VIEWPOINT: Don''t Forget The Big Media


Hello GATA Members,

Here is an extract from what GATA Committee Chairman, Bill Murphy, had
to say, this evening - March 16 - in a letter to Le Metropole Members.
He was letting off quite some steam about the obvious collusion in the
last few days to keep the gold price depressed, and making important
points about the technical impropriety, along with the hypocrisy
attached to Clinton's renewed call on the I.M.F. to sell gold.

I am tracking down some leads and gathering additional information for
you. So, I am just going to spout off on some of what we are looking

I hope those of you that have an interest in the gold and silver markets
have read, "Outrage-Scandale Gold 2", at the Matisse Table
(*** that was sent out on Saturday after I had
a chance to review the Comex's Commitment of Traders Report.

As soon as I saw those numbers, it was clear that one of the most
obvious collusions in market history had just been orchestrated in a
little over one week's time. We had thought a "major gold rally was

Those numbers ( which showed 70,000 shorts had been lead like lambs to a
slaughter and were set up so that they would cover as most all technical
signals turned bullish )led us to believe that the "Goon Squad " had
done it again and could now easily attack this
defenseless bull. And that is just what happened!

From Friday's close through today's lows, gold dropped $12 and silver
dropped 40 cents. Today, gold closed down $3.80 to settle at $283. . .

The gold volume the past two days was very heavy at 95,000 and 75,000.
There has been a serious attempt to bury the gold market. . .

In the next MIDAS (at the James Joyce Table, Le Metropole Cafe) I am
going to eleborate on the following:

1. The strange and timely turnaround, public commentary by French
President, Jacques Chirac ( what a great name ) about IMF gold sales.
One day not possible, two weeks later very possible.

2. That, just as we have the strange resignation of the commissioners in
euroland. Curious goings on here.

3. The predictable and on cue comments by President Clinton today about
selling IMF Gold to help out the poor. This one really boggles me. Did
not the IMF just pass the hat around for $40 billion to bail out
Brazil?. The last time the details of IMF gold sales were
discussed, it was to be about 5,000,000 ounces of gold or $1.5 billion.
If Clinton and the IMF were so concerned about the poor ( and we all
should be ) why did they not ante up $41.5 billion.

4. Why worry about GOLD SALES? Get that press: GOLD SALES. Get that
producers: GOLD SALES. Here that specs: GOLD SALES after "THE GOON
SQUAD" made sure your shorts were stopped out. Time to sell again specs,
or worse. Many of you went from short to long. Now you have to liquidate
longs and go short again.

5. Of course, all this was done after the Comex conveniently reduced its
margin requirements Thursday for the writers of gold calls. This just
happened to free up more of their capital to attack the market. And, of
course, it is just a coincidence that we then have the two back to back
most volatile days in a long,long time. Margin requirements are supposed
to be reduced because of lack of volatility.

6. Just one minor detail folks- about these IMF gold sales. And this is
a ground ball that I am running out after talking to Murray Pollitt of
Murray Pollit and Co. in Toronto. Murray says the IMF gold
is really pledged gold from the various countries. It was what Murray
calls a double counting of gold reserves. That was news to me. Maybe
that is why this came out today-Reuters-Washington-March 16-
"The International Monetary Fund cannot make any decision on selling
gold until its biggest shareholder, the United States, is authorized
by Congress to approve the sale", an IMF spokesman said today. In other
words, since U.S. congressional approval is needed to sell gold, and the
IMF gold is U.S. gold, the same congressional approval is needed. If
Murray is right and I am sure his is as HE JUST
hear of this very important technical point?

7. Help the poor remember. Sure, how about support the greedy bankers in
New York and help them continue their bailout of Long Term Capital
Management. More on that tomorrow. The poor!!! The people being hurt by
this bury gold policy ARE THE POOR in South and West Africa. Nelson
Mandela and his regime in South Africa are being severely
hurt ( see "Outrage - Scandale Gold 2"). But it is more than
just South Africa. It includes 5 to 8 more countries in that part of the
world. Want to help the poor in Africa, Mr. President. Get the price of
gold up $100. Not sure your cronies that bailed out Long Term Capital or
the Counterparty Risk Management Group will take too kindly to your real
desire to help these people, but you would show your true sincerity.

This just gets me so doggone mad. The hypocrisy of the whole thing.
The violin plays on while the fat cats stuff their pockets and play off
of EVERYONE ELSE and do so while cavorting with governments that know
they have big, big problems boiling beneath the surface.

These two days were something to behold. The arrogance of "The
"Goon Squad" is now obvious to all. GATA is going to do something about
that. We cannot thank all of you enough for your support and
contributions. As soon as we retain Berger and Montague, we are going
to step up our investigation into this sort of collusive activity. Just
like in Watergate and in the Paula Jones investigation, we are going to
run down leads about this collusive activity- to build
our evidence file ( information has already been sent to us ). Smoking
gun time is rightaround the corner.
- - - - -
*** There was also a posting of "Outrage-Scandale Gold 2"
to GATA Forum members yesterday - March 15. However, the egroups
provider is letting GATA down, with increasingly long delays in posting
on to members. Egroups apologises and promises improvements.

Boudewijn Wegerif -- "GO GATA"
Moderator GATA Forum