GATA Konferenz in Durban - Kampf ums Gold - 500 Beiträge pro Seite

[R.Deutsch]

Geschrieben von R.Deutsch am 06. Mai 2001 10:45:38:

By Adam Hamilton
May 4, 2001
http://www.zealllc.com

While the gold price appears to be calm and placid,
powerful forces war behind the scenes in a life-or-
death struggle to shape the gold market of the new
millennium.

The world gold markets are embroiled in a raging gold
information war. The stakes are stupendously high, as
the state of the gold market and the price of gold do
not exist in a vacuum. Virtually every other important
capital market in the world, from the mammoth currency
foreign exchange markets to the critical international
bond markets, is affected directly or indirectly by the
price of gold.

Unlike past economic/financial wars, the current war on
gold has not degenerated into actual physical conflict.
At the dawn of the Information Age, this latest gold
war is not being fought with Kalishnakovs and M-16s but
with fantastic new communication technologies centering
around the wondrous Internet. It is, in many aspects, a
perfect example of a true information war.

The raging gold info-war is a fight for free markets
and for the hearts and minds of investors worldwide.

As in most epic conflicts, the combatants of this gold
info-war are divided into two camps. The slogan of the
first group of soldiers could be expressed in three
words: "Gold is dead!" The battle cry for the
second group of warriors could be summarized as "Gold
is being suppressed and a price explosion is imminent."

The "Gold is dead" partisans can also be described as
anti-gold forces. They believe that timeless financial
lessons learned in the past do not apply any more to
our fantastically complex global economy. They believe
that gold is a "barbaric relic," with no place in
computerized and globally integrated financial markets.
The anti-gold forces generally think that humanity has
finally "tamed the business cycle" and that a paper-
based, derivatives-controlled global financial system
can continue to expand at rapid rates forever. This
camp believes that governments and large private
entities can control fiat currencies, markets, and
wealth-creation indefinitely.

The traditional role of gold as the monetary base and
ultimate asset is thought no longer necessary by the
anti-gold forces because systemic risk has been
mitigated through the light-speed, 24/7 global
financial infrastructure humankind has created. Through
the proliferation of derivatives, the anti-gold forces
believe that risk can be bought and sold until the
markets as a whole never experience a boom/bust cycle.

With the seductive prospect of no future
economic/financial earthquakes, the anti-gold forces
believe that there is no need for the ultimate rock of
financial security, fire-tested through millennia of
human history: gold.

Standing in the other corner are the allies of gold.
The pro-gold forces are small in number but ferocious
in resolve. They believe that financial history DOES
matter, and that gold will always have the same
critical role as the cornerstone of the financial world
that it has maintained virtually uninterrupted for
6,000 years.

The pro-gold forces are generally students of
economics, history, finance, and money. They have
witnessed past financial manias and attempts to cast
gold out of the financial system through the eyes of
people who lived through these historical episodes.

The pro-gold partisans recognize that markets move in
cycles and that trends always change. They also realize
that the human heart, the ultimate source of greed and
fear that drives booms and busts, does not change. Many
of the pro-gold forces, after years of study, believe
that the world gold market is being suppressed by a few
governments and elite private banks for selfish
reasons. The governments are trying to cover up past
policy failures and protect their 100-percent paper
money, backed by nothing but faith and trust, fiat
currencies, and overvalued equity markets.

The private banks jumped into the gold manipulation
game because borrowing gold at lease rates of less than
1 percent annually and selling it provided a virtually
endless supply of cheap capital that could be invested
in other markets at an enormous profit.

The pro-gold forces believe that after endless research
and investigation over the last six or so years, the
case for a manipulated gold market is virtually
unassailable. They note that the laws of economics are
ironclad and irrevocable, and can be cast asunder and
bent for only a relatively short period of time, as
history has taught us over and over.

As the gold info-war rages on, there have been
victories and defeats for both sides. Generally,
however, the anti-gold forces seem to have the upper
hand as gold continues to hover near 20-year lows.

The pro-gold armies, though they control miniscule
amounts of capital compared to the governments and
banks believed to be suppressing gold, make up for
their disparity of resources with world-class research,
a mastery of cutting-edge Information Age technologies
like the Internet, unquenchable zeal, and tenacity.

Like any good local guerilla army fighting a much
larger and better-equipped aggressor, the forces for
free gold markets carefully choose their engagements.

The next major battle initiated by the pro-gold forces,
and potential turning point in the gold info-war,
occurs May 10 in Durban, South Africa. The Gold Anti-
Trust Action Committee (www.gata.org) is hosting an
African Gold Summit where crucial evidence will be
presented to important African governments, gold-mining
companies, labor interests, and the media about what
has transpired in the global gold market in recent
years.

