July 15 - Gold $420.50 up $1.40 - Silver $6.94 unchanged

"If you have zest and enthusiasm you attract zest and enthusiasm. Life does give back in kind."
Dr. Norman Vincent Peale

GO GATA!!!

The funds unloaded early, taking gold down to $417.40 and the bottom of its massive wedge formation. The Gold Cartel and rest of the trade were substantial buyers, which firmed the market up. Then, a huge physical market purchase sent gold up $1 on the day.

The gold open interest rose 1559 contracts to 270,876. This tells us the funds, in addition to liquidating, were going short yesterday. Based on the gold action we saw today, the liquidation part is over, with this morning’s quick spike down looking like a selling climax.

What fun to see gold reclaim $420 so quickly. Good stuff, especially with the dollar on the upside. Gives us a real shot that a bottom has been put in.

The COT revealed the commercials adding 11,391 contracts to their long positions and decreasing their shorts by 18,042. No surprises there.

The silver open interest rose 1607 to 125,544 and remains unusually high, especially when contrasted with gold. The silver open interest is higher than when the gold open interest was 355,000. Talk about dichotomies.

Don’t know what to make of this one. The SEP/SEP silver spread narrowed 3 cents today. That is a substantial narrowing and usually indicates supply stress and is bullish.

Silver seemed to be a victim of some unwinding of long silver, short gold spreads.

The euro gold price finally showed signs of life again, storming back to 349.16, after sinking to the 346.60 area yesterday.

The dollar rose. 35 to 89.62, while the euro lost .50 to 120.71.

The CRB lifted .46 to 309.57. That would have put the old CRB about 314.50, still not far from multi-decade highs. Dec corn popped 6 more cents to $2.68.

I am still a proud member of Dr. Norman Vincent Peale’s Marble Collegiate Church in Manhattan, New York. The dynamic Dr. Peale, who wrote the heralded "Power of Positive Thinking," was still preaching when I joined his church in the early 80’s. His successor and friend of mine, Dr. Arthur Caliandro, is very special in his own right. It was my privilege to be responsible for Marble Collegiate Church’s first "I Have A Dream" sponsorship program – which was in its infancy stage. The bottom line is Marble raised enough money for this program to guarantee that a 6^th grade class in Harlem, N.Y. could continually guarantee its student graduates a college education if they lived up to their part. I was present for the first recognition ceremony at Marble. I still have a great affinity for Dr. Caliandro and Marble.

For more information on this very special program: http://www.ihad.org/pres_msg.php

So why should I bring that up except for relating to the Dr. Peale's quote? Simple. It is all about what Gold Rush 21 can be. A primary goal of GR 21 is to increase enthusiasm and zest to beat the bums. There is an enormous amount of positive thinking going into our historic conference in The Yukon. It is all about what the gold market can be. It is all about the effort which is going to be mustered to defeat The Gold Cartel. That effort might be the difference between $420 gold versus say $820 gold. It is the difference between your gold shares going nowhere fast and going up 300 to 1,000%, and more in some cases. It is the difference between a free market and an Orwellian one.

Let’s hear it for Vancouver. Excellon Resources and Iron Mask Explorations – both Vancouver based – just signed up. GATA thanks Ian Gordon, Joe Martin and Candente’s Joey Freeze for their continuing efforts to make GR 21 a historic success. Vancouver is coming on like my favorite race horse, Silky Sullivan:

"And now here comes Silky Sullivan!" -- Various race-callers 

When the track announcer made that announcement during the 1958 Santa Anita Derby (GI), the then-record crowd of 61,123 that showed up for California's main Kentucky Derby (GI) prep race, began to scream and stomp for the big, handsome chestnut who had captured their hearts with his come-from-way-behind running style.

