Barrick''s confession in Blanchard case continues to get noticed

Section:

5:15p ET Tuesday, July 8, 2003

Dear Friend of GATA and Gold:

The statement by Richard Hayes, chief financial officer of
Australia's Gold Corporation, parent company of Perth
Mint, distributed by GATA in reply to GATA consultant
James Turk's analysis of the difference between allocated
and unallocated gold, has prompted a few interesting
replies from GATA supporters, which are appended.

Turk's analysis can be found in the GATA archive here:

http://groups.yahoo.com/group/gata/message/1535

Hayes' reply can be found in the GATA archive here:

http://groups.yahoo.com/group/gata/message/1559

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

* * *

REPLIES FROM GATA SUPPORTERS
TO PERTH MINT'S RICHARD HAYES

The discourse from Mr. Hayes reminds me of watching
Richard Nixon get on television and give his "I am not a
crook" speech, shortly before he was nearly impeached
for lying to the American public. Turk was very gentle in his
treatment of Hayes, who deserved less. I would never
trust any government agency to protect any physical
gold I own -- period. We must never forget what President
Roosevelt did to gold owners in 1933. It may well happen
again. Keep up the good work.

-- J.P.

Hayes wrote a very nice letter -- a letter you or I could
well write if either of us was CFO of this entity.
Nonethless, he's just whistling in the dark about the
government guarantee. Governments routinely screw up and
get themselves (that is, the pocketbooks of their citizens)
in hot water. Look at California. I'm not sure about the
state's S&P rating, but not long ago it would have been
AAA. Now California's state government is broke.

Hayes says any invocation of "force majeure" by Perth
Mint would be only temporary. What if the price of gold
was skyrocketing? Then, when the "temporary" problem is
over, do they pay their customers cash rather than gold,
and at what price? I'd bet it would be the gold price on
record when the "temporary" force majeure period started.
That would leave customers high and dry. Thanks again for
your tireless labors on behalf of all of us.

-- Bill Anderson, Oak Park, California

Gold Corporation states: "An AAA-rated sovereign liability
of this kind represents the best available investment risk."
I don't think so. An asset in someone else's possession
is not better than an asset in one's own possession -- and
the possession of a government agency at that. If the
Australian government ever made gold ownership by its
citizens illegal, the government would already have the
gold!

-- R.L.

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