The document discusses "Gold Wars" between governments and gold, which restrict constitutional rights. It notes that gold suppression by governments allows them to mask currency mismanagement. Several graphs show gold has been undervalued relative to currencies and commodities over time. Central banks hold little gold compared to the past. This suggests the scope for higher gold allocations is large, indicating gold may continue outperforming other assets.

1. THE
GOLD
WARS
A Golden Renaissance
A Tribute to Ferdinand Lips (1931 – 2005)

2. WHAT ARE GOLD WARS?
Gold Wars are between governments and gold. This ultimately
restricts the constitutional rights of the people.
Gold is the vital barometer of the health of a nation’s currency.
The suppression of gold by government allows them to mask
the mismanagement of their currency.
The Mining Journal Investor Seminars All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed.
Date: 07/09/10 The presentation is for information purposes only and is not a solicitation to invest.
Unauthorized reproduction or distribution is strictly prohibited.

3. MONETARY POLLUTION
The dollar’s purchasing power has been trashed in the post-war period. One dollar can buy
you less than one ninth of what it could have in 1950.
DOLLAR – PURCHASING POWER PARITY BASIS
4.5
4
3.5
3
2.5
2
1.5
1
0.5
0
Jan-50
Jan-53
Jan-56
Jan-59
Jan-62
Jan-65
Jan-68
Jan-71
Jan-74
Jan-77
Jan-80
Jan-83
Jan-86
Jan-89
Jan-92
Jan-95
Jan-98
Jan-01
Jan-04
Jan-07
Jan-10
The Mining Journal Investor Seminars All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed.
Date: 07/09/10 The presentation is for information purposes only and is not a solicitation to invest.
Unauthorized reproduction or distribution is strictly prohibited.

4. GLOBAL DEBT MOUNTAIN
Today’s system of paper money is still very young. It depends solely on the belief that the
debts upon which it is based will be repaid someday.
TOTAL DEBT & LIABILITIES AS % OF GDP
400% Cost of ageing
Structural deficit
200% Initial debt level
0%
-200%
-400%
-600%
-800%
-1000%
-1200%
-1400%
-1600%
-1800%
Greece
Italy
Germany
France
USA
Portugal
UK
Spain
Ireland
Sources: EU Commission, Eurostat, CBO, IMF, Morgan Stanley Research
The Mining Journal Investor Seminars All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed.
Date: 07/09/10 The presentation is for information purposes only and is not a solicitation to invest.
Unauthorized reproduction or distribution is strictly prohibited.

5. FERDINAND LIPS (1931 - 2005)
“Gold Ferdi, the Pope of Gold”, Karl Otto Pohl, former Head of the Bundesbank
He’s back but arguably he never left us – as his life’s work lives on through the Lips Institute
www.lips-institute.ch
The Mining Journal Investor Seminars All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed.
Date: 07/09/10 The presentation is for information purposes only and is not a solicitation to invest.
Unauthorized reproduction or distribution is strictly prohibited.

6. GOLD WARS
Gold Wars are between governments and gold.
This ultimately restricts the constitutional rights of the people.
The Mining Journal Investor Seminars All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed.
Date: 07/09/10 The presentation is for information purposes only and is not a solicitation to invest.
Unauthorized reproduction or distribution is strictly prohibited.

7. GOLD WARS OF THE 20TH
& 21ST CENTURIES
1. The Classical Gold Standard is abandoned in 1914
2. The Genoa Gold Standard 1922
3. Great Depression of 1930s – Exchange Stabilization Fund, Gold Reserve Act 1934
4. Bretton Woods 1944 – Gold Exchange Standard
5. Collapse of the London Gold Pool 1960s and 70s
6. Stagflation of 1970s and US Treasury and IMF Gold Sales
7. The Failure of the Second London Gold Pool of 1990s and 2000s?
The Mining Journal Investor Seminars All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed.
Date: 07/09/10 The presentation is for information purposes only and is not a solicitation to invest.
Unauthorized reproduction or distribution is strictly prohibited.

8. THE LONDON GOLD POOL 1960 – 68
The Gold Price was fixed at $35 a troy ounce
$38 1954 – 1968 Morning Fix, Left Axis,
London Gold Market
US Gold Reserves
Yearly Tonnes, Right Axis
$37
The London Gold Pool is dismantled
Berlin Crisis
$36
London Gold Pool established
Cuban Missile Crisis
$35.50 Gulf of Tonkin Incident
De Gaulle’s gold speech
Suez Canal nationalised
Six day war
$35.25
London Gold Suez Crisis – France,
market reopened Israel and Britain invade Egypt
$35.20
$35.15
$35.10 21,000
$35.05 19,000
First official US combat troops
arrive in Vietnam
$35.00 17,000
France leaves the Gold Pool
$34.95 15,000
British pound devalued 14%
October 1960 gold crisis begins
$34.90 as gold breaks $35.20 13,000
Tet Offensive
$34.85 11,000
9,000
1954
1956
1958
1960
1962
1964
1966
1968
Source: Financial Graph & Art
The Mining Journal Investor Seminars All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed.
Date: 07/09/10 The presentation is for information purposes only and is not a solicitation to invest.
Unauthorized reproduction or distribution is strictly prohibited.

