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On TV in Australia, and a letter to 60 Minutes
12:15a EDT Thursday, July 20, 2000
Dear Friend of GATA and Gold:
GATA is going back to Congress with a couple of
specific questions that we think can bring down the
manipulation of the gold market if the government is
compelled to answer them.
Friends of GATA in the United States can help us by
adding their voice to the clamor for answers. If you
live in the United States, will you consider sending a
letter like the letter below to your U.S. senators and
your U.S. representative? If enough such letters are
sent, you'll help us clear the way for our return to
If you don't know the names of your members of
Congress, you can get them from your local telephone
book or by going to this Internet site and typing your
ZIP code into the query box at the lower left:
Thanks for your help.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
U.S. Sen. / U.S. Rep. ----------
U.S. Senate / U.S. House of Representatives
Washington, D.C. 20510 / 20515
Dear Senator / Representative --------:
I write to you with concerns about questionable
activities in the gold market, in the hope that you
might be able to get answers for me.
First, I am concerned that the Commodities Futures
Trading Commission seems to be indifferent to the
manipulation of the gold price in the Comex gold market
by the strangely disproportionate and seemingly
coordinated sale of futures contacts and options by
J.P. Morgan amp; Co., Goldman Sachs amp; Co., and Deutsche
Bank. I would be grateful if you could bring this to
the attention of the commission's chairman, William
Rainer, and ask him if the commission lately has
reviewed the gold market generally and the role of
Morgan, Goldman Sachs, and Deutsche Bank particularly.
Second, I am concerned about the profits and losses
recently reported by the U.S. Treasury Department's
Exchange Stabilization Fund. According to a gold market
analyst, Reginald H. Howe, the profits and losses
recently reported by the ESF correspond very closely
with changes in the price of gold, the ESF showing
profits when gold's price falls and losses when it
rises. The implication is that the ESF is selling
futures, options, or other financial instruments
related to gold to keep the price down.
As you may know, the ESF is under the direct control of
the president and the treasury secretary, and it seems
to me that only they can speak authoritatively about
the ESF's activities. So would you consider asking the
treasury secretary to explain exactly how the ESF's
profits and losses have been generated in the last two
years and whether those profits and losses have
involved gold in any way? I very much would like to
know. I suspect that the financial world would be
interested in the answer too.
Thanks for whatever you can do.