A New Hampshire group calling itself the Gold Anti-Trust Action Committee (GATA) has retained the Philadelphia law firm Berger & Montague to help it investigate allegations of manipulation in the gold market.
GATA believes it has evidence to support allegations that a cartel of Wall Street investment houses and bullion banks is controlling the gold price.
GATA Chairman William Murphy believes this collusion violates anti-trust laws. The allegations suggest that a large number of short positions overhanging the gold market is a deliberate attempt to hold down the price. The Comex division of the New York Mercantile Exchange has reported a record level of short positions on gold.
Murphy is expected to elaborate on his allegations at the Northeast Investment in Mining Conference, scheduled for June 2-3 in New York, N.Y.
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