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On February 2nd, the precious metals world
first heard the news from Ted Butler that Bill Murphy, the Chairman of GATA (The Gold Anti-Trust Action Committee), had thrown
"the full weight of his organization behind ending the silver
manipulation as a means of ending the gold manipulation."
Having been a card carrying member of GATA for four
years and a big fan of all of Ted's work, I was thrilled to hear it. Ted Butler's
lonely voice in the wilderness teaming up with the "GATA army"...it
sure works for me. All I can say (and I know I speak for thousands of others)
is....welcome aboard Ted, we're all delighted you're here!
For those of you not familiar with Ted's extensive
work on the manipulation in the silver market, his web site is hyperlinked here.
Since that announcement, Bill Murphy and Ted Butler
have given the cry 'all hands to battle stations' as we have been asked to
write letters and/or send e-mails to both New York Attorney General Eliot
Spitzer and the Director of Market Oversight at the CFTC, Dr. Michael Gorham,
to complain about the rigging of the silver price on the COMEX by 'eight or less'
traders.
To those who are not privy to Bill Murphy's
website...LeMetropoleCafe, there have
been hundreds if not thousands of letters and e-mails sent...many of which
have appeared in Bill's daily MIDAS commentary.
And just recently, Reg
Howe has added new commentary on the
goings-on in the silver market at the "CRIMEX" as he puts it. Howe
says "Ted Butler has performed for the silver market much the same
role that GATA has for gold." There can be no doubt now that the
manipulation of the silver price by the '8 or less traders' is fully exposed
for all to see.
But unfortunately for their respective shareholders,
the only group that does not appear to have a keen grasp of the obvious on
this issue are the silver mining companies
themselves. In my letter to Dr. Michael Gorham, I had this to say about
it..."But the question begs to be asked: What happened to the
fiduciary duties of the Executive and Board of Directors of these silver
companies (on this particular issue) to the individuals who really own the
company…us, the shareholders? Just asking."
Posted below are three letters that I sent out (by
both e-mail and 'snail mail'). Also, at the bottom of two of these
letters, I have sent copies to others at the NYMEX and the CFTC to spread the
news around...so to speak.
I urge all of you to write/e-mail both of these
gentlemen (with the appropriate cc's). My advice would also be to send copies
to the top people at each silver company that you own shares in. Why should
it be us shareholders fighting this fight by ourselves? That's what these
guys (and girls) at our companies are hired/appointed to do...represent us,
the shareholder. They all know what's going on out there, but just won't do
anything about it. They are just hoping the whole issue will go away or blow
up so they don't have to face 'the powers that be' themselves.
So the more voices that join this effort, the more
effective we will be. There is an incredible amount at stake in this
fight…free markets, free enterprise and honest money...not to mention
freedom itself. We cannot afford to let our guard down even for a few
moments. Here are three paragraphs from my second letter to New York Attorney
General Eliot Spitzer....
"Mr. Spitzer…there is a crime
in progress at the NYMEX/COMEX that the CFTC absolutely refuses to do
anything about. It’s my opinion (as stated in my attached letter to Dr.
Gorham) that the CFTC is complicit."
"The implications of this
grotesque and malignant cancer at ground zero of the United States commodities
market are beyond belief…and the ramifications of this manipulation of
free market forces, once exposed, will reverberate at the highest levels of
finance, economics and geo-politics."
"Mr. Spitzer…I, and
thousands of others, beg you to do what is right and end it."
As I said before, I respectfully request that each
and every one of you e-mail or write to these people and give them your opinion.
Every opinion counts…and
so does yours. Thank you.
© 2004 Ed Steer
Editorial Archive
04
February 2004
The Honorable Eliot Spitzer
New York State
Attorney General
120 Broadway
New York, NY
10271
U.S.A.
Subject: The Silver Market
Dear Sir:
I am writing to you on an issue which, by now, you
are more than familiar…the suppression of the silver price on the
NYMEX/COMEX by the ‘eight or less’ traders.
It is more than obvious, even to the casual
observer, that the price of silver is controlled, and has been for more than
a decade. Some people say that the price of silver has never been free,
particularly since the appearance of the Silver Users Association in
1947. I know that your office…plus the authorities at the CFTC
and the NYMEX/COMEX…are all more than aware of that as well.
