Nigeria contemplates doing business in currencies other than the dollar

Section:

12:42p ET Saturday, December 11, 2004

Dear Friend of GATA and Gold:

In an essay that could use a little more copyediting
at 321Gold, Julian D.W. Phillips of Gold-Authentic
Money waxes rhapsodic about the World Gold Council's
new exchange-traded bullion fund. The essay is titled
"The streetTRACKS Gold Trust" and you can find it
here:

http://www.321gold.com/editorials/phillips/phillips121304.html

Or try this abbreviated link:

http://tinyurl.com/52n7p

But then in an essay at Gold-Eagle, Ed Bugos of The
GoldenBar Report pretty much explodes the ETF by
speculating in detail on how it and similar funds
might easily be used to front-run a short-selling
scheme of both gold and mining shares. In the process
Bugos examines the bashing GATA took last week in
certain circles for raising what turned out to be
fair questions about the ETF. He concludes that
even harder questions remain to be answered.

Bugos' essay is titled "GLD: Incompetence or 'Told
You So'?" and you can find it here:

http://www.gold-eagle.com/gold_digest_04/bugos121004.html

Or try this abbreviated link:

http://tinyurl.com/5a5jn

Whether the ETF is good or bad for gold, the World
Gold Council's supposed prohibition on answering
questions about it is bad. Not that this has really
worsened the council's performance; it hasn't said
anything worthwhile about gold since the Washington
Agreement five years ago even as others have
developed overwhelming evidence of coordinated
action against gold by central banks and other
financial institutions, against which the gold
council has not defended gold. But if the gold
council wants to be "the global advocate for gold"
and is being prevented from speaking about gold
and ETFs in gold because of securities rules, the
council should get out of the securities business
and back in the gold advocacy business.

The mining industry hardly needs to pay the
council $60 million or so a year for it to stay
silent. Surely the council can stay silent for
free.

Anyway, don't miss Bugos' commentary. If it doesn't
compel a response from the gold council or one of
its intermediary flunkies, who pop up when the
council needs a quick answer that the council won't
give itself and then vanish when more questions
arise, nothing will.

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

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