With the global physical gold market centered in London
and the global paper gold derivatives market revolving
around London and New York, Durban may seem an unlikely
battlefield for a potentially decisive confrontation in
the gold info-war. But it is actually a perfect
location, as South Africa has critical strategic
importance in the global gold trade.

South Africa alone supplies around a quarter of the
total mined global gold supply each year, with other
African nations contributing more gold. At its peak
production in 1970, South Africa supplied almost four-
fifths of the annual mined gold supply. Gold mining is
an extremely important strategic industry to the entire
country and region, and the low gold price has exacted
a devastating toll on the Africans.

The love of gold in South Africa runs deep. The country
is a crucial supplier of gold, and it has born the
brunt of the anti-gold campaign. There is probably no
better place in the world to hold a pro-gold, pro-free
market conference that exposes damning evidence of what
has really transpired in the global gold markets since
the mid-1990s.

The line-up of warriors GATA is presenting is
extraordinary, a veritable "Who`s Who" of the gold
world.

Among the speakers are Bill Murphy, Frank Veneroso, Reg
Howe, and James Turk. These are the all-stars and
movers and shakers in the fight to liberate the
gold market.

It will be an incredible summit. Murphy is a founder
and chairman of GATA. He has fought long and hard to
illuminate gold market dynamics and to unshackle the
gold market so it can trade free of government
molestation. He has traveled to the U.S. Congress to
report the dangers of unprecedented growth in gold
derivatives. He has spoken with gold producers, gold
investors, and gold consumers all over the world. He is
also the proprietor of the excellent award-winning
contrarian website, LeMetropole Cafe,www.lemetropolecafe.com.

With his "four-star general" position in the pro-gold
forces, Murphy has extensive global contacts and one of
the best gold intelligence-gathering networks. He is
one of the most "plugged-in" individuals in the gold
market. Murphy has been commenting lately to his
clients on the unnatural tightness in the physical gold
market. He points out that sky-high gold lease rates in
recent months indicate that physical gold available for
lease is becoming harder to come by. He has also been
monitoring the deteriorating situation in the gold
derivates market centered around the New York
Commodities Exchange.

Physical gold inventories to settle futures contracts
that demand delivery have plummeted from around 2
million ounces at the beginning of the year to around
800,000 today. Although one wouldn`t know it from the
perpetually anti-gold propaganda spewed out by the
conventional financial media, it appears there are
serious structural problems in the global gold trade
percolating menacingly right below the surface.

Murphy will no doubt present much more information in
Durban about the state of the gold markets. It will be
a real eye-opener for conference attendees who rely on
the mainstream media, which is hopelessly disseminating
disinformation on gold. As Murphy also probably has
many private sources that provide valuable intelligence
on specific gold market happenings, there is also the
possibility that he has an ace or two up his sleeve to
throw down for the African governments and gold
producers.

Frank Veneroso is also speaking in Durban. Veneroso has
been studying the financial markets for decades and his
reputation for gold market analysis is unparalleled. He
has consulted for governments and mega-financial
entities around the world, and his services are always
in demand. He has also presented data to Congress on
the danger inherent in explosive and massive gold
derivatives growth. He runs a renowned global
consultancy, Veneroso Associates. As the GATA Gold
Summit is by invitation only for elite African gold
players, we are fortunate that Veneroso was kind enough
to post a preview of his presentation on the Web. It is
located at www.gata.org/veneroso_presentation.html and
is highly recommended.

Veneroso`s findings in this preview are simply amazing
and by themselves could rock the gold world to its very
core.

As everyone from a professor of economics to a child
setting up a corner lemonade stand knows, prices in
free markets are determined by supply and demand. If
supply EXCEEDS demand, prices fall to increase demand
and lower supply until a market clearing equilibrium
point is reached, where supply exactly meets demand.
But if demand EXCEEDS supply, just the opposite happens
in free markets. Prices rise to retard demand and
entice additional production online until supply equals
demand at a new market clearing equilibrium price.

These simple thoughts are the foundation for free
markets and economics. Although the immutable laws of
supply and demand have been briefly bent historically,
no force has ever been able to repeal these laws on a
macro scale for a prolonged period of time.

Veneroso begins his web presentation preview by
outlining consensus estimates of global gold supply and
demand, which point to global annual gold demand
exceeding global annual mined gold supply by 1,500
tonnes, or 60 percent, each year. He moves on to
present his own firm`s conservative estimates, which
put the annual deficit at much more dangerous levels,
more than 2,200 tonnes, around 90 percent.

The vast majority of the annual gold shortfall is made
up by sales and loans of gold from Western central
banks. If those sales are interrupted for any reason,
or if the gold market finds out the banks are running
out of gold to dump, the gold price would roar
heavenwards immediately as artificial marginal supply
from central banks shrivels up.