The 8 largest COMEX traders are net (naked) short
more than 7 times the annual silver mine production of the US, the
world's 4th largest producer (source - Silver Institute). You can be sure
that the Chairman of the CFTC, James Newsome…an ex-cattleman… would
never allow 8 traders to be short anything approaching total US cattle
production, to say nothing of 7 times US cattle production.
That the CFTC protects these silver shorts is
deplorable. The CFTC has been informed of this issue many times over
the last fifteen years, and have done nothing to stop it. Up until now,
I have refused to believe that the CFTC is complicit in this matter, but I
have now changed my mind to the belief that they are.
In a related Dow Jones story today, I see that the
SEC and NASD have both taken drastic action to tighten one of its rules
governing illegal naked short selling. Let me quote this article...
“Known as affirmative determination, the
NASD rule stipulates that brokers and dealers engaged in a short sale
transaction must make sure that shares can be delivered by settlement time,
three days later.”
"We closed a loophole," said Steve Luparello, executive vice president of Market Regulation
at NASD. Until now, non-NASD members, like specialists, option markets and
foreign brokers, weren't covered under the affirmative determination
rule.”
“New Rule 3370 goes into effect on February
20th, 2004. This new rule could become the Holy Grail for bulletin board
traded companies. The Rule requires NASD member firms to treat non-member
broker dealers as if they were regular customers as regards delivery of any
shares that have been sold through a US registered broker/dealer.”
”A short seller typically borrows stock from a
broker to sell it into the market, betting that the share price will fall so
that he can buy the stock back at a lower price and pocket
the difference.” End.
Mr. Spizer, you and I and
James Newsome all know that the ‘eight or less traders’ that are
suppressing the silver price have little or no silver backing their obvious
naked short positions. They are allowed to sell naked short any amount
they wish, in order to control the price…without a word from the CFTC.
This is not only illegal…it is outrageous as
well…and entirely against regulations of the NYMEX/COMEX. It also
makes a mockery of the belief that the U.S. markets are free and fair.
This is obviously not the case with silver…plus a great many other
things that are beyond the scope of this letter.
If the SEC and the NASD have decided to put their
foot down on naked short sales in this area, then it is long overdue
that the CFTC take similar action in the silver market.
Silver expert Ted Butler (www.butlerresearch.com/archive_free.html) has previously
provided a fair solution (to the CFTC) that will fix any threat of a delivery
default and eliminate the silver manipulation problem at the same time. In
fact, it would work in all commodity markets. The CFTC must
mandate that all longs in futures contracts must have the full cash
value of their contracts deposited in their accounts by first delivery day.
And likewise, all shorts must have COMEX warehouse receipts deposited
by first delivery day.
Mr. Spitzer, the CFTC is deathly afraid to even
debate this, because they know it has great merit. You and I know it too.
You and your department have done most excellent
work in the past number of years bringing financial wrong-doings to light. I
urge you to the honourable thing, and end this manipulation now. I know you
have the power, and I also hope that you have the will to do what is
necessary and right.
In closing, I wish you well in your continued endeavors. I also enclose a copy of silver expert
Ted Butler’s latest essay “Business as Usual?” taken
from his web site mentioned above, or available directly from the URL (www.investmentrarities.com/02-02-04.html)
If you have any further questions, or require more
information, you can contact me directly, or speak with the expert on this
issue…former commodities trader, Mr. Ted Butler. He is the real expert
in these matters, and would gladly meet with you at your convenience and at a
time and location of your choosing.
Best
personal wishes,
Ed
Steer
Edmonton, Alberta
Canada
Email
emhs/mtf
cc
James Newsome
Chairman, CFTC
jnewsome@cftc.gov
Dr. Michael Gorham
Director of Market Oversight, CFTC
mgorham@cftc.gov
Vincent Viola
Chairman, NYMEX
vviola@nymex.com
Michael Steinhause
Vice-Chairman, NYMEX
msteinhause@nymex.com
Christopher Bowen
General Counsel, NYMEX
cbowen@nymex.com
Thomas LaSala, VP
Chief Regulatory Officer, NYMEX
tlasala@nymex.com
File – four page letter…Eliot Spitzer
enclosures (1- Six pages) Essay by Ted Butler: Business
as Usual?
13
February 2004
Dr.
