|
PureBytes Links
Trading Reference Links
|
interesting to some
>From: LePatron@xxxxxxxxxxxxxxxxxxx
>To: trdoptions@xxxxxxxxxxx
>Subject: GATA goes to Vancouver/ GATA story in London Telegraph/GATA in
>Forbes/GATA egroup/ Gallery Opening
>Date: Sun, 12 Sep 1999 17:24:44 -0400
>
>Le Metropole Members,
>
>I will be leaving this Tuesday for a quick trip to
>Vancouver in behalf of GATA - and will be staying at
>the Delta Vancouver Airport Hotel. If any Café members
>know of any Vancouver press, gold companies or
>individuals that would like to know more about the
>Gold Anti-Trust Action Committee, I will be available
>for dinner at the Pierre Restaurant next to the Delta
>Hotel at 6:30 Tuesday evening and at 8:00 o'clock the
>following morning at the Delta Club Lounge for breakfast.
>Then, I take off to return to Dallas, Texas.
>
>GATA is stepping up it's probe into the manipulation
>of the gold market. I want all of you to know that all
>of our information presented to you thus far has come
>from individuals that I have known for many years and,
>or, from sources they have known for many years. We
>are investigating the manipulation of the gold market
>and on a search for the truth of all that is going on
>around this "collusive activity." As many of you know,
>we have been working nights and weekends, without pay,
>in an effort to get to the bottom of it all. The means
>doing our homework and running out a lot of ground balls.
>
>We will continue to make a "relentless" effort to expose
>to the world what the gold market is all about these days
>and will do so until the "Hannibal Cannibals" have been sent
>scurrying through the back end of "the enveloping horn"
>- which will send the gold price soaring to its proper
>equilibrium price.
>
>If any of you know reporters that would like to
>take the time and effort to know how logical and
>obvious our assessment of the manipulation of the
>gold market is, I suggest you urge them to go
>to the Library's at the James Joyce Table and
>the Matisse Table and cull out all the material pertinent
>regarding the bullion dealers, etc; the obvious nature of
>the "collusion" becomes very apparent when viewed in
>detail and over a period of time. It is one year's worth of
>gathering of info on my part. I am doing the same culling
>and will have it available in a packaged format in the
>weeks to come. It will take some time to review, but
>one cannot come away with any other conclusion that we
>have a big "scandal" here and staunch "cartel"
>activity that has permeated the gold market.
>
>Meanwhile, back at the ranch, here is the latest: Bill
>Jamieson, the Economics Editor of the London Telegraph
>has written a story about GATA and our efforts to find
>out if the rumor we heard about Hillary Clinton/gold/
>BOE story is true.
>
>It might be helpful to keep two things in mind here
>when reading Bill's story. Watergate started out in
>the papers as a third rate burglary - a minor event.
>In the end, much of the entire Nixon administration
>was implicated and it brought down a President.
>
>The idea that there could have a stained dress in
>the Lewinsky/Clinton matter was first said to be
>preposterous (nobody could be that stupid) and those
>that got the word out about "the dress" were
>initially scoffed at.
>
>The London Telegraph
>
>"Lawyer probes Clinton gold claims"
>
>By Bill Jamieson
>
>Sunday, September 12, 1999
>
>"One of America's most senior lawyers has been hired to
>investigate unfounded allegations on the Internet that
>Hillary Clinton made huge profits from the recent slump
>in the price of gold.
>
>The U.S. Gold Anti-Trust Action Committee (GATA) has
>hired one of America's biggest anti-trust law firms to
>investigate allegations that a blind trust set up for
>America's First Lady "shorted gold financial
>instruments" just before the Bank of England's
>announcement of gold sales on May 7. The announcement
>caused a slump in the gold price.
>
>The allegation -- uncluttered by fact and bare of
>supporting evidence -- surfaced on a U.S. website for
>financial market aficionados last weekend. Bill
>Murphy, GATA's chairman, said: "If true, it is an
>outrage and is further anecdotal evidence of the
>conspiratorial nature of the Bank of England gold sales
>and of the high level nature of the manipulation of the
>gold market."
>
>GATA has retained the Philadelphia firm of Berger &
>Montague to investigate the rumours. The lawyer on the
>case is Jerome Marcus, described by Murphy as "the
>silent brains" behind the Paula Jones case for five
>years.
>
>Mr. Marcus said: "We have just begun our inquiries and
>there is little as yet to report. Even if there was any
>transaction through a blind trust, this would raise
>questions of credibility. These people all know each
>other. It is very tantalising but we have to establish
>first whether it happened."