Veneroso also examines the total gold loan (gold short)
position, which he and his people believe is 100-200
percent greater than the 5,000-tonne conventional
consensus estimate. He goes on to outline reasons why
the official data on gold provided by certain London-
based organizations is likely to be incorrect. At the
GATA African Gold Summit he will outline these reasons
in detail as well as present the sources and basis of
the stunning Veneroso Associates analysis of the global
gold market.

At the end of his preview slides, Veneroso notes that
there are approximately only six years of central bank
gold stocks remaining. This number is amazing as the
anti-gold forces have led the markets to believe that
there are decades and decades of gold reserves left
that central banks will sell into the market.

Overall, the impression Veneroso`s preview leaves is
that his researched and documented analysis on the
economic realities of the gold market is going to be
explosive.

The audience at the GATA conference will realize that
the anti-gold campaign has been weighed in the balances
of free markets and found wanting. If the gold short
position is indeed this large and the central banks are
burning through their gold hordes this fast, the
implications of Veneroso`s research are staggering.

A man who needs no introduction in the gold world,
Reginald H. Howe, will also speak in Durban on May 10.
Of course Howe is the man who launched the incredible
legal action against the Bank for International
Settlements, Alan Greenspan, and other elite anti-gold
players on December 7, 2000.

Howe is proprietor of Golden Sextant, an
internationally renowned website located at
www.goldensextant.com, which discusses money, politics,
economics, and gold. He is a brilliant lawyer who has
been studying and analyzing the gold market for
decades. Since he filed his complaint, he has probably
been more responsible for keeping the anti-gold forces
awake at night dripping in cold sweat and fear than any
other individual on the planet. The Howe v. BIS et al.
case is tremendously important.

We wrote an earlier essay explaining it entitled "Let
Slip the Dogs of War." Basically, Howe`s complaint
contends that the defendants in their operations in the
gold market have knowingly violated pillars of U.S.
law, including the Constitution, the Sherman Anti-Trust
Act, and the Securities Exchange Act of 1934. Howe also
contends that some defendants committed common-law
fraud.

Howe`s original case, as well as his response to the
expected motions to dismiss by the defendants, is
available for free quick and easy download in Adobe PDF
format at www.zealllc.com/howepla.htm.

Both documents are extraordinary and essential reading
for understanding the current gold info-war.

In his recently filed response, Howe carefully laid out
his arguments and the legal foundations on which his
claims rest. One of the most spectacular parts of the
document is the revelation of Howe`s discovery in
official U.S. Federal Reserve meeting minutes that the
secretive slush fund of the U.S. Treasury, the Exchange
Stabilization Fund, is actively intervening in the gold
market. The ESF, created in 1934 and funded with the
proceeds of President Franklin D. Roosevelt`s robbery
of private gold from the American public, is not
accountable to Congress. The secretary of the treasury
has direct control over the ESF and he reports
exclusively to the president.

The ESF has been used for covert interventions in
various world markets, usually currency foreign
exchange, for decades.

In early 1995 major American money-center banks were
facing large losses on loans they made to Mexico. The
Clinton administration decided to bail the banks out,
effectively backstopping their silly bets. Clinton`s
market-manipulating crew ran up against a brick wall
when they tried to talk Congress into using taxpayer
money to bail out the bankers who had made risky loans
in Mexico. Congress rightfully refused, realizing that
capitalism can work only if traders big and small fully
bear all the risk of their positions themselves.
Without risk, there is no capitalism.

Backstopping the trades of big U.S. banks only
encourages them to act more aggressively in the future
and introduces a MONUMENTAL moral hazard problem. With
Congress opposed, Clinton`s cronies explored their
options to make an end-run around the will of the
people. They came up with the idea of using the ESF to
bail out their banker friends, since it was not
accountable to Congress and operated outside of normal
oversight authority.

In the Federal Reserve meeting minutes from January 31,
1995, there is a discussion exploring the legality of
this option. Federal Reserve Board Governor Lawrence
Lindsey is uncomfortable with circumventing
congressional will by using the ESF. To allay his
fears, Fed General Counsel J. Virgil Mattingly and told
him about the broad authority of the ESF statute. As an
example of this authority, Mattingly mentioned the ESF
"gold swaps," and apparently everyone in the room
understood the example, as no one asked questions.

This is an inflammatory revelation because the U.S.
Treasury Department has officially DENIED, to everyone
from U.S. senators to American citizens to the U.S.
federal court system, that the ESF has been involved in
gold or gold derivatives since 1978. Every
communication from the Treasury on the subject
explicitly and forcefully states that the ESF is NOT
involved in the gold market.

But many in the pro-gold community believe that the ESF
has been used to sell gold into the market to stamp out
fledgling gold rallies in the last six years.

The disclosure of gold involvement by the ESF in a 1995
Federal Reserve meeting is very important and has
tremendous implications. In his remarks in Durban, Howe
will likely discuss the new evidence of U.S. government
involvement in gold price suppression as well as legal
issues surrounding his landmark complaint against the
gold shorts. It is sure to be full of startling and
disturbing revelations for the African gold community.

James Turk will also be speaking at the GATA African
Gold Summit. Turk is a renowned financial market expert
and has consulted for governments and private clients
around the world. He publishes the famous Freemarket
Gold & Money Report (www.fgmr.com), a prestigious
international financial newsletter, for his clients.
Turk has lived and worked around the world and has
studied the gold markets in far corners of the globe
firsthand. He is also a member of Howe`s Discovery
Committee to review documentation obtained from the
Howe v. BIS defendants.

Turk recently has written some amazing must-read essays
on gold detailing his original research and also
spring-boarding off other analysts` findings to arrive
at startling new conclusions.

He wrote "The Smoking Gun" on December 11, 2000, an
outstanding analysis detailing ESF involvement in the
gold market by analyzing discrepancies in official
Treasury and Federal Reserve reports on U.S. gold
holdings.

In April this year Turk published another essay that
has far-reaching and enormous implications. In "Behind
Closed Doors," Turk further analyzes the revelation
that Howe discovered in the Federal Reserve official
meeting minutes on ESF involvement in the gold market.
Turk explains what the development means, but also
integrates some other analytical work to arrive at a
stunning conclusion.

Michael Bolser, another outstanding gold market analyst
on Howe`s Discovery Committee with Turk, had been
looking through official U.S. Treasury records on U.S.
gold inventory levels. Bolser noticed that in September
2000 one of the primary U.S. physical gold reserve
storage points, the U.S. Mint in West Point, N.Y., had
mysteriously switched the status of 1,700 tonnes of
gold (more than 20 percent of the entire U.S. gold
reserves) from "Gold Bullion Reserve" to "Custodial
Gold Bullion." Now, as everyone knows, to be a
"custodian" over something means that you do not own
it, but are maintaining it for its true owner. Even
more ominous, there was no change in the "Gold Bullion
Reserve" status at all the other U.S. mints. Something
odd was obviously up.

Bolser wrote to the Treasury Department to seek
clarification on the cryptic status change in status of
1,700 tonnes of gold but received no reply.

In "Behind Closed Doors," Turk builds on Bolser`s
research and adds his own explorations of Federal
Reserve records to conclude that the ESF has covertly
encumbered more than 20 percent of the country`s gold
bullion. This is far beyond scandalous, as any changes
in U.S. gold reserves require congressional approval,
which has definitely not been granted.

Turk drilled down even further and makes the case that
a gold swap of 1,700 tonnes may have been executed with
the German central bank, the Bundesbank. This would
enable the ESF to stealthily dump physical gold into
the crucial European physical gold market directly from
Germany without transporting the gold physically from
the United States, which would cause all sorts of alarm
bells to ring in political, economic, geopolitical, and
financial circles. Turk makes the case that the
Bundesbank now owns 1,700 tonnes of formerly U.S. gold
on U.S. soil and that the Bundesbank`s gold vaults
themselves are at least half empty and may even be
completely gutted.

The fallout from this will be mind-boggling in both
America and Germany.

Like Murphy, Turk has an extensive network of
professional gold contacts around the world and his
presentation at Durban is sure to be amazing.

We have not even mentioned all the speakers at the GATA
African Gold Summit in this brief synopsis. It will be
an extraordinary event in gold history. This critical
battle in the gold info-war that will be fought on the
African front in Durban on May 10 could prove to be a
turning point in the war. African governments and
African gold producers will learn what the pro-gold
forces have uncovered and exactly how the anti-gold
forces have destroyed the gold-mining industry and the
economies of the African nations that depend on their
abundant blessings of natural resource wealth.

Formerly highly secretive events of the gold world will
be laid bare for the Africans to see. Unlike the
average private contrarian gold investor, these African
countries, mining companies, and labor interests, along
with the media, ARE in a position to make an immediate
difference and turn the tides in the raging gold info-
war.

The African governments present at the conference can
immediately begin ending the great anti-gold game by
publicly and forcefully questioning the U.S. and
British governments about their trading activities in
the gold market. Tough questions need to be asked. For
instance, Congress has been very supportive of the
post-apartheid South African government. What if the
Clinton administration, contrary to stated U.S. policy
toward South Africa, secretively bombed the gold
market, bypassing congressional oversight and wishes?

The African gold-mining nations have a right to know if
the elite big-money anti-gold forces have raped them of
their natural resource wealth by aggressively applying
artificial supply augmentation to the global gold
markets to drive gold prices far below the cost of
production.

