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GATA JUST 14 DAYS OLD TODAY
Hard To believe, from where I am sitting, but it was just a fortnight ago that
Chris Powell wrote, as guest at the Kiki Table, Le Metropole Cafe
(www.lemetropolecafe.com), "If Midas (Bob Murphy) is right about what is
happening, the brokerages and their accessories are part of a vast conspiracy
that is breaking antitrust law. We of the Gold Party should be suing to stop
them. If Midas' interpretation is correct, we'd win."
Much of what Chris wrote bears repeating again and again-- not just to keep our
spirits up; also because it maps out how GATA is going to win. "It doesn't take
much to start such a lawsuit-- a sworn affidavit based on sincere belief" Chris
wrote. "And once a lawsuit is started, the plaintiffs have the power to compel
the production of testimony and evidence from the defendants. My guess is that
the announcement of the Counterparty Risk Management Group would be in itself
more than sufficient for the basis of a price-fixing complaint."
As Chris pointed out, "just imagine what might be uncovered by a lawsuit whose
discovery process could compel the production of such a group's minutes and the
testimony of the brokerage officials believed to be involved in suppressing the
price of gold. Such a lawsuit could be internationally explosive. And the
great thing about it is that the Gold Party would not have to win financial
damages to win financially. If there indeed is a conspiracy to suppress the
price of gold, its exposure alone probably would bust it up and liberate the
market. . . I pledge $500 to underwrite such a lawsuit. To start we probably
need a lawyer and mining company or two and a few dedicated precious metals
shareholders of means who would like to shake things up and even change the
world. Any volunteers? We can change the world. Anybody can. This is still
America if we'll act like it is. "
The response was spontaneous and near instantaneous. Now, fourteen days later,
Gold Anti-Trust Action Committee Inc. is formally incorporated in Delaware;
fruitful preliminary discussions have been held with a law firm; Bill Murphy,
GATA's chairperson has put GATA's case to 70 million TV viewers; and perhaps
most importantly, we have had nearly fifty pledges of gold, gold shares and
cash, including South African rands. With ten of the pledges definite but
unspecified as to amount, and another eight "could be's", as I call them, it is
difficult to say precisely how much we have towards the first $50 000 needed for
filing the lawsuit-- my estimate is from $15 000 to $20 000. So there is still
some way to go.
Those of you who are wavering on the sidelines, bear in mind, "The act of filing
suit may be enough in itself, in Chris's words, "to warn the perpetrators that
they were in jeopardy. Busting up the conspiracy alone would prove very
profitable to the plaintiffs."
Where your growing support also comes in is as back-up in the approach that must
now be made to larger mining houses. What we need, as I see it, is to get the
support of a couple of South African mining houses. I write that as an ex-South
African; and I can report that quite a few influential friends in South Africa
are warming to GATA's cause.
Vice-chairperson GATA and GO GATA Moderator for the GATA egroup.