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Published on Gold Anti-Trust Action Committee (http://www.gata.org)

Could anyone translate some German for us on Monday?

By cpowell
Created 2001-04-28 07:00

By Bill Murphy, Chairman
Gold Anti-Trust Action Committee Inc.
April 23, 2001

Thanks to so many of you who have been sending the GATA
press release on Business Wire to members of the press,
gold companies, etc. We are really gaining ground here.

For those of you who are stick and tired of what the
Gold Cartel is doing to you and who have not helped out
yet, please help yourself by getting this incredible news out
there.

For credibility purposes, you might want to direct people
to the CNN coverage at:

http://cnniw.yellowbrix.com/pages/cnniw/Story.nsp? [1]
story_id=20141035&ID=cnniw&scategory=Metals+%26+Minerals%3APrecious

We should target the White House press corps. All it is
going to take is for one of them to ask President Bush or
Treasury Secretary O'Neill the following:

-- Is the Treasury or Exchange Stabilization Fund involved
in gold swaps with any foreign central banks? Have there been
any such swaps over the past seven years?

-- Has the ESF, Treasury Department, or New York Fed
conducted any kind of gold transactions with the Bundesbank
in recent years?

Something like that. The same goes for the German press --
to put similar questions to the Bundesbank.

It is time to turn on the heat! When these questions start
being asked in public, it will open up Pandora's Box.

When the investment community realizes that gold demand
has been 5,000 to 11,000 tonnes greater than the gold
industry is telling you and that this amount of gold has been
lent from central banks (most of which they cannot get back),
the gold price will go bonkers.

From Chris Powell:

"The news story section on the cover page at www.Kitco.com [2]
right now has a headline and link to our press release of today,
connecting to the CNN site."

From GATA supporter Ralph Kutza in Germany:

"Most probably you got some answers from other German-
speaking guys hours before mine. Nevertheless here
comes my opinion, though I'm no professional economist.

"You mentioned several Bundesbank web pages.

"The one describing 'Auslandspositionen ... Gold und
Goldforderungen' means exactly what you supposed it
to mean.

"Furthermore, doing some really simple math results
indeed in what obviously seems to be BuBa-published
proof for the fact that no more official gold is left on
German soil.

"One other page.... 'Auslandsposition Bestand Gold'
is however not quite clear, though your translation
is correct. The jump of 25 percent might be explained by
plans of former Finance Minister Theo Waigel (on duty
until autumn 1998), who planned some 'dirty' tricks on
the BuBa gold some years earlier. I have to admit that
at that time my interest in gold wasnt alive yet. So
I can't exactly remember what exactly went on then. As
far as I can remember, there was a huge outcry from the
German public about Waigel's gold plans, but a certain
kind of reaccounting on the gold was carried out
nevertheless. Perhaps this reaccounting came into force
at the end of 1998, just before the Euro currencies
were fixed. This might be an explanation for the 25-percent
jump.

"With the beginning of 1999 the German BuBa gold became
ECB gold. If things go ugly for GATA, the above-stated
fact of the 100 percentgold (and receivables) 'abroad' will
be explained that way by some officials. This possible strategy
might easily be proven wrong if (a big IF) the time row begins
before December 1998. (I cannot reopen and check it myself.
Sorry. See below).

"I was not able to open or download the BuBa pdf file you
mentioned. And since at some hours I cannot get the other
pages any longer when trying to reload them, is this only
a problem of my Internet access, did the Buba shut down
its browsers, or is there a denial of service attack running
from interested circles? I don't know unfortunately. All
three possibilities seem equally realistic.

"On a few Internet gold boards in Germany there are
engaged discussions about the question whether any
official gold reserves are left in Germany. I got the
impression that a small majority of the disputants
believes the gold has gone totally, or, to express it
more exactly, that most of it has never been stored in
Germany.

"Congratulations for your fine work."

Thank YOU, Ralph. I will pass this on to Reg Howe
and James Turk.


Source URL:
http://www.gata.org/node/1092