Tocqueville''s Hathaway is interviewed on CNBC and provides clarification to GATA


From the Daily Precious Metals Report for October 5, 2001
By Leonard Kaplan
Prospector Asset Management

Time for me to get up on the pulpit and lecture.
Please forgive the rantings and ravings, but I have
never seen a more idiotic idea than the plan by the
World Gold Council to spend $200 Million to promote
gold by solely and strictly pushing gold jewelry.

Listen, it has been proven, beyond all debate, that
the market for jewelry is elastic. As prices rise,
consumption drops quickly. And, in a global economic
environment of recession, and possibly depression
in some nations, to be promoting jewelry is simply
insane, as sales will mostly drop as economies
worsen and prices rise.

Why can't they just spend some, if not all, of the
money promoting gold as an investment, especially
due to its performance the last few weeks and the
uncertainty of other investment arenas?

The World Gold Council puts out these wonderful
academic analyses of how gold can be a diversifier
in investment portfolios. It puts out wonderfully
detailed arguments of why gold should be acquired
as an investment, and yet... now it wants to spend
$200 million promoting jewelry at the exact wrong

They have the opportunity to really make a
difference and they are throwing it away. At the
most opportune chance that they have had in a
decade. It is truly sad.

No, make that tragic. No, make that stupid and

It can also be reflection on those that fund the
World Gold Council that they could allow such
activities. Instead of hiring some fancy
advertising agency, it might behoove them to
solicit the advice of seasoned professionals
who have some understanding of the markets.