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Mix-Ansicht- GATA Goldnews von Durban - Tofir, 14.05.2001, 13:59
GATA Goldnews von Durban
The GATA African Gold Summit was a huge success. Before I get into the reasons why, I would like to thank James Turk, Frank Veneroso and Reg Howe that took anywhere from 4 to 7 days out of their own time to fly all the way to Durban, South Africa to bring forth some surprising transparency to the gold market.
They were all terrific and are an inspiration to me. On top of that, Rhoda Fowler, President of Media Link, is an absolute one of a kind gem and so is her staff. Not only is she the most reliable person I have ever had the pleasure of working with, but Rhoda believes GATA is correct and wants to help us help her countrymen and women.
As there is much to still do in Africa, Rhoda is still on a GATA retainer and is a valuable cog in the GATA Africa war machine - as it is becoming more and more apparent that that is what we have here. I will get into this some other time, but as far as I am concerned you have mainstream economic interests sparring with"the truth." Then, you have an Afrikaner, Zulu, GATA faction that is at odds with the British and the big banks.
I have not slept in two days and am on dim getting dimmer, so I will try and give you the highlights of what Durban was all about.
On Wednesday morning May 9, I was on the Tim Modise talk show, which is on of the most popular in all of South Africa. Tim is known throughout the entire sub-Saharan continent. He is a bit unique in that he is held in the highest regard by both the white and black communities. I can tell you that he was a wonderful interviewer.
Café member Boudewijn Wegerif (bw@jak.se), who gave GATA its name, reported the following from Sweden this past Thursday to many of his followers:
"Yesterday the GATA chairperson Bill Murphy was interviewed at length on the most popular national radio program in South Africa, the Tim Modise show. This was heard all over the country - also by my son, Marc Wegerif, who is co-founder and executive director of the land restitution NGO, NKUZI Development Association in the Northern Transvaal. Marc emailed me that"there was a lot of support from the callers to the radio show. I did not hear anyone trying to oppose Murphy’s arguments, but I could not listen to the whole show."
Tim Modise gave out GATA's Durban phone number and it rang off the hook.
Because GATA decided to have our own summit and went to Durban, we caught the attention of an enterprising journalist, Adam Aljewicz, from Johannesburg. Adam was the first one to accept an invitation to our summit.
I did a lengthy phone interview with him on Tuesday morning and was not surprised when he told me Tuesday afternoon that his London editors were balking because of this legal reason and that.
Adam, to his credit, would not accept NO for an answer. Later, he offered his thought that we made sense and posited just what if you are correct,"after all, look at the covered up Hamanaka copper scandal."
Well, low and behold, his Dow Jones story that he persevered with hit the wires and was the most ink GATA has received in the U.S. and over the world in over two years. Not only that, the other wire major services also ran with his story, changing it slightly.
Adam came to GATA's reception dinner that night at the Durban Hilton and I had much fun with his story as gold rallied over $5 that day, the biggest in a dog's age (a gold dog's age). I gave him the credit.
Adam was most attentive throughout the entire summit, asking question after question and trying to get to know the GATA players, like Reg Howe, etc. Will anything else ever come out of it? I do not know. But, this is one smart kid, he has a Woodward/Bernstein story of a lifetime, and I think he might just know it.
Chris Powell already sent out basically who the biggest names were at the summit, so I will not repeat that. Initially, we booked the room for 40 people and we ended up with around 53, which was more than we had originally expected.
I have already told you that the South African Broadcasting coverage was awesome. Peter George, the renowned Cape Townian, who was present and was interviewed by SABC himself, asked me how did we ever get such incredible TV coverage? Answer: Rhoda and a great story.
(Once again I want to tell you that MANY hundreds of people called SABC and were referred to Media Link. They were then referred to the GATA website and to my email address)
In addition to SABC, E-TV was there and did an extensive interview with James Turk. E-TV is one of the most highly regarded independent TV stations and is run by Marcel Golding. Marcel is one of the leading black entrepreneurs in South Africa, the former president of the National Union of Mineworkers and has known Frank Veneroso for 20 years.
Radio is much more important in South Africa than here in the states. I did 10 interviews with ALL the major radio stations in South Africa. GATA was being talked about everywhere. BIG STUFF.
Frank, Reg, James and I all did our thing. We encouraged questions of any kinds - especially ones that might not agree with what we were saying. There were none.
To his credit, the Ghanaian mining ministry representative wanted a statement made about Ashanti clarified and it was done so. I later found out on a meeting yesterday that this man was someone who could make things happen.
The Ivory Coast delegation - its minister and two deputies were all over what we had to say. They were most impressive in their demeanor and I think that they appreciated that we had a French interpreter there for them. They have already requested transcripts in French of all the presentations.
I could go on with many more positives, but time will tell of what worked well enough to get the Africans to take action.
There is also a good deal happening behind the scenes which I cannot go into, but I can say that a task force is scheduled to be assembled this week to THOROUGHLY investigate all what the GATA camp presented. Some of the people in this task force will be more of the radical type that are not afraid of the mainstream and status quo thinking that has petrified some in South Africa. Bottom line: they will not be, and have not been, afraid to take on the big banks.
I learned more in a very special Saturday meeting with someone who knows the goings on in Africa. GATA's issues are very important because of the following:
*The Chinese are buying more gold in Africa than is generally known.
*The Chinese are offering billions of dollars in loans to appropriate Africans at very low interest rates - as low as.5%.
*The Chinese are as"cocky" as this person has ever seen them and they are everywhere in Africa.
*The African/Bush Administration relationship is deteriorating. The recent African meeting with Colin Powell did not go well. My source tells me to look out for increasing friction in the near future."
This is a BIG DEAL and Café members have known the reason why for some time now. The Chinese are quietly buying up the gold market. They are smart cookies and surely know what Frank Veneroso told the summit attendees - and that is that the gold loans are 10,000 tonnes to 16,000 tonnes - not the 5,000 tonnes that the gold industry claims is the case. Frank explained the 6 different ways that he came up with the same conclusions - and I hope to have the transcript up at the Café of what Frank said sometime very soon.
That means that the U.S. has a gold national security issue here. Next time, instead of a plane, it might be Taiwan and it might come at a time when our banks are tottering. What if the Chinese come to us and say we want Taiwan or we are going to sell our billions of dollars of reserves and replace them with gold reserves (after quietly and already loading up at cheap, cheap gold prices)?
There is much more to come. But, for now, I am drained. Got to get some"cack time." It was important to me to share my exhilaration with you, for we are now quietly winning the day.
GATA
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