Bill Murphy: 25 Years of Fighting the Gold Cartel

November 05, 2023

Remarks by Bill Murphy, ChairmanGold Anti-Trust Action Committee Inc.New Orleans Investment ConferenceHilton Riverside Hotel, New OrleansWednesday, November 1, 2023

In 1997 I came to this conference with my friend Frank Veneroso to present a copy of this “Gold Book” to its publisher, Jim Blanchard, the promoter of this conference before Brien Lundin took over.

A main feature of the book was that Frank learned through his sources, including The Bank of England, that various banks were leasing out their gold, to the tune of up to 8,000 tonnes.

In the fall of 1998 a legendary hedge fund, Long Term Capital Management blew up and had to exit all markets, including a supposed 400 tonnes of leased gold they had borrowed from various banks. I had just began my own daily commentary and noticed the same banks were stopping gold from blowing through $300 an ounce to the upside.