Silky Sullivan was more than just a racehorse. He was a phenomenon, the star of his own TV show and ghost-written newspaper column. He was the "people's horse," a Hollywood matinee idol with a flair for drama and suspense. Just when he seemed hopelessly beaten, he actually had the opposition right where he wanted them…

The Santa Anita Derby was vintage Silky. In the first five furlongs, he fell 28 lengths off the pace. But when jockey Bill Shoemaker rattled his bit - Silky didn't like to get hit with the whip - here he came, flying past horses until he was 3 ½-lengths ahead at the finish line…

http://www.kentuckyderby.com/2002/derby_coverage/derby_news/derby_news_04012002.html

-END-

That is the sort of late energy/sign ups coming out of Vancouver the past week or two. We are down the home stretch, so keep 'em coming Vancouver.

A month ago at Joe’s gold show in Vancouver I said the following in my presentation to the attendees:

"If GATA were to count on the response we have received to date from the Canadian mining industry, we couldn't beat the Little Sisters of the Poor."

That surely is no longer the case. By the time Gold Rush 21 is over, our team will be fully capable of giving The Gold Cartel all they can handle. Although, while we have several all-pros coming from Toronto, the participation and interest from the Bay Street crowd has been tepid to put it kindly. To describe the response between Vancouver and Toronto in football terms:

Vancouver 45 Toronto 14
Howe Street 45 Bay Street 14

Here is a beaut: In another Silky Sullivan performance, it gives me great pleasure to inform Café members that there are more attendees coming from Mexico than Toronto, including a television crew. ROB-TV where are you?

Mexico 24 Toronto 10.

There is still time Toronto. Some details:
*www.GoldRush21.com
*Our extraordinary event coordinator, Janet Lee, can be reached at janet@klondiker.com

*The History of Dawson City, Yukon Territory
http://www.yukonalaska.com/communities/dawsonhist.html

The John Brimelow Report

Happy Indians. A question for TGL

Friday, July 15

Indian ex-duty premiums: AM $3.33, PM $3.57, with world gold at $419.70 and $418.70. More than ample for legal gold imports. India is clearly a solid buyer at these prices.

Attitudes in the Far East seem to have improved too. TOCOM volume jumped 107% to the equivalent of 18,070 Comex lots; and although the active contract was down 9 yen, world gold recovered 20c from the NY close. Open interest rose the equivalent of 519 Comex lots; according to the Mitsubishi data, the "general public "added 7.3 tonnes (2,347 Comex contracts) to their long. On the Shanghai Gold Exchange, premiums jumped $1.50 or so to the $2.64 - $2.86 zone. The locals apparently do not credit the story reported in the FT that China will revalue next month, otherwise gold would be at a discount.

HSBC sensibly points that Friday is a poor day to look for physical activity from the Muslim world, a point one should perhaps have emphasized considering the damage done on July 1^st. At this time of the year, besides geopolitical and oil driven demand, offtake from the tourist trade, especially in Turkey, is appreciable.

The most notable thing about yesterday’s NY selling binge - which saw estimated volume double from Wednesday to 80,000 lots – was the last 30 minutes. Estimated volume on the day exploded 60% - 30,000 contracts (93 tonnes) as an effort by gold to rally from the low was stopped at +$1 and beaten back to +50c. These dimensions are extreme (packed into, after all, only 1/11^th of the trading day), and indicate that the sellers – whether commercially motivated shorts or policy-driven – were very determined not to permit a significantly stronger close.

In fact, actual volume was somewhat higher, 87,318 (c.75, 000 net of switches) and open interest rose 1,559 contracts (4.84 tonnes) to 270,876, despite several commentators identifying stop-loss selling at $422. ScotiaMocatta:

"Dealers were noted sellers above 424.00 capping the price…after a few hours of sideways trading fund selling came into the market. Resting stop loss orders were elected below 422.00 causing a sharp sell off…"

It is clear, as suggested yesterday, that predator short sellers were attracted in.

