Gold bugs, lead by Bill Murphy’s Gold Anti-Trust Action Committee (GATA), have been crying foul over an X-files type conspiracy to suppress the price of gold.

Lackluster gold demand during the typically strong Christmas season has further strengthened GATA’s resolve to expose the collusion.

As media exposure has done little to help the market, Gold market analyst, Reginald H. Howe is putting his money where his mouth is and is filing suit against the Bank for International Settlements (BIS), the US treasury department.

The lawsuit charges the defendants with price fixing, securities fraud, and breach of judiciary duty.

Furthermore, key government officials are also accused of exceeding their constitutional authority.

Howe is a BIS shareholder as well as a Boston area lawyer. He asserts that the BIS is seeking to pay its shareholders less than fair value for their shares. Moreover, Howe maintains that the BIS is playing a central role in coordinating the sale and leasing of gold and the sales of derivatives to keep the price artificially low.