Business Services Industry
Emerging bull market fuels further anti-trust talk.
Australasian Business Intelligence, February, 2003
Feb 26, 2003 (Gold Gazette - ABIX via COMTEX)
In late 2002 Barrick Gold and JP Morgan were the subject of an anti-trust law suit in the US. US entity Blanchard & Company accused the major gold producer and the investment bank of unlawfully and jointly manipulating the gold price and making a $US2bn profit in doing so. Pierre Lassonde, President of Newmont Mining Corporation, told the 2002 Diggers & Dealers forum in Australia he did not believe a gold cartel existed that could effectively control the price of gold. Blanchard & Company alleged the gold cartel commenced operations in earnest in 1987. By keeping the gold bullion price down, investors were deprived of the opportunity to experience gold prices at $US470 per ounce, according to Blanchard & Company....
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