The chart situation is ugly. It has upset Dennis Gartman who has begun to cut his positions:

"Gold/… is EUR 346.80 this morning and that is far below its high of EUR 367 only two weeks ago. What was a profitable trade is now becoming "un-" and it is foolish not to act, so we shall, reducing our exposure by one third immediately... and prepared to do more should spot gold in US dollar terms close today below $319.50." adding (with a suitable chart)

"SPOT GOLD IN US DOLLAR TERMS: A Trend In Jeopardy?

This trend extends back into the spring of '01, and it is now in very serious jeopardy of being broken. We can make this discussion rather simple and to the point: this trend line damned well better hold! Nothing more must needs be said."

(Actually, something more does need to be said: what is your hypothesis as to what went wrong? After all, barely a week ago the entire TGL portfolio was various types of long gold plays. Please would any Gartman subscriber out there ask?)

In point of fact, of course, despite noisy bearishness in several quarters, gold did not break today. Especially considering the appreciable commercially-motivated short now present, it seems likely we will be tackling the $440 level again sometime in August.

JB

CARTEL CAPITULATION WATCH

The US stock market levitation keeps on keepin’ on. The DOW gained 12 to 10,641 and the DOG rose 4 to 2157.

08:30 June PPI reported 0.0% vs. consensus 0.4%; ex-Food & Energy reported (0.1%) vs. consensus 0.1%)
Prior PPI unrevised from (0.6%); prior ex-Food & Energy unrevised from 0.1%.
* * * * * 

08:30 May Business Inventories repored 0.1% vs. consensus 0.2%
Prior revised to 0.2% from 0.3%.
* * * * * 

08:30 July Empire Manufacturing reported 23.9 vs. consensus 10
Prior reading revised to 10.5 from 11.7.
* * * * * 

09:15 June Industrial Production reported 0.9% vs. consensus 0.4%; Capacity Utilization 80% vs. consensus 79.6%
Prior Ind. Production revised to 0.3% from 0.4%; prior Capacity Utilization unrevised from 79.4%.
* * * * *

Consumer Confidence Drops Sharply in July to Lowest Level Since October 2003, According to RBC CASH Index

MINNEAPOLIS, July 15 /PRNewswire/ - Consumer worries over rising gas prices, the London terrorist attack and a drop in job security combined to produce a sharp drop in consumer confidence among Americans surveyed by the July RBC CASH (Consumer Attitudes and Spending by Household) Index. The survey of 1,000 individuals taken across the U.S. this week showed increasing pessimism about the economy, jobs and investing.
The RBC CASH Index for July dropped to its lowest level since October 2003, exhibiting increasing pessimism by respondents about the current and future states of local economies, job security, and investment….

-END-

Or does it?

09:47 July Univ. of Michigan Confidence reported 96.5 vs. consensus 95
Prior reading 96.
* * * * *

Then again:

NEW YORK, July 15 (Reuters) - A leading index of the U.S. economy slipped in the latest week due to weaker housing activity, higher jobless, and lower industrial prices, a report showed on Friday.

The Economic Cycle Research Institute, an independent forecasting group, said its weekly leading index fell to 133.5 in the week ended July 8 compared with 134.4 in the prior week.

The index's annualized growth rate, which smoothes out weekly fluctuations, was 1.2 percent compared with 1.4 percent in the prior week.

"Despite this week's down tick, the weekly leading indicator growth rate has improved in recent weeks, indicating U.S. economic growth prospects have brightened a bit," said Lakshman Achuthan, managing director at ECRI.

-END-

Couldn't pass this up:

The King Report 

M. Ramsey King Securities, Inc. 

Friday July 15, 2005 – Issue 3197 “Independent View of the News”

THE CONUNDRUM EXPLAINED!

The above charts show that since the last half of 2003, when Easy Al and Bush implemented the most stimulating monetary policy and fiscal policy since FDR, the traditional inverse relationship between bonds and oil (and bonds and copper) abrogated and they became correlated.

Apparently the massive stimulus on the US economy enriched China so they, and some Pirates of the Caribbean, bought copious amounts of oil, copper and bonds. Will bonds and oil now sag in tandem?

