Calandra gets explosive remarks from Veneroso; you can hear more in New Orleans

Section:

11:24p ET Tuesday, September 30, 2003

Dear Friend of GATA and Gold:

CBSMarketWatch Editor Thom Calandra has interviewed
GATA consultant Frank Veneroso for The Calandra Report,
and excerpts from the interview have just been posted at
CBSMarketWatch.

Veneroso affirms that central banks are working desperately
to suppress the gold price. He tells Calandra:

"How do I know this intervention continues? There are 500 or
600 metric tons of speculative long positions on the COMEX,
but that is the tip of the iceberg. The big market is the
over-the-counter market. The total net speculative position
is probably many times what we see on the COMEX.
Thousands of metric tons? Who is taking the other side of
that trade? In the old days, it used to be the producers,
setting up their hedge books and selling forward. Now
they're covering hedges. Who else? There are gold
dealers, and a lot of the people think these are the
short-sellers in the market. After the price spike in '99,
they have closed such positions. So there is only one
possible counterparty now, and that is the official sector.
This is just like currency intervention."

You can find the excerpts from Calandra's interview
with Veneroso here:

http://cbs.marketwatch.com/news/story.asp?
column=Thom+Calandra's+StockWatch&dist=nwtwatch&siteid=mktw

Or try this abbreviated link:

http://ls.shapebyforce.com/sbf/117

The interview excerpts probably will be posted at the
CBSMarketWatch home page shortly under the
"StockWatch" heading:

http://cbs.marketwatch.com

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

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