>
>The allegation is the latest twist in a series of wild
>conspiracy theories claiming massive gold market
>manipulation, and doubtless the fact that Clinton's
>recent down payment for a new home in Westchester
>County, New York, came from her blind trust will
>further fuel imaginations.
>
>GATA has been campaigning for months for a halt to IMF
>and central bank gold sales and for an investigation
>into alleged gold market manipulation. Murphy has
>written to Sen. Phil Gramm, chairman of the Senate
>Banking Committee. His 21-page letter is testimony, if
>nothing else, to the fact that nothing and no one is
>being ruled out in GATA's global hunt for gold market
>manipulators.
>
>This year the price of gold has fallen from more than
>$280 an ounce to $256.65 now, the bulk of this fall
>coming after the surprise announcement by Gordon Brown
>of a programme of Bank of England gold sales. The first
>of these auctions was held in July, and the second is
>due next week."
>
>End.
>
>Here is what we have so far regarding our probe into
>the matter from two diligent Café members. We have just
>begun and have found out through a White House Press
>release about a Clinton blind trust called, "Boston
>Harbor Trust Co." I checked the Massachusetts' government
>agencies and they have no record of it. If anyone on
>the internet has pertinent, reliable information and
>can help us in this matter, we would like to review
>what can be provided. If anyone would like to speak
>confidentially with our attorneys, that can be arranged.
>
>Note 1:
>
>"Bill -- a little checking on the net disclosed
>the following:
>
>Boston Harbor Trust Co. is a subsidiary of Pell, Rudman
>& Co., a firm that runs money for rich people (minimum
>investment $1 million). Edward Rudman is the CEO. Pell
>Rudman is a subsidary of United Asset Management.
>
>I'm not sure, but I suspect that Edward is the son of
>Warren, former U.S. Senator. (I think that because
>Warren's father was named Edward; he died a couple of
>years ago, and his obit came up in one of the searches
>I ran.) I can't say it would shock me.
>
>Edward is (or was) on the board of something called
>the Northland Company, which was owned or controlled
>by a family called Danziger (father Robert was the CEO).
>He's also the chairman of Beth Israel Hospital's
>Board of Trustees. (Maybe he's Warren's brother instead
>of his son, since I doubt you get to be chairman of
>the board at Beth Israel if you're under 50.)
>
>I didn't find anything on Pell, but if Edward is who
>I think he may be, perhaps Pell is related to the former Senator of that
>name.
>
>Maybe you can see if any of these names rings any
>bells with any of your friends."
>
>Email 2:
>
>"I never give up. I found the following from The
>Congressional Record. Yes, THAT congress. It is very
>long so I am cutting and pasting a couple of
>snippets to wet your appetite.
>
>
>1994 Memo: White House 'Task List'
>----------------------------------------------------------------------------
>----
>This is a memorandum prepared by a White House that
>has carefully outlined 39 separate scandals and the
>strategy for covering them up.
>----------------------------------------------------------------------------
>----
>Congressional Record Online
>September 11, 1996 Congressional Record pages
>H10207-H10215
>
>[Congressional Record: September 11, 1996 (House)]
>[Page H10207-H10215]
>
> >From the Congressional Record Online via GPO Access [wais.access.gpo.gov]
>
>WHITE HOUSE TASK LIST
>----------------------------------------------------------------------------
>----
>The SPEAKER pro tempore (Mr. Roth). Under the Speaker's
>announced policy of
>May 12, 1995, the gentleman from California [Mr. Cox]
>is recognized for 60 minutes as the designee of the
>majority leader.
>
>Mr. COX of California. Mr. Speaker, I rise this afternoon
>to talk about a document that was recently provided,
>very belatedly, by the White House to the Congress, a
>document now referred to as the task list. It is dated
>December 13, 1994, but it was just provided to the
>Congress in recent days.
>
>The task list shows 39 scandals that the White House
>staff in the West Wing, taxpayer supported staff,
>decided that they needed to work on because there
>was now going to be a Republican Congress. This memo
>was prepared just after the November 1994 elections.
>
>
>Now these are all admissions by the Clinton White
>House to themselves within the White House internally
>of what they were doing wrong. GSA. Value Partners.
