Manipulation of gold now taken for granted


1:40a EDT Saturday, October 2, 1999

Dear Friend of GATA and Gold:

What to make of the development reported in the
following dispatch from the Dawn newspaper in
Karachi, Pakistan, the closing of the local gold

One might think that, out on the fringes of the planet,
the physical market for gold is overcoming the paper
market for gold -- that, at the greater distances from
the market manipulators and the paper mongers of
the more sophisticated (and corrupt) financial world,
the real world is no longer quite taking its cues from
the paper market.

Today Karachi, tomorrow ... the corner of Broad and

Please post this as seems useful.

Gold Anti-Trust Action Committee Inc.

* * *


From Dawn, Karachi, Pakisan

By Our Staff Reporter

KARACHI, Sept. 30 -- Trading on the bullion market
remained suspended for the fifth consecutive day to
prevent any fresh price hike caused by spiralling world
prices. "This is for the first time in the history that
the official trading in the yellow metal has been
suspended for the last five days," bullion dealers said
on Thursday.

The last official rate was quoted at Rs4,732 per 10
grams on September 25, 1999, General Secretary of
Karachi Saraf and Jewellers Group, Haji Mohammad
Farooq told Dawn.

He said the international price has now settled to $300
per ounce on Thursday after surging to $321 per ounce
on Wednesday. The international market jumped to $292
per ounce on Tuesday as against $288 per ounce on
Monday. Some 20 days back, the precious metal was
quoted at $255 to $260 per ounce in the world market.

The trading in the bullion hall in Sarafa, he said, may
remain suspended until the international rates are not

Haji Farooq said that jewellery sales have also been
affected in the last few days and customers are waiting
for a price plunge.

Owing to absence of any official rate, jewellers in the
city have been fleecing consumers by charging higher