9. THE TWO-TIER GOLD MARKET 1968
When the Gold Price was fixed at $35
1967-1971 Morning Fix - London Gold Market
$46
South Africa sells gold Nixon ends
$44 for foreign currency gold convertability
3 6
$42
5
$40
Run on US dollar,
deutche mark
allowed to float
Gold Pool dismantled,
$38 1
price spikes up
South African gold
2
boycott begins
$36 4
South Africa accepts
$34
US compromise. London gold
hits lowest level in history.
1968 1969 1970 1971
Source: Financial Graph & Art
The Mining Journal Investor Seminars All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed.
Date: 07/09/10 The presentation is for information purposes only and is not a solicitation to invest.
Unauthorized reproduction or distribution is strictly prohibited.

10. GOLD IS UNDERVALUED
Price is the level at which one exchanges; value is whether
it is worth it. Nominal new price highs in gold do not signal
an overvalued market.
The Mining Journal Investor Seminars All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed.
Date: 07/09/10 The presentation is for information purposes only and is not a solicitation to invest.
Unauthorized reproduction or distribution is strictly prohibited.

11. GOLD IN ‘REAL’ DOLLARS IS STILL
VERY UNDERVALUED
Gold in current dollar terms is still 30% off the high it reached in 1980. Re-basing,
hedonistic adjustments, etc have lowered the CPI levels and with it the true value of gold
adjusted for inflation.
GOLD IN CURRENT DOLLARS
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
Mar-70
Mar-72
Mar-74
Mar-76
Mar-78
Mar-80
Mar-82
Mar-84
Mar-86
Mar-88
Mar-90
Mar-92
Mar-94
Mar-96
Mar-98
Mar-00
Mar-02
Mar-04
Mar-06
Mar-08
Mar-10
The Mining Journal Investor Seminars All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed.
Date: 07/09/10 The presentation is for information purposes only and is not a solicitation to invest.
Unauthorized reproduction or distribution is strictly prohibited.

12. GOLD IS UNDERVALUED
IN CURRENCY TERMS
The official gold reserve in banks throughout 1930s to 1950s was 40% but in reality was much
higher. Even to achieve this backing, assuming current gold supply, the price of gold will have
to rise by three to four times.
GOLD BACKING OF THE U.S. MONETARY BASE
(CURRENCY IN CIRCULATION + BANK RESERVE CASH)
150%
125%
100% Gold-Backed
100%
75%
50%
25%
0%
1915
1995
1920
1925
1930
1935
1940
1945
1950
1955
1960
1965
1970
1975
1980
1985
1990
2000
2005
2010
Sources: U.S. Federal Reserve / World Gold Council
The Mining Journal Investor Seminars All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed.
Date: 07/09/10 The presentation is for information purposes only and is not a solicitation to invest.
Unauthorized reproduction or distribution is strictly prohibited.

13. COMMODITIES ARE UNDERVALUED
RELATIVE TO US EQUITIES
Commodities as a whole are very cheap compared to equities. At Hinde we believe commodities
will rise as currency creation competes with supply constraints. This will be gold positive.
CRB/S&P RATIO
4
3.5
3
2.5
2
1.5
1
0.5
0
Oct-57
Oct-60
Oct-63
Oct-66
Oct-69
Oct-72
Oct-75
Oct-78
Oct-81
Oct-84
Oct-87
Oct-90
Oct-93
Oct-96
Oct-99
Oct-02
Oct-05
Oct-08
The Mining Journal Investor Seminars All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed.
Date: 07/09/10 The presentation is for information purposes only and is not a solicitation to invest.
Unauthorized reproduction or distribution is strictly prohibited.

14. GOLD IS UNDERVALUED VERSUS
US EQUITIES
Gold vs S&P would have go up six times to match the 1980 highs.
GOLD RELATIVE TO S&P 500
600
500
400
300
200
100
0
Oct-70
Oct-72
Oct-74
Oct-76
Oct-78
Oct-80
Oct-82
Oct-84
Oct-86
Oct-88
Oct-90
Oct-92
Oct-94
Oct-96
Oct-98
Oct-00
Oct-02
Oct-04
Oct-06
Oct-08
Gold/S&P
The Mining Journal Investor Seminars All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed.
Date: 07/09/10 The presentation is for information purposes only and is not a solicitation to invest.
Unauthorized reproduction or distribution is strictly prohibited.

