Gold/Mining/Energy : DROOY Durban Deep- Best S. African Mine

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To: Ray DeMoss who wrote (71)3/6/1999 6:19:00 PM
From: Bill Murphy   of 851
GATA Announces Aggressive Campaign to Mobilize Gold Community

GATA is pleased to announce that we are now ready to
make an all out effort to mobilize the gold community
to confront those that we believe may have colluded
to hold down the price of gold.

Our web site can be viewed on the
internet and explains what the Gold Anti-Trust Action
Committee is about. As the construction of our internet
site has been completed, we are ready to accelerate
the contribution phase of our campaign.

This week we will be contacting gold companies around
the world to elucidate our position and solicit their
financial support. We will explain that we believe
various financial institutions in the U.S. have colluded
to hold down the price of gold. We intend to launch an
investigation into the Long Term Capital Management
bailout, the Counterparty Risk Management Group and
to other situations that have been brought to our

It is also our position that many of these financial
institutions are short hundreds of tonnes of gold as
a result of "gold carry" trade positions. We believe
that, as a group, their short positions are greater
than one year's mine supply. We believe they know this
is a very dangerous position to be carrying and that
is why they may have "colluded" to keep the gold price
from rising. It is our intention to expose the size
of this short position.

Second, we are going encourage everyone associated
with the gold community to support GATA. We would like
them to verbally announce their support, make a
financial contribution if possible and, if they have a
website, to set up a mutually beneficial link up to

It is our goal to raise the funds necessary to retain
the services of an anti-trust law firm that will
spearhead the investigation.

Thus far, we have had serious discussions with
Philadelphia based, Berger & Montague on the issues we
are raising. It is our goal to retain them as our
attorneys. The karma seems right. Senior partner,
Merrill Davidoff, became a member of the day before I appeared on
CNBC in behalf of GATA. As a result of that appearance
on TV, committee members, John Meyer and Chris Powell
and I flew to Philadelphia to meet with Davidoff
and two other Berger & Montague attorneys.

Davidoff is extremely knowledgeable about the gold
market and has a very good grasp on the fundamentals
of the gold industry. His associate, Jerome Marcus,
has become somewhat of a legend in that he was
one of the behind the scenes brains in the Paula
Jones case for 5 years.
New York Times-Jan.23-"..Mr. Marcus drafted legal
documents and was involved in many of important
strategic decisions in her lawsuit....As much as
any of Ms. Jones's attorney's of record, Mr. Marcus
helped keep Ms. Jones's case alive in the courts".

Berger and Montague won a $2 billion settlement in
the Drexel Burnham/Michael Milken case, and, among
many other cases was, or is, a litigant in the Exxon
Valdez case, the Orange County case, one of the
tobacco cases and one of the holocaust cases.

The Gold Anti-Trust Action Committee believes that
we have enough momentum now to raise the funds
necessary to retain a law firm of this caliber
and to carry our agenda forward.

We ask you for your support and contributions.

All the best,

Bill Murphy

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