7:50p ET Tuesday, July 1, 2003

Dear Friend of GATA and Gold:

GATA consultants Dietmar Siebholz and Florian
Riedl-Riedenstein examine Barrick Gold's
huge and supposedly risk-free gold hedging
position in a new essay at Gold-Eagle. They
conclude that SOMEBODY is going to have to pay
the piper, probably sooner than later. You can
find the essay here:

a href=http://www.gold-eagle.com/editorials_03/siebholz062903.htmlhttp://www.go... [1]

CHRIS POWELL, Secretary/Treasurer