Canadian gold moving into U.S. equities markets, NYTimes notes

Section:

1:23a ET Sunday, September 7, 2003

Dear Friend of GATA and Gold:

Our hero, U.S. Rep. Ron Paul, R-Texas, sponsor
of the Monetary Reform and Accountability Act,
which would require the U.S. government to get
the approval of Congress before intervening in
the gold market, brought the gold price manipulation
scandal to the floor of the House of Representatives
and thus to the whole country on Friday in a speech
about the U.S. monetary system. Paul titled his
speech "Paper Money and Tyranny."

After brutally examining that system's expropriation
of workers and savers as it fails to maintain the
value of the dollar, Paul declared:

* * *

To maintain confidence in the dollar, gold
prices must be held in check. In the 1960s
our government didn't want a vote of no
confidence in the dollar, and for a couple of
decades, the price of gold was artificially
held at $35 per ounce. That, of course, did
not last.

In recent years, there has been a coordinated
effort by the world central bankers to keep
the gold price in check by dumping part of
their large horde of gold into the market. This
has worked to a degree, but just as it could
not be sustained in the 1960s, until Nixon
declared the Bretton Woods agreement dead
in 1971, this effort will fail as well.

The market price of gold is important because
it reflects the ultimate confidence in the dollar.
An artificially low price for gold contributes to
false confidence and when this is lost, more
chaos ensues as the market adjusts for the
delay.

Monetary policy today is designed to
demonetize gold and guarantee for the first
time that paper can serve as an adequate
substitute in the hands of wise central bankers.
Trust, then, has to be transferred from gold to
the politicians and bureaucrats who are in
charge of our monetary system. This fails to
recognize the obvious reason that market
participants throughout history have always
preferred to deal with real assets, real money,
rather than government paper.

This contest between paper and honest
money is of much greater significance than
many realize. We should know the outcome of
this struggle within the next decade.

* * *

You can read Paul's speech at his Internet site here:

http://www.house.gov/paul/congrec/congrec2003/cr090503.htm

It will be posted shortly at www.GATA.org.

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

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----------------------------------------------------

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