Econometric models and economic thinking that utilize the old paradigm relationships of oil, copper and bonds cannot fathom current market and its relationships. To them it’s a conundrum.

AAA has gasoline prices +21.5% y/y as of July 14. http://198.6.95.31/ The price is calculated by OPIS, a downstream petroleum pricing and news service. http://www.opisnet.com/

Who is OPIS? This from their web page: “Our client list is strictly confidential, and includes the top 200 oil companies, thousands of distributors, traders, government and commercial buyers of petroleum products. OPIS is the most widely accepted fuel price benchmark for supply contracts and competitive positioning. It’s used as the benchmark price by the world to buy and sell U.S. gasoline, diesel, LP-gas, jet fuel, crude, propane, feedstocks, resid, kerosene, and MTBE.”

The BLS has gasoline prices up only 6.9% y/y (unadj). Gasoline is 3.934% of CPI. Using industry pricing [(21.5% – 6.9%) times 3.934%] for gasoline adds .53 percentage points to CPI and deducts that amount from GDP.

BLS has ‘owners’ equivalent rent of primary residence’, which is supposed to represent housing prices PLUS real estate taxes, up only 2.2% y/y (unadj). The metric represent 23.158% of CPI, so it understates inflation and overstates GDP by a huge amount. http://www.bls.gov/news.release/cpi.t01.htm

The BLS shows ‘personal computer and peripheral equipment’ prices DOWN 16.1% y/y (NSA). This is .192% of CPI. They have ‘information technology, hardware & services’ prices DOWN 8.7%. This represents .55% of CPI. These produce several tenths of dubious CPI deductions.

OFHEO has housing price up 12.5% as of the end of Q1. http://www.ofheo.gov/HPI.asp The National Association of Realtors has the same increase for May y/y. Using industry pricing for housing and the 6% increase in real estate taxes as calculated by the Rockefeller Institute (We highlighted it last month.) increases CPI by 3.75%. {[(12.5% - 2.2%) + 6%] times 23.158%} This would put CPI north of 6%.

The BLS shows medical costs up only 4.2%. What healthcare crisis? Again, industry pricing would add several tenths to CPI. And don’t forget the tenths that are saved by hedonics.

An article in yesterday’s WSJ, Housing Gets Even Less Affordable, unknowingly makes the case that housing payments, not solely housing prices, should be part of CPI. The article notes that declining interest rates and creative mortgage products have reduced average monthly payments. However, the WSJ notes, “After dropping almost steadily for three years, an important measure of housing affordability has reversed course, a development that could help put the brakes on prices in some of the nation's hottest markets…The average initial mortgage payment for home buyers climbed to $2,338 in the first quarter from $2,060 in the fourth quarter of 2004, according to the investment bank. The Bear Stearns analysis looked at jumbo mortgages, which are loans above $359,650.

The story also includes this ominous note, “In much of the country rising incomes aren't keeping pace with the hefty increases in home prices. Home-price appreciation outpaced income growth in 38 of the 50 states and the District of Columbia in the 12 months through March, according to an analysis prepared by the Federal Deposit Insurance Corp. Overall, just 16% of households in California can afford the median-priced home, according to the California Association of Realtors, the lowest level since 1989, when the average rate on a 30-year fixed-rate mortgage was 10.33%.” Recession appeared by 1991.

http://online.wsj.com/article_email/0,,SB112129558521685141-IBjfoNhlaV4opysaHqHaqmFm5,00.html

-END-

Jesse reporting in:

The Current Risk of a Systemic Failure

"Perhaps our greatest concern is that the problem has been getting increasingly worse, and the best examination we can perform seems to indicate that the Federal Reserve and Treasury are employing most of their resources in masking the symptoms of the problem so as to avoid a panic." 

Now playing at Jesse's Charts http://www.geocities.com/arthurcutten/jesse.html

-END-

So does Rob Kirby.

