Gold going to $5000 an ouncePosted: 2006-06-09 23:59
Gold going to $5,000 an ounce?
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Presenter: Lindsay Williams Guest(s): Bill Murphy
Bill Murphy, chairman of the Gold Anti-Trust Action Committee (Gata), is on the line to reveal how a massive conspiracy is keeping the gold price artificially low by US and other world central banks. He says their time and gold is about to run out!
LINDSAY WILLIAMS: Bill, can you tell us a little bit about Gata?
BILL MURPHY: The Gold Anti-Trust Action Committee (Gata) was formed in January 1999 to exposure the manipulation of the gold price by the United States government, and mini-bullion banks likes JP Morgan, Goldman Sachs, the Bank for International Settlements, the IMF and so on..
LINDSAY WILLIAMS: How do they do it?
BILL MURPHY: Basically they lease gold from central banks and put it into the market place surreptitiously - not disclosing that to the public. Now the central banks only have half the gold they say they have in their vaults - fortunately they’re running out, which is why the gold price has risen $500 since I toured South Africa five years ago.
LINDSAY WILLIAMS: So there’s double counting on behalf of the central banks?
BILL MURPHY: That’s part of it, yes. The IMF just put out a paper - they’ve revealed that they’re double counting a lot of the gold that’s not there, gold that’s swapped out of their vaults they’re counting in their reserves. This is where the discrepancy comes from that’s revealed in Gata’s work. The funny thing is that the IMF has admitted themselves that the banks are counting gold in the reserves they don’t have - so now it’s official and it’s not just Gata saying this is the case any more.
LINDSAY WILLIAMS: But does it make a difference - the gold is just sitting there anyway in some vault somewhere, and someone comes occasionally and counts it and dusts it off, writes it down in a book - it’s got nothing really to do with what’s above the ground, or does it?
BILL MURPHY: Yes, it does. It has everything to do with it - that’s the reason it’s hurt South Africa so much, and why Gata has spent so much of their focus there. What you have is a natural deficit of about 18,000 tons a year of demand over supply - that supply was met for many years by central bank gold secretly coming out of the vaults. Now it’s gone, and the reason that you’ve seen gold run up so crazy - especially since we had our conference in Dawson City over this past August, where the Russians showed up - is that they don’t have the gold to keep this up much longer. You’re going to see gold go to $3,000 to $5,000 dollars an ounce.
LINDSAY WILLIAMS: When?
BILL MURPHY: In the years to come. When I was in Durban - we had our Gata African Gold Summit where five African nations showed up - the price of gold was $255 an ounce. We told everybody what was happening and why - before this last drop the gold price went to $740. That’s a big difference - something no one thought possible before - but because the central banks have run out of enough gold to meet the deficit I’ve mentioned it’s going to explode in the years to come.
LINDSAY WILLIAMS: Do you think that some people might look at you as a bunch of conspiracy theorists, that if this was the case then the market would already be there? I’ve heard these stories before…
BILL MURPHY: No, it’s just the opposite. That’s what they said five years ago - if you’d have said gold at $750 an ounce they would have said the same thing. As a matter of fact all the stuff that we’ve come up with is all backed up by official documentation - the Bank for International Settlements one year ago said they had rigged the gold market. It’s exactly the opposite - we probably have the most sophisticated people in the gold world by a factor of ten. If any of your listeners want to check that out go to www.goldrush21.com and watch the free two minute trailer of our conference. Everything we said was going to happen about ten months ago has already happened!
LINDSAY WILLIAMS: You sound passionate about Gata - who makes up the organisation?
BILL MURPHY: Chris Powell and I. He’s the editor of daily newspaper here. It’s most important - when you look at the trailer of the DVD you will see the kind of people we have there. There is Peter George of Cape Town (Mr Gold South Africa), John Embry of Canada, Hugo Salinas Price is one of the most esteemed men in Mexico - the list goes on and on like that. All our people are from Harvard, Stanford, Oxford, and Princeton - it’s probably the most sophisticated group of people I’ve ever met…
LINDSAY WILLIAMS: The IMF study - when did that report come out, and when can we access it?
BILL MURPHY: You can go to www.gata.org - under “what’s new” you can get the link to where the paper is.
LINDSAY WILLIAMS: That’s an IMF report that was released recently?
BILL MURPHY: It’s just came out. It was written maybe a month ago - it’s just surfaced last week. We’re putting it out as much as possible - the Indian press picked it up. Of course the United States press won’t touch it - they don’t touch anything here of importance when it comes to the gold market!