Friday, February 1, 2008

How Much is Our Gold Really Worth?

GATA, the Gold Anti-Trust Action Committee sponsored a full page ad in the Wall Street Journal on Thursday proclaiming the hidden manipulation of the gold price by the world's central banks.

GATA, is a charitable organization, founded in 1999 "to advocate and undertake litigation against illegal collusion to control the price and supply of gold and related financial securities," according to its Web site, www.

Chris Powell, managing editor of the Journal Inquirer in Manchester, was a co-founder of the Gold Anti-Trust Action Committee Inc., or GATA, together with William J. Murphy III of Dallas, Texas and a former commodities trader and former wide receiver for the then-Boston Patriots.

Titled "Anybody seen our gold?," the ad stated, "since 2004, four major international investment houses ... have issued reports stating that Western central banks have been manipulating the gold market."

"Rigging of the gold market is really part of a coordinated central bank scheme to regulate many markets," It goes on, "If you look closely enough at certain places, they are really candid about it. Government intervention in what are believed to be free markets is close to pervasive, in our opinion."

The ad notes gold's recent rise toward $900 an ounce "shows that the price suppression scheme is faltering. When it is widely understood how central banks have been suppressing gold, its price may rise to $3,000 or $5,000 or more."

The assertions in the ad are all backed by documentation, which is available for viewing through links on the GATA Web site, according to Powell, "All of this stuff is public record," he added.

Powell also stated that the organization doesn't have any other officers or members, though it does have "3,000 people on our e-mail list." The organization raises money through donations

Further information is available at

No comments: