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Interesting info here:
>From: lepatron@xxxxxxxxxxxxxxxxxxx
>To: trdoptions@xxxxxxxxxxx
>Subject: "HEAT", Haruko Fakuda of the World Gold Council, The Northern
>Miner
>Date: Sun, 1 Aug 1999 22:31:54 -0400
>
>Le Metropole members,
>
>We cannot go into any detail at this time, but we
>can tell you for sure that "HEAT" is coming the
>bullion dealers way regarding the manipulation
>of the gold market!!!!!!!!!!!!!!!!!!!!.
>
>They WILL PAY for what they have done.
>
>Meanwhile back at the ranch, GATA would like to
>praise Haruko Fakuda for her daring leadership of the
>World Gold Council. She is innovative and is making
>things happen.
>
>The following was put out by the World Gold Council. Love
>to let her know that the Cafe is behind her efforts.
>
>
>Dear Gold Follower:
>
>As a reader of our Weekly Gold Market Commentary, we
>thought you'd be interested in joining our campaign to
>oppose further sales of gold by the UK Treasury.
>
>For background go to http://www.gold.org and click on
>July 9 press releases.
>
>To maintain this effort, we have created a new site at
>http://www.holdontoourgold.com, where you can add your
>name to the campaign and comment. You can also see what
>others have already said and talk back to them.
>
>You can access this site from our Welcome Page.
>
>Thank you for your support.
>
>Yours truly,
>
>WORLD GOLD COUNCIL
>
>
>For many, many months now GATA and the contributors
>to the Cafe have been trying to alert the world of what
>was really going on in the gold market. This editorial
>in the Northern Miner is just one more example that our
>voices are being heard.
>
>Rumours swirl around gold sales -- fair or foul?
>
>An editorial from The Northern Miner
>Edition of August 2, 1999
>
>Tony Blair is probably the toniest prime minister Great
>Britain has ever had. He's Britain's answer to Bill
>Clinton, equally polished and urbane, and equally eager
>to build that proverbial bridge into the next century.
>But in his rush to be modern and hip, some believe he's
>turning his back on what has made Britain great.
>
>More than a year ago, the U.S. news program 60 Minutes
>poked fun at Blair's fascination with ultra-modernism.
>To attract more high-tech ventures to the country, he
>began playing down the historical traditions and
>financial prudence that put the tiny island on the map
>as a world power. Bowler-and-brolly conservatism was
>being tossed out the window in favour of Cool
>Britannia, represented by the Spice Girls and The Full
>Monty.
>
>Some argue that London's status as a world financial
>centre has suffered as a result of this trend toward
>trendiness. And the most powerful trends in financial
>markets today are the "monetization" of hard and
>tangible assets, whether they be gold or other
>commodities, to create new financial "instruments" such
>as derivatives, and currency and commodity speculation.
>
>The proliferation of hedge funds engaged in such
>activities is a testament to this global, non-
>investment-grade financial spree.
>
>Great Britain's announcement that it will sell more
>than half of its gold reserves is viewed by many as
>symbolic of Blair's efforts to lead his nation away
>from investment-grade conservatism and into shark-
>infested speculative waters. For these old-fashioned
>types, the Barings Bank disaster is still too recent
>and painful a memory. Some see a more sinister motive
>at work, a conspiracy in which the gold price is held
>down to benefit financial institutions that were short
>hundreds of tons of borrowed gold.
>
>It's difficult to know what to make of such theories,
>particularly when they involve the murky world of
>currency and commodity speculators. But the timing of
>Britain's announcement, and its subsequent negative
>effect on the gold price, has people wondering if there
>may indeed be substance to such murmurings.
>
>As Peter Munk, chairman of Barrick Gold, pointed out
>during his speech at the World Economic Forum more than
>a year ago, funds of all sizes have found shorting gold
>to be a risk-free way to make millions. "All you have
>to do is sell gold ounces and buy U.S. treasuries; you
>have a positive spread of 3 percent because all you
>have to pay to borrow gold is 2 percent, and collect
>from the U.S. treasury 5 percent before you unwind the
>contract to collect your additional capital gain."
>
>That there has been a rush to short gold is without
>question; how organized the rush is remains debatable.
>There is no shortage of conspiracy rumours; indeed,
>they are increasing in intensity and have sparked
>debate in the British House of Commons.
>
>Last June, opposition member Quentin Davis commented on
>a persistent rumour concerning gold sales and the
>position of international investment banks. "We cannot
>allow the rumours to grow," he stated, "because they
>are extremely dangerous to public confidence. It has
>been suggested that the market is very short of gold,
>that the short positions may be a substantial multiple
>of the total amount of gold currently held by the Bank
>of England, and that the bank's real motive is to save
>the bacon of the firms that are running these short
>positions. Has the government's whole plan been simply
>to drive down the gold price by whatever means, fair or
>foul, to save the position of certain figures in the
>city which, apparently, are so such and potentially in
>such trouble?" These insinuations have prompted some of
>the world's leading gold producers to pester the
>British government to issue a public denial or to
>investigate them publicly. So far, mum's the word. In
>the United States, the Gold Anti-Trust Action Committee
>has retained a legal firm to assist in its
>investigation of alleged manipulation of the gold
>market.
>
>An investigation into the matter is clearly warranted.
>But equally worrisome is that, in today's
>"sophisticated" financial markets, about half of all
>bank profits result from trading (read gambling),
>whether in currencies or stocks or derivatives.
>
>Risky business, to be sure, but the banks don't appear
>to be worried. And why should they be? The good times
>are rolling and, through direct and indirect subsidies
>enacted by law, ordinary citizens effectively guarantee
>the banking system's balance sheet.
>
>On the other hand, citizens would do well to remember
>the savings and loan fiasco and the junk bond spree of
>Ivan Boesky and Michael Milken in the 1980s. The good
>times rolled then too, until the party came to a
>screeching halt and the big boys ran off without paying
>the bill.
>
>All the best,
>
>Bill Murphy
>Le Patron
>http://www.lemetropolecafe.com
>
>
>
>
>
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