The gold mining companies themselves can probably move
the gold info-war to its endgame in a single trading
day. All they have to do is jointly announce either a
moratorium on all new hedging and forward sales and
close out their hedges, which depress the gold price,
or else announce a pact to limit production until the
gold price climbs north of some arbitrary target, say
US$500 per ounce. If the African gold producers that
supply over a quarter of the annual supply of mined
gold decide to force the hands of the anti-gold forces,
the game will be over and gold will be liberated.

When the voluminous evidence for official covert gold
suppression is presented to these companies in Durban,
they will likely be furious and may decide to act in a
unified and public way that will rock the gold market.

Finally, the world media covering the GATA African Gold
Summit may finally recognize how huge this scandal
really is. In U.S. terms, if the GATA allegations of
ESF involvement in the gold market since the mid-1990s
are correct, we have a scandal rapidly approaching that
DWARFS Watergate.

Interestingly, a German film crew is planning to make a
documentary at the Summit, so chances are that the
truth about the gold market will begin to see the light
of day around the world. It is virtually impossible to
manipulate a market when everyone knows you are doing
it, as large speculators can throw a monkey wrench in
the works and blow the operation sky-high at will.

If the media picks up this ball and runs with it, the
great gold suppression game is also nearing its
agonizing last gasps.

As the pro-gold forces continue the brave struggle to
liberate gold from the command-and-control anti-free
market schemes of the anti-gold forces, the GATA
African Gold Summit is shaping up to be a decisive
battle in the raging gold info-war.

-END-

[gloom]

Interestingly, a German film crew is planning to make a
documentary at the Summit

Ich habe in diesem Zusammenhang gelesen, dass es sich um
einen deutschen TV-Sender oder evtl. ein Magazin (Spiegel-
TV, Focus?) handeln soll.

Wer weiß hier Genaueres???

Gruß
gloom

[gloom]

2) From GATA Chairman Bill Murphy:

"The GATA African Gold Summit in Durban on May 10 is
shaping up very well. Most of the major South African
gold producers are coming, as are the South African
Reserve Bank; the National Union of Mineworkers`
president and staff; COSATU, the South African trades
union group; the Swaziland mining minister and crew;
the king of the Zulus, Goodwin Zwelitini, who is a
direct descendant of the legendary Shaka; a
representative of the Nigerian government; news
services such as Reuters, Bloomberg, and Bridge News;
the Wall Street Journal/Dow Jones; South African
Television; a German TV crew; and many others."

Nachtrag zu meinem Posting:

Ist jemand hier unter den Goldfreunden Mitglied im
"Le metropole Café" (Reinhard Deutsch?).
In deren Forum müsste doch rauszukriegen sein um wen es
sich bei dieser TV-Crew handelt.

Würde mich echt interessieren.

Gruß
gloom

[ombaba]

fuer mich ist die Abwendung vom Gold nur eine voruebergehende und nicht uninteressante Erscheinung.
Gold findet Erwaehnung bereits in der Genesis der Bibel.
Dort wird die Oetlichkeit des Paradieses beschrieben,
es heisst... das Land dort wo das Gold ist.
Also noch vor der Erwaehnung der Urmutter Eva.
Etwas was so lange die Menschheit begleitet hat,
kann nur kurzfristig ausgeschaltet werden,
wie auch neuerdings bestimmte andere Werte.

Wer sich mit Gold beschaeftig, dafuer, oder dagegen,
ist unter diesem besonderen Einfluss den das Gold nunmal
hat.

[R.Deutsch]

Hallo Gloom,

ich nehme mal an es ist wieder Holbach vom Goldbrief zusammen mit Bandulet.
Die haben schon mal ein sehr gutes Video von einer Goldkonferenz und GATA
gemacht. Bandulet weiß das sicher.

Gruß
R.D.

[Ken_meyer]

@ombaba

auch auf die Gefahr hin platt zu klingen: ein gewisser
John Maynard Keynes hat mal einen sehr berühmten Satz geprägt ...

Und ich schätze, die Frage, wie man sein Eigentum über
die eigenen Wiedergeburten hinweg sichert, ist juristisch auch noch nicht befriedigend gelöst

( nicht böse gemeint, konnte bloss nicht widerstehen )



@all

was sind eure Erwartungen bez. der XAU Entwicklung
im Gefolge der GATA-Konferenz?

