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Julian Phillips: French gold sales have stopped

Section: Daily Dispatches

10:44p ET Thursday, March 3, 2005

Dear Friend of GATA and Gold:

What we might as well start calling the Woertz
Report -- the study just published by the Gulf
Research Center in Dubai -- is already getting
noticed around the world, and GATA has high
hopes for it. The excerpt appended here from
tonight's edition of the HCM Daily Client Market
Letter, published by Harris Capital Management
in Boca Raton, Florida, may give you an idea.

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

* * *

HCM Daily Client Market Letter
Harris Capital Management
Boca Raton, Florida
March 3, 2005

http://www.harriscapitalmanagement.com

Below I have linked an interesting paper coming
out of Dubai. This is a very interesting report
and will undoubtedly have some influence on
Middle Eastern thinking regarding currencies.
Among other things, this paper concludes that
the price of gold is indeed managed by the G8.

The reason I think it's important is that if the
Middle Eastern governments had much sense, they
would be selling most of those petrodollars,
buying gold, and storing it in a Russian bank
before Wolfie and Rummy come knocking with the
nasty stuff, which I don't think is more than a
few months away.

The real currency is crude oil, and they're
willingly exchanging it for paper before the
bombs come. Not too bright, if you ask me. ...

"The Role of Gold in the Unified GCC Currency"
The Gulf Research Center, United Arab Emirates

By Eckart Woertz
Vice President of CFC Securities, Dubai

Conclusion: "The paper dollar standard is a dead
man walking."

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

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