World Gold Council''s bullion fund stalled in U.S. by longer review

Section:

8:40p ET Wednesday, May 12, 2004

Dear Friend of GATA and Gold (and Silver):

Dark as recent weeks have been for us, with central
bank intervention against the precious metals more
obvious than ever and yet seldom acknowledged in
the financial press, there is still light in the
darkness and progress for the cause.

Tonight Silver Standard Resources Inc. announced,
in effect, that it is heeding GATA consultant Ted
Butler's advice and is investing a substantial
portion of its cash reserves in physical silver.

Excerpts from Silver Standard's statement are
appended here. The full statement can be found
here:

http://biz.yahoo.com/bw/040512/125993_1.html

GATA isn't in the investment advice business but
we believe that advocates of a free market in gold
and silver should support, insofar as they can,
those companies that support the cause.

Congratulations and thanks to Ted Butler and to
Silver Standard. They have shown that people
CAN make a difference even when they're up
against all the money in the world.

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

* * *

Silver Standard Acquires Physical Silver,
Reports Update in Project Resources

Company Press Release

VANCOUVER, B.C., May 12 (CCNMatthews via COMTEX) --
Silver Standard Resources Inc. is pleased to report a 40
percent increase in measured and indicated silver resources
to 403.6 million ounces and a 25 percent increase in inferred
silver resources to 446.2 million ounces from May 2003.

The year-over-year increase reflects successful drilling results
at La Pitarrilla in Mexico and Maverick Springs in Nevada, as
well as the option of silver resources at the Berenguela project
in Peru. ...

In addition to the company's silver resource holdings, the
company's measured and indicated gold resources total
840,000 ounces and inferred gold resources total
1,412,000 ounces.

The company has budgeted $8.2 million in 2004 for feasibility
and scoping studies and exploration of its 15 projects. With
cash of $61 million and marketable securities of approximately
$10 million at March 31, the company decided to invest
approximately 20 percent of its cash and securities in
physical silver following the decline in silver prices in April
and May. Silver Standard now owns over 1.95 million ounces
of silver. This silver is held on an allocated and segregated
basis and, consequently, is not available to be loaned.

This purchase followed the decision by the company in
early 2003 to investigate the acquisition of physical silver
to capture upside in silver prices while the company
prepares for production.

Silver Standard Resources Inc. is a well-financed silver
resource company with a feasibility study under way at
the Manantial Espejo joint venture under the direction
of Pan American Silver Corp. as operator, and updates
of scoping, prefeasibility, and feasibility studies for
other core projects under way based on higher silver,
gold, and base metal prices. The company continues
to seek resource base growth through acquisitions
and exploration of its own projects. ...

----------------------------------------------------

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RECOMMENDED INTERNET SITES
FOR DAILY MONITORING OF GOLD
AND PRECIOUS METALS
NEWS AND ANALYSIS

Free sites:

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http://www.GoldSeek.com/

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http://www.DailyReckoning.com

http://www.goldenbar.com/

http://www.silver-investor.com

http://www.thebulliondesk.com/

http://www.sharelynx.com/

http://www.mininglife.com/

http://www.financialsense.com

http://www.goldensextant.com

http://www.goldismoney.info/index.html

http://www.howestreet.com

http://www.depression2.tv

http://www.moneyfiles.org/

http://www.howestreet.com

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http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html

http://www.goldcolony.com

http://www.miningstocks.com

http://www.mineralstox.com

http://www.321gold.com

http://www.SilverSeek.com

http://www.investmentrarities.com

http://www.kuik.com/KH/KH.html
(Korelin Business Report -- audio)

http://www.plata.com.mx/plata/home.htm
(In Spanish)
http://www.plata.com.mx/plata/plata/english.htm
(In English)

Subscription site:

http://www.lemetropolecafe.com/

http://www.hsletter.com

Eagle Ranch discussion site:

http://os2eagle.net/checksum.htm

Ted Butler silver commentary archive:

http://www.investmentrarities.com/

----------------------------------------------------

COIN AND PRECIOUS METALS DEALERS
WHO HAVE SUPPORTED GATA
AND BEEN RECOMMENDED
BY OUR MEMBERS

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

Colorado Gold
222 South 5th St.
Montrose, Colorado 81401
www.ColoradoGold.com
Don Stott, Proprietor
1-888-786-8822
Gold@gwe.net

El Dorado Discount Gold
Box 11296
Glendale, Arizona 85316
http://www.eldoradogold.net
Harvey Gordin, President
Office: 623-434-3322
Mobile: 602-228-8203
harvey@eldoradogold.net

Investment Rarities Inc.
7850 Metro Parkway
Minneapolis, Minnesota 55425
http://www.gloomdoom.com
Greg Westgaard, Sales Manager
1-800-328-1860, Ext. 8889
gwestgaard@investmentrarities.com

Kitco
178 West Service Road
Champlain, N.Y. 12919
Toll Free:1-877-775-4826
Fax: 518-298-3457
and
620 Cathcart, Suite 900
Montreal, Quebec H3B 1M1
Canada
Toll-free:1-800-363-7053
Fax: 514-875-6484
http://www.kitco.com

Lee Certified Coins
P.O. Box 1045
454 Daniel Webster Highway
Merrimack, New Hampshire 03054
www.certifiedcoins.com
Ed Lee, Proprietor
1-800-835-6000
leecoins@aol.com

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

Missouri Coin Co.
11742 Manchester Road
St. Louis, MO 63131-4614
info@mocoin.com
314-965-9797
1-800-280-9797
http://www.mocoin.com

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

Swiss America Trading Corp.
15018 North Tatum Blvd.
Phoenix, Arizona 85032
http://www.swissamerica.com
Dr. Fred I. Goldstein, Senior Broker
1-800-BUY-COIN
FiGoldstein@swissamerica.com

----------------------------------------------------

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