Alas, poor Barrick. Hedges can''t survive gold''s rise

9:45p ET Tuesday, December 2, 2003

Dear Friend of GATA and Gold:

MineWeb's Tim Wood has commentary tonight on
Barrick's reversal of its policy on hedging, and he
doesn't like the company's having made itself look
ridiculous. You can find Wood's commentary on
Barrick here:

a href=http://www.mips1.net/MGGold.nsf/UNID/TWOD-5TURQS?OpenDocumenthttp://www....

Or try this abbreviated link:

a href=http://ls.shapebyforce.com/sbf/364http://ls.shapebyforce.com/sbf/364/a

Wood also provides an excellent examination of
the Chicago Mercantile Exchange's gold contract,
the quot;Gold TRAKRS,quot; and he finds that it is just
another paper derivative with no real gold behind it.
You can find that commentary here:

a href=http://www.mips1.net/mggold.nsf/Current/4225685F0043D1B285256DF0005EBCht...
3B?OpenDocument

Or try this abbreviated link:

a href=http://ls.shapebyforce.com/sbf/365http://ls.shapebyforce.com/sbf/365/a

A GATA consultant has examined the prospectus
for the World Gold Council's bullion fund in London
and the early indications are that it will provide no
guarantee of gold backing. We hope to have more
on that for you shortly. In the meantime, judge
every gold-related product by whether it serves
largely to divert into mere paper the funds that
are meant for hard metal. The diversion of funds
into gold paper rather than metal is the primary
device by which governments and bullion banks have
been suppressing the gold price.

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

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