Bill;
Another reason why tax receipts are higher than expected is the number of companies taking advantage of The American Jobs Creation Act signed into law on Oct. 22/04. This law provides American companies with monies "off shore" to repatriate this money for a one year period and have their effective tax rates on repatriation lowered from 35 % to 5.25 %. The tax break continues next yr. but the tax savings are not nearly as big. You can read about it here: http://www.financialsense.com/editorials/reality/2005/0403.html in Robert Bell's essay, The Invisible Hand In Financial Markets. B of A estimates that as much as 300 or so billion might be repatriated [most of it this yr.] out of a potential pool of perhaps 700 billion owned by US multi nationals but held abroad. B of A's analysis can be found here: http://www.fleetca best,
Rob

More from Rob:

From Pinches and Paradox
to Bear Raids and Goldilocks
by Rob Kirby
July 15, 2005

In today’s, July 14, 2005, 8:30 a.m. CPI report, inflation was reported to be non existent or benign at worst and the price of gold was slammed AGAIN, this time to the tune of about 5 bucks, right on cue at 11:00 a.m. ET at the hands of N.Y.’s COMEX paper traders. These regular ‘bear raid’ muggings have become more predictable than sunup and sundown. But let’s not pinch ourselves and hope no one else notices too, ok?…

http://www.financialsense.com/editorials/reality/2005/0715.html

-END-

Houston's Dan Norcini:

Hi Bill;
Last week I sent a short commentary about the silver market after looking over the COT and doing some quick analysis. At that time, I mentioned that silver appeared to be getting very close to bottoming. My rationale was that the level of fund shorts was at a level where typically, in this market, we have reached a bottom.

This week’s data only confirms me the more in my belief. Actually, the fund net long position is now once again incredibly close to levels which have marked near term bottoms. There is only about a 2,000 contract position difference from the recent low in May this year. Open interest has increased every day this week since the Tuesday the report came out and is now 2,500 contracts greater than it was on the day of the COT report. The fact that this occurred with silver heading downward leaves me reasonably sure that the fund net long position is now at the same level it was in May this year when we bottomed near 685.

Same goes for the fund short positions. That category of traders actually slightly increased their selling this past week and have probably exceeded or are very close to at least 20,000 contracts short. The funds have an amazing ability to sell the bottom of the silver market as they do in the gold market. Fading them near support levels and resistance levels has been very, very profitable.

Additionally, the big, bad commercial category ( I say this with tongue in cheek since the commercials are not omniscient nor are they always right as the myth continues to be perpetuated by those who are ignorant of such matters) is now only 800 contracts or so shy of the low point that was reached in May of this year as well.

What we can ascertain from this is as follows:

Silver is finding commercial short covering and fresh commercial buying taking place anytime it dips down toward the 710 region and below. It especially finds strong commercial buying interest near the 685 region and above. At the same time it does, the zombie-like trading funds who cannot tie their own shoe laces much less think without a black box telling them how to do so, decide to unload all their longs and institute fresh shorts. Needless to say, between the gold and silver markets, it is a wonder that we have not seen more of these hopelessly inept trading fund managers who are wasting their clients’ money go belly-up by now.

The skinny in all this is that the downside risk in silver appears to be quite small at these levels and I suspect there are more than a few traders who are eagerly waiting to buy any further dips in the silver market. I would especially expect the region just above 685 to offer major support and a strong buying opportunity.

About the only thing that might derail such a scenario is if some sort of fundamental realignment were to take place in which the trading funds could actually be induced to move to a completely net short position. How or why this might happen is difficult for me to conceive given the fundamentals underlying the silver market. Even then, it is hard to see silver heading lower than 655-660 as that has proved to be the bottom of a long term trading range in which silver is ever so slowly constricting or coiling for a major move.

