Investors looking for bigger share of commodity-linked companies

4:57p ET Monday, December 1, 2003

Dear Friend of GATA and Gold:

While the World Gold Council undertaking reported in
the Gulf News story below may be little more than a
cover for more gold leasing, it still may be encouraging
for reflecting recognition that gold is now the quot;most
sought-after asset class.quot; Just make sure that your
gold is really where you think it is and that it's
really yours.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee inc.

* * *

WGC holds talks to launch 'paper gold'

By C.L. Jose
Gulf News
www.gulf-news.com/Articles/news.asp?ArticleID=104253

DUBAI (Dec. 1) -- The World Gold Council is holding talks with
a national bank in Dubai to co-operate on launching a gold
accumulation plan. This would allow investors to open
interest-bearing quot;paper goldquot; accounts.

Moaz Barakat, WGC managing director for Middle East,
Turkey, and Pakistan, said talks with the bank are nearing
completion and a decision can be expected soon.

At present, this facility is not offered by any bank in the
Gulf although it is available elsewhere.

quot;This scheme exists in countries such as Japan, Turkey,
Singapore, and Korea,quot; Barakat said. quot;Not only can the
investors keep their gold safe with the bank, but they will
receive a small interest on gold deposits they keep with
the bank,quot; he added.

The plan will also allow the bank to make money through
trading in gold. National Bank of Dubai, Mashreqbank,
National Bank of Fujairah, and Standard Chartered Bank
deal in gold.

Barakat said an increasing number of investors are shifting
into gold from traditional assets such as equities and debt
instruments.

He said: quot;The stock markets have been rendered
unpredictable and deposits with banks are not remunerative
in view of the record low interest rates.quot;

quot;The unfavourable geo-political situation in many parts of
the world has also helped gold become the most
sought-after asset class.quot;

The gold price has scaled new seven-year highs in the past
couple of weeks. A WGC statement said the gold price in
the third quarter of this year averaged $363 an ounce, or
$16 higher than the previous quarter.

Prices ranged between a low of $312 an ounce to as high
as $401 an ounce, with just over 30 percent of mine
production during the quarter delivered at prices lower than
spot.

WGC said that gold miners have increased their unhedged
gold production this year in view of expectations of a higher
gold price.

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----------------------------------------------------

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