GATA Chairman Murphy spreads Morgan horror story via CBSMarketWatch


10:57p ET Tuesday, September 17, 2002

Dear Friend of GATA and Gold:

Congratulations to GATA's friends
and on their partnership announced
today in the press release appended here.

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

* * *

Kitco and GoldMoney Establish Arrangement
for Online Gold Transactions Giving Consumers
the Means to Buy and Sell Gold Online

NEW YORK, Sept. 17 (Business Wire) --
Rectifying a long-ignored deficiency in the
precious metals transaction infrastructure,
two leading precious metal operators today
announced an alliance to create the means to
buy and sell gold online.

In doing so, Kitco, a precious metals
retailer and GoldMoney, an asset-based online
transaction system, are implementing an
entirely new way for individuals and
companies to buy and sell gold easily and
inexpensively with the assurances of safe and
secure allocated storage for their precious

Prior to the alliance, gold purchases often
required expensive shipping to the buyer
because insured storage of gold was not
practical or possible at low cost in many
instances. Physical ownership of gold often
involves complex and costly steps that are
largely prohibitive for many consumers. The
GoldMoney/Kitco alliance will enable anyone
to purchase physical gold online and store
their gold in a high-security facility in
Great Britain.

"Kitco's proficiency in retailing precious
metals, combined with GoldMoney's
infrastructure will simplify gold ownership,"
said James Turk, founder and managing
director for GoldMoney. "Consumers will
finally enjoy inexpensive storage with an
easy way to buy gold. It's an important
breakthrough, particularly now that gold
ownership is again proving to be a wise

By creating this online way to buy and sell
gold, GoldMoney and Kitco are letting
consumers trade gold at real-time prices.
Formerly, the lack of real-time trading often
meant buy orders were subject to shifts in
valuation until execution. In addition,
consumers will have the unprecedented option
of storing their purchase as digital gold
currency (through GoldMoney) or in physical
gold through Kitco's streamlined coin and
bullion retail operation. Purchase, storage
and exchange are thus efficient and

Recognized as a leading retailer of precious
metals, Kitco offers a complete line of
highest-quality bullion products as well as
refining and trading services for industrial
users of precious metals. With more than 8
million monthly visitors, is
ranked as one of the world's most popular
sites for information on precious metals.

GoldMoney, inventor and patent holder of the
asset-based online transaction process
available from, allows
consumers to conduct limitless transactions
over the Web using gold -- a time-honored
asset -- instead of fiat currency.

"This is a perfect example of vertical
integration in response to market demands,"
said Kitco president, Bart Kitner. "Kitco's
website attracts a large and diverse
clientele with an avowed interest in precious
metals. By integrating GoldMoney into our
system, thousands of GoldMoney users will
have a simple way to buy GoldGrams, using
U.S. or Canadian dollars."

Because GoldMoney is an established form of
online currency, consumers will also be able
to shop online using the value of the gold in
their account. A growing number of online
merchants and other entities accept GoldMoney
payments due to its secure, irreversible, and
instantaneous nature.

GoldMoney is digital gold currency -- gold in
digital form that can be spent and
transferred electronically. By converting the
world's oldest money into a new and much-
needed digital currency, GoldMoney allows
consumers, merchants and consumers to avoid
the intrusion and expense of credit cards as
well as the hassle of using conventional fiat
currencies online. GoldMoney founder James
Turk is the creator and patent holder to the
asset-based online transaction system.
GoldMoney services can be accessed at

Kitco is recognized throughout the globe as a
leading retailer of precious metals for small
and large consumers as well as the precious
metals industry. Kitco provides highest
quality bullion bars and coins for consumers,
refining services for the jewelry
manufacturing industry, and mill products.
Kitco's website, is a nexus of
the precious metals industry providing real-
time pricing, industry news and a precious
metals purchasing platform.