Gold closes at 70-year high, and more mention for Blanchard''s victory

Section:

Judge says Blanchard case vs Barrick can go ahead

http://biz.yahoo.com/rf/030909/minerals_blanchard_2.html

VANCOUVER, British Columbia , Sept. 9 (Reuters) -- A
U.S. court has ruled that a case against Barrick Gold Corp.
and J.P. Morgan Chase alleging they conspired to
manipulate the gold price can proceed to trial, court
documents obtained on Tuesday show.

A Louisiana district court judge ruled last Wednesday
that the antitrust case brought by New Orleans-based
coin and bullion dealer, Blanchard & Co., against the
world's third-biggest gold producer and the U.S.
financial services giant can go ahead.

Blanchard alleged in a lawsuit filed in mid-December
that Barrick and J.P. Morgan Chase made $2 billion in
short-selling profits by suppressing the gold price at
the expense of investors.

In making her order, Judge Helen Berrigan, denied
motions by the Toronto-based miner and J.P. Morgan
Chase to dismiss the lawsuit. They have 10 days to
appeal her decision.

Barrick said it had not decided yet whether to appeal
but contends that the case by Blanchard, which calls
itself the U.S.'s largest retail dealer in rare coins and
precious metals, is groundless.

"We believe their case is completely without merit and
utterly ridiculous," said Barrick spokesman Vince Borg.

J.P. Morgan Chase declined to comment.

Blanchard alleges that Barrick's gold hedging program
is a "purposeful and unlawful mechanism to manipulate
the price of gold" and that it receives extraordinary
favorable terms on certain sales contracts not available
to competitors.

It alleges that J.P. Morgan Chase profits as it is the
"largest holder of gold derivatives in the United States."

Barrick in January launched a counter libel suit against
Blanchard and its chief executive, Donald W. Doyle Jr.,
in Canada for published remarks it said were defamatory.
Borg said this case would continue in early October.

Blanchard has been backed in its suit by the Gold
Anti-Trust Action Committee, a group that has said various
bullion dealers are manipulating the gold market.

GATA three years ago launched a federal lawsuit alleging
manipulation of the gold price. The case was dismissed
in a Boston district court in March 2002.

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Michael Kosares, Proprietor
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Dr. Fred I. Goldstein, Senior Broker
1-800-BUY-COIN
figoldstein@buycoin.com

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