In this month’s interview Bill Murphy and Chris Powell, co-founders of Gata, analyse risks of the monetary system and comment on changes to the London Gold fix procedures and participation, liquidity issues and the difficult relationship between paper (futures) and physical precious metals as well as mainstream media ignorance of the popular market intervention methods by Central banks.
Interview by Lars Schall
Bill Murphy, chairman of the Gold Anti-Trust Action Committee, GATA (www.gata.org), grew up in Glen Ridge, New Jersey and graduated from the School of Hotel Administration at Cornell University in 1968. During his senior year he broke all single season Ivy League pass receiving records and was Honorable Mention on the All-America Football team. He went on to become the starting wide receiver for the Boston Patriots (now New England Patriots) in 1968. Later Murphy went on to a career in the futures industry as a commodities broker. Early on he worked for Shearson Hayden Stone and Drexel Burnham before starting up his own introducing brokerage on 5th Avenue in New York. In 1998 he opened up www.LeMetropoleCafe.com, a financial market website geared to the gold market.
Chris Powell, secretary/treasurer and director of the Gold Anti-Trust Action Committee (GATA), has been managing editor of the Journal Inquirer, a daily newspaper in Manchester, Connecticut, since 1974. He began working at the paper when he left high school in 1967. He writes a column about Connecticut issues that is published in a dozen other newspapers in the state and Rhode Island and often appears on radio and television public-affairs programs in Connecticut. From 2004 through 2009 he was legislative chairman of the Connecticut Council on Freedom of Information. In 2006 he was inducted into the Academy of New England Journalists by the New England chapter of the Society of Professional Journalists and the New England Society of Newspaper Editors.
In 1998, Chris Powell and Bill Murphy founded GATA, which is recognized by the U.S. Internal Revenue Service as a tax-exempt educational and civil rights organization.