Barrick asks court to reconsider gold trial ruling

9:46p ET Wednesday, September 17, 2003

Dear Friend of GATA and Gold:

Thanks so much to our friend Mark Webber for the
incredible work of transcribing Tuesday's
wonderful interview with John Embry, president
of Sprott Asset Management, by ROB-TV during the
quot;Lunch Moneyquot; and then the quot;Market Callquot; programs.
The programs are supposed to be accessible via the
Internet for a week, but I've been unable to get the
connection to work with my media players, so you're
on your own here:

a href=http://www.robtv.com/channels/hubs/pastprograms_highlights_tue.htmlhttp:...

Embry once more lays out the facts of international
currency debasement and identifies some of the
forces that intervene in the market against a higher
gold price.

Appended is the interview as transcribed by Mark, to
whom GATA once again is deeply grateful.

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

* * *

quot;Lunch Money with Michael Hainsworthquot;
12p ET Tuesday, Sept. 16, 2003
Report on Business Television, Canada

Michael Hainsworth: John Embry is the president of Sprott
Asset Management in Toronto, and he's a gold enthusiast,
not a gold bug!

John Embry: That's right, Michael. I'm a gold enthusuiast!

(Studio erupts in laughter.)

Hainsworth: OK. I just wanted to make that correction for
you. First of all, Rob McEwen over at Goldcorp was saying
this morning that he sees gold hitting $800 in the next six
to eight years. Does that jibe with you?

Embry: Absolutely. I know Rob well and I've spoken with
him on the subject. People keep thinking of gold going
up. I think they've got to condition themselves to think
about the value of money going down. All you have to do
is see what's going on in the United States right now. And
it's very easy to envision: Gold going up, money going down.
The other thing is nobody really wants to see their currency
appreciate against the U.S. dollar. So as the dollar comes
under downward pressure, you're going to see stimulation
and money printing in all the other countries. That's the kind
of environment that's terrific for gold.

Hainsworth: The U.S. dollar isn't going to go down to 10 cents
against the euro any time soon.So what are the factors that
lead you to believe we could see bullion, in less than 10 years,
at $800?

Embry: Well, very simply, the fact that ALL of the currencies
are going to go down because of the U.S. dollar. That currency
looks extremely vulnerable -- fundamenatally, technically.
And at the same time, as I just said, the euro. ... They can't
have it at 1.40-1.50 euro or their economy doesn't work. So
as the pressure is exerted downward on the U.S. dollar, these
guys are going to be trying to withstand the upward pressure
on their currencies. And they're going to be taking stimulative
action. People are going to get out of money. And they're going
to be going to gold -- tangibles. Gold isn't the only thing that's
going to go up a lot. It's going to be like the '70s -- out of
money, into tangibles.

Hainsworth: Into something that, if you dropped it on your foot,
it would hurt?

Embry: Absolutely. It's something that is limited in supply, which
paper money most assuredly isn't!

Hainsworth: Let's talk about supply then, on the gold front anyway,
because there's a restriction of the supply. Not a lot of new mines
in the offing. The demand has continued to rise, as you suggest,
and will skyrocket as we look at weakening currencies.

Embry: That's right.

Hainsworth: So what do we do to alleviate that pressure? Or do
gold companies bother?

Embry: Gold companies ... I mean it's going to be a BONANZA
for gold companies. Thet're going to raise money. They're going
to explore. And eventually more mines will come in. This is a
very slow process, particularly today. Because permitting is
such a large issue, it takes a long time to go before finding
something and getting it into production. So I'm looking at a
window of four to five years in which this large supply/demand
gap -- between mine supply and natural demand for gold -- is
going to be there and is probably going to expand if investment
demand continues to pick up in lieu of people wanting to hold
currencies.

Hainsworth: In the meantime, instead of boosting reserves by
digging more holes in the ground, a lot of companies have been
on the acquisition trail. How much longer can that continue?
How long before we have only three gold companies in the entire
world?

Embry: I would have thought, actually, there would have been
more activity on the consolidation front. i think there is an ego
issue here. Like a lot of managements, their stuff's worth more
than the next guy's. But it's easier to acquire stuff than to find
it. There's a reason why gold is called a precious metal. It's
not that easy to find.

Hainsworth: You suggest that there other commodities in other
areas that people will be getting into as we move on in the next
few years. What areas are you suggesting?

Embry: I think virtually any commodity. You'll probably be
surprised at the prices. Your loaf of bread may end up costing
a whole lot more than you think.

Hainsworth: OK, John. We appreciate you for joining us.

Embry: My pleasure, as always.

* * *

quot;Market Call with Jim O'Connellquot;
12:30p ET Tuesday, Sept. 16, 2003
Report on Business Television, Canada

Jim O'Connell: Are we in a correction now in gold?

John Embry: Yes, I think we are. I don't know if its going
to be a lengthy one, necessarily, but, we certainly have
been since the last three or four days. There's been pressure
on both bullion and the shares.

O'Connell: What's causing that?

Embry: Bullion looked like it was just about ready to break
out smartly late last week and the chaps on the other side
who have a history of coming in at potential breakouts and
really leaning on the market, the bullion banks -- Goldman
Sachs, Morgan, Deutsche Bank -- got involved in the fray
this time. They came out on the floor and were just selling,
selling, selling 'til they broke the price. So we'll have to wait
and see. There's lots more and more buying coming into the
pits. There's a big group of people who want to be long gold.
There's going to be various skirmishes, but in the end the
price is going to break significantly to the upside. When?
It's getting closer.

O'Connell: The forces that don't want that -- can you
explain the rationale why they're doing that?

Embry:I think they've got probably derivative positions, various
short positions that would be impaired by a sharply higher gold
price. And I'm not sure that the central banks, who probably aid
and abet them in certain ways, want to see a higher gold price
either, because it would speak to the monetary debasement
that is very actively under way.

O'Connell: But you're saying the long forces that do want a
higher gold price will prevail in the end?

Embry: I think they will.

O'Connell: Why do you say that?

Embry: It's not that they want a higher gold price. I think a
higher gold price is inevitable because the value of money
is going to decrease due to the rapidly increasing supply of
money.

O'Connell: So this is a case of global currency debasement?

Embry: Absolutely.

O'Connell: U.S. dollar-led?

Embry: U.S. dollar-led, for sure. But you can see the Chinese,
who are just tremendously competitive, don't want their yuan
up. The Japanese have been buying U.S. Treasuries hand
over fist because they do not want the yen up particularly with
the yuan tied to the U.S. dollar. People talk about a very strong
euro? I think a 1.40 Euro would be the death knell for Europe.
I think they're not terribly competitive now, and at a much higher
euro vis-a-vis the Asian currencies and the dollar, I think they'd
be in depression. Right now they're arguably in recession.

O'Connell: So, what's it going to take to have this breakout, a
substantial breakout?

Embry: I just think one day there will be enough buying
marshalled. And it actually looked like that might have been
what was going on late last week. But again, these guys. ...
As the old line goes: quot;Desperate people do desperate things.quot;
And they do NOT want the gold price through certain levels.
They will fight tooth and nail.

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