Dan Norcini

One more reason to have some fun in the Yukon:

Hi Bill
See this story - maybe you'll have an extra guest at the conference.

http://www.worldnetdaily.com/news/article.asp?ARTICLE_ID=45267

We need something to lighten our mood, seeing what the boyz did to gold today (Thursday).
Cheers, Mark

G8 debt deal under threat at IMF

By Steve Schifferes
BBC News economics reporter

http://news.bbc.co.uk/2/hi/business/4686015.stm

-END-

Chuck checks in:

I have said this before, but this week looks like the conclusion of the contra moves in stocks and gold. That is not to say that the roll over will happen immediately. But the sentiment figures are back at the highs of the last decline and in some places, even in excess. The AAIA, Investor Intelligence are back at multi-month highs. The VIX at a new low and very readings in put-call. We have had a number of wire-to-wire gaps up and closes over the past two weeks. The XAU has been straining to fill the gap around 89 and a half. Of course, once it started to drop, there wasn't a bounce for about 4%. I smell the hot money liquidating again because the momentum play didn't pan out.

Since the Dow and gold will eventually head their opposing directions, I still firmly believe that the past two weeks are setting up a very dynamic, exciting and scary second half of the year. Chuck

More on the Silky Sullivan-like charge coming out of Vancouver. Veteran Café member and GATA supporter Nick Nicolas is getting the word out there re Gold Rush 21.

Hello Bill:

I like to take this opportunity to thank you and your associates at GATA for all your dedicated work over the years in letting the world know about the way gold markets are being "managed" in the world. You are letting the world know that Gold is the only real arbiter of value and therefore is the enemy of all fiat currency proponents.

We at Mining Interactive are very supportive of your work and I am pleased to present you with the Video link to my Interview with you regarding the GATA Gold Rush 21 Conference to be held on August 8 & 9, 2005 in Dawson City, Yukon, Canada. You can view the video here: http://www.mininginteractive.com/media/b-murphy/b-murphy.htm

From my point of view, it is now time that all stakeholders -- and specifically the mining companies -- to show their support for the tenacious efforts you have put forth on behalf of all of us. I urge them all to come to Dawson City and Gold Rush 21.

http://www.goldrush21.com

The Conference will provide the mining industry with an opportunity to show their support for your and GATA’s efforts. At the same time it will afford attendees a unique opportunity to meet leading thinkers in the precious metals and currency markets.

Yes Bill you are absolutely right, "YOU HAVE TO BE IN IT TO WIN IT".

Regards,

Nick Nicolaas
http://www.mininginteractive.com/
Tel: (604) 657-4058
nick@mininginteractive.com
404 - 2050 Comox Street
Vancouver, British Columbia
Canada V6G 1R8

Thanks much Nick!!

Reg "Easy Rider" Howe leaves for Dawson City and GR 21 on Sunday. Why so early? He is headed north on his motorcycle. GATA wishes him Godspeed and a safe trip. Reg will hook up with GATA’s Ed Steer in Edmonton on his way up to the Yukon.

As mentioned in yesterday’s MIDAS, the gold share technicals were deteriorating and that proved to be the case today with the XAU losing 1.19 to 90.07 and the HUI falling 2.91 to 194.08.

I’m still 100% invested in the shares and will stay that way. A pretty crummy week. We have much better ones ahead of us – MUCH.

GATA BE IN IT TO WIN IT!

MIDAS

Appendix

The GATA ARMY at work. First, from Lori Bonvicini:

Hi! I blasted this message out far and wide this week-end, picking and choosing from the list that Ron Lutka sent of investigative journalists that you posted. So far this is the only reply I have received -- but nice to have one at least!

I really hit on the Seattle Times with notes in greater detail to two different reporters. They have sponsored Scott Ritter and Amy Goodman (to whom I also sent a note) in public forums in Seattle. Those two pull no punches and are good people and truth-seekers.

I've gotten several back as "undeliverable" unfortunately. But my fingers are crossed that the one I sent to Christopher Hitchens got there -- who knows, but it hasn't come back. It would tickle me silly to have him get on this cause in a positive way!

