Globe and Mail reports Embry''s switch and mentions GATA


7:46p ET Thursday, February 13, 2003

Dear Friend of GATA and Gold:

What would you do if you ran an investment bank with the
most successful mutual fund manager in the world, a fund
manager who achieved a 153 percent return for his clients
in 2002 even as most mutual funds reported double-digit

If you were Royal Bank of Canada, you'd lose him, because
he had dared to make a success of what most investment
bankers consider the foulest four-letter word in the English
language: G-O-L-D.

That's what happened today with John Embry, manager
of RBC Global Investment Management's gold and precious
metals fund.

It was announced that Embry will leave RBC at the end
of the month and become president of Sprott Asset
Management Inc., where he will run the Sprott Gold
and Precious Minerals Fund.

This may prove to be the biggest management blunder
since the Red Sox traded Babe Ruth to the Yankees
after the 1919 baseball season.

The statement issued by Sprott about Embry's
appointment is appended here.

Royal Bank must think it better to be a complete loser
than a winner with gold. The bank would hardly be alone
in that attitude. But after all, it's only the clients'
money going down the toilet in the greatest destruction
of wealth in history.

What a disgrace for Royal Bank and the world
financial establishment. What a break for Sprott
Asset Management, and for anyone with eyes to see.

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

* * *


Sprott Asset Management Adds
Precious Metals Industry Expert John Embry
To Its Team Of Investment Specialists

TORONTO, Feb. 13, 2003 (Business Wire) -- Eric Sprott, chief
executive officer of Sprott Asset Management Inc. (SAM), is
pleased to announce the appointment of John Embry to the
position of president of SAM effective March 2003.

John Embry was lead portfolio manager of the Royal Precious
Metals Fund and co-manager of the Royal Balanced Fund,
Royal Canadian Equity Fund, and Royal Global Resources
Sector Fund.

"We are thrilled about the addition of such an outstanding
and prominent Canadian investment specialist to our team
and are confident in John's abilities to bring forth new and
exciting gold initiatives to our firm and our portfolios,"
Sprott said.

Embry, an industry expert in precious metals, has
researched the gold sector for more than 30 years and has
accumulated industry experience as a portfolio management
specialist since 1963. Using his expertise, Embry will have
full management authority over the Sprott Gold and Precious
Minerals Fund and will play an instrumental role in corporate
and investment policy of the firm, pending regulatory

Embry began his investment career at a major insurance
company, Great West Life, as a stock selection analyst
and portfolio manager. He then became vice president of
pension investments for the entire firm. After 23 years with
the company, Embry became partner with United Bond and
Share, the investment counseling firm acquired by Royal
Bank in 1987.

Embry graduated from the University of Manitoba with a
bachelor of commerce degree.

Going forward, SAM hopes to take a leadership role in
encouraging Canadians to increase their involvement and
exposure to the precious minerals sector by way of
investing in equities of companies directly or indirectly
involved in the exploration, mining, production, or
distribution of gold and precious minerals and by investing
directly in physical precious metals and minerals. Embry
will lead this initiative.

Sprott Asset Management Inc. is a private company based
in Toronto with more than $1.3 billion in assets under
management primarily for institutions, endowments, and high
net worth individuals. Sprott Asset Management Inc. is the
investment manager of the Sprott Gold and Precious Minerals
Fund, Sprott Canadian Equity Fund, Sprott Bull/Bear RSP
Fund, Sprott Hedge Fund LP, and Sprott Hedge Fund LP II.


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15018 North Tatum Blvd.
Phoenix, Arizona 85032
Dr. Fred I. Goldstein, Senior Broker



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