Transcript of GATA Chairman Bill Murphy's interview on ROB-TV

1:32a ET Thursday, June 29, 2006

Dear Friend of GATA and Gold:

Thanks to GATA's great friend Mark Webber for the
transcript, appended here with a little editing for
clarity, of GATA Chairman Bill Murphy's interview
on "Business Morning with Michael Kane" on ROB-TV
in Canada on Wednesday.

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

* * *

Michael Kane: People who claim that the price of gold
is being manipulated tend to be written off as nut
jobs. But nobody's been more vocal about the existence
of a gold cartel than our next guest. Joining me in
the studio: Bill Murphy, chairman of the Gold
Anti-Trust Action Committee. Welcome back.

Bill Murphy: Great to be here, Michael.

Kane: Tell us, who is in this cartel that you speak

Murphy: The United States Government, the bullion
banks like Goldman Sachs and JPMorgan Chase. There's
the BIS, IMF, the
Bank of England. That pretty much covers the
waterfront. The Treasury and the Fed, of course.

Kane: Now your position has always been that the
central banks do not hold as much gold as they say
they do. Shouldn't there be a way for us to verify?

Murphy: There may be. Ironically enough, the IMF came
out with a paper, just a month or two ago, in which
they say the central banks have double-counted their
reserves. It's their own paper, and they're addressing
this issue right now. GATA has long said that the
central banks only have half the gold they say they
have. The difference is the gold that was put in the
marketplace the past 10 years to suppress the price.
The good news is they're running out of supply, except
for tranches that they just got recently.

Kane: I still don't understand why we can't. ... We
are the media. We should be able to go in there with
cameras and look and say,
"OK,  show us your bars!"

Murphy: There hasn't been an audit of the United
States' gold reserves since 1955 -- I mean an
independent audit -- since the Eisenhower
administration. And then when GATA brings up subjects,
such as the Bank for International Settlements saying
they rig the gold price -- THEY just came up with
their own paper. No journalist goes to the BIS and
says,"What do you mean by this?" Nobody goes to the
IMF and says, "What do you mean, you're
double-counting reserves? Does that mean that all the
statistics GATA offers are wrong?" It's all on  the
record. Allan Greenspan said, "Central banks shall
lease gold in increasing quantities should the price
rise." It's all there.

Kane: I hate to fuel this by bringing up a movie like
"Die Hard 2" but the claim in the movie was that Fort
Knox doesn't have nearly the gold everybody thinks it
does; the gold is actually down on Wall Street. Is
this what you feel?

Murphy: Well,  I don't know about that. But we think
it should be checked. And we know that half the
central bank gold is not there. Just recently, when
the price was above $700 an ounce, we got word from
one of the subscribers to my Web site
( that a Democratic U.S. senator
said the government was freaking out about the gold
price being above $700, and -- quote -- "they ORDERED
the price down." And sure enough, we fell $200 an
ounce. That was the reason for the recent setback.
They're petrified of gold being above $600 now, much
less $700, because they have this big inflation talk
going on.

Kane: Pierre Lassonde, who is the head of Newmont
Mining and used to head up Euro Nevada/Franco Nevada,
said the other day that gold is going to rebound in
September; hit $850 by the end of the year, and he
says $1,000 within the forseeable future. What do you

Murphy: He's a very smart guy!  We may differ on the
manipulation issue but he knows the gold market as
well as anybody and I couldn't agree more. We actually
think the price is going to head up to $3,000-$5,000
an ounce.

Kane: Why?

Murphy: Just because of what the central banks have
done, in terms of getting rid of their gold, and from
a supply/demand standpoint. They don't have any more.
You've got the Russians, the Iranians, the Indians,
the Chinese all buying gold. It's going to send the
price skyrocketing.

Kane: Within the last 18 months or so JPMorgan was
actually cleared of charges of manipulating gold. What
do you say to people who are still beating this drum?

Murphy: They weren't exactly cleared. Blanchard Coin
and Bullion was suing them and had to settle out of
court because Hurricane Katrina had hit them where
they're based and they couldn't fight the Katrina
problem as well as some of the biggest money and power
in the world. So the suit was settled. Barrick Gold
was also sued and during this suit they said that they
wouldn't do any more hedging. So in a way it was a big
victory for us.

Kane: You're holding a gold coin. Can you hold that up
so we could see that? This is a $50 gold coin issued
in the United States. It's a $50 coin that they're
selling for $300. Is that correct?

Murphy: All I know is that the dealers just got this
coin and it's pure gold and it will be competing with
the Maple Leaf. The dealers just got it on Monday. It
should add to gold demand in the United States.

Kane: And what will that do to the price?

Murphy: I think it will help. But the most important
thing about the gold market is the gold cartel, what
they're doing and the supply that they're going to
inject into the market. We believe they just mobilized
a tranche of about 400 or 500 tonnes. They're going
thorough it. As it works its way through the system,
the gold price is going to take off again and go far
higher and faster than almost
anybody can imagine.

Kane: We'll see if you're right. Thanks for coming in
today, Bill.

Murphy: Thank you, Michael. 

Kane: Our guest has been Bill Murphy, chairman of the
Gold Anti-Trust Action Committee.


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