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GATA publicizes mobilization of U.S. gold; will you support our work?
8:53p ET Tuesday, October 16, 2007
Dear Friend of GATA and Gold:
Tonight GATA distributed an international press release via Business Wire about the discovery by our consultant, Freemarket Gold & Money Report editor James Turk, that U.S. Treasury Department documents confirm the recent mobilization of U.S. gold reserves to suppress the price of gold. That press release is appended.
We hope this will strike a powerful blow against the gold price suppression scheme and all those perpetrating it.
This kind of work costs money, and with GATA approaching a few other annual expenses and with tax season not so far away, this may be a good time to ask those who have not yet made a contribution to GATA to consider doing so now.
Just as the World Gold Council, with its annual budget of about $60 million, is the only international organization devoted to promoting gold's use as jewelry and to diverting investment demand for gold into paper, GATA is the only international organization devoted to creating a worldwide free market in gold and re-establishing gold as an independent international currency defending human liberty everywhere. Our budget may be a quarter of 1 percent of the World Gold Council's.
So if GATA's work has been useful to you, we could use your help.
Since the U.S. Internal Revenue Service recognizes GATA as a non-profit civil rights and educational organization under Section 501-c-3 of the U.S. Internal Revenue Code, contributions to GATA federally tax-deductible in the United States.
You can donate to GATA by credit card over the Internet here:
Or you can send checks payable to GATA at the address of your secretary/treasurer below.
Thanks for your consideration.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
7 Villa Louisa Road
Manchester, Connecticut 06043-7541
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Records Show U.S. Gold is Mobilized
to Suppress Gold Price, GATA Says
GATA Press Release
via Business Wire and Yahoo Business
Tuesday October 16, 2007, 8:12 pm ET
MANCHESTER, Conn. -- U.S. Treasury Department documents reveal that since May U.S. government gold has been loaned to bullion banks or swapped with other governments to suppress gold's market price, according to the Gold Anti-Trust Action Committee Inc. (GATA).
The documents were publicized today by the Freemarket Gold & Money Report, edited by GoldMoney founder James Turk, a consultant to GATA.
Until now the U.S. government has denied intervening in the gold market or swapping gold with other governments. Pressed by GATA for an explanation in 2001, the general counsel to the Federal Reserve Board's Federal Open Market Committee, J. Virgil Mattingly, even repudiated the minutes of the FOMC's meeting of January 1995, which quoted him as saying that the U.S. government indeed had been engaging in gold swaps:
Turk writes in the issue of FGMR published today:
"The U.S. Treasury quietly made a subtle change to its weekly reports of the U.S. International Reserve Position, which includes the U.S. Gold Reserve. This change was first made on May 14. The differences can be seen by comparing the report's old format release on May 8 to the new format used the following week.
"Here are the links:
"Note the additional description of gold provided in the new reporting format. It says the U.S. Gold Reserve is 261.499 million ounces and, importantly, that the gold is now reported 'including gold deposits and, if appropriate, gold swapped.'
"This description provides clear evidence that the U.S. Gold Reserve is in play. Gold has been removed from U.S. Treasury vaults and placed on deposit, presumably in the couple of bullion banks the Treasury has selected to assist with its gold price-capping efforts.
"Gold placed on deposit gets loaned out by these bullion banks and then sold into the spot market to try capping the gold price. The same thing happens with swaps, but the vague language in the note to the Treasury reports makes it uncertain whether they are in fact being used at the moment.
"It is noteworthy that this change of accounting occurred in May. Could it be that the gold cartel had to dip into the U.S. Gold Reserve to accommodate the big gold buybacks of hedge books that Lihir and others completed at that time?"
Turk's disclosure adds to recent evidence, including disclosure by the London Bullion Market Association of defective gold deliveries from the Bank of England, that the Western central bank scheme of currency and commodity market manipulation is under great strain.
The complete text of the Oct. 16 edition of FGMR has been posted at GoldSeek.com here:
The Gold Anti-Trust Action Committee Inc. is a non-profit civil rights and educational organization that exposes manipulation in the gold market and related markets. Its Internet site is www.GATA.org.
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