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GATA Presentation To The CFTC, Congressman Ron Paul, And More

By: Bill Murphy, Le Metropole Cafe, Inc.,

-- Posted Monday, 15 December 2008 | Digg This ArticleDigg It! | Source:

December 14 - Gold $819.60 - Silver $10.19

It has been the greatest of pleasures working on this presentation this weekend, conjuring, downloading, copying, searching, running to stores for supplies, asking questions, etc. This is a decade worth of material we are talking about. Figuring out what to include and assemble has been interesting, to say the least.

This is our time to make hay, because I suspect the sunshine is going to finally hit our crops. The climate could not be better to present our evidence and claims. For starters, is this us, or what, (which is just what I am going to explain to Commissioner Chilton)? …

Hi Bill:
This quote from the Wall Street Journal sure sounds eerily familiar, especially to us GATA folks.

"Madoff Securities is the world's largest Ponzi Scheme," Mr. Markopolos wrote in a letter to the U.S. Securities and Exchange Commission in 1999.

Mr. Markopolos pursued his accusations over the past nine years, dealing with both the New York and Boston bureaus of the SEC, according to documents he sent to the SEC reviewed by The Wall Street Journal.
End (subscription required)

Fees, Even Returns and Auditor All Raised Flags

Hope this encourages folks to keep fighting.
Edward Ulysses Cate

Sound familiar? I was on Ron Insana’s CNBC show in early Feb 1999, never to be heard from again on CNBC’s programs … and for the most part, the US free press financial market media has banned us too ONCE THEY HEARD what GATA had to say.

This renewed effort to march on Washington has all developed in the last several days because I happened to catch CFTC Commissioner Bart Chilton on CNBC and thought he came across as a class act, told him so, and said I would like his attention. He agreed right away to get together.

Since then, I have sent him some additional material (blunt) as to where GATA is coming from. No cancellation of meeting yet, and another QUICK response to my email, which is so delightful from this unusual Washington bureaucratic figure.

OK, why this MIDAS on Sunday?

As a result of Friday’s MIDAS, Café member Douglas Blair contacted one of our heroes, Presidential candidate, Congressman Ron Paul, who electrified Americans, young and old of sound thinking … especially over the internet, whose legion contributed a staggering amount of money to his campaign. I met with Congressman Paul in 2002 in his office in Washington. Thanks to the efforts of Douglas, Congressman Paul said he would meet with me.

Of GATA note, which I will present to Congressman Paul, this was the headline of a GATA Business Wire Press Release on March 4, 2002:

"GATA urges Support for Congressman Ron Paul’s Gold Transparency Bill"

And now I will ask Congressman Paul to support our gold transparency effort!

This is what GATA is up to…

My meeting with Commissioner Chilton is at 10:30 Thursday morning. I will be calling Congressman Ron Paul’s office tomorrow morning to hopefully set up a meeting, as I know it to be. I have been sending out emails to various WSJ Washington reporters, with our stunning $264,400 full-page color ad as an opening intro, in an attempt to catch their interest.

My meeting with Congressman Paul will obviously be based on his availability. Around his meeting, I have Thursday lunch, afternoon, dinner Thursday night, Friday morning breakfast, Friday morning and early Friday lunch still open.

Two queries are going out to two members of Congress. Perhaps one of you can get to the mainstream Washington press, or a politician in town. Can anyone get me to the transition team in the Obama camp?

It is most important to point out there are different agendas to be addressed. Think about it. What if you were the head of the CFTC? What if you were Obama’s advisor who wanted to be a trusted aide and and ferret out the truth for him regarding gold? What if you were a reporter that wanted to be the next Woodward/Bernstein?

You get the gist, a different mindset for each as to interest, which I will keep in mind during my presentations.

That said, here is what I have assembled so far for Commissioner Chilton. This is a bit much; however, I am tailoring this presentation to lead into a full investigation into the manipulation of the gold and silver markets, which is what GATA has asked for since 1999…

*A copy of GATA’s WSJ ad.

*Our Gold Rush 21 video, which received such great reviews, featuring the attendance of economic consultant to Russia's Vladimir Putin, Andrey Bykov.

*Frank Veneroso’s brilliant supply/demand presentation at the GATA African Gold Summit on May 10, 2001 in Durban, South Africa, in which Frank predicted the central banks would hit the wall with their gold price suppression scheme in 7 to 10 years. That is a BIG DEAL in my book with bullion dealers now seeing "gold melt bars" hitting the market these days.

*Then, I will explain there is a supply demand deficit of around 1500 tonnes a year, with gold mine supply on steady decline … and that the only reason gold is not triple the price it is today is because of The Gold Cartel’s ability to surreptitiously obtain central bank gold to satisfy that deficit … a losing one since gold has risen 7 years in a row, soon to be 8 … and this is key, as they are running out of "ammo" to continue this operation.

I will explain why.

*Reg Howe's essay on former treasury secretary Lawrence H. Summers, then Nathaniel Ropes professor of political economy at Harvard, who co-authored with Robert B. Barsky an article entitled "Gibson's Paradox and the Gold Standard" published in the Journal of Political Economy (vol. 96, June 1988, pp. 528-550).

This explains a rationale behind the manipulation of the gold price.

