Noranda continues acquisition talks with China''s Minmetals

Section:

8:12p ET Tuesday, January 4, 2005

Dear Friend of GATA and Gold:

In a letter released today in response to an inquiry
from GATA, the U.S. Treasury Department declared that
it has no statutory authority to confiscate gold.

GATA made the inquiry last fall through the office of
U.S. Rep. John B. Larson, Democrat of Connecticut,
co-sponsor with U.S. Rep. Ron Paul, Republican of
Texas, of legislation to require the Treasury
Department to obtain the approval of Congress before
intervening in the gold market.

GATA's inquiry was prompted by enduring fears and
rumors among gold investors about the legal security
of their gold, prompted in part by the U.S.
government's attempt in 1933 to confiscate monetary
gold by presidential decree.

The Treasury Department's letter was dated December
17 and was received today by Representative Larson's
office. The letter was signed by Roberta K. McInerney,
the department's assistant general counsel, and
addressed to Michael Kirk, Representative Larson's
press secretary. The letter reads as follows:

"Dear Mr. Kirk:

"I am writing in response to your e-mail of
November 29, 2004, which forwarded a question
from a constituent of Congressman Larson's as to
whether the Treasury Department could force the
redemption of U.S. gold bullion coins at face
value, or the surrender of foreign bullion coins.

"In Public Law 97-258 (Sept. 13, 1982), Congress
eliminated a statute (12 USC 248 n) which had
allowed the secretary of the Treasury to require
individuals and others to deliver to the Treasury
gold coins, bullion, and certificates. As a result,
this statutory authority no longer exists.

"I hope this information is helpful. Please let us
know if you have further questions or need
additional information.

"Roberta K. McInerney
"Assistant General Counsel
"(Banking and Finance)
"Department of the Treasury
"Washington, D.C. 20220"

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

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

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