Michael Gorham
Director of Market Oversight
Commodity Futures Trading Commission
Three Lafayette
Centre
1155 21st Street, NW
Washington, DC 20581
Via: Registered Mail and E-mail
Subject: The Silver Market –
and the NYMEX/COMEX
Dear Dr. Gorham,
Before I get started on the real ‘meat’
of this letter, I want to thank you and the CFTC for allowing me (and other
interested world citizens) the opportunity of commenting on the
self-regulatory organization (SRO) structure of US licensed futures
exchanges.
I can’t speak for all the commodity markets
you oversee, but frankly the CFTC does not pass any portion of the smell test
when it comes to honesty in the silver market. The gold market is also
manipulated…but this letter is mostly about the unethical and illegal
goings-on in COMEX silver.
The letter I sent to Eliot Spitzer…copy
attached…is rather interesting. I sent a copy to you by e-mail shortly
after I sent the ‘snail mail’ version to Mr. Spitzer. But
I’m sending this copy by registered mail in case my e-mail to you (and
others at the CFTC and the NYMEX/COMEX) got ‘lost’ somewhere in
cyberspace.
I’d appreciate it if you would be kind enough
to glance through this letter because, like General George S. Patton, Jr., I’d rather not cover the same ground twice.
In my letter to Mr. Spitzer I had one thing in
particular to say about the CFTC, and it went as follows… “That
the CFTC protects these silver shorts is deplorable. The CFTC has been
informed of this issue many times over the last fifteen years, and have done
nothing to stop it. Up until now, I have refused to believe that the
CFTC is complicit in this matter, but I have now changed my mind to the
belief that they are.”
Dr. Gorham, it's Friday night, February 13th …tomorrow
is Valentine’s Day. Right now I’m sitting in my family room
working on my second double scotch of the night. I’ve just spent the
last while looking over the carnage in my Registered Retirement Savings Plan
(the Canadian version of the 401(k)) after ‘the boys’ went
waltzing through the silver and gold markets today. Not a pretty sight.
Now I’m writing this letter to you.
You know, I’m not even going to ask you to
look into the silver issue. That’s right. You know why…because
you already know everything about it. That’s what your job is…to
make sure that this manipulation of the silver (and gold) markets continues
unabated and uninterrupted. That’s what you were hired to do by the
‘powers that be’, and you have fulfilled your mandate
magnificently.
The problem (as you and many others are more than
aware) is that the COMEX is running out of physical silver with which to play
this game…and first notice day for March delivery is coming up.
I’d love to be a fly on the wall as you and “the powers that
be” try to figure out what to do. I hope you have a game plan, because
it’s going to be you and the rest of the top people at the CFTC and the
NYMEX/COMEX who are going to be hung out to dry on this one. The types that
hired you aren’t going to be around when everything goes
sideways. I’m just curious to know if you (and others) have
prepared yourselves to fall on your collective swords for “all the
power and the money in the world” because that’s probably what
you’re going to have to do.
I see that Neal Wolkoff
has left the COMEX…by “mutual agreement”. As you
know, his contract wasn’t renewed…a smart guy getting out while
he could. I’m surprised that many more of you haven’t followed
his lead.
Dr. Gorham, you and everyone else at the CFTC, the
NYMEX and the COMEX are fully aware of what’s going on. This also
goes for more and more people around the world who are flooding your office
(and others) with e-mails letting you know that we…‘the great
unwashed’…know what’s happening too.
It takes huge gonads to do what is right considering
the position that you are in. And, quite frankly, I don’t think
you’re up to the task, as you were hired to perpetuate this fraud, not
end it. I’m sure that if you tried, you’d end up like Jimmy Hoffa
(or JFK) sooner or later…probably sooner.
But in case you are up to it, why don’t you
just take Ted Butler’s advice for the three things that have to be done
to restore honesty and integrity to the commodities markets in general and
the silver market in particular. Oh yes…gold…I just about
forgot about that one. While you’re at it at Dr. Gorham…set that
one right too. I’ve enclosed a copy of Ted’s letter on these
‘three little things’ as well. A little honesty
in the commodity markets would be useful to both producer and
consumer…and let’s not forget the economies of the (mostly) third
world countries that produce them.
Your bosses, in their attempts to destroy both
silver and gold as monetary metals, and acquire all the U.S.
government’s silver stockpile since the end of WWII, have now set
themselves up for a catastrophe. Everyone that’s anyone in the precious
metals world (investors both large and small…plus quite a few
unfriendly governments) are now wise to what’s going on at the COMEX.
