By BILL MURPHY, ChairmanGold Anti-Trust Action Committee...

By BILL MURPHY, Chairman
Gold Anti-Trust Action Committee Inc.
Thursday, December 5, 2002


This morning I received a phone call from a London-based
gold producer CEO. Few come more highly regarded than
this gold pro. I had not spoken to him for many months, so
the call was a pleasant surprise.


He told me he had read the new report by GATA's Reg Howe
and Mike Bolser ("Gold Derivatives: Moving toward
Checkmate") and remarked that it was "stunning." He said
he was sending it all over London -- to major investors, the
press, gold community, et al. I could almost see the big smile
on his face. He went on to say that he had just returned from
Zurich and that GATA was the talk of the gold world in
Switzerland. His exact words: "That is all anyone wanted to
talk about."


After falling off my chair and picking myself up, I got this
email:


"I just got off the phone with my commodities broker.
He knew a whole bunch about GATA and
www.LeMetropoleCafe.com. He was very upbeat
regarding the news about the Bank for International
Settlements as reported by Reg, high on PMs, and
down on JPM. He seemed to be with the program
-- ours that is. He claimed to have a friend at The
Wall Street Journal who was stunned by Reg's info.
His friend at the Journal claimed that you are soon
to get some ink/interview in the WSJ. Any truth?"


Wouldn't that be nice! No phone calls from the WSJ
yet, but it should not be too long. The work of Reg and
Mike is THAT GOOD and cannot be denied. It proves
that GATA has been right all along. Can you picture that
Gold Cartel bugler getting read to sound retreat?


What is so important is that the investment world now
has proof of the size of the gold loans and swaps, the
MASSIVE short gold position of the bullion banks. The
banks cannot get out of that position. As we have stated
for years, the banks are trapped.


One does not need be an Einstein to understand the
implications of the gargantuan short position. A monster
squeeze is coming. Those who are long gold and the gold
shares will make fortunes. Who would not want in NOW?


Besides, what is the risk here? Maybe $15 on the downside.
The upside is $500, $1,000, or even $1,500. Is that a trade
to pass up? Once investors around the world realize what
has transpired in the gold market and understand the
predicament of the Gold Cartel, those numbers won't seem
goofy at all. It will take a giant move in the gold price to
clear the market.


This is key and worth repeating:


It is one thing for me to throw around talk like that. It is
quite another for big-league investors to study the work of
Reg Howe and Mike Bolser. They cannot help but want to
be long gold and the shares after doing so. The Howe-
Bolser report has been out only ONE DAY. Because of its
significance to the investment world, it is spreading all over
the place. There will be a myriad of investor committee
meetings regarding gold and this report in the weeks to
come. It is hard for me to imagine that most investor
committees will decide against moving into gold.


Do I sound excited? Yes, indeedie. We are almost there.
The Gold Cartel can huff and puff all they want to. We got
them.


If you have not read the Howe/Bolser masterpiece, "Gold
Derivatives: Moving Toward Checkmate," you can find it here:


http://www.goldensextant.com/commentary23.html#anchor19855