first majestic silver

Reg Howe Found "The Dress"!

April 23, 2001

A brand new day is coming.

It is Sunday morning and I am reflecting a bit over the past 27 months that Chris Powell and I, as well as so many other stout GATA supporters, have been trying to wake up the gold/investment world that the gold market has been manipulated by certain bullion banks and a faction of the U.S. Government.

It could not be more clear that we have reached an inflexion point. One can compare Reg Howe's discovery of the Fed minutes to the discovery of "The Dress" in the Clinton/Lewinsky scandal or to John Dean's testimony in the Watergate fiasco.

The difference is that Reg Howe's revelations are far more consequential than those two scandals. As the news and the facts spread, and this time they will, the ramifications of the findings will be felt around the world. Think on these things:

*Alan Greenspan has been caught deceiving Senator Leiberman, who is already campaigning to run for President in 2004.

*U.S. Treasury officials have misrepresented that the ESF was not involved in the gold market to Congressmen and citizens all over the world, who queried whether they were doing so.

*The black led governments of South Africa took over in 1994 - just at the time the BIS/ESF gold suppression scheme was put into high gear. The consistent depression of the gold price has been very negative for the economy of South Africa and for other poor African gold producing countries. Therefore, the South African government has not had the funds it should have had to treat terrible unemployment, crime and disease problems. They have been criticized for ineffective leadership - thanks to former Treasury Secretary Robert Rubin, Alan Greenspan, the BIS and Goldman Sachs/J.P. Morgan/Chase and company.

* One would think the opposition party in Britain would roast Prime Minister Blair for selling half of England's gold to perpetuate the gold fraud scheme.

*How do you think Germans will react when they realize half or all of their gold is gone? Inflation is on its way back and they have no gold - or will have none if the US decides not give it back to them. No one dreads inflation more than the Germans and their gold is missing. One would think whoever is responsible for the emptying of the gold vault in Germany is in big trouble. Somebody over there is going to have a field day with this.

*And who suckered the Swiss to dump 1,000 tonnes of gold at these rock bottom prices to perpetuate the scheme? As the investment world realizes 5,000 to 11,000 more tonnes of gold has left central bank vaults than recognized by the gold industry, the gold price is going to soar. The brilliant and lonely voice of Frank Veneroso is going to be proved correct. The reputation of the Swiss as being so bright and clever is headed for the toilet.

*What do you think the reaction is going to be by the Prime Ministers of all the gold producing countries in Africa, or in other third world nations around the world?

As Reg said in his filing:" E. Defendants Summers, Greenspan and McDonough Knew or Should Have Known that Suppressing Gold Prices through the BIS or Otherwise Is Contrary to U.S. Foreign Policy toward Sub-Saharan Africa." How do you think they will reflect on the IMF's proposed gold sales in 1999, which failed to secure approval by Congress? That would have allowed 3000 tonnes of IMF gold to be injected in the physical gold market over time to keep the price of gold depressed even longer than it already has been. Clinton and Rubin urged that the IMF gold sales be allowed to go through to help the poor. What hypocrites!

*Can you imagine what the Russians will do with this! America preaches the importance of free markets to the rest of the world while we are doing the opposite in the gold market by controlling the price. What was the Cold War all about anyway? What we have here is nothing less than Big Brother doing his thing. The Communists would be proud. The State rules. Down with freedom, the truth, competition and anti-trust laws. Hail to order, the Government and insider bullion banks.

*Fair play is down the drain in the U.S. How would you have like to have practically interest free money at your disposal the past 7 years?

I could go on and on. I am sure you get the picture and it is not a pretty one.

The good news is that the price of gold is going to roar. The gold time bomb I have talked about so long is going to go off and it can happen at any time. The ticking noise is now DEAFENING!!!

Junior gold companies such as Golden Star Resources (GSC in Toronto) are truly the bargain buys of a lifetime. I speak often of GSR because that is where my money is and I know the company well. It is also Frank Veneroso's number one pick. CEO Peter Bradford will be attending the GATA African Gold Summit in Durban on May 10.

Why is that especially so right now? Because the investment world is finally going to realize Frank Veneroso is correct and that up to 11,000 tonnes of gold, that was supposed to be in central banks coffers, is gone. Demand for gold therefore has been that much greater than the investing public has been led to believe. The investing world will also realize the shorts are trapped and cannot get out. The sharks will begin to circle the vulnerable Gold Cartel.

Many of these junior/exploration companies are priced at near bankruptcy levels. It is the outhouse to the penthouse story coming. Gold companies that can deliver new gold supply in the next 10 years are going to go to astronomical premiums. The ones that have gold production now will go first - companies like High River Gold in Toronto. The exploration companies, like Samex in Vancouver, will be next.

I have been so involved with GATA that I have little time to check out other wonderful junior/exploration companies, many of which are Café members. That is what the likes of Bob Bishop, Bob Chapman, Jay Taylor and Sir Harry Schultz do so well. They are all Café members too.

It is time to do your gold company homework. Whether the gold bomb goes off next week or next month, it is coming. The truth is going to prevail against the evil ones.

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