I’m just guessing, but I would think that this situation might become a
threat to national security at some point…and at the very least,
financial Armageddon for some of the boys.
A well known Harvard lawyer by the name of Reginald
Howe had this to say about central banks in particular and “all the
power and money in the world” in general, and it would certainly apply
to the silver and gold inventories that are left on the COMEX.
I’m sure Reg will excuse me if I paraphrase a
little… “When the central banks realize that too many are not
just wise to their scam but also are taking advantage of it; that the gold
(and silver) con artists themselves have become the marks, the greatest bank run in history
will shift into high gear. It will be a run not just
from dollars or even from paper currency in general, but from modern central
banking itself, as the lenders of last resort succumb to the resurrected
worldwide preference for the financial asset(s) of last resort.”
You can just substitute the word NYMEX/COMEX for the
word “central bank”, and you’ll have an idea of
what’s coming your way, as the run on COMEX silver stocks has already
begun…and COMEX gold bullion inventories won’t be far behind. The
boys at the COMEX certainly don’t have much left in the registered
silver category, do they…and that amount is
getting smaller and smaller as the months and years tick by.
Dr. Gorham, the only thing that you can thank God
for, is that the silver (and gold) industry isn’t coming after you with
all guns blazing. If they did…and since the CFTC is the government
regulator…you could possibly be liable for dereliction of duty and
malfeasance…for violating your oath of office. The boys over at the
COMEX (being a private corporation) could be held personally liable.
That’s just my opinion, as I’m not a lawyer. But it’s a
pretty good bet that nowhere in your oath of office (or job description) at
the CFTC (and the same would apply to the boys over at the COMEX) do the
rules even hint at allowing the ‘8 or less traders’ to be short
seven (7) years worth of U.S. silver production…as they are now.
Quite frankly, the reason that the silver industry
(and gold) hasn’t been scaling the ramparts at the CFTC and the COMEX
has mystified me (and countless others) for many years. I have some
comments about that, and I hope you don’t mind if I share them with
you.
Some of the gold companies (I bless them one and
all, for we know who they are) have taken up the struggle through a group
known as The
Gold Anti-Trust Action Committee, an organization formed to
expose the rigging of the gold price by The United States Treasury, Exchange
Stabilization Fund, the Federal Reserve, the central banks of the world, and
various and sundry bullion banks such as Goldman Sachs and JPMorgan and their
ilk. In private the people at most of the gold companies I’ve
talked to over the years, know what’s going on…but in
public…few of them will say anything.
But as far as primary and secondary silver producers
doing anything about their own plight (and the corresponding plight of their
shareholders), the silence from this group has been deafening. More about
them later, as I wish to mention another organization first before I get back
to the mining companies.
There is a group called The Silver Users
Association with which you are more than familiar I’m sure. If not,
you should be, as virtually all of them are sitting on one CFTC advisory
committee or another. I’d be prepared to bet that you didn’t get
nominated to your current position without their approval. They may have even
hand picked you for the job. Who knows, maybe you were one of ‘the
powers that be’ to start with.
Normally I would refer you to their website at www.silverusersassociation.org but for some
reason its original contents have suddenly disappeared. If you wish to call
them at their head office in Washington
to get a copy of their “Mission Statement,” their number is
1-202-785-3050, but I’m sure you already know it by heart. My bet would
be that since their web site now just contains an e-mail address; they may
have already changed the most incriminating part of their mission statement
regarding ‘excessive speculation.” More on that below.
Ted Butler wrote an essay about the Silver Users
Association called “Silver Users, Silver Abusers” which I
have also enclosed, so I will not add to his comments. But I will quote
part of two paragraphs from his essay to bring you up to speed on the general
gist of it, and I have highlighted some of the more salient parts... “Now
let me give you my description of the Silver Users Association. I’m not
about to beat around the bush. The SUA is a dubious, manipulative
organization, whose sole purpose is to artificially depress the price of
silver.” Further down in this essay, Ted has this to say…
“On any silver price rise, the SUA will be all over the Commodity
Futures Trading Commission (CFTC), to pressure the COMEX to curb the
"excessive speculation". According to the Silver Users Association,
silver only rises due to "excessive speculation", and never because
of legitimate market fundamentals. Where will the SUA’s
attention be focused? At the only place it can be focused – on the
paper traders on the COMEX - or, more correctly, on the paper traders holding
long positions. They are always the culprits. Even though we are at the
lowest inflation adjusted price for silver in 5,000 years, the SUA will look
to assign blame for any price increase on paper silver investors. Trust me -
you can take this one to the bank.”
