NY gold holds up after final Bank of England sale, $300/oz seen

Section:

12:47a ET Wednesday, March 6, 2002

Dear Friend of GATA and Gold:

People really must see the excerpt below
from GATA Chairman Bill Murphy's "Midas"
commentary Tuesday night at
www.LeMetropoleCafe.com.

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

* * *

From "Midas" commentary for March 5, 2002
By Bill Murphy
www.LeMetropoleCafe.com

The most important news of the day was hardly
mentioned ANYWHERE:

Bundesbank rejects suggestion
for gold, FX sales

FRANKFURT, March 5 (Reuters) -- The German
Bundesbank has rejected suggestions by some
government politicians that it could sell
gold and foreign exchange reserves to plug
holes in the public purse.

"That would be a breach of the Maastricht
treaty and would hurt the independence of the
Bundesbank," said a spokesman for the
Bundesbank on Tuesday.

The European Union's Maastricht pact forbids
member countries from holding fire sales of
assets in order to meet economic convergence
criteria.

He reiterated that last month the German
central bank ruled out large gold sales until
2004, the date when the current Washington
Agreement between major economies on the
orderly disposal of central banks' gold assets
expires.

Once again a reason given for a gold price
retracement proves to be bogus. As I have
said for years, the cabal ringleaders are
nothing more than white-collar thugs.