Bill Murphy (businessman)

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Bill Murphy is a former American professional football player, financial commentator, and noted gold bug who serves as the chairman and director of the Gold Anti-Trust Action Committee (GATA). Murphy and GATA are the author of a number of essays promoting conspiracy theories related to alleged manipulation of the precious metals markets. Murphy believes the price of gold is artificially low and has spent years lobbying the US government to investigate market manipulation in the gold market.

Early life, education and early career[edit]

Born William J. Murphy III, he grew up in Glen Ridge, New Jersey and graduated from Cornell University in 1968. While in college, he played American football and went on to become a starting wide receiver for the Boston Patriots. He then went to work at Merrill Lynch as a trainee learning the commodities markets.[citation needed] He later worked at Shearson Hayden Stone and Drexel Burnham, eventually starting his own brokerage firm.[1] From 1993 to 1996, Murphy lived in Miami, Florida, where he was an entrepreneur[2] Murphy is now a financial commentator and operates a financial website for investors of gold.[citation needed]

Gold markets[edit]

Murphy began compiling evidence and writing about manipulation of the gold market in the mid-1990s.[3][4] In 2008, the CFTC released a report in which they acknowledged that since the 1980s, they had received "numerous letters, e-mails and phone calls" alleging that prices in the silver market were being suppressed.[5] Murphy and GATA have gained some attention, but still have difficulty being covered by the mainstream media.[citation needed]

On March 25, 2010, Murphy spoke at a hearing of the Commodity Futures Trading Commission (CFTC) on position limits in precious metals markets.[citation needed] Murphy identified Andrew Maguire as the source of information on market manipulation in the silver market.[citation needed] Maguire had contacted Adrian Douglas, a member of GATA's board, after Maguire was not invited to speak at the CFTC hearing.[citation needed]

Criticism[edit]

Murphy and GATA are widely dismissed as cranks, and their beliefs as fringe by reputable economists, business leaders and government officials.[6][7]

References[edit]

  1. ^ Contributor biography Financial Sense. Retrieved May 8, 2011
  2. ^ Jane Bussey, "Simmering Debate on the Economics of Gold Takes a Turn" The Miami Herald (June 9, 2002), republished at gata.org. Retrieved June 6, 2009
  3. ^ Peter A. McKay, "Despite Jittery Market, Gold Just Isn't Shining" The Wall Street Journal (March 8, 2000), republished by Philip Greenspun. Retrieved June 8, 2009
  4. ^ Joel Bainerman, "Is gold being manipulated?" Haaretz, republished on gata.org (December 27, 2005). Retrieved June 6, 2009
  5. ^ Asjylyn Loder and Pham-Duy Nguyen, "Silver Subject to Price Manipulation, Chilton Says" Bloomberg (October 26, 2010). Retrieved May 9, 2011
  6. ^ "GATA and Gold: The Truth is Revealed". The Motley Fool. Retrieved 26 July 2014. 
  7. ^ "Debunking the Post-CFTC Precious Metals Fear Mongering Campaign". Peak Prosperity. Retrieved 27 July 2014. 

External links[edit]