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GATA distributes international press release on gold-rigging report from Dubai

Section: Daily Dispatches

12:35a ET Thursday, March 3, 2005

Dear Friend of GATA and Gold:

A study published by a research foundation in Dubai
has endorsed the Gold Anti-Trust Action Committee's
findings that Western central and commercial banks
have rigged the gold market but have much less gold
than they claim to have and so are vulnerable to
rising demand for gold. The study recommends that the
oil-producing countries of the Middle East diversify
their ever-depreciating U.S. dollar holdings into gold.

The study, "The Role of Gold in the Unified Gulf
Cooperation Council Currency," was written by Eckart
Woertz, vice president of CFC Securities in Dubai, for
the Gulf Research Center. It quotes the work of GATA's
consultants, including Frank Veneroso, and predicts
that the gold price suppression scheme of the Western
banks will fail just as their similar scheme of the
1960s, the so-called London Gold Pool, failed when the
drain on Western gold reserves became too great. Once
the scheme fails, the study says, "it will be highly
difficult and expensive to accumulate a gold reserve.
This is especially true for central banks that have
low gold reserves like those in the Gulf Cooperation
Council countries."

The study concludes: "The paper dollar standard is a
dead man walking. Its debt, accumulated over the
recent decades, is too high to be effectively repaid.
It will either default or be inflated to such an
extent that it will not 'hurt' to pay it back.
Therefore, the accrued imbalances in global finance
and the inherent weakness of worldwide growth models
that rely on a continuance of U.S. deficit spending
are likely to usher in a serious crisis of currency
systems in coming years.

"Gold will be a suitable means of asset protection
and ultimate payment in such a scenario. It will
preserve the wealth of individuals and central banks
alike and will ensure important maneuverability for
the latter."

GATA believes that the study is likely to have a
profound influence on governments, banks, and
investors in the Middle East and may accomplish
there what the similar report by Sprott Asset
Management of Toronto -- "Not Free, Not Fair:
The Long-Term Manipulation of the Gold Price"
-- is accomplishing in the West.

The Middle East's oil-producing countries are
especially obliged to heed the Gulf Research
Center's study because their economies are
based on a wasting asset, oil, whose depletion
will leave them with little more than sand if
the payment they receive is substantially
depreciated or defaulted upon. In exchanging
a real asset for paper assets that represent
only unpayable debts, oil-producing countries
are at imminent risk of massive expropriation.

The study has been posted here at
LeMetropoleCafe.com:

http://www.lemetropolecafe.com/img2005/Midas/The%20Role%20of%20Gold%
20Digital.pdf

Here's an abbreviated link:

http://tinyurl.com/4lmy3

The study will be posted shortly at GATA.org.

GATA urges its supporters to publicize the study
around the Internet and in communications with
mining companies, investment houses, and news
organizations.

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

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

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

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