[ombaba]

an Ken.meyer,
hm, das mit der Wiedergeburt ist auch so ein Problem,
kein Wunder das es nicht juristisch bewaeltigt ist.
Einige behaupten es gibt sie,
wohl diejenigen die an eine Kontinuitaet des Egos glauben.
Andere haben beobachtet,
dass wenn wir sterben, wir eingehen in den Ozean des Lebens,
so wie sich ein Tropfen im Ozean aufloest.
Da mag sich wieder eine Welle bilden,
diese Welle wird sich sicher als Mittelpunkt des Universums fuehlen, mag sich mit allerlei Tingeltangel identifizieren,
der Kreislauf sieht unendlich aus.

Die Goldene Aura, das Goldene Auge, mag angeblich diesen
Kreislauf unterbrechen.
Gold steht daher fuer die Transformation und Reinheit.

[ombaba]

ist auch nicht belehrend gemeint, konnte einfach nicht
ueberlesen und nicht antworten.

[kunzelmann]

@ombaba:schön auch mal wieder was von dir zu hören - von wo schreibst du ? gruß aus berlin.k.

[ombaba]

hallo K.
bin gerade in Sommacampagna bei Verona
Gruss

[Potosi]

GATA Konferenz am 10. Mai.

Nichts höre ich, nichts lese ich -

wer weiss was drüber ??????

Danke für Aufklärung, Potosi

[R.Deutsch]

Hier ein paar Infos
Gruß
R.Deutsch

:14p ET Friday, May 11, 2001

Dear Friend of GATA and Gold:

GATA Chairman Bill Murphy reports that, contrary to a strangely
negative story distributed today by www.TheMiningWeb.com,the
GATA African Gold Summit in Durban, South Africa, was "a huge
success" and could not have gone better.

South Africa has been deluged with publicity about the
conference for two days, particularly on television and radio.
This morning Murphy was interviewed live and at length for
another show on the South African Broadcasting Co. network.
Virtually every radio station in the country carried extensive
reports about the conference as well.

Murphy says we can expect more coverage from other news
organizations that attended the conference and are starting
to show interest in the gold price suppression story.

"People here are stunned," Murphy said. But he added that
we should expect more bashing by the anti-gold financial
establishment, along the lines of the one-sided stories
published this week in the Financial Times and the London
Evening Standard, which purported to refute GATA without
giving us even a chance to be quoted.

No matter; this is actually great progress. It shows that
we have left the point where we can be ignored and have
arrived at the point where power has to acknowledge us
and try to discredit us.

National delegations at the Durban conference represented
South Africa, Ivory Coast, Ghana, and Swaziland.

Business was represented by AngloGold, Gold Fields, Harmony
Gold, Durban Roodeport Deep, the South African Chamber of
Commerce, and the South African Chamber of Mines.

Labor was represented by national trade union officials and
officials of the national miners union.

Murphy said he senses that black, Zulu, and Afrikaner opinion
in South Africa is with us, English opinion against us. But
that`s not so surprising.

Murphy said he was especially impressed with the delegation
from Ivory Coast, which said it plans to pursue the gold price
suppression issue upon its return home.

I`m sure we`ll have more to report about the conference soon.

I must admit that I`m a little disappointed that news
organizations have been so slow to grasp the significance of
GATA`s recent discovery of the reference to "gold swaps" by
the U.S. Exchange Stabilization Fund in the minutes of the
January 31, 1995, meeting of the Federal Reserve`s Federal
Open Market Committee. For two years the Fed and the U.S.
Treasury have been denying, in writing, any involvement by
the U.S. government in the gold market. The public record
now contradicts this. That is, we now have proven the
surreptitious manipulation of the gold price that has been
undertaken by the U.S. government, and that is what we`re
telling the world about.

I`ll append today`s story about the Durban conference in
Business Report, the national business newspaper in South
Africa, and a link to the report at www.MiningWeb.com, which
has asked that we not copy its reports whole but rather
direct readers to its web site.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

Gold antitrust guru seeks African countries` support

By Ingrid Salgado
Business Report, South Africa
http://www.businessreport.co.za
May 11, 2001

Durban -- Africa`s gold-producing countries were urged
yesterday to back plans to get top bullion banks and US
Federal Reserve chairman Alan Greenspan into the
witness stand of a US court, to answer claims of gold
price manipulation.

The Gold Anti-Trust Association (GATA) made the appeal
at a seminar attended by South African mining houses,
trade unionists, the Reserve Bank, and government
officials from a handful of African countries, including
Ghana and Ivory Coast.

GATA alleged that investment houses Citigroup, Goldman
Sachs, Deutsche Bank, JP Morgan, and Chase Manhattan,
together with the Bank for International Settlements (BIS)
and the world`s central banks, were colluding to keep the
gold price low to stall losses arising from the lending of
bullion reserves.

The complex allegations have been labelled a "conspiracy
theory" by sceptics who follow the standard explanation that
surplus bullion is feeding the low gold price.

