David Tice to appear on CNBC Friday at 8p ET


12:58a ET Thursday, October 16, 2003

Dear Friend of GATA and Gold:

Thanks once more to the stenography of GATA supporter
Mark Webber, GATA is able to present to you an edited
transcript of another important program on ROB-TV in
Canada. This time it is an interview with gold partisan
Jim Sinclair, chairman of Tan Range Exploration and
proprietor of the vital Internet site JSMineset.com.
It was broadcast Tuesday evening, Toronto time.

Sinclair told ROB-TV that a new crowd is taking
leadership in the gold market and that he expects gold
to surpass $400 this month.

The transcript is appended.

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

* * *

"The Business News" with Howard Green

Interview with Jim Sinclair, chairman and CEO,
Tan Range Exploration Corp.

Broadcast on Report on Business Television
in Canada on Tuesday, October 14, 2003

Green: Next a fresh voice on the gold market: Jim Sinclair,
precious metals specialist, commodities trader, and chairman
and CEO of Tan Range Exploration.... There is a new crowd in
gold, a new group of buyers putting some fizz in the market,
according to our next guest. The last time a scenario like this
existed, bullion hit US$400 and beyond. Industry veteran Jim
Sinclair is chairman of Tan Range Exploration. We spoke
earlier today. I started by getting his thoughts on Barrick's
new purchase in Russia.

Sinclair: Clearly the circumstances have changed dramatically
in Russia in terms of doing business there. In terms of what's
in the ground, it has always been known to be extraordinarily
attractive. So I would compliment Barrick in being
edge-of-the-envelope. It was an excellent buy.

Green: At the right price?

Sinclair: Well, everybody will argue prices. That's continual.
Price is what another man is willing to pay for it. So I would
just say that, knowing that company well and knowing that
they don't pay for something that they don't get, whatever
they paid was right.

Green: So generally you like the prospects in Russia for

Sinclair: I'd say that in terms of the prospects that has
always been a given. But the environment hasn't always been
a given. And those changes have taken place. Look at the
upgrading of Russia's debt. Look at the upgrading of four banks
in Russia, for investment quality, by Moody's. These are very
serious developments that reflect a higher level of governance
that never existed before.

Green: What about your company? You're chairman and CEO
of Tan Range Exploration. What's doing there? How far away
are you from something really solid?

Sinclair: It's what you define as being solid. We're an exploration
company with a focus on royalties. And we're second only to
Barrick in the area that we're in, which is in Tanzania and the
Greenstone Belt. We've defined very significant potential for
diamonds in that belt as well. So yes, I'm very confident that
Tan Range will be a very significant company in time.

Green: Do you have enough money to develop it?

Sinclair: You're basically saying, "Do I have enough money?"
Because I've been financing the company, the answer is yes.
I've done it before and I'll do it again.

Green: Moving to the subject of bullion at large. What's you're
target for bullion right now?

Sinclair: There's two targets sitting out there in front of us if the
question is in the technical sense. We've got a target at $419.21
and we've got a target of $433. And we've got, extraordinarily, nine
levels of support between the price levels of $362 and $367. We
got tested there back on "Black Friday" and it looks like gold
passed the test quite well. In fact, going off today and coming
back up to close up on the day was extraordinarily good action.

Green: Setting aside the technicals, what about the
fundamentals? What are the fundamentals driving it?

Sinclair: The fundamental driving it is the obvious fundamental of
currency. It's very hard to ignore even a few days below 110 in
the yen versus the dollar. You've got the dollar on the USDX.
You've got the extraordinary strength in the Canadian dollar. All
this reflects on gold. But more than that, you've had this
tremendous creation of liquidity in terms of being able to finance
the fiscal spending in the United States on a monetary basis.

Green: You're talking about low interest rates?

Sinclair: Not really.

Green: No?

Sinclair: What I'm talking about is the actual creation of money
supply, which really started in July. It sort of gained its
momentum and broke out of downtrends that have been there
since the December before. So the money created like that
always is the grease of the wheels of the markets. And in fact
it is one of the major reasons why you've had a tremendous
rally in your general equities for over a year.

Green: Does it mean that you're anticipating inflation?

Sinclair: It means that the equities have slowed down
momentum-wise and that money has shifted to general
commodities.If you take a look at what's happened in things
like cattle -- limit up, limit up. In soybeans: up now about a
dollar-sixty from the low of the $5 level. Tremendous bull
explosions taking place in commodities have an effect on
gold as a currency. So the slowdown in the momentum.
In other words, your equity market is not gaining at a gaining
rate. Hot money created by monetary expansion has found
its way into commodities. And that's having a significant
effect on gold as well. So those two factors are what probably
will take gold over $400. I would say certainly this year.

Green: And what if it goes through $400? Does that create
another technical push upward?

Sinclair: Well, it's, you know, I'm kind of as old as dirt.

Green: (Laughs)

Sinclair: So I was very much involved in this back in the '70s.
And the whole thing looks exactly as it looked right before the
break above $400 at that time with its significant amount of
doubters. But a break above $400 will occur only if in fact
there is now a change of the group following. And as the
commodities come alive, as the momentum in the equity
market slows down, there's a very significant possibility --
especially with these currency levels -- that more
establishment money may be attracted toward gold.

Green: What do you mean -- "more establishment money"?

Sinclair: Money that would not normally be associated
with investment in gold. Big-name investment houses.

Green: Houses that look upon it with suspicion?

Sinclair: Basically they look upon gold as being an enemy
of equities, and that's not true. But the general idea is that
if you like equities, which most investment banks do, then
liking gold becomes a contradiction to them. Now if there is
a shift in that attitude, brought on by the factors that I've
mentioned, then gold will go through $400 and establish an
entirely new investment environment in terms of the names,
the people, the institutions behind it. The old crowd is not
going to push it through $400. Quite to the contrary. They
sold at $400 or as we got up to $396 and actually put it
down. Now if you look at the equities today in gold and
notice how strong they are technically, they've made a very
significant shift in the last three days. It's only a new crowd's
entrance that could possibly have been responsible for that.
So I see a scenario that I lived through once before, when
gold went over $400 and never looked back. Now whether it
will look back here is a different story. But through $400, I
firmly believe, is, in all probability, before November.

Green: One last point before we have to go. I understand
you think there are a lot of new players in the gold market
and old players are going to get left behind. Can you tell us
what you mean by that?

Sinclair: It's always the way it happens. Even the people who
discover a bull market in equities are rarely the people in it at
the end. There's always a shift in the participants and the
players. And that's exactly what I see happening in gold now.
It's not the old crowd that turned around the gold shares in the
last three days. It's a new crowd that did. So there's evidence
out there that this might be developing. I'm not saying it is, but
the evidence is strong.

Green: Unfortunately we're out of time. It has been a pleasure
speaking with you. Hope we can do it again.

Sinclair: Thank you very much for having me.

Green: Thank you. That's Jim Sinclair, chairman and CEO of
Tan Range Exploration.


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