*James Turk: The Smoking Gun … December 11, 2000

*James Turk: Accounting for the ESF’s Gold Swaps … January 2002

*The response by Fed attorney Virgil Mattingly to Alan Greenspan, in response to Senator Bunning of Kentucky, who queried him about the ESF and their gold operations, thanks to GATA supporters Rupert and Jeanne Raymond of Kentucky. Mattingly said the IMF minutes were garbled.

*Responses to GATA’s FOIA requests by the Fed and Treasury and comments by GATA’s attorney William B Olsen:

This is pitiful. The Fed would not send us 137 pages and redacted 300 more pages. Not only did the Treasury, when we asked for a response about Exchange Stabilization Fund activity in gold market, say that there had been none by the Exchange STABILITY Fund, they have another guy sign his own name for Hugh Gilmore of Disclosure Services, whose name is on the bottom of the letter. HUH?

*At this point, with all the goofy commentary out there about conspiracy folks, presenting GATA’s credibility is of paramount importance. Therefore, I have included some input we have created around the world, everywhere but in free America…

A Durban, South Africa newspaper picture of myself and King Goodwill Zwelithini, the great, great grandson of Africa’s greatest general, SHAKA, whom GATA patterned our continued battle plan (The Enveloping Horn) to defeat The Gold Cartel soon after our inception. Eventually, if, as I think, OBAMA is the person who I suspect he is, this should get to him. Bush and Clinton were the biggest phonies in the history of the world about really helping the poor in southern Africa.

*A letter to GATA from Oleg V Mozhaiskov, the Deputy Chairman of Bank of Russia, the Russian central bank. This is wild, as the Deputy Chairman had the chairman of the Moscow Norodny Bank in London translate his speech to the stunned attendees at this prestigious conference; yet not ONE western bullion dealer attendee would send us a copy of the speech for Chris Powell to get a Russian friend to translate….

The London Bullion Market Association
Bullion Market Forum
Baltschug Kempinsky Hotel, Moscow
June 3-4, 2004

Perspectives on Gold: Central Bank Viewpoint

By Oleg V. Mozhaiskov, Deputy Chairman
Bank of Russia

… This dualism in gold price formation distinguishes it from other commodities and makes the movements in the price sometimes so enigmatic that market analysts need to invent fantastic intrigues to explain price dynamics. Many have heard of the group of economists who came together in the society known as the Gold Anti-Trust Action Committee and started a number of lawsuits against the U.S. government, accusing it of organising an anti-gold conspiracy. They believe that with the assistance of a number of major financial institutions (they mention in particular the Bank for International Settlements, J.P. Morgan Chase, Citigroup, Deutsche Bank, and others), some senior officials have been manipulating the market since 1994. As a result, the price dropped below US$300 an ounce at a time when it should, if it had kept pace with inflation, reached US$740-760…***

*A White House letter to me from President Bush’s economic advisor, Lawrence Lindsay, the same day Tom Craddick, President Bush’s boyhood friend from Midland, Texas, sent a two page GATA executive summary to the President on his private fax.

*A letter saying nothing from Senator Phil Gramm of Texas on January 25, 2000. Gramm was on the banking committee and his wife was Commissioner of the CFTC at one point.

*Adrian Douglas’s pamphlet, Major GATA Battle Victories in the Gold War, which was presented to the attendees at our “GATA Goes To Washington” conference last April.

*Sprott Asset Management’s "NOT FREE, NOT FAIR: The Long-Term Manipulation of the Gold Price," by John Embry and Andrew Hepburn.

*My presentation in Las Vegas last August, "Gold Cartel suppressing, manipulating gold price, " which includes on the record admissions of intervention in the gold market.

*"A new summary of GATA's work," by Chris Powell in November, 2008.

*The latest on the concentration of short positions by a few banks in gold and silver, including some input from Gene Arensberg’s latest piece. Along that line, I have been in touch with Ted Butler and he has been very helpful.

*A couple of pertinent letters sent by Café members to Christine Ryall of the CFTC enforcement division.

*A hodgepodge of anecdotal material, such as The Gold Cartel’s trading patterns.

*A few pointed questions to be asked of Rubin, Summers, et al, and a suggestion that there be an independent audit of America’s gold resources to determine what is there and if any of it is encumbered in any way due to lending/swap operations.

At the moment I am looking around for wheelbarrows to cart this stuff to Washington. I will explain to whomever I meet that what GATA has collected over the past decade is the same as a prosecutor in a murder trial. What we have is much more than just circumstantial evidence, but even if it were just that, it is so overwhelming that a jury would come to no other conclusion than the gold market is manipulated and to a significant degree. The jury’s verdict would be guilty beyond a reasonable doubt.

To conclude, I am going to stress the point to everyone I meet, that the suppression scheme cannot be effective that much longer because there won’t be enough central bank gold to meet the supply/demand deficit. In addition, if GATA is correct, it is leading to a giant scandal, which will dwarf the latest flap over the Madoff Ponzi scheme and could even rival Watergate in scope. The question to be answered will be similar to other scandals, "How could this have happened?"

The world is harping for transparency and truth from New York and Washington. No better time to get the gold truth than now.

Bill Murphy
Gold Anti-Trust Action Committee




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-- Posted Monday, 15 December 2008 | Digg This Article | Source:


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