If ECB won''t join inflation party, even gold could win out

Section:

9:52p ET Thursday, May 3, 2001

Dear Friend of GATA and Gold:

Three short items of interest....

1) GATA egroup members with America Online email
addresses seem not to have received some of our most
recent dispatches. I don't know if AOL is registering
our dispatches as junk mail and filtering them out,
or if something else is wrong. I'll be looking into
this. But all GATA dispatches are archived immediately
here:

http://groups.yahoo.com/group/gata/messages

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."

Bill also reports that GATA has received a pledge of
$20,000 from South African mining interests to help
defray the cost of the conference.

The Durban conference has the potential to change not
just the gold world but the whole financial world. We
will present our proof that the U.S. Exchange
Stabilization Fund is surreptitiously intervening to
suppress the price of gold, and then, we hope, we will
unleash Africa on the U.S. administration to stop the
practice.

3) Our friend Charles L.F.G. Hansard in Britain sends
this as an open letter to the editor of the Daily
Telegraph:

"Sir: It can only be hoped that Nelson Mandela used the
opportunity this weekend whilst celebrating in Trafalgar
Square to thank Gordon Brown for all he has done for the
South African mining industry over the last few years.
His decision to sell a large part of the United Kingdom's
gold reserves has contributed greatly to a decline in the
price for the metal.

"Increasing numbers of mines all over Africa have become
uneconomic as a result and their closure has brought
untold misery to thousands of black workers who have lost
their jobs. It has been calculated that for every mine
worker there are some 10 dependents, and therefore the
knock-on effects are considerable for a continent where
unemployment is already a major problem.

"Mr. Brown's prudence on our behalf brings with it a heavy
price.

"Yours faithfully, Charles L.F.G. Hansard."

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