Toronto Globe Mail trumpets Royal Bank''s pro-GATA report

12:58p ET Saturday, June 22, 2002

Dear Friend of GATA and Gold:

The pro-GATA and pro-gold report of RBC Global
Investment Management Inc. made the front page
of the B section in today's edition of the
Toronto Globe amp; Mail, the most important newspaper
in Canada. The story probably is being well-read
along Bay Street. Maybe Wall Street is next.

Once again, we're getting the word out and making
it harder for the suppressors of the gold price to
get away with it.

The Globe amp; Mail story is appended here.

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

* * *

RBC manager endorses
gold conspiracy theory

By Andrew Willis
and Caroline Alphonso
Toronto Globe and Mail
Saturday, June 22, 2002
Print Edition, Page B1
www.globeandmail.com

One of Canada's most successful money managers,
Royal Bank of Canada's John Embry, has become the
poster boy for gold bugs after endorsing the concept of
a long-term central bank conspiracy to depress bullion
prices.

In an eight-page report published on bank letterhead
and distributed yesterday by U.S. conspiracy theorists,
Mr. Embry set out the case of a further rise in gold
prices, a prediction made in part on quot;increasing
evidence of unsustainable gold price manipulation.quot;

The successful gold fund manager said quot;statistics
suggest that real manipulationquot; of bullion prices began
in 1995. Mr. Embry wrote: quot;Those with a vested interest
in containing the price of gold -- central banks, bullion
banks, heavily hedged gold companies -- will not die
easily, but the tide is moving strongly against them.quot;

Like most central banks, the Bank of Canada has been
a consistent seller of gold in the past decade. Bank of
Nova Scotia is among the world's largest bullion banks,
and Barrick Gold Corp. is the world's largest hedger.

Mark Arthur, head of Royal Bank Investment Management
Inc., said Mr. Embry's report was done for internal use and
quot;in no way reflects the views of Royal Bank.quot;

Mr. Arthur described the paper as quot;a collection of
various arguments for gold stocksquot; that was part of
a larger discussion on asset allocation at the money
manager.

Mr. Embry runs the Royal Precious Metals fund, which
boasts $329 million in assets and a stellar one-year return
of 156 percent, compared with a 90-per-cent average
performance by its peers. He was not available yesterday.

The eight-year RBC veteran also helps to manage four
other large funds. And as chairman of the bank's Canadian
equity and stock selection committee, Mr. Embry sets
strategy for the $38-billion mutual fund family.

The theories endorsed by Mr. Embry have been pushed
for years by groups such as Gold Anti-Trust Action
Committee Inc. (GATA) of Dallas.

The premise is that central banks -- mainly the U.S.
Federal Reserve Board -- stamp out any surge in gold
prices to preserve confidence in the U.S. dollar. The idea
is that rising gold prices mean a lack of confidence in
the greenback, which they believe is the engine of U.S.
economic imperialism.

Yesterday, GATA members trumpeted Mr. Embry's
report as validation of their claims, and said it showed
that mainstream organizations are starting to
acknowledge that central banks have rigged gold sales
to depress the price of bullion.

quot;The establishment in the gold world is coming around to
our central premise: That central banks and particularly
the U.S. Treasury Department have been colluding
surreptitiously and desperately to suppress the gold
price and manipulate the gold market,quot; Chris Powell,
secretary and treasurer of GATA, told his members
yesterday.

quot;Royal Bank has written a report that COMPLETELY
ENDORSES all the GOLD PRICE-FIXING allegations
of GATA,quot; GATA member Ed Steers said in an e-mail.
quot;I cannot overemphasize how huge a story this is!quot;

GATA chairman Bill Murphy said RBC used information
that his organization has been collecting for the past three
years.

quot;As far as we're concerned, it's tremendous credibility,quot;
Mr. Murphy said in an interview. quot;It's fabulous. It explains
the gold industry in a way that you don't hear from most
established organizations.quot;

When told that the views of Mr. Embry don't necessarily
reflect that of RBC, Mr. Murphy said: quot;When you have a
report, you can be sure that the report can't go out
without the approval of Royal Bank itself. This is one of
the most important reports ever written on the gold market.
They understand the dynamics being played out.quot;

Mr. Embry's report, he said, gives quot;credibilityquot; to gold bugs
like himself, who believe the price of gold has been
manipulated. Mr. Murphy added: quot;Most of the gold world
thought we were idiots. It turns out we're right.quot;

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

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

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USA

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