Thursday, June 17, 2010

The Gold Anti-Trust Action Committee aka. GATA
The Gold Anti-Trust Action Committee, or GATA, is an organization dedicated to publicizing their belief that the quantity of physical gold ostensibly held by the world's central banks is significantly overstated,[1] and that the price of gold is manipulated by governments and large central banks.[2][3] Their beliefs have been called 'fringe' and 'conspiracy theories' by some analysts, and the conclusions 'far fetched'.[4][1][3] GATA was founded by Bill Murphy, former commodities trader and wide receiver for the Boston Patriots. Its board includes Catherine Austin Fitts, president of Solari Inc. and former assistant secretary of the U.S. Department of Housing and Urban Development.[5] According to the New York Times in 2006, GATA "for the most part is a one-man show", referring to Murphy.[1] According to the Wall Street Journal, GATA receives part of its funding from gold companies.[4]

As of 2009, GATA was attempting to force the U.S. government to reveal exactly how much gold is held in the United States Bullion Depository at Fort Knox through the United States Freedom of Information Act. GATA has also claimed that large borrowers of gold have manipulated the price in order to use their leased gold to make other investments, and then repay the gold later at a cheaper price.[4]

In 2000, GATA member Reginald H. Howe filed a lawsuit against a "cartel" of bullion banks (Goldman Sachs, J.P. Morgan Chase, etc.), the International Monetary Fund, the Exchange Stabilization Fund, and the Bank for International Settlements. In March 2002, Howe was denied standing by the judge, since the United States has sovereign immunity against prosecution.[6] GATA believes that the gold cartel systematically feeds central bank gold into the market place to suppress its price.[7]

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