Reuters reports GATA''s appeal to SEC for probe of Morgan''s gold business

Section:

GATA NATIONAL PRESS RELEASE

GATA Urges SEC to Investigate
Morgan's Denial of Any Involvement in Gold Market

Business Editors

DALLAS (BUSINESS WIRE), Jan. 6, 2003 --The Gold Anti-Trust
Action Committee has urged the U.S. Securities and Exchange
Commission to investigate J.P. Morgan Chase & Co.'s denial of
any exposure to changes in the price of gold.

GATA's appeal to the SEC was made today in a letter written
by the committee's consultant, James Turk, editor of the
Freemarket Gold and Money Report. Turk's letter provided
evidence suggesting that gold loans may have financed Morgan
Chase's support for bankrupt Enron Corp. Further, Turk noted,
even while Morgan Chase is denying any involvement in the gold
market, the firm has registered more than $40 billion in gold
derivatives exposure in its filings with the U.S. Office of
the Comptroller of the Currency.

Last week Morgan Chase CEO William Harrison and General
Counsel William McDavid complained of a persistent "rumor"
that the firm was involved with gold, denied such involvement,
and said the firm had asked the SEC to investigate the rumor's
origin.

Addressing the SEC, Turk wrote: "Your investigation into the
rumors about JPM's activity in the gold market is timely, but
the focus of your investigation should not be, as JPM
management implies, how these so-called 'rumors' started.
Rather, your investigation should determine whether these
rumors have any basis in fact. If they do, then this is also
to ask for your determination whether the statements by
Messrs. Harrison and McDavid are false or misleading."

The full text of Turk's letter to the SEC may be found here:

http://groups.yahoo.com/group/gata/message/1371.

GATA is a non-profit civil-rights and educational organization
that seeks to restore a free market in gold and related
commodities and securities. Its Internet site is
www.GATA.org.

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