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GATA Chairman Murphy in live discussion at Kitco Internet site
December 19, 2000
As an educational technologist and small gold investor
with all of his Canadian Registered Retirement Savings
Plan money invested in a supposedly safe ScotiaFunds
Precious Metals fund since 1993, I have lost more than
65 percent of my investment savings in that time,
amounting to more than $CAN45,000.
I have felt ashamed and depressed over this terrible
investment decision. It has been painful to watch all
other investments, including cash, make gains while
gold fell even when traditional triggers of rallies
failed to move gold and gold mining shares.
Now I learn that I have been cheated by major figures
in international finance and highly respected members
of the investment community. Probably they are the same
con artists who talked up and manipulated the
technology stocks to sky-high levels knowing full well
that the fundamentals made no sense.
I cannot afford (because I am between jobs) to make a
donation to the legal fund to expose the infamy of the
institutions and individuals behind this criminal
deception, but as one of the people affected by this
scandal, I am looking for retribution in the form of
compensation for the pain and suffering and material
loss that has devastated my finances and shaken my
confidence in all investments.
It seems that only powerful insiders who cheat can be
sure of the wisdom of their investments. All others are
at the mercy of these crooks. No amount of historical
data or investigation can overcome the power of greedy
crooks who manipulate markets for their own benefit and
do not think of the small guys such as myself who are
the victims of their sick games.
I want and need the compensation that must be paid to
set a precedent in this very important case so that it
will never happen again. This case shakes the
foundations of world financial security and should be
given the attention it deserves -- not the kind of non-
reportage on the business channels such as CNN and
CNBC, which also have played their part in misguiding
investors on gold investment and have ignored this
Thank for waging this important battle.
G.G., Ontario, Canada
* * *
9:32p EDT Tuesday, December 19, 2000
Thanks for your note. Let me offer you a little
1) I don't think you should feel embarrassed about
your investment decision. You are not alone, and,
if we're right about what is happening with the suppression
of the gold price, we WERE right about the fundamental
reasons in favor of investing in gold, and we are showing a
loss only because we have been cheated.
2) Nothing can be produced indefinitely below its cost
of production, as is the situation with gold now. It's
unlikely that things can get much worse, very likely
that they will get better. Might as well stick with it.
3) Don't sulk -- take action. Help us. Many people
on our side can't afford a financial contribution right
now. That's OK. But we all can join the clamor, writing
to our elected representatives, other government officials,
mining companies, and news organizations, seeking
redress and publicity and spreading word of Reg Howe's
We're gaining. Cheer up!
With good wishes.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.