panic is near if the gold is gone

  1. 9,081 Posts.
    12:44p ET Thursday, February 20, 2003

    Dear Friend of GATA and Gold:

    GATA today distributed worldwide via the Business Wire
    publicity service a press release about the wonderful
    report in Insight magazine about the central banks'
    deceptive accounting of their gold reserves. The release
    is appended here. GATA supporters are urged to send
    the Insight report to news organizations, elected
    officials, and mining company executives.

    CHRIS POWELL, Secretary/Treasurer
    Gold Anti-Trust Action Committee Inc.

    * * *

    IMF Is 'Arthur Andersen Of The Gold
    World,' According to GATA

    DALLAS, Feb 20, 2003 (BUSINESS WIRE) -- A report in Insight
    magazine vindicates the Gold Anti-Trust Action Committee's
    complaints about the International Monetary Fund's
    duplicitous accounting of central bank gold reserves and
    deepens suspicion that the banks have lost most of their
    gold in a scheme to suppress its price.

    The magazine report also quotes John Embry, whose gold
    mutual fund was the best-performing fund in North America
    in 2002, as endorsing GATA's work and conclusions.

    The report, written by Insight's Kelly Patricia O'Meara and
    published in the magazine's March 4 edition, is titled
    "Panic Is Near If The Gold Is Gone."

    Insight says it examined central bank records obtained by
    GATA, particularly those of the Bank of Portugal, which
    announced last month that most of its gold had been
    loaned into the gold market or swapped with other central
    banks. While the International Monetary Fund supervises
    central bank gold accounting practices, Insight reports
    that the IMF refused to answer questions about them.

    Fund manager Embry, who this month announced that he
    will be leaving RBC Global Investment Management for
    the presidency of Sprott Investment Management, both in
    Toronto, told Insight that GATA's calculations of the
    draining of central bank gold inventories are better than
    anyone else's. Embry added: "GATA has had this story
    from Day 1. I think that they're right and that officialdom
    doesn't want this exposed. GATA is willing to have a
    public debate but the gold world won't debate."

    The Insight magazine report can be found on the
    Internet here:

    http://www.insightmag.com/news/370641.html.

    GATA Chairman Bill Murphy urged gold investors to
    bring the Insight article to the attention of the financial
    press, political officials, and executives of gold mining
    companies so that the IMF and central banks can be
    compelled to tell the truth about what they're doing with
    gold.

    Citing Insight's credo, "Report news others won't or
    can't," Murphy said:

    "That describes the gold scandal. Suppressing the gold
    price is how the United States keeps developing
    countries under the control of the U.S. dollar. Suppressing
    the gold price inflates the dollar's value relative to other
    currencies and thereby deprives the developing world
    of a fair price for its products. Suppressing the gold price
    is imperialism in action, and far from being an agency of
    international assistance, the IMF is the central mechanism
    by which the gold price is suppressed and developing
    countries are kept down. The IMF and the suppression
    of the gold price must be exposed, and the report in
    Insight will help us do that."
 
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