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An update from Reg Howe about the lawsuit
Tuesday, June 5, 2001
Dear Friend of GATA and Gold:
Since 1977 Don Stott has been a precious metals broker.
He has written five books and hundreds of essays,
including one now posted at www.Gold-Eagle.com, quot;Want
to Help Stop the Gold Manipulation?quot; It can be found
quot;If you thought something mysterious and sinister was
going on in any field, wouldn't you want to know about
it? Aren't you glad to find out about Firestone tires?
Wasn't it helpful to know that the Alar apple scare was
a fraud? And isn't it nice to know that the price of
gold has been kept artificially low, so that we can all
stock up before the fraud is exposed? Finally, wouldn't
you like to know who has been, and still is, exposing
the fraud, and even suing those responsible? It is a
group called GATA.quot;
Don has sent GATA this offer of financial support:
quot;For all GATA supporters who identify themselves as
such, I will do gold or silver deals, one per customer,
for 1 percent commission (including shipping by
registered insured mail) and rebate half of that
commission to GATA.quot;
GATA thanks Don very much for the offer and encourages
its supporters to look into his offer and his Internet
Thanks also to GATA supporters all over the world who
have helped so much with their generous contributions
and feedback. Take Bob H. from Zurich, Switzerland, who
* * *
In the Saturday, 2 June, 2001, issue of Frankfurter
Allgemeine Zeitung (FAZ), Page 26, is an editorial
titled quot;Gold statt Euroquot; -- quot;Gold instead of the Euroquot;
-- by Heinz Brestel.
Here is a summary of the article.
The author says that the advertising of the German
government for the Euro is creating some anger among
the German people, especially the older ones. They are
not happy about exchanging their hard earned Deutsche
marks for the Euro. The Germans have seen the Euro tank
with respect to the U.S. dollar and this has not
inspired trust -- especially when Credit Suisse First
Boston has just prophesied that the Euro will be worth
only 57 cents in six years.
The author then suggests that gold is an alternative to
the Euro. He admits that gold has been forgotten as an
investment vehicle and that its price has fallen
drastically since the 1980s.
The author goes on to describe the procedure for moving
ones DM into an account in Switzerland and for
purchasing gold -- either the metal, coins, or
certificates. (I think the latter is like a warehouse
receipt, where you own the metal but it is held by the
The author discusses moving money across the border and
dealing with the border control. (Lot of tongue-in-
His argument for gold is based on what the Zurich
bankers are saying. It boils down to this: The central
banks (Washington Agreement) have a five-to-six-year
window to liquidate a portion of their gold holdings.
When this is completed the price of gold
will/should/could explode from its 25-year depression.
Based on this view of the Swiss toward gold and the
Credit Suisse report on the Euro and all other things
being equal, the author argues that putting your DM
into gold today and holding it for five to six years is
at least as good a bet as converting DM into Euros.
And, he says, you can conveniently turn it back into
U.S. dollars because that is the international
I hope you can get someone to translate this article
into precise English.
It probably has started a lot of people thinking a
little deeper about the DM-to-Euro transition. It also
feeds into the speculation that the physical metal will
become scarce as the time for the Euro conversion
On another note, someone in Zurich has spray-painted
quot;GO GATAquot; on one of the walls of the stadium parking
It's getting around.
* * *
Bob sent me photographs of the GATA graffiti in Zurich
and they have been posted here at GATA's Internet site:
What a hoot! Der Spiegel and Focus spike stories about
GATA and try to stifle what we have reported about the
Bundesbank's gold, but they can't stop what GATA has to
say from spreading.
quot;Les Miserablesquot; were not stopped and we won't be
either. For that matter, quot;Les Miserablesquot; won, and so
As most of you know, Chris Powell is GATA's
secretary/treasurer and has worked tirelessly handling
GATA's correspondence and financial matters for more
than two years. Without Chris, GATA would not have even
reached first base.
All contributors to GATA should know that he keeps me
aware of every contribution so that I know what has
come in and who you are. All the financial support is
meaningful and special, but I think you will all get a
kick out of the note Chris sent me the other night:
* * *
8:20p ET Friday
In today's mail.....
Checks for $95, $35, and $200 (from Ron L), and a
strange envelope postmarked from Los Angeles. It
contained a hundred-dollar bill, a dozen baseball
cards, some sort of electrical connection with 10 wires
hanging out of it, and a note: quot;Spend this while it's
still worth something. And just in case you are
forgetting to have a bit of fun along this parth of
'serious business,' perhaps these 'sluggers and
hurlers' will give you inspiration. Enjoy!quot;
No signature on it. The cards are are re-issued ones
and thus of no value, but two of them are for players
for my favorite team, the Brooklyn Dodgers: Roy
Campanella and Sal Maglie (after he was traded to the
St. Louis Cardinals). I'll hold them in trust unless
you want them!
Anyway, the receipts for the day are $430. Not bad from
our rag-tag army, no?
* * *
Not bad at all, Chris!