetropolecafe.com.

Murphy's essays reported evidence of collusion among financial institutions to control the price of gold. Powell, whose newspaper had been involved in antitrust litigation, replied with an essay proposing that gold interests should act on Murphy's essays by bringing suit against the financial institutions involved in the collusion against gold.

The response to these essays from gold interests throughout the world was so favorable that the committee was formed. Murphy is Chairman and Powell is Secretary/Treasurer.

The committee has retained a prominent anti-trust law firm, Berger & Montague of Philadelphia, and is raising money for advocacy and litigation.

Additionally, GATA seeks to disclose and publicize the huge speculative short positions in gold taken by financial institutions and bullion banks. GATA believes that 10,000 tons of gold or more have been sold short by these speculators, even as yearly mine supply of gold in 1998 was only 2,529 tons.

When, through our lawsuit and otherwise, we are able to show how short in gold even one major financial institution really is, other institutions will buy gold in quantity, knowing the short position in gold is too large to close without causing a substantial rise in the price of gold. Then the gold collusion game will be over.

It is most interestng that many of the same people/corporations/banks that are involved with Enron are involved with this Gold scam (ie Robert Rubin, UBS Warburg, and CitiBank).

The implications for the manipulation underlies the whole basis on which Clinton was able to "engineer" the economic "miracle" of the late 90's (otherwise known as the speculative bubble of the Century).

[Poohbah]

Sounds like a guy who doesn't like the fact that gold didn't hit what he THOUGHT it should hit. WAAH!

[headsonpikes]

GATA Bump.

[rohry]

I got out of the stock market at its peak in February 2000, and put the proceeds in bonds. In the summer of 2001 I invested a portion of that money in Gold at $265/oz., today it closed at $305/oz. That is a 14% payback in 6 months. How have your investments done?

[Patriot1946]

Sorry to burst your bubble but the people at GATA had shares in Gold and they were trying to force them to sell them at below market value. The gold market is being suppressed to keep the value of the dollar in the world market stronger than it really is. Your future is banking on this because if the value of the dollar is artificially inflated when the bubble bursts all your dollars are virtually worthless. Many countries including Russia are returning or comtemplating going back to the gold standard, making the dollar worthless because it is not backed by anything. You know all those gold bars that WERE at Fort Knox, they are gone, the private bankers own them now. Your personal property and your labor, in the form of tax revenues, is what is backing the money of this country, it has been used for collateral. You might want to contact your congressmen.

[rohry]

You know all those gold bars that WERE at Fort Knox, they are gone, the private bankers own them now. Your personal property and your labor, in the form of tax revenues, is what is backing the money of this country, it has been used for collateral. You might want to contact your congressmen.

Couldn't have said it better myself.

[Poohbah]

In the summer of 2001 I invested a portion of that money in Gold at $265/oz., today it closed at $305/oz. That is a 14% payback in 6 months.

Did you cash out today? If not, then you effectively have a 100% loss, because gold does not bear any sort of dividend. What if gold drops to $260 in the next six months?

[zog]

--it's really more of an international group who know what they are about and have got the goods on some high level pretty shaky fraud involving a lot of big banks and other assorted fatcats. The implications go directly to serious folding money jailtime for those involved, not only US law-although this is where this case is-by some other countries as well from what I remember. It's potentially much bigger than endrun. It isn't just one disgruntled guy.

Basically, these high level sharks have been using one pile of gold as representing several piles of gold, and getting their banks to loan each other money on it. The amount they claim exists doesn't exist, they can't produce it, no one has seen it, and to hide the fact, they conspired to keep the true amounts hidden so they won't get found out. Keeping the true amounts hidden, and also from the fact of several of them being pretty important monetary policy setters, they kept the other prices of the actual traded stuff artificiallu down, even though demand has been running brisk, and world supplies just aren't that much. Roughly similar to endrun. Using credit to get more credit to get more credit, based on lying about the original collateral, and being in a high enough level position to make the lie credible, and calling that credit an asset, a profit, when it didn't exist. They then went and invested in this or that withoput any financial wherewithal to actually do it without lying. They used vaporware to trade for real stuff in other words.

