Michael Kosares: Japan''s arrow well-aimed at the heart of the dollar

Section:

Press Release via Business Wire
Thursday, March 10, 2005

http://home.businesswire.com/portal/site/google/index.jsp?
ndmViewId=news_view&newsId=20050310005232&newsLang=en

Gold's failure to keep up with exploding commodity prices, as it did
during the last commodities boom in 1980, is more powerful evidence
of surreptitious intervention by central banks in the gold market,
the Gold Anti-Trust Action Committee said today.

Drawing on the work of its consultant, Dan Norcini, a futures trader
in Houston, GATA compared 1980 monthly closing levels of the
Commodity Research Bureau Index with the monthly closing spot gold
price at the time.

The last five months of 1980 were the only times prior to this year
when the CRB Index was above 300, GATA said. The lowest gold price
during these months was $591.30, and that price was registered as
the CRB Index was falling in response to an increase in interest
rates arranged by the Federal Reserve Board to attack inflation.
Every other time in 1980 when the CRB Index was above 300, GATA
said, gold was above $600 per ounce, more than $150 above where gold
is priced today.

Wednesday's close on the CRB Index was 313.70 but the London PM spot
gold price was only $437.25 and the New York Comex gold price was
only $441.10. With the CRB Index where it is today, GATA said the
price history of the last boom in commodities suggests that gold now
should be priced between $591 and $647 per ounce -- and that does
not adjust for the dollar's loss of purchasing power in the last 25
years.

Here is a chart of the CRB Index and spot gold prices at the end of
the last six months of 1980:

Date CRB Spot Gold
------------------------------------------------

June 30, 1980 286.40 $647.4

July 31, 1980 302.30 $619.7

August 29, 1980 308.40 $635

September 30, 1980 319.40 $671.5

October 31, 1980 327.10 $636

November 28, 1980 334.80 $624.6

December 31, 1980 308.50 $591.3

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