Dear Friend of GATA and Gold:
Prompted by a critical reference to GATA from Dennis Gartman in his market letter today, market analyst Peter Grandich has written "Open Letter to Bill Murphy" crediting GATA's chairman with keeping him riding the gold bull. You can find Grandich's commentary at his Internet site here:
http://www.grandich.com/2010/06/open-letter-to-bill-murphy/
Grandich also today gave an interview to GoldSeek Radio's Chris Waltzek, warning gold investors that they should give up looking for mainstream financial media commentary favorable to gold, the media's livelihood being drawn from interests antithetical to gold. Grandich's interview with GoldSeek Radio is 27 minutes long and you can listen to it here:
http://radio.goldseek.com/nuggets.php
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
http://www.grandich.com/2010/06/open-letter-to-bill-murphy/
Billy Boy,
I look forward to seeing you and the GATA gang in Vancouver this weekend.
I couldn’t help but chuckle after reading this in your daily letter today:
Speaking of Jeff Christian, the latest from the very visible Dennis Gartman this morning, good grief…
Finally, we strongly urge everyone to read a truly brilliant article listed on Kitco.com’s website written by the always interesting, keenly insightful, historically well informed and inordinately wise Mr. Jeffrey Christian of the CPM Group, as he rebuts the nonsense put forth by GATA regarding gold market manipulation. Mr. Christian is far more courageous than we, for he accepted GATA’s demands to debate this issue. We have long refused to do so, for although we are very good friends with Mr. Murphy, GATA’s President, we have seen what GATA’s supporters are like as they shout epithets and vulgarities ad nauseum at various sites we’ve spoken at and we prefer not being subjected to those same indignities. Mr. Christian’s arguments are worthy of any gold bull’s time and efforts to be understood, and we are gold market bulls here at TGL. We are not, however, adherents to the thesis that GATA demands of its acolytes, and thus we are in GATA’s eyes “apostate.” To GATA’s legions, if one is not bullish for the right GATA-endorsed reasons one is wrong… all too reminiscent of the Bolshevik vs. Menshevik debates all those decades ago on the radical, wild-eyed Left.
Billy, Gartman, Christian, and Tokyo Rose not only remind me of the Weird Al song, but in all seriousness have a combined horrific track record on gold. While we’re all wrong at times, their actual poor performance is only surpassed by their giant egos and inability to say the phrase, “I was wrong.”
I just want you to know your work and that of GATA is one of the key reasons I’ve stay so bullish from just above $300 on gold.
I’ve been blessed to be on the sidelines at NFL games. During one, the home team crowd was as nasty as they could be to the visiting team, who were not only the underdogs but playing a very popular team. I asked one of the visiting team players does it bother him that the people are so nasty despite not only losing this particular game, but have been losers for several years. He answered, “I just look up at the scoreboard and know the winner is the team with the most points at the end of the game and that’s us.”
You’re my Gold Godfather Billy Boy!
