Calandra asks: Is it gold or gold paper? Roffey sees huge value in gold shares

10:50p ET Thursday, March 27, 2003

Dear Friend of GATA and Gold:

Tonight's recommended reading is the gold market
commentary of Louis Paquette of the Emerging Growth
Stocks letter. You can find it at GoldSeek.com here:

a href=http://news.goldseek.com/EGS/1048815990.phphttp://news.goldseek.com/EGS/...

A story from the Melbourne Age in Australia about
a gold bullion fund sponsored by the World Gold
Council is appended.

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

* * *

World first for gold bullion
on Australian Stock Exchange

From the Melbourne Age
Thursday, March 27, 2003

a href=http://www.theage.com.au/articles/2003/03/27/1048653806150.htmlhttp://ww...

In a world first, investors from Friday will be
able to buy gold bullion securities directly on
the Australian Stock Exchange.

The gold bars, lodged in London vaults, will even
be available for delivery, if wanted.

In a joint initiative with the World Gold Council,
Gold Bullion Ltd. will be offering investors the
opportunity to own a specific portion of a gold
bar.

A prospectus for the initial public offering in
Gold Bullion Ltd. has been launched and the
securities will be listed tomorrow on the ASX with
the code GOLD.

Retail and institutional investors will be able
to buy and sell bullion securely, with each
security traded on the ASX representing one tenth
of an ounce of gold, the minimum trading amount.

With the current gold price around $A550 an
ounce, each of these securities should trade at
$55 each, Gold Bullion chairman Graham Tuckwell
told a briefing on the launch.

quot;The beauty of these securities is the investor
actually owns the gold,quot; he added.

The securities are not futures contracts.

The gold is bought and sold outright as physical
gold, insured, and held by HSBC Bank USA, the
custodian bank.

The intention is to create a new gold investment
which superannuation funds in particular will
consider an essential part of their portfolios,
given rationalisation in the gold industry has
created few outlets for gold investment here.

The structural change in the Australian market,
which traditionally had a lot of gold represented
in investment portfolios, has now left gold
companies as barely 1 percent of the ASX market
capitalisation, Mr. Tuckwell said.

quot;We are here to bring a product to the market
so those portfolios can be rebalanced,quot; he said.

The proposal is based on a report done by
PriceWaterhouseCoopers which showed that had
portfolios, which were generally based on
equities, property, cash, and bonds, contained
some gold bullion, it would have acted to curb
volatility in returns.

quot;When you are in negative territory or uncertain
markets, gold does not move in the same direction
as other asset classes,quot; PwC's researcher David
Knox said.

quot;It is a very important factor in lowering the
risk of your superannuation fund investment.

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

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