But Bill Murphy, GATA`s colourful chairman, who has enlisted
the support of Zulu King Goodwill Zwelithini, yesterday
implored African nations to take the matter to the Black
Caucus, the US Congressional lobby that opposed plans to
sell a portion of gold reserves of the International Monetary
Fund (IMF) to fund debt relief in developing countries.

Murphy also called on interested parties to demand answers
from, among others, Bank of England governor Eddie George,
Greenspan, the US treasury, the IMF, and the BIS. "We would
like President (Thabo) Mbeki to ask these questions himself,"
Murphy said.

The allegations revolve around the practice by central banks
to lend gold reserves at low interest rates to bullion banks,
which in turn sell the gold to earn higher interest.

The problem arose, said GATA, when it was time for trading
houses to repay the debt.

If the gold price was too high, bullion banks would incur
massive losses. Hence it was in the interests of central banks
to bail out the bullion banks by colluding to suppress the price.

GATA claimed that between 10,000 and 16,000 tons of gold
had been borrowed in this way. "It will take about a decade to
empty the vaults," said Frank Veneroso, a GATA member and
international finance consultant. "If our numbers are correct, it
can`t go on for much longer."

Representatives of mining houses -- among them AngloGold
and Gold Fields, which have admitted to funding GATA when
it was formed two years ago -- attended the seminar but would
not comment on whether they supported GATA`s claims.

* * *

Mining Web story:

http://www.theminingweb.com

[Potosi]

@R.Deutsch

Herzlichen Dank für die schnelle Reaktion.

Den Text konnte ich noch nicht lesen, habe aber ja jetzt
die ganze Nacht Zeit.

Ich werde mich bemühen, mich mal erkenntlich zu zeigen.

Schönen Abend noch, Gruß Potosi

[golden-bear]

Es gefällt zwar etlichen hier nicht, wenn es politisch wird, aber hier schreibt Murphy von GATA über die massiven Goldkäufe der VR China und wie sie die USA bei einer Zuspitzung der Taiwan-Frage sehr leicht unter extremen Druck setzen können. Hab ich doch schon irgendwo gelesen ;-)

By Bill Murphy, Chairman
Gold Anti-Trust Action Committee Inc.
May 13, 2001

The GATA African Gold Summit was a huge success.
Before I get into the reasons why, I would like to
thank James Turk, Frank Veneroso, and Reg Howe,
who from four to seven days on their own time to
fly all the way to Durban, South Africa, to bring
some surprising transparency to the gold market.

They were all terrific and are an inspiration to
me.

On top of that, Rhoda Fowler, president of the
South African public relations firm Media Link, is
a one-of-a-kind gem, and so is her staff. Not only
is she the most reliable person I have ever had
the pleasure of working with, but Rhoda believes
GATA is correct and wants to help us help her
country and its people.

As there is much to still do in Africa, Rhoda will
continue to work with GATA and remain a vital cog
in GATA`s Africa war machine -- as it is becoming
more apparent that that is what we have here. I
will get into this some other time, but right now
we are finding that mainstream economic interests
are sparring with the truth. And in South Africa
there is an Afrikaner-Zulu-GATA faction that is at
odds with the British and the big banks.

I have not slept in two days and am a bit dim and
getting dimmer, so I will try briefly to give you
the highlights of what the Durban conference was
all about.

On Wednesday morning, May 9, I was interviewed on
the Tim Modise radio talk show, which is one of
the most popular in South Africa. Tim is known
throughout sub-Saharan Africat. He is unique in
that he is held in the highest regard by both the
white and black communities. He was a wonderful
interviewer.

LeMetrople Cafe member Boudewijn Wegerif, who gave
GATA its name, reported the following from Sweden
last Thursday to many of his followers:

"Yesterday the GATA chairperson, Bill Murphy, was
interviewed at length on the most popular national
radio program in South Africa, the Tim Modise
show. This was heard all over the country -- also
by my son, Marc Wegerif, who is co-founder and
executive director of a land restitution
organization, NGO/NKUZI Development Association,
in the Northern Transvaal. Marc emailed me that
`there was a lot of support from the callers to
the radio show. I did not hear anyone trying to
oppose Murphy`s arguments, but I could not listen
to the whole show.`"

Tim Modise announced GATA`s telephone number in
Durban, and it rang off the hook.

Because GATA decided to have its own summit and
went to Durban, we caught the attention of an
enterprising journalist for Dow Jones Newswires,
Adam Aljewicz of Johannesburg. Adam was the first
one to accept an invitation to our summit.

I did a lengthy phone interview with him on
Tuesday morning and was not surprised when he told
me that afternoon that his editors in London were
balking because of this legal reason and that.

But Adam would not accept no for an answer. Later,
he remarked that we made sense and added, "After
all, look at the covered-up Hamanaka copper
scandal."