>Now Value Partners was, of course, the partnership
>that Hillary Rodham Clinton invested in. Rather than
>putting their funds in a blind trust, they did not do
>so like President Bush did, like President Reagan did,
>like President Carter did; rather, ran their own
>investments, and Hillary Rodham Clinton was a partner
>in Value Partners, a hedge fund which sold short
>pharmaceutical stocks at a time that the pharmaceutical
>stock market was falling through the floor because
>of the Hillary Rodham
>Clinton
>[[Page H10208]]
>
>Task Force, and that was, of course, scandal number 7
>or so up here on the list. Presidential campaign,
>FEC audit. Commodities. Now of course we know what
>the commodities is all about. That is the miraculous
>fortune that Hillary Rodham Clinton made on the
>investment of a mere thousand dollars in the cattle
>futures market.
>
>Hope this helps. The information is out there.
>We just have to keep digging."
>
>GATA was mentioned in the most recent Forbes. It is
>another negative gold story from an establishment
>oriented writer. But at least John Dizard, is letting
>the world know we are out there. That is more than
>most of his ilk. Two excellent writers commenting on
>GATA in a couple of days. I might faint!
>
>
>The Great Gold Price "Conspiracy";
>Or, Read This Before You Invest In Gold
>
>By John Dizard
>Forbes Magazine
>
>"The ideology of fanatic gold investors -- and that
>means most gold investors -- has always been a blend of
>libertarian and reactionary elements. They talk about
>Fed conspiracies. They loathe government and its "paper
>money." They scorn fools who believe in stocks and the
>dollar. Their feeling of superiority was reinforced in
>the '70s, as the price of gold zoomed up 1,462 percent
>while the equity and bond markets crumbled (along with,
>as they saw it, things like law and order).
>
>But since 1980 gold-stock owners have lost more than
>90% of the value of their holdings, measured against
>the S&P 500. The price of gold is down to a 20-year low
>of around $250 an ounce. Most economists blame the drop
>primarily on low inflation and the proliferation of
>other inflation hedges, especially derivatives. But to
>goldbugs there has to be a conspiracy. And they think
>they've found it: speculators -- along with mining
>companies and other members of the gold industry --
>borrowing masses of gold, selling it on the spot
>market, investing the proceeds in higher-earning
>securities, then paying back their loans with cheaper
>gold. If this goes on, they warn, we're in for a
>financial crash because banks and dealers will have to
>pay an exorbitant price to cover their short positions.
>
>The goldbugs have a point in that there is short-
>selling going on and it has helped depress the price of
>gold in the short term. But most of the short-sellers
>have offsetting long positions in real supplies for
>future delivery. Speculative selling is limited, partly
>because the market is so illiquid. The real problem is
>the huge pile of gold sitting in government and private
>vaults. And though there may be a temporary rally soon,
>the downward spiral in price is likely to continue.
>
>Sniffs Randall Oliphant, president and CEO of giant
>Barrick Gold of Toronto: "I don't see how promoting a
>conspiracy theory encourages people to invest in gold."
>
>Most of the selling is being done by mining companies
>such as Barrick, hoping to lock in a margin between
>production costs and prices -- a prudent, even routine
>practice in most industries They borrow gold from so-
>called bullion bankers (big-name banks and financial
>firms, which in turn borrow the metal from central
>banks) Then they sell the gold and use the proceeds to
>pay their production costs, eventually repaying the
>loan with their own product.
>
>Why does that strategy infuriate gold fanatics? First,
>in the short run the hedging depresses the spot gold
>price as the borrowed metal is sold into the cash
>market. And as John Brimelow, a gold-stock analyst,
>points out, the mining companies are essentially
>forgoing "upside potential in the event of a big price
>rise -- since some future production will have already
>been sold at a lower price -- in return for a more
>predictable but limited earnings stream. This hurts the
>gold shareholders, who lose the potential from a higher
>gold price, though management pay is safer."
>
>Says one goldbug: "Barrick Gold is evil. They have
>debauched this market."
>
>Bad as the mining companies are -- in the goldbugs'
>eyes -- even worse are the hedge funds, dealers, and
>other speculators who have supposedly sold billions of
>dollars worth of gold into the spot market and invested
>the proceeds in equities, junk bonds, and other paper.
>
>That only works, the goldbugs claim, if interest rates
>on the borrowed gold (now around 2 percent for six
>months) and gold prices both stay low. So the
>speculators supposedly collude to keep things that way.
>
>We're not just talking about a few malcontents wearing
>T-shirts imprinted with a Glock 9mm pistol and the
>legend "I Don't Call 911." Listen to John Willson,
>president and CEO of Placer Dome, the second-largest
>North American gold producer: "I believe there are
>forces, such as the central banks, that can get
>together to modify or manipulate the gold market. They
>keep the price down."
