Bill Murphy: Are Gold Markets Manipulated By The Government? GATA Makes Its Case

Jim welcomes Bill Murphy, Founder and Chairman of the Gold Anti-Trust Action Committee (GATA). Bill makes the case that the gold markets, both bullion and stocks, are manipulated. Bill believes that ultimately market forces will overwhelm government attempts to control the gold market, and all they can do is manage the retreat. In the shorter term however, the gold sentiment is the worst he has ever seen, and junior mining stocks are at valuations last seen a decade ago. Bill believes that for the patient and knowledgeable investor, this is a great opportunity.

Murphy grew up in Glen Ridge, N.J., and graduated from the School of Hotel Administration at Cornell University in 1968. In his senior year he broke all the Ivy League single-year pass-receving records. He then became a starting wide receiver for the Boston Patriots of the American Football League. He went on to work for various Wall Street brokerage firms and specialized in commodity futures. He began as a Merrill Lynch trainee and went on to Shearson Hayden Stone and Drexel Burnham. From there he became affiliated with introducing brokers and eventually started his own brokerage on 5th Avenue in New York. Since 1999, when GATA was formed, Bill Murphy has contributed to public awareness of gold.