Gold News & Info

Source: CBS.MarketWatch.com By Thom Calandra,

SAN FRANCISCO (CBS.MW) — If you're looking to be, as is said of hockey great Wayne Gretzky, where the fiscal "puck" will be in a month or two, review this week's two hours of presentations by the Gold Anti-Trust Action Committee to journalists and investors at the Washington Press Club. GATA Chairman Bill Murphy and others describe how the world's largest bullion banks have manipulated the market for gold prices, in essence depressing the price in an effort to promote profitable bullion lending. See the testimony on C-Span.

"It's like a neutron bomb; it's like Enron," said Murphy, a former Wall Street commodities trader. He and the members of GATA see gold prices "melting up" to $600 an ounce and more as the world's largest money-center banks, and hedged gold producers, unwind tens of trillions of dollars of derivative trades and other gold short-sales and exchanges. "It's coming; I can't predict the timing." Central banks and commercial banks conspired to keep the price of gold depressed in the late 1990s as a way of manipulating economic signals, he says. See more on Murphy and gold at CBS MarketWatch.