The March of Folly: To Be Continued at an Economy Near You

11:25p ET Wednesday, September 24, 2003

Dear Friend of GATA and Gold:

The Association of Mining Analysts will hold a half-day
seminar in London on Thursday, October 2, titled
quot;Prospects for Gold: Is the Bull Here to Stay?,quot; and
GATA consultant Robert K. Landis, perhaps the
foremost authority on the hedging practices of Barrick
Gold, will be among the principal speakers.

The seminar concludes with a buffet lunch.

You're invited, though the organizers would prefer if you
arrived in time to hear the speakers.

Landis' studies of Barrick's hedging practices, quot;Readings
from the Book of Barrick,quot; have been posted at Reg
Howe's Golden Sextant site:

a href=http://www.goldensextant.com/LLCPostings2.html#anchor11425http://www.gol...

a href=http://www.goldensextant.com/LLCPostings2.htmlhttp://www.goldensextant.c...

Since, as demonstrated by the comments made today
by Barrick's new president, Greg Wilkins, at the Denver
Gold Forum, the company's policy now is quot;hedging is
bad, hedging is good, it's making us money so we'll
cut back on it as quickly as we can,quot; Landis will speak
on another topic: quot;Gold is Money, So Deal with It!quot;

The seminar will be held aboard HMS President, formerly
the Royal Navy's World War I ship HMS Saxifrage, now
permanently moored at the Victoria Embankment on
the Thames in the heart of London and used for
conferences. You can read more about the ship and
find a map of its location here:

a href=http://www.hmspresident.com/http://www.hmspresident.com//a

Admission to the seminar will be 30 for AMA members,
40 for others. (How the pound will convert into other
currencies in nine days is YOUR problem.)

If you'd like to register to attend or get more
information, please write to AMA Chairman Mike Coulson
at HAcoulson@aol.com. Payment can be made at the door
but the association needs to know in advance if you're
going to attend.

The seminar's agenda is appended here.

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

* * *

AGENDA

Prospects for Gold -- Is the Bull Here to Stay?

A half-day seminar examining prospects for gold
and gold shares organized by the Association of
Mining Analysts and sponsored by Ruffer Investment
Management.

Thursday, October 2, 2003

HMS President, Victoria Embankment, London EC4
(0pposite Kings Bench Walk, equidistant between
Temple and Blackfriars tube/rail stations.)

8.30aRegistration.

8.50aOpening address.

Michael Coulson, Chairman of the Association of
Mining Analysts; Jonathan Ruffer, CEO of Ruffer
Investment Mangement Ltd

9a Gold and the overstretched credit cycle. Peter
Warburton of Rhombus Research looks at the reckless
gambles taken with the integrity of the global credit
system and the position of gold as a hedge against
both inflation and deflation.He was chief economist at
Robert Fleming and is the author of many papers on
the international economy and the widely applauded
quot;Debt and Delusion.quot;

9.30aInvesting in Gold. Rob Weinberg, managing
director, Institutional Investment, the World Gold Council,
looks at the whys and wherefores of investing in gold
bullion.

10aGold shares -- the healthy option. David Baker and
Trevor Steel of Baker Steel Capital Managers, specialists
in the gold share market and advisers to the Ruffer Baker
Steel Gold Fund, advocate a diet of gold shares.David
and Trevor spent 10 years working together while part of
the mining team at Merrill Lynch Investment Managers
before establishing Baker Steel in 2001.

10.30a. Coffee break.

10.45a.Gold mining in Russia. Lord Daresbury, chairman,
and Ivan Koulakov, managing director, Highland Gold, review
developments in the Russian gold mining industry and
outline prospects for Highland Gold.

11.15a.The Gap in the Curtain. Hugh Hendry of Odey Asset
Management looks at the place of gold shares in a general
portfolio. Hugh is one of the United Kingdom's most
outspoken fund managers and a believer in gold as a core
asset class.

11.45a.Gold is Money, So Deal with It! Bob Landis of Golden
Sextant, one of the leading U.S. commentators on gold and
gold shares, urges a break with U.S. dollar dogma and the
embracing of gold as money.

12.15p.Speakers' question and answer session.

12.45p.Buffet lunch and drinks.

3p. Close.

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

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

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

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