Rep. Paul''s statement on GATA in Congressional Record

Section:

Thom Calandra's Stockwatch
www.CBSMarketWatch.com
February 15, 2002

The gold conspiracy

If you're looking to be, as is said of hockey great
Wayne Gretsky, where the fiscal "puck" will be in
a month or two, review this week's two hours of
presentations by the Gold Anti-Trust Action
Committee to journalists and investors at the
Washington Press Club.

GATA Chairman Bill Murphy and others describe
how the world's largest bullion banks have
manipulated the market for gold prices, in essence
depressing the price in an effort to promote
profitable bullion lending.

See the testimony on C-Span.

"It's like a neutron bomb; it's like Enron," said
Murphy, a former Wall Street commodities trader.
He and the members of GATA see gold prices
"melting up" to $600 an ounce and more as the
world's largest money-center banks and hedged
gold producers unwind tens of trillions of dollars
of derivative trades and other gold short-sales
and exchanges.

"It's coming," Murphy says. "I can't predict the
timing." Central banks and commercial banks
conspired to keep the price of gold depressed in
the late 1990s as a way of manipulating economic
signals, he says.