Murphy speaking at New Orleans gold conference

Section:

11:30p EST Monday, November 1, 1999

Dear Friend of GATA and Gold:

Here's some GATA-like action being taken in
Europe against the Bank of England.

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

* * *

EUROPEAN GOLD MINERS WANT
ANSWERS FROM BANK OF ENGLAND

LONDON, Nov. 1 (Reuters) -- Three European gold mining
companies said on Monday they wanted the Bank of
England to publicly state its activities in the gold and gold
derivatives markets.

In a letter to the Financial Times, three small mining
companies representing the majority of European gold
production said since the start of the year scores of
reports about manipulation of the gold price had
surfaced.

"All of them point to official efforts to affect the
price in order to rescue the follies of one group or
another," the letter said.

The letter was signed by Peter Hambro, president of
Mines D'Or de Salsigne; Chris von Christierson,
chairman of Rio Narcea Gold Mines; and John Morris,
chief executive of Gold Mines of Sardinia.

The letter called on the Bank of England to state its
gold market activity.

"In the name of transparency it is time for the Bank of
England publicly to state what it is and has been doing
in gold and its derivatives.

"If this is 'nothing,' then the rumours will be
silenced. If it is 'something,' we have a right to know
what and why," the letter said.

Gold prices moved from a 20-year low of $251.70 an
ounce in late August to near a two-year high of $338.00
last month after 15 European central banks pledged to
limit gold sales, lending and derivatives activity.

The letter said it was surprising that regulatory
authorities had not investigated allegations of gold
market price fixing.

"If stories like these concerned the manipulation of
share prices, football odds, or the outcome of a horse
race, there would be hell to pay," the letter added.