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

Business Editors

DALLAS--(BUSINESS WIRE)--Feb. 20, 2003

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."

GATA is a non-profit educational and civil rights organization. Its Internet site is www.GATA.org. Financial contributions to GATA are federally tax-deductible in the United States.