Author Arthur Hailley appeals to Fox News'' O''Reilly to review gold issue

Section:

Thursday, July 19, 2001

Dear Friend of GATA and Gold:

If you would like America to know the real gold story,
please contact Bill O'Reilly at oreilly@foxnews.com.

GATA has just distributed around the United States
the press release attached here.

BILL MURPHY, Chairman
Gold Anti-Trust Action Committee Inc.

* * *

GATA Challenges "O'Reilly Factor" Regarding
Treasury's Refusal to Answer Gold Questions

Business Editors

DALLAS (BUSINESS WIRE), July 19, 2001 -- The Gold
Anti-Trust Action Committee, based in Dallas, has
issued a challenge to Bill O'Reilly, the host of the
FOX News top-rated cable news show, The O'Reilly
Factor.

O'Reilly, who professes that he will take on any
controversial issue, has ducked the Gold Anti-Trust
Action Committee's allegations of the manipulation
of the gold market by a cartel of bullion banks
and a faction of the U.S. Government.

A lawsuit raising GATA's charges has been filed
in U.S. District Court in Boston by GATA consultant
Reginald H. Howe against the Bank for International
Settlements; Federal Reserve Board Chairman Alan
Greenspan; William J. McDonough, president of the
Federal Reserve Bank of New York; bullion banks J. P.
Morgan & Co., Chase Manhattan Corp., Citigroup Inc.,
Goldman Sachs Group Inc., and Deutsche Bank; and
Lawrence H. Summers, former secretary of the treasury,
who by law exercised control of the U.S. Exchange
Stabilization Fund, subject only to approval by
the president of the United States.

GATA Chairman Bill Murphy says:

"Bill O'Reilly says he will take on any issue, but he seems
afraid to take on the big money interests in America, just
like everyone else. GATA supporters have been sending
him emails, letters, and faxes for more than two years,
and he has not responded to one of them."

Recently GATA uncovered the most disturbing
evidence yet of manipulation of the gold market. In
its response to the Howe lawsuit, the Treasury Department
denied any involvement in the gold market since 1978.
Yet recently released minutes of the January 31, 1995,
meeting of the Federal Reserves Federal Open Market
Committee, over which Alan Greenspan presided, quoted
the Fed's chief counsel, Virgil Mattingly, as referring
to "gold swaps" undertaken by the Exchange Stabilization
Fund.

U.S. Reps. Ron Paul, R-Texas, and John B. Larson,
D-Conn., and Sens. Joseph I. Lieberman, D-Conn.,
and Wayne Allard, R-Colo., among many other members
of Congress, have asked Treasury Secretary Paul
O'Neill for clarification of this discrepancy. But
O'Neill, like former Treasury Secretary Summers, has
refused to answer Congress on the gold manipulation
issue.

The people of the United States have entrusted
some 261.5 million ounces of their national gold to
be held in trust by the Treasury Department, and
its disposition is to be determined by Congress. The
status of these assets is reported monthly at the
Internet site of the Treasury Department's Financial
Management Service:

http://www.fms.treas.gov/gold/index.html.

In August 2000, 3,400 tonnes of this gold at the
U.S. Mint at West Point, N.Y., was classified as
Gold Bullion Reserve. In September 2000, 1,700
tonnes of this gold was reclassified without explanation
as Custodial Gold Bullion. In May 2001, all 3,400
tonnes were mysteriously reclassified, this time as
Deep Storage Gold, again without explanation.

It is unclear whether this gold is still owned
by the U.S. government or whether its ownership has
passed to other parties without congressional
authorization.

The Gold Anti-Trust Action Committee fears that
something is amiss with America's gold!

GATA suggests that the Gold Cartel is suppressing
the price of gold to conceal problems with the U.S.
economy, thereby taking away a warning system of
many Americans about making prudent decisions regarding
stock market investments!

GATA feels strongly that every U.S. citizen should
be aware of what has happened.

GATA also believes that the O'Reilly program's
reporting of the evidence of manipulation of the
gold market will attract a large audience.

GATA, a federally tax-exempt civil rights and
educational corporation, is so confident of its
evidence that it will donate $5,000 to the charity
of O'Reilly's choice if it is shown to be
substantially wrong. But if the O'Reilly program's
reporting of GATA's complaint does attract a large
audience, GATA will request O'Reilly put to Treasury
Secretary O'Neill the questions members of Congress
have already queried of him.

CONTACT: Gold Anti-Trust Action Committee, Dallas
Bill Murphy, 214/522-3411
LePatron@LeMetropoleCafe.com