Well, lo and behold, Adam`s story was distributed
by Dow Jones and provided the most ink GATA has
received in the United States and throughout the
world in over two years. Not only that, other wire
major services also ran with his story, changing
it slightly.

Adam came to GATA`s reception dinner that night at
the Durban Hilton and I had much fun with his
story, as gold rallied more than $5 that day, the
biggest in a dog`s age (a gold dog`s age). I gave
him the credit.

Adam was most attentive throughout the summit,
asking question after question and trying to get
to know the GATA players, like Reg Howe. Will
anything else come out of it? I do not know. But
this is one smart guy. Has a Woodward/Bernstein
story of a lifetime, and I think he might just
know it.

GATA Secretary/Treasurer Chris Powell already has
told you the biggest names at the summit, so I
will not repeat that. Initially, we booked the
room for 40 people and we ended up with around 53,
more than we had expected.

The South African Broadcasting Co.`s coverage was
awesome. Peter George, the renowned Cape Townian,
who was present and himself was interviewed by
SABC, asked me how we managed to get such TV
coverage. Answer: Rhoda Fowler and Media Link and
a great story.

In addition to SABC, E-TV was there and did an
extensive interview with James Turk. E-TV is a
highly regarded independent TV station and is run
by Marcel Golding. Marcel is one of the leading
black entrepreneurs in South Africa and the former
president of the National Union of Mineworkers. He
has known Frank Veneroso for 20 years.

Radio is much more important in South Africa than
here in the United States, and I did 10
interviews, covering all the country`s major radio
stations. GATA was being talked about everywhere.
Big stuff.

Frank, Reg, James, and I all did our thing. We
encouraged questions of any kinds -- especially
ones critical of what we were saying. There were
none.

To his credit, the Ghanaian mining ministry
representative wanted a statement made about
Ashanti clarified, and it was done. I later found
out that this man was someone who can make things
happen.

The Ivory Coast delegation -- the mining minister
and two deputies -- were all over what we had to
say. They were most impressive and I think they
appreciated that we had a French interpreter there
for them. They have already requested transcripts
in French of the presentations.

I could go on with many more positives, but time
will tell what worked well enough to get the
Africans to take action.

There is also a good deal happening behind the
scenes which I cannot go into, but I can say that
a task force will be assembled in South Africa
this coming week to investigate what GATA
presented in Durban. Some of the people in this
task force will be of the more radical type who
are not afraid of the mainstream and status quo
thinking that has petrified some in South Africa.
They have not been and will not be afraid to take
on the big banks.

I learned more in a very special Saturday meeting
with someone who knows the goings-on in Africa.
GATA`s issues are very important there because of
the following:

* The Chinese are buying more gold in Africa than
is generally known.

* The Chinese are offering billions of dollars in
loans to appropriate Africans at very low interest
rates -- as low as a half-percent interest.

* The Chinese are as cocky as this person has ever
seen them and they are everywhere in Africa.

* The relationship between Africa and the Bush
administration is deteriorating. The recent
meeting of U.S. Secretary of State Colin Powell
with African officials did not go well. My source
tells me to look out for increasing friction in
the near future.

This is a big deal and LeMetropole Cafe members
have known why for some time now. The Chinese are
quietly buying up the gold market. They are smart
cookies and surely know what Frank Veneroso told
the summit -- and that is that the gold loans are
10,000 to 16,000 tonnes, not the 5,000 tonnes that
the gold industry claims is the case. Frank
explained the six ways he came up with the same
conclusion -- and I hope to have the transcript
available for you soon.

That means that gold is a national security issue
for the United States. Next time, instead of a
surveillance plane, the problem might be Taiwan
and it might arise at a time when our banks are
tottering. What if China tells the United States,
"We want Taiwan or we are going to sell our
billions of dollars of reserves and replace them
with gold reserves" -- after quietly loading up on
gold at cheap prices?

There is much more to come. But for the moment I
am drained. Got to get some sleep. It was
important to me to share my exhilaration with you,
for we are now quietly winning the day.

The enveloping horn is doing the gold cartel in,
and the stuffed shirts can`t bear the thought of
it.

-END-

[Sep]

Taiwan, das ist wirklich ein dickes Problem.

Was mich ein wenig beruhigt ist, der Murphy denkt an dieser Stelle wie ich, und das ist meist falsch.

Egal, wie man es wendet, durch militärische oder aber auch wirtschaftliche Auseinandersetzungen gibt es einen Gewinner und einen Verlierer. Dummerweise sind die Rollen immer gleich besetzt, egal wie es gelöst werden wird.

Da kann golden-bear ja noch seine große Zeit vor sich haben mit seiner Vorliebe für China, oder Ablehnung der USA.