Just today, I got a call from Joanne Freeze, CEO, of Candente! I had the pleasure of meeting her once briefly at the reception GATA held in New Orleans year before last. She said she's going! Way cool. I only knew two women executives of gold mining companies to send letters to; she and Lori Walton, from Firestone Ventures, who cannot attend (her company is really not a pure gold play). I'm so glad she's going! I wonder if she will be the only woman participant. I hope not, but if she is, that's good. I think there should always be at least one woman in any group of men. I'd give my eye teeth to be there, but, alas, I'm not a mining executive. I shall be so anxious to read about it!!!

I'll forward on any more responses that I might receive. But here's my "tee up!" 

Go, Bill, Go!! Lori

Lori Bonvicini
Mutual Securites Inc.
Tacoma Discount Financial Services
6314 19th st. W. ste. 14
Tacoma, WA 98466 253-566-4241
800-988-2113

Then, Ron Lutka, who sent out dozens of letters:

John Hyde
The Fund for Investigative Journalism
Washington DC 20039-0184 USA (202) 3620260 

Hello Mr. Hyde,
I am contacting you on behalf of GATA, Gold Anti-Trust Action Committee(http://www.gata.org/), with the intention of encouraging you and your cameras to take on an investigative journalist project, namely, the suppression of the price of gold and all its serious ramifications (including poverty and death in Sub-Sahara Africa to name one; putting the entire world monetary and financial systems at risk to name another; eliminating the "canary-in-a-coal-mine" early warning of economic trouble ordinary investors rely on to name a third; an attempt to put massive power in the hands of a few suppressive people and make slaves of the rest of us to name a fourth).

GATA and its team have mountains of evidence of crimes being committed at the highest levels and the harm this is causing now and additional harm it will cause in the future as the worst is yet to come. This is no small matter as the world, Japan and China in particular, hold mountains of U.S. paper. Paper that the U.S. has not permitted to be redeemable in gold since 1971 because a gold-backed currency limits politicians' ability to simply print money and spend it.

The GATA delegation compiled a report titled Gold Derivative Banking Crisis (www.gata.org/test.html) and presented it to the Speaker of the House, Denny Hastert, Dr. John Silvia, Chief Economist of the Senate Banking Committee, Alabama Congressman Spencer Bachus (Chairman of the Subcommittee on Domestic and International Monetary Policy) including six of his staff members and to every Congressional member of the House and Senate banking committees and were basically snubbed.

On December 7, 2000 GATA member Harvard trained lawyer Reginald Howe brought a lawsuit (www.gata.org/lawsuit.html) against the Bank for International Settlements, Alan Greenspan, William J. McDonough, J.P. Morgan & Co. Inc., Chase Manhattan Corp., Citigroup, Inc., Goldman Sachs Group, Inc., Deutsche Bank AG and Lawrence H. Summers, Secretary of the Treasury seeking "damages and injunctive relief arising out of manipulative activities in the gold market". You probably never heard of this lawsuit because it was not covered by the mainstream media. And now the Blanchard lawsuit has taken over from Reg.(www.gata.org/BlanchardClassAction092204.pdf)

Bill Murphy is the chairman of GATA and, like you, he is one of those rare and stellar decent human impulses holding society together. GATA has been unearthing evidence of this major crime for seven years. Bill knows this gold suppression subject cold and I suggest you give Bill a call at 214-522-3411 as he is a source of a tremendous volume of data that you and the public need to know about. This data will be presented at a conference in early August by some of the world's brightest minds. Hopefully you and your camera can attend.

Mr. Hyde, I certainly hope you contact Bill and help restrain the suppressive few people who are ruining society by helping to expose these crimes.

Regards,

Ron Lutka
416-605-9778 ph
cc. Bill Murphy, Chairman, Gold Anti-Trust Action Committee
William P. Barrett

Jeffrey Lee
Vancouver Sun
Vancouver, British Columbia ZZ V6C 3N3 CANADA
(604) 6052197

Robert Wells
Dow Jones Newswires
Washington DC 20045 USA
(202) 8629272

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