Dr. Gorham, this essay is three years old, but still
applies today.
Another essay written about the Silver Users
Association is called “The Silver Raiders.”
The author is Charles Savoie. This is a very small
part of what he had to say… “I don’t know what you could
compare them to in any other commodity, because this is the only
users group in any commodity. If anyone can show why they are not an
illegal short-side price fixing cartel in violation of antitrust law, regular
readers of this website would like to see it. That would be like proving the
great white shark isn’t a marine predator.” Normally I
would send this essay along as an enclosure, but it is so huge that I’m
just going to give the URL and you can type it into the address bar on your
computer. The URL is: www.silver-investor.com/raiders.htm
Now back to the issue of the silver producers
themselves. As you can imagine, because of the supply/demand numbers for
silver and gold, and the suppression of the price facilitated by yourself and
others, I’m heavily invested in silver (and gold) shares of many
companies, just waiting for you guys to fold up your tents.
I (and other shareholders) have spoken to many of the top executives of several of the large
silver companies based here in Canada
and the United States
about this issue, and they absolutely refuse to deal with it. In private (and
some not so private) communications with these companies, either in person,
by phone or by e-mail…I have been basically told that they are prepared
to do little or nothing on this issue and have told me (and others) to
“go forth and multiply”, which in the vernacular of New York City
means ‘f--k off.’ Privately, many of their employees tell me that
they all know what’s happening, but are powerless to do anything about
it themselves.
Five years ago, before I got involved in the gold
and silver market, it would never have dawned on me that a company and its
board of directors would not (at all times and all issues) be working in the
best interests of their own industry or their own shareholders. By
their very silence they seem to have made a policy statement on this
issue. This includes their own producer organization to which they all
belong…The Silver Institute…based in Washington, D.C.
I’ve been led to understand that, at times, the SUA and the SI have
been known to work together on certain projects. With their respective
head offices in the same city, it sure does make it
convenient…doesn’t it?
In all fairness to most of these silver companies,
they are improving shareholder value in other areas of their operations (as
per their glossy reports), but the rigging of the silver price on the COMEX
by ‘8 or less traders’…and a net short position of almost
one billion ounces…well, they ain’t interested
in talking about it let alone doing much about it…even though they say
that they are out there every day increasing ‘shareholder value.’
But the question begs to be asked: What
happened to the fiduciary duties of the Executive and Board of Directors of
these silver companies (on this particular issue) to the individuals who
really own the company…us, the shareholders? Just asking.
So it’s up to us…the little
guy…the shareholders from around the world, via the Internet, to launch
this tirade against the forces of the The
Empire. To tell you the truth Dr. Gorham, I don’t look like Luke
Skywalker and I bet you don’t look like Darth Vader or the Emperor.
We’re just a couple of past middle age guys who are trying to go along
to get along. But somewhere along the way you appear to have been
consumed by “the dark side of the force”; and like Alan
Greenspan, tossed out your scruples and business ethics and joined The
Empire.
However I, and many other members of the Rebellion, are fighting for what’s right…and all the good
things that America
was…and can be again…if people such as you (and the organization
you represent) didn’t exist. But since the CFTC does exist, and you
have one of the top jobs there, it would be really wonderful if you would
enforce the rules. How about some realistic position limits in
silver…or preventing the ‘8 or less traders’ from naked
short selling all the paper silver necessary to control the price.
It’s my belief that you, and the people you
work for, and work for you, represent something far more sinister…but
that is beyond the scope of this letter. The silver companies may have left
us stockholders twisting in the winds so to speak, but we will fight on
regardless…no matter how powerful the forces that are apparently
aligned against us.
I just wanted to write this letter to put you (and
all the others that are cc’d at the bottom)
on formal notice that your blatant protection of those who have been rigging
the price of silver for the last fifteen odd years is now conspicuously obvious
to the entire silver investing public, the silver miners…both primary
and secondary producers…and most importantly, the mostly third world
countries whose economies have been devastated for decades by this
unbelievable corruption of free market forces.
