GATA Urges Congressional Support for Monetary Reform and Accountability Act on Gold.Business Editors The Gold Anti-Trust Action Committee The Gold Anti-Trust Action Committee (GATA) is a non-profit civil rights and educational organization. Its charter is to advocate and undertake litigation against purported illegal collusion by a "gold cartel" to control the price and supply of gold and related financial securities. (GATA GATA Gold Anti-Trust Action Committee (International Financial Advocacy Organization) GATA Georgia Academic Team Association GATA Gülhane Askerý Tip Akademýsý GATA Get At Their Asses ) urges House Representatives on the Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Committee to join Congressmen Ron Paul (R-Texas) and John Larson John B. Larson (born July 22 1948), American politician, has been a Democratic member of the United States House of Representatives since 1999, representing Connecticut's At-large congressional district (map). (D-Conn.) as co-sponsors of the Monetary Reform and Accountability Act (H.R. 3732). The bill simply requires the president and Treasury secretary to get the approval of Congress before intervening in the gold market. Treasury Secretary Paul O'Neill is on the record as being against the bill, which seeks only transparency. GATA chairman Bill Murphy points out, "Secretary O'Neill's response to the proposal is contrary to the cries of an American public who are outraged over one corporate financial scandal after another." GATA has begun a grassroots information campaign tapping its vast army of supporters. These supporters will make an effort to inform the following Financial Services Committee members of the importance of this issue: Doug Bereuter (Nebraska), chairman Doug Ose (California), vice chairman Marge Roukema (New Jersey) Richard H. Baker (Louisiana) Michael N. Castle (Delaware) Jim Ryun (Kansas) Donald A. Manzullo (Illinois) Judy Biggert (Illinois) Mark Green (Wisconsin) Patrick J. Toomey (Pennsylvania) Christopher Shays (Connecticut) Gary G. Miller (California) Shelley Moore Capito (West Virginia) Mike Ferguson (New Jersey) Bernard Sanders (Vermont) Maxine Waters (California), Barney Frank (Massachusetts) Melvin L. Watt (North Carolina) Julia Carson (Indiana) Barbara Lee (California) Paul E. Kanjorski (Pennsylvania) Brad Sherman (California) Jan D. Schakowsky (Illinois) Carolyn B. Maloney (New York) Luis V. Gutierrez (Illinois) Ken E. Bentsen Jr. (Texas) On February 14, 2002 Congressman Ron Paul issued a press release that included the following: "The private Gold Antitrust Action Committee held a press conference this week to discuss federal manipulation of gold markets. The group has uncovered evidence suggesting that the Federal Reserve and the Treasury department, operating through the Exchange-Stabilization fund and in cooperation with the International Monetary Fund, have been systematically working to deflate (file format, compression) deflate - A compression standard derived from LZ77; it is reportedly used in zip, gzip, PKZIP, and png, among others. Unlike LZW, deflate compression does not use patented compression algorithms. the price of gold. Because rising gold prices are seen by investors as a barometer of inflation, the Fed has purportedly suppressed prices to disguise the true nature of the financial bubble of the 1990s." RBC RBC red blood cell. RBC or rbc abbr. red blood cell RBC, n See red blood cell count. RBC red blood cells; red blood (cell) count (see blood count). Global Investment Management Inc., a division of Royal Bank of Canada Bank of Canada Canada's central bank, established under the Bank of Canada Act (1934). It was founded during the Great Depression to regulate credit and currency. The Bank acts as the Canadian government's fiscal agent and has the sole right to issue paper money. , whose gold mutual fund Gold mutual fund A mutual fund that primarily invests in gold-mining companies' stock. is among the best performing in the world, has also issued a report that was circulated throughout Europe to clients and prospective clients that fully endorses the analysis of the gold market done by the Anti-Trust Action Committee's (GATA). It concludes that the price of gold is being manipulated. The RBC report says the price of gold is going to explode and cites "Increasing Evidence of Unsustainable Gold Price Manipulation" as one of its reasons. The RBC report points to 11 "factors" of evidence regarding the gold price manipulation: 1) Aggressive gold lending, which from an economic perspective is indefensible, has filled the supply/demand gap. 2) New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Fed gold has been mobilized when the gold price is rising. 3) Timing of Exchange Stabilization Fund The Exchange Stabilization Fund (ESF) is a branch of the United States Treasury Department which manages a portfolio of domestic and foreign currencies for the purpose of foreign exchange intervention. gains/losses corresponds to gold price movements. 4) Audited reports of U.S. gold reserves show unexplained variances. 5) Minutes of Fed meetings confirm officially denied gold swaps. 6) Rules on gold swaps have been revised and then denied. However, individual central banks have repudiated the denial. 7) U.S. gold reserves have recently been re-designated twice, initially to "custodial gold" and latterly to "deep storage gold." 8) Statistical analysis of unusual gold price movements since 1994 indicate high probability of price suppression. The invalidation since 1995 of Gibson's Paradox Gibson's Paradox An economic observation made by J. M. Keynes during the period of the gold standard that there is a correlation between interest rates and the general price level. -- that gold prices rise when real interest rates fall -- suggests that the real manipulation began then. 9) New York gold price movements versus London prices trading defy odds. 10) Timing of huge increases in bullion bank gold derivatives is consistent with gold price declines. 11) A rapid decline in U.S. Treasury U.S. Treasury Created in 1798, the United States Department of the Treasury is the government (Cabinet) department responsible for issuing all Treasury bonds, notes and bills. Some of the government branches operating under the U.S. Treasury umbrella include the IRS, U.S. holdings of gold-backed SDR See software defined radio. certificates is not explained. The RBC report goes on to say: "One or two of these factors could be viewed as random, but the full body of evidence is overwhelming." The Gold Anti-Trust Action Committee has fully documented all 11 points cited by the RBC Global Investment Management Inc. regarding the manipulation of the price of gold. To date, no one in the gold industry has refuted any of GATA's specific assertions. "The American public and Congress are demanding truth, full disclosure and fairness in U.S. financial markets. In that light, all of these Congressmen and Congresswomen on the Financial Service Committee ought to sign on to this Bill as co-sponsors," says GATA's Bill Murphy. |
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