cigas

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Dear Friend of GATA and Gold:

If one puts today's news together ...

1) The Arabian Gulf oil principalities say they'll stick with the U.S. dollar until they achieve monetary union in 2010 (see the report appended here).

2) The World Gold Council and a commodities group in Dubai announce a gold exchange-traded fund to be operated according to Islamic financial principles.

3) And the International Monetary Fund announces that it has formalized its plan to sell 403 tonnes of gold. ...

... it may be hard not to wonder if the oil states have not made a deal with the United States to continue for another two or three years their cooperation with the U.S. scheme of rigging the currency and gold markets in exchange for whatever gold is to be unloaded in the name of making the IMF solvent -- hard not to wonder whether this is not all part of an orderly hedging of the oil world's dollar exposure.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.