Wednesday, January 12, 2011

Federal Reserve Ordered to Provide Judge with 20 Gold Documents for Private Review

In what is considered a small, but important victory for the Gold Anti-Trust Action Committee (GATA), the Federal Reserve was ordered to provide U.S. District Court Judge Ellen Segal Huvelle 20 documents related to gold for her personal review.

GATA cautioned concerning the decision on its Website that "While Judge Huvelle still could grant at any time the Fed's motion to dismiss GATA's lawsuit, her ruling today at least implies a little skepticism about the Fed and its tactics."

The lawsuit by GATA was filed in order to have the records of the Federal Reserve concerning gold exchanges with foreign banks and institutions. They want records from 1990 onwards to be opened for public scrutiny.

GATA believes the Federal Reserve has engaged in manipulating the market through its policies and actions.

Ron Paul stated, "It is high time Congress insist on getting complete information on what the Fed has been doing and for whom."

Paul chairs the Monetary Subcommittee of the Financial
Services Committee, which has oversight of the Federal Reserve.

The Federal Reserve claims the gold swap agreements aren't subject to the U.S. Freedom of Information Act (FOIA).

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