The Gold Anti-Trust Action Committee was
organized in January 1999 as a Delaware corporation to expose the
manipulation of the gold market by certain bullion banks. As we
believe these banks are acting in a manner that is in violation
of the Sherman and Clayton Anti-Trust Laws, the committee is gathering
evidence to support our claims.
We believe that these banks, with the possible assistance of the
New York Fed or the Exchange Stabilization Fund, have controlled
the gold market through the use of gold derivatives and borrowed
gold. In doing so, it is our estimate that the gold loans now exceed
11, 000 tonnes. As mine supply in 1999 was only 2579 tonnes, the
bullion banks are staring at an unstable financial structure that
could blow up at any time.
The term loan is a bit of a misnomer as much of the borrowed gold
has been sold as jewelry and cannot be called in.
The recent explosion of gold derivatives among certain bullion banks
is staggering. An investigator retained by the Gold Anti-Trust Action
Committee discovered $38.1 billion of off-balance-sheet gold derivative
contracts on the books of JP Morgan at the end of 1999. That is
up from $18.36 billion on July 1, 1999. Deutsche Bank now has $50
billion of gold derivative contracts on its books - all accumulated
over the past 4 years. It took a leading dealer, Chase Bank, 14
years to build a book of $22 billion.
To date, the GATA Committee has received over $212, 000 in contributions.
Five major gold companies have supported us financially, as have
10 smaller ones and hundreds of individuals around the world.
As our effort is on going to expose one of the great financial scandals
in American history is ongoing, we continue to seek financial support
so that we can expose the truth about what is really going on in
the gold market.
HOW TO HELP GATA:
If you benefit
from GATA's dispatches, please consider making a financial contribution
to GATA. We welcome contributions as follows.
By check:
Gold Anti-Trust
Action Committee Inc.
c/o Chris Powell, Secretary/Treasurer
7 Villa Louisa Road
Manchester, CT 06043-7541
USA
By credit card
(MasterCard, Visa, and
Discover) over the Internet:
http://www.gata.org/creditcard.html
By GoldMoney:
http://www.GoldMoney.com
Gold Anti-Trust Action Committee Inc.
Holding number 50-08-58-L
By bank wire:
E-mail GATA at GATAComm@aol.com for details.
Donors of $750 or more will, upon request, be sent a print of Alain
Despert's colorful painting symbolizing our cause, titled "GATA."
We will ship a print of the GATA painting to GATA's first 300
donors of $750 or more, including those who already have donated
that much. For the purpose of qualifying for a print, we'll count
donations cumulatively. That is, if you've sent less than $750 already,
we'll send you a print if you donate further and reach $750, for
as long as prints remain in stock.
If you want a print, please tell us so and include an additional
$25 for shipping to addresses in the United States and Canada, and
an additional $75 for shipping elsewhere.
GATA is a civil
rights and educational organization under the U.S. Internal Revenue
Code and contributions to it are tax-deductible in the United States.
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