March 1, 2001 To: Ms. Haruko Fukuda Chief Executive Officer World Gold Council 45 Pall Mall London SW1Y 5JG United Kingdom Dear Ms. Fukuda: Last Friday there was an article in The Wall Street Journal by Neil Behrmann titled, "World Gold Council Hopes to End Gold Price's 20-Year Bear Market." The article mentions Reginald Howe's complaint filed in U.S. District Court in Boston and the Gold Anti-Trust Action Committee, stating, "The complaint 'for damages and injunctive relief' alleges manipulative activities in the gold market by central banks and bullion banks to depress the gold price from 1994 to the present." It goes on to say the World Gold Council is distancing themselves from the allegations: "'We've thoroughly researched the allegations and don't find any evidence of manipulation in both the gold and gold derivatives markets,' said Ms. Leyland and Mr. Cruikshanks of the council." On behalf of GATA, I recently toured South Africa, visiting Johannesburg, Cape Town, Durban, and Pretoria. I met with the president of the National Union of Mineworkers; the South African minister of minerals and energy and her staff; the king of the Zulus, Goodwin Zwelithini; the South African Chamber of Commerce; business leaders; 11 senior gold analysts; political officials; gold producer executives; and officials of the Reserve Bank of South Africa. All were impressed by the evidence GATA presented about manipulation of the gold price. All seemed curious to know more, because, if GATA's allegations are verified, the gold price will soar and the economy of South Africa will benefit from the return to work of more than 100,000 miners. In turn, money will be freed to combat the terrible crime and epidemic disease afflicting South Africa. GATA and its supporters have worked hard for more than two years to expose the truth about the gold market. That is what will come out when Howe is allowed to ask questions under oath of the defendants in our lawsuit during the pre-trial discovery process. Support that the Howe/GATA complaint should be heard is growing around the world. Unfortunately, disturbing comments from the World Gold Council, such as the one above, retard the truth-seeking process. Since you have done so much research about our claims and can find no evidence for them, would you please publish your findings, in fairness to the many who are harmed by your comments? While there are those in the gold world who do not agree with us, they never specify what they dispute in the massive body of evidence we have documented. If The Wall Street Journal article was in error about the World Gold Council's position on GATA, we and the council deserve a correction. After all, it is in the interest of your members' shareholders that GATA has toiled these past two years. Thank you for your consideration. All the best, BILL MURPHY, Chairman Gold Anti-Trust Action Committee Inc. Dallas, Texas -END- Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/