8:45p ET Tuesday, April 27, 2010

Dear Friend of GATA and Gold:

GATA board member Adrian Douglas cautions against any enthusiasm arising from Business Insider's disclosure tonight of the International Monetary Fund's defiance of questions about its supposed gold reserves.

In response to the Business Insider report, Douglas expects a quick posting at FinancialSense.com by CPM Group founder and U.S. Commodity Futures Trading Commission hearing witness Jeffrey M. Christian to this effect:

"Everybody has known for years that the International Monetary Fund has no gold. In fact, everybody knows that the Western central banks have no gold.

"Everybody knows that there is really no gold in Fort Knox.

"Everybody knows that all gold IOUs have no backing.

"But there is no fraud here because even if everyone asks for their gold at the same time and there isn't any to deliver to them, there is always the option for cash settlement."

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

"Priceless" is the guile and conceit of the devious. As a result, truly priceless is what gold may well become.

P.