One of the other more astute financial people here can probably explain it better, I'm sure I got a few things not *exactly* correct as to terminology, but I believe that is the gist of the deal.

[Poohbah]

Sorry to burst your bubble but the people at GATA had shares in Gold and they were trying to force them to sell them at below market value.

Please rewrite this sentence in standard English--or are you trying to say that GATA were trying to force a sale below market value of their own shares?

The gold market is being suppressed to keep the value of the dollar in the world market stronger than it really is.

Oh, really? How does that happen? I want to see details of the mechanism by which some impersonal force magically supresses demand for gold. Do they want the government to force people to buy gold or something?

Your future is banking on this because if the value of the dollar is artificially inflated when the bubble bursts all your dollars are virtually worthless.

And, of course, if the value of the dollar is NOT artificially inflated, GATA's gold shares never will skyrocket in value like they want.

Many countries including Russia are returning or comtemplating going back to the gold standard, making the dollar worthless because it is not backed by anything.

In which case, since we have a lot of foreigners holding dollar-denominated debt, those folks are going to be SOL.

You know all those gold bars that WERE at Fort Knox, they are gone, the private bankers own them now. Your personal property and your labor, in the form of tax revenues, is what is backing the money of this country, it has been used for collateral.

You've obviously never heard the line about how when you owe the bank $6,000, the bank owns you, but when you owe them $6,000,000,000,000, it's a case of YOU owning the bank.

You might want to contact your congressmen.

Sure thing. BTW, welcome back to FR. How long before you're banned THIS time, Patriot76?

[Southack]

If you like gold, don't you want the price to go DOWN so that you can afford to buy more?

People who like steaks want the price of beef to decrease so that they can buy more meat. People who like Corvettes want the price to go down so that they can buy more Corvettes. People who like houses want the price to go down so that they can buy more houses.

On the other hand, people who got burned by buying gold twenty years ago when the price was over $800 per ounce probably want to live to see gold rise in price so that they can break even.

Ain't gonna happen no matter how many action committees you form...

[Poohbah]

These folks think they have a Constitutional right to profit on their investments.

[robnoel]

Still an idiot!

[robnoel]

see post 15

[rohry]

I'm not going to get into a pi$$ing match with you, yes you are right I have not cashed my Gold in (because I think it is going much higher), so I have realized just a "paper profit." But you also must realize that investing in any product, company or commodity does not realize a profit until it is sold.

I would rather have my money invested in something that has been valued everywhere for the past 2,000 to 4,000 years than pieces of paper (dollars, yen or euros) that are guaranteed by nothing and are being created (printed) at a rate never before seen in the history of the USA.

People that owned Enron at $80 or Global Crossing at whatever are broke now. Nobody will ever be broke owning Gold, although I will cede that it has been a poor investment for the past 10 years. Maybe you should take note on the goings on in Argentina and Japan right now. Fiat currency has failed everwhere it has been used in the history of the world.

Again I ask, how have your investment choices done lately?

[Poohbah]

Talking to yourself, I see.

You are really hard to figure out. You seem to relish the idea of a general economic collapse--but your business lies in selling luxury trinkets (collectible coins), and selling luxury trinkets requires a robust, vibrant economy.

[Southack]

Gold is fiat currency, too. It only has value because others say it has value, just like paper.

Worse, gold doesn't have the economies or militaries of nations supporting it.

In fact, gold has been banned from private ownership (i.e. near-zero investment value) up until the mid-1970's in America. With the stroke of a pen gold could be banned again.

Moreover, anyone who discovers a large goldmine will soon have the market flooded and the price devastated.

Other factors weigh heavily on gold, too. For instance, South Africa is currently devaluing the Rand. As that currency plumments, more gold can be mined profitably there, and most of that will be sold into the market abroad.

Thus, the supply of gold increases every day, but where O where will all of those gold-sellers find more and more suckers buyers??