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

Section:

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.

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

To subscribe to GATA's dispatches, send an e-mail to:

gata-subscribe@yahoogroups.com

To unsubscribe, send an e-mail to:

gata-unsubscribe@yahoogroups.com

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

RECOMMENDED INTERNET SITES
FOR DAILY MONITORING OF GOLD
AND PRECIOUS METALS
NEWS AND ANALYSIS

Free sites:

http://www.jsmineset.com

http://www.cbs.marketwatch.com

http://www.mineweb.com/

http://www.gold-eagle.com/

http://www.kitco.com/

http://www.usagold.com/

http://www.GoldSeek.com/

http://www.GoldReview.com/

http://www.capitalupdates.com/

http://www.DailyReckoning.com

http://www.goldenbar.com/

http://www.silver-investor.com

http://www.thebulliondesk.com/

http://www.sharelynx.com/

http://www.mininglife.com/

http://www.financialsense.com

http://www.goldensextant.com

http://www.goldismoney.info/index.html

http://www.howestreet.com

http://www.depression2.tv

http://www.moneyfiles.org/

http://www.howestreet.com

http://www.minersmanual.com/minernews.html

http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html

http://www.goldcolony.com

http://www.miningstocks.com

http://www.mineralstox.com

http://www.freemarketnews.com

http://www.321gold.com

http://www.SilverSeek.com

http://www.investmentrarities.com

http://www.kereport.com
(Korelin Business Report -- audio)

http://www.plata.com.mx/plata/home.htm
(In Spanish)
http://www.plata.com.mx/plata/plata/english.htm
(In English)

http://www.resourceinvestor.com

http://www.miningmx.com

http://www.prudentbear.com

http://www.dollarcollapse.com

http://www.kitcocasey.com

Subscription sites:

http://www.lemetropolecafe.com/

http://www.goldinsider.com/

http://www.hsletter.com

http://www.interventionalanalysis.com

http://www.investmentindicators.com/

Eagle Ranch discussion site:

http://os2eagle.net/checksum.htm

Ted Butler silver commentary archive:

http://www.investmentrarities.com/

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

COIN AND PRECIOUS METALS DEALERS
WHO HAVE SUPPORTED GATA
AND BEEN RECOMMENDED
BY OUR MEMBERS

Blanchard & Co. Inc.
909 Poydras St., Suite 1900
New Orleans, Louisiana 70112
888-413-4653
http://www.blanchardonline.com

Centennial Precious Metals
3033 East First Ave., Suite 807
Denver, Colorado 80206
1-800-869-5115
http://www.USAGOLD.com
Michael Kosares, Proprietor
cpm@usagold.com

Colorado Gold
222 South 5th St.
Montrose, Colorado 81401
http://www.ColoradoGold.com
Don Stott, Proprietor
1-888-786-8822
Gold@gwe.net

El Dorado Discount Gold
Box 11296
Glendale, Arizona 85316
http://www.eldoradogold.net
Harvey Gordin, President
Office: 623-434-3322
Mobile: 602-228-8203
harvey@eldoradogold.net

Gold & Silver Investments Ltd.
Mespil House
37 Adelaide Rd
Dublin 2
Ireland
+353 1 2315260/6
Fax: +353 1 2315202
http://www.goldinvestments.org
info@gold.ie

Investment Rarities Inc.
7850 Metro Parkway
Minneapolis, Minnesota 55425
http://www.gloomdoom.com
Greg Westgaard, Sales Manager
1-800-328-1860, Ext. 8889
gwestgaard@investmentrarities.com

Kitco
178 West Service Road
Champlain, N.Y. 12919
Toll Free:1-877-775-4826
Fax: 518-298-3457
and
620 Cathcart, Suite 900
Montreal, Quebec H3B 1M1
Canada
Toll-free:1-800-363-7053
Fax: 514-875-6484
http://www.kitco.com

Lee Certified Coins
P.O. Box 1045
454 Daniel Webster Highway
Merrimack, New Hampshire 03054
http://www.certifiedcoins.com
Ed Lee, Proprietor
1-800-835-6000
leecoins@aol.com

Lone Star Silver Exchange
1702 S. Highway 121
Suite 607-111
Lewisville, Texas 75067
214-632-8869
http://www.discountsilverclub.com

Miles Franklin Ltd.
3015 Ottawa Ave. South
St. Louis Park, Minn. 55416
1-800-822-8080 / 952-929-1129
fax: 952-925-0143
http://www.milesfranklin.com
Contacts: David Schectman,
Andy Schectman, and Bob Sichel

Missouri Coin Co.
11742 Manchester Road
St. Louis, MO 63131-4614
info@mocoin.com
314-965-9797
1-800-280-9797
http://www.mocoin.com

Resource Consultants Inc.
6139 South Rural Road
Suite 103
Tempe, Arizona 85283-2929
Pat Gorman, Proprietor
1-800-494-4149, 480-820-5877
Metalguys@aol.com

Swiss America Trading Corp.
15018 North Tatum Blvd.
Phoenix, Arizona 85032
http://www.swissamerica.com
Dr. Fred I. Goldstein, Senior Broker
1-800-BUY-COIN
FiGoldstein@swissamerica.com

The Moneychanger
Box 178
Westpoint, Tennessee 38486
http://www.the-moneychanger.com
Franklin Sanders
1-888-218-9226, 931-766-6066

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

HOW TO HELP GATA

If you benefit from GATA's dispatches, please
consider making a financial contribution to
GATA. We welcome contributions as follows.

By check:

Gold Anti-Trust Action Committee Inc.
c/o Chris Powell, Secretary/Treasurer
7 Villa Louisa Road
Manchester, CT 06043-7541
USA

By credit card (MasterCard, Visa, and
Discover) over the Internet:

http://www.gata.org/creditcard.html

By GoldMoney:

http://www.GoldMoney.com
Gold Anti-Trust Action Committee Inc.
Holding number 50-08-58-L

Donors of $1,000 or more will, upon request,
be sent a print of Alain Despert's colorful
painting symbolizing our cause, titled GATA.

Donors of $200 or more will receive copies
of "The ABCs of Gold Investing" by Michael
Kosares, proprietor of Centennial Precious
Metals in Denver, Colorado, and "The Coming
Collapse of the Dollar" by James Turk and
John Rubino.

GATA is a civil rights and educational
organization under the U.S. Internal Revenue
Code and contributions to it are tax-deductible
in the United States.