We both know that if the prices of the two monetary
metals are kept in check, then all commodity prices are kept in check.
Basically the ‘powers that be’ in the United States have been stripping
the commodity producers of the world (including your country and mine) of
their resources at prices far below their intrinsic value…for the
benefit of themselves. Plus they want to protect the beloved
‘reserve status’ of the almighty U.S.
dollar…and the present fiat currency system.
I know that this letter probably won’t do much
good Dr. Gorham, but I feel better now that I’ve written it. I
started this letter Friday evening in an alcoholic haze, and am finishing it
late Saturday afternoon.
Now I’ve got to get changed. My wife and I are
off to the symphony. Brahms Piano Concerto #2 in D minor…and Camille
Saint-Saens Symphony #3 for Pipe Organ are on the menu. It should be a good
one.
Anyway, I hope you had a pleasant weekend as well.
Dr. Gorham, when you get this letter…and if
you do have the courage to do something to clean up this mess…please be
kind enough to do yourself (and the entire world) a favour and bring this
grotesque silver price manipulation to an end. If you don’t…then
it’s only a question of who gets to you first: Eliot Spitzer or the
‘Economics 101’ law of supply and demand.
It’s your move.
Yours very truly,
Ed Steer
Edmonton, Alberta
Canada
Email
emhs/mtf
enclosures:
Letter: Ed Steer – “Letter to Eliot Spitzer”
-- Three (3) pages
Essay: Ted Butler – “A Special Invitation” --
Five (5) pages
Essay: Ted Butler – “Silver Users, Silver Abusers”
-- Five (5) pages
cc: Alan.Sobba
Office of External Affairs, CFTC
asobba@cftc.gov
James Newsome
Chairman, CFTC
jnewsome@cftc.gov
Vincent Viola
Chairman, NYMEX
vviola@nymex.com
Michael Steinhause
Vice-Chairman, NYMEX
msteinhause@nymex.com
Christopher Bowen
General Counsel, NYMEX
cbowen@nymex.com
Thomas LaSala, VP
Chief Regulatory Officer, NYMEX
tlasala@nymex.com
File (2)
19
February 2004
The Honorable Eliot Spitzer
New York State
Attorney General
120 Broadway
New York, NY
10271
U.S.A.
Registered
Mail and e-mail
Subject: The Silver Market
Dear Mr. Spitzer:
This letter is a follow-up to my letter to you on
February 4th regarding the manipulation of the silver market by
the ‘8 or less traders’ at the NYMEX/COMEX.
Enclosed is a copy of a letter dated 13 February
2004 that I wrote to Dr. Michael Gorham over at the CFTC.
Also enclosed is a copy of a new essay about the
nefarious goings on at the NYMEX and the “Crimex.”
It is dated February 17th and entitled “Targeting the
Gold Cabal with Silver Bullets.” The author, Harvard educated
lawyer Reginald Howe, is one of the most well know and respected
spokespersons on the manipulation of the gold (and silver) markets. You can
view this essay at his website: http://www.goldensextant.com/. The essay itself is right on the home
page.
My third enclosure is the latest essay from world renown silver expert; Theodore (Ted) Butler dated February 16th. The
essay is entitled “Keeping the Pressure On.” In it,
he lays out how very simple it would be for the NYMEX/COMEX to ensure that
there is a level playing field…not only for silver (and gold)…but
for all other commodities as well. His website for this essay is at: http://www.butlerresearch.com/archive_free.html
In a very related note, I
see that Jeff Skillings just got indicted today.
Enron is gone…it’s past employees and
some of their largest shareholders lives are in ruins.
Mr. Spitzer…there is a crime in progress
at the NYMEX/COMEX that the CFTC absolutely refuses to do anything about.
It’s my opinion (as stated in my attached letter to Dr. Gorham) that
the CFTC is complicit.
The implications of this grotesque and malignant
cancer at ground zero of the United
States commodities market are beyond
belief…and the ramifications of this manipulation of free market
forces, once exposed, will reverberate at the highest levels of finance,
economics and geo-politics.
Mr. Spitzer…I, and thousands of others, beg
you to do what is right and end it.
Yours very truly,
Ed Steer
Ed Steer
Director
Gold Anti-Trust
Action Committee
www.GATA.org
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S.
Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe
at www.GATA.org. GATA is
grateful for financial contributions, which are federally tax-deductible in
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