>
>(Of course, that sentiment hasn't stopped his company
>from selling short 5 million ounces, or about 1 1/2
>years' production.)
>
>Fueling the goldbugs' bitterness, former stalwarts such
>as the Bank of England and the Swiss National Bank have
>announced that they will sell a large part of their
>reserves over the next couple of years. (The former
>auctioned 25 metric tons -- or 61,600 pounds -- July
>6.)
>
>In January gold enthusiasts formed a lobbying group
>called Gold Anti-Trust Action Inc. and hired veteran
>Philadelphia tort specialists Berger & Montague to look
>into a case against "colluders" among the dealers and
>banks. The World Gold Council, an industry trade group
>headed by Willson, has its own investigation.
>
>Says Bill Murphy, GATA's chairman: "It is clear that
>the shorts will blow up in the not too distant future."
>
>How much gold is at issue here? The most extreme
>goldbugs say speculators alone are borrowing up to
>8,000 metric tons, or about $68 billion worth. The more
>moderate, such as Willson, think the world's total
>short position is maybe 7,000 to 9,000 tons, divided
>roughly equally between speculators and industrial
>users such as mining companies and jewelry makers.
>
>Phillip Klapwijk, managing director of Gold Fields
>Mineral Services Ltd., an industry economic research
>firm, puts the total short position at about 4,300 tons
>at the end of 1998, most sold by miners and industrial
>users. (Since then, perhaps 500 to 1,000 tons more have
>been sold short.)
>
>Let's put this in context before we talk about a
>teetering inverted pyramid of speculation. There are
>about 137,400 tons -- about $1.1 trillion worth -- of
>gold above ground, some 31,400 of which is held in
>central banks, according to Gold Fields. All the
>"global macro" hedge funds combined have maybe $30
>billion available for trades such as selling gold
>short, and most of that is committed to other
>positions.
>
>The mines, for their part, are likely to slow their
>hedging in a couple of years because they and their
>banks will reach the limits of prudence. That probably
>means no more than 3,000 tons of producer hedging over
>the next two to three years -- a little over one year's
>production.
>
>The capital and credit for a short-selling conspiracy
>simply aren't there.
>
>"Gold is best looked on as a slowly depreciating
>currency. It is in the early stages of being turned
>into just another commodity," says Kevin Crisp, chief
>gold researcher for J.P. Morgan.
>
>Once it's demoted to the status of pig iron and oats,
>you can expect to see the price falling to or below the
>cost of production. That could be a good $50 or more
>under even today's depressed level. Hard to see a
>comeback from here. And hard to see a conspiracy."
>
>-END-
>
>Chris Powell, GATA Secretary, has given us a "10"
>performance as e-group moderator. I highly recommend
>that Café members sign up for this "FREE" service
>to monitor some news relevant to GATA. This is the deal:
>
>You will receive official GATA dispatches that
>are posted separately from those posted through the
>Cafe and will be advised of articles in other
>publications and at other Internet sites that are
>of interest to gold investors. You WON'T get junk mail
>by signing up for the GATA email list; it is absolutely
>confidential. To put yourself on the GATA email
>list, just send a request to GATA@xxxxxxxxxxx, or
>enroll yourself by going to:
>
>http://www.eGroups.com/group/gata
>
>To rap up this weekend diatribe I would like to send
>you all this invitation in case anyone is in the
>Dallas, Texas area on Sep. 25. I will be there and
>would love to meet you:
>
>THE FAIRMONT
>
>Cordially invites you to the Grand Opening Reception of
>the ARTS DISTRICT GALLERY
>
>Saturday, September 25th 6 P.M. - 8 P. M.
>
>Featuring
>
>"Masterpieces Revisited" by Alain Despert
>
>A unique and colorful series of contemporary paintings
>inspired by master works of Picasso, Matisse, Monet,
>Gaugin, da Vinci, and many others.
>
>Cocktail reception with music Artist in attendance
>
>Address: At the Fairmont Hotel
>1717 N. Akard at Ross
>Dallas, Texas 75201
>
>Alain Despert has been great to GATA. You can still
>obtain a GATA print for $500 plus shipping. He
>is a terrific artist and a great fan of ours. I hope
>that some of you will consider supporting us by
>buying the GATA fine art print that can be reviewed
>at the Matisse Table. We are stepping up the pace
>and need all the support we can get.
>
>All the best,
>
>Bill Murphy
>Le Patron
>Chairman, Gold Anti-Trust Action Committee
>http://www.LeMetropoleCafe.com
>
>
>
>
______________________________________________________
Get Your Private, Free Email at http://www.hotmail.com
|