Bill Murphy, Chairman of the Gold Anti-Trust Action Committee (GATA), has an extensive commodities and futures background with some of the world’s most well-known Wall Street firms. GATA has compiled a vast body of evidence implicating some of them in what he says is a scheme to manipulate the price of gold and silver. Bill is a graduate of the School of Hotel Administration at Cornell University and was a starting wide receiver for the Boston Patriots in 1968…
“I have been involved in the futures’ markets for nearly 50 years and at one point was a trader in copper. The fellow who guided me into becoming a large trader was a highly-regarded economic consultant named Frank Veneroso. In 1987, Frank realized the world underestimated the worldwide demand of copper due to enormous consumption in Asia. The copper price soared through the end of that year.
In 1997/98, I went to work for Frank in Portsmouth, New Hampshire to sell his gold service.
At the time the internet was just beginning to catch on fire and I was on it all the time. It then occurred to me to start my own subscription service on the internet.
That is what I did in September 1998. Soon after, the well-known hedge fund Long Term Capital Management blew up and it had to get out of all of its positions. One of these was a massive gold short position that Frank identified. Suddenly all these bullion banks showed up to prevent the gold price from going through $300. It was clear these banks were collectively suppressing the gold price.
This was after they had a meeting with the US Federal Reserve, the Fed.
So, my ‘gold moment’ was realising that the Fed was interfering with the price of gold and that this simply wasn’t fair. Chris Powell, a new subscriber of mine, got tired of me complaining about the rigging and suggested we try and do something about it. So we formed the Gold Anti-Trust Action Committee in January 1999. We have been exposing the suppression of the gold/silver markets ever since.”
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