Yuan upvaluation may benefit Canada and Australia more than U.S.

Section:

6:16p ET Saturday, July 30, 2005

Dear Friend of GATA and Gold:

James Turk, editor of the Freemarket Gold & Money
Report, founder of GoldMoney, and consultant to
GATA, says in new commentary at the GoldMoney
Internet site that gold is breaking out in terms of
British pounds.

Of course that is, as Turk notes, a special delight
to gold's friends, since it is another repudiation of
British Chancellor Gordon Brown, who began
liquidating the Bank of England's gold at the bottom
of the gold market and who, having squandered
so much of his nation's patrimony, now aspires to
succeed Prime Minister Tony Blair.

You can find Turk's analysis in the "Founder's
Commentary" box at the top left of the GoldMoney
home page here:

http://goldmoney.com

Also, a correction: GATA's dispatch Friday about
Barrick Gold's second quarter statement
misconstrued some misleading language to
conclude that the company had received only
$243 per ounce for its gold while the spot price
had just reached $427. In fact, it appears that
Barrick received very close to the spot price for
gold throughout the second quarter because, as
the dispatch noted, the company did very little
to reduce its gold hedging during the quarter.
Barrick's report says it hedged gold totals 6.6
million ounces. And as the gold price rises,
it must be very nice for Barrick to have
arrangements with its bullion banks so that it
really never has to come up with those ounces.

Whoever discovers exactly who is really
underwriting those extraordinarily generous
terms to Barrick will have broken the secret
of the gold market.

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

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

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

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