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
"Prospects for Gold: Is the Bull Here to Stay?," 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, "Readings
from the Book of Barrick," have been posted at Reg
Howe's Golden Sextant site:

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 "hedging is
bad, hedging is good, it's making us money so we'll
cut back on it as quickly as we can," Landis will speak
on another topic: "Gold is Money, So Deal with It!"

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:

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 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.

* * *


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

Thursday, October 2, 2003

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


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
"Debt and Delusion."

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

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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Centennial Precious Metals
3033 East 1st Ave.
Suite 403
Denver, Colorado 80206
Michael Kosares, Proprietor
US (800) 869-5115
Canada 1-800-294-9462
European Union 00-800-2760-2760
Australia 0011-800-2760-2760

Colorado Gold
222 South 5th St.
Montrose, Colorado 81401
Don Stott, Proprietor

Investment Rarities Inc.
7850 Metro Parkwa
Minneapolis, Minnesota 55425
Greg Westgaard, Sales Manager
1-800-328-1860, Ext. 8889

178 West Service Road
Champlain, N.Y. 12919
Toll Free:1-877-775-4826
Fax: 518-298-3457
620 Cathcart, Suite 900
Montreal, Quebec H3B 1M1
Fax: 514-875-6484

Lee Certified Coins
P.O. Box 1045
454 Daniel Webster Highway
Merrimack, New Hampshire 03054
Ed Lee, Proprietor

Miles Franklin Ltd.
3015 Ottawa Ave. South
St. Louis Park, Minn. 55416
1-800-822-8080 / 952-929-1129
fax: 952-925-0143
Contacts: David Schectman,
Andy Schectman, and Bob Sichel

Resource Consultants Inc.
6139 South Rural Road
Suite 103
Tempe, Arizona 85283-2929
Pat Gorman, Proprietor
1-800-494-4149, 480-820-5877

Swiss America Trading Corp.
15018 North Tatum Blvd.
Phoenix, Arizona 85032
Dr. Fred I. Goldstein, Senior Broker



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