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Harris Capital Management: The real currency is crude oil

Section: Daily Dispatches

1:24p ET Thursday, March 3, 2005

Dear Friend of GATA and Gold:

Below is the press release GATA has just
distributed internationally by the
Business Wire service to publicize the
report of the Gulf Research Center in
Dubai endorsing our findings about the
rigging of the gold market. GATA has paid
$2,000 to have the release translated into
Arabic and Hebrew and sent to all major
news organizations in the Middle East, so
we'll be grateful if anyone would like to
contribute financially to help underwrite
our efforts here.

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

* * *

Dubai Study Endorses GATA's Findings on
Gold Market Rigging, Warns Oil Producers

GATA press release via Business Wire
March 3, 2005

http://home.businesswire.com/portal/site/google/index.jsp?
ndmViewId=news_view&newsId=20050303005548&newsLang=en

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 at the GATA Internet site here:

http://www.gata.org/The%20Role%20of%20Gold%20Digital.pdf

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

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

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

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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:

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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
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888-413-4653
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3033 East First Ave., Suite 807
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1-800-869-5115
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Michael Kosares, Proprietor
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222 South 5th St.
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Don Stott, Proprietor
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Gold@gwe.net

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Box 11296
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Harvey Gordin, President
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+353 1 2315260/6
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info@gold.ie

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http://www.gloomdoom.com
Greg Westgaard, Sales Manager
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Kitco
178 West Service Road
Champlain, N.Y. 12919
Toll Free:1-877-775-4826
Fax: 518-298-3457
and
620 Cathcart, Suite 900
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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
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http://www.certifiedcoins.com
Ed Lee, Proprietor
1-800-835-6000
leecoins@aol.com

Lone Star Silver Exchange
1702 S. Highway 121
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Lewisville, Texas 75067
214-632-8869
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3015 Ottawa Ave. South
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fax: 952-925-0143
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info@mocoin.com
314-965-9797
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Resource Consultants Inc.
6139 South Rural Road
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Pat Gorman, Proprietor
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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.