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Published on Gold Anti-Trust Action Committee (http://www.gata.org)

Wall Street Journal prints its most terrifying four-letter word: G-O-L-D

By cpowell
Created 2003-09-18 07:00

http://www2.marketwatch.com/news/newsfinder/newsArticles.asp?guid=% [1]
7BA0C4E73B%2D100C%2D4519%2DB39F%2D4B148AD8985E%
7D&doctype=2005&siteid=mktw&selCount=50&value=gold&property=word&

VANCOUVER, British Columbia, Sept. 18 (Reuters) -- Barrick
Gold Corp. has asked a U.S. court to reconsider its ruling to
allow a case accusing it of manipulating the gold price to go
to trial and instead to dismiss the action.

In documents obtained on Thursday, Toronto-based Barrick
asked a Louisiana district court judge to rethink her ruling
on Sept. 3 giving the go-ahead to an antitrust case against
the world's No. 3 gold producer.

At the time of her ruling, Judge Helen Berrigan of the
Eastern District Court of Louisiana gave Barrick 10 days to
appeal her decision. Barrick's "motion for reconsideration"
will be heard on Oct. 15.

The case brought by New Orleans-based coin and bullion
dealer Blanchard & Co. against Barrick and U.S. financial
services giant J.P. Morgan Chase & Co Inc. accuses them
of suppressing the gold price at the expense of investors.

Blanchard alleged in a lawsuit filed last year that Barrick,
through its extensive gold hedging program, was able to
manipulate the gold price and, with the help of J.P. Morgan
Chase, was privy to "extraordinary" favorable terms on
gold sale contracts, which both then profited from.

Barrick has called the civil action "utterly ridiculous."

Blanchard is backed in its suit by the Gold Anti-Trust
Action Committee, a Delaware-incorporated group set
up in 1999 to advocate and undertake litigation against
what it calls "illegal collusion to control the price and
supply of certain financial securities."

Committee chairman Bill Murphy earlier this year
predicted a gold price of $500 an ounce by year end.
Bullion was last bid at $376 an ounce.

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

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Source URL:
http://www.gata.org/node/1995