15. GOLD IS UNDERVALUED VERSUS
US EQUITIES
Even more so on a total return basis:
GOLD RELATIVE TO S&P 500
600 600
The Gold v S&P ratio is currently one fifth
500 of the high it reached in the early 1980s. 500
Gold v Total Return S&P, however,
is standing at only one twelfth the peak
400 it reached in 1980. 400
300 300
200 200
100 100
0 0
Oct-70
Oct-72
Oct-74
Oct-76
Oct-78
Oct-80
Oct-82
Oct-84
Oct-86
Oct-88
Oct-90
Oct-92
Oct-94
Oct-96
Oct-98
Oct-00
Oct-02
Oct-04
Oct-06
Oct-08
Gold/S&P
Gold/Total Return S&P
The Mining Journal Investor Seminars All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed.
Date: 07/09/10 The presentation is for information purposes only and is not a solicitation to invest.
Unauthorized reproduction or distribution is strictly prohibited.

16. GOLD UNDERVALUED BUT
OUTPERFORMING ALL ASSET CLASSES
Over the last twenty years, gold has outperformed all major asset classes on many time horizons.
GOLD V MAJOR ASSETS
350% 10y US Treasury (total return*) (*from 1994)
S&P 500
300% MSCI World
CRB Index
Gold (USD)
250%
200%
150%
100%
50%
0%
-50%
1y Return 5yr Return 10y Return 15y Return 20y Return
The Mining Journal Investor Seminars All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed.
Date: 07/09/10 The presentation is for information purposes only and is not a solicitation to invest.
Unauthorized reproduction or distribution is strictly prohibited.

17. GOLD IS UNDEROWNED
The Mining Journal Investor Seminars All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed.
Date: 07/09/10 The presentation is for information purposes only and is not a solicitation to invest.
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18. MOST CENTRAL BANKS
HOLD LITTLE GOLD
Emerging market central banks hold very little gold. Their primary holdings are in US
Treasuries. The scope for gold allocation in emerging markets is huge.
PERCENTAGE OF RESERVE ASSETS IN GOLD
100%
87.9%
90%
78.5% 78.4%
80% 75.2%
70%
60%
50%
40%
30%
20%
12.6%
8.1%
10%
3.0% 1.7% 0.5%
0%
US
World
France
Germany
Netherlands
Saudi Arabia
China
India
Brazil
Source: IMF
The Mining Journal Investor Seminars All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed.
Date: 07/09/10 The presentation is for information purposes only and is not a solicitation to invest.
Unauthorized reproduction or distribution is strictly prohibited.

19. MOST CENTRAL BANKS
NOW LOVE GOLD
For the first time in forty years, central banks are beginning to buy more gold. China, Russia,
India and Sri Lanka and others are now buyers on any weakness in the gold price.
NET CENTRAL BANK SALES CENTRAL BANK % RESERVES IN GOLD SINCE 1970
MILLION %
OUNCES
20 70
10 60
0 50
-10 40
-20 30
-30 20
-40 10
1951
1953
1955
1957
1959
1961
1963
1965
1967
1969
1971
1973
1975
1977
1979
1981
1983
1985
1987
1989
1991
1993
1995
2005
2007
2009
1997
1999
2001
2003
1972
1974
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
Source: IMF Source: IMF
The Mining Journal Investor Seminars All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed.
Date: 07/09/10 The presentation is for information purposes only and is not a solicitation to invest.
Unauthorized reproduction or distribution is strictly prohibited.

20. PAPER CURRENCY DWARFS
GOLD ACCUMULATION
Central banks are net buyers. But as fast as they might buy their paper currency reserves
keep growing faster. Russia has bought over 220 tonnes of gold between 2000 to 2010.
In 2000 the ratio of Russian gold holdings to their currency was 24.6%; now it is 5.1%.
CENTRAL BANK HOLDINGS OF GOLD IN MM TROY OUNCES CENTRAL BANK TOTAL INTERNATIONAL RESERVES – $ VALUE
1,200 BILLION $
8000
1,150
7000
6000
1,100
5000
4000
1,050
3000
2000
1,000
1000
950
1994
1997
2000
2003
2006
2009
1973
1976
1979
1982
1985
1988
1991
Oct-70
Oct-72
Oct-74
Oct-76
Oct-78
Oct-80
Oct-82
Oct-84
Oct-86
Oct-88
Oct-90
Oct-92
Oct-94
Oct-96
Oct-98
Oct-00
Oct-02
Oct-04
Oct-06
Oct-08
Source: IMF Source: IMF
The Mining Journal Investor Seminars All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed.
Date: 07/09/10 The presentation is for information purposes only and is not a solicitation to invest.
Unauthorized reproduction or distribution is strictly prohibited.

21. BUY WHAT CHINA IS BUYING: CHINA
GOLD & SILVER LIBERALISATION
The defining moment for the War on Gold? August 2010 will be the time we look back and say
that was when the war was potentially won. China’s PBoC announced “to further develop the
gold market”. This country has a serious affinity for gold.
The Mining Journal Investor Seminars All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed.
Date: 07/09/10 The presentation is for information purposes only and is not a solicitation to invest.
Unauthorized reproduction or distribution is strictly prohibited.

22. CURRENCY REFORM –
YUAN LIBERALISATION
China has so far been accumulating mainly dollar assets rather than gold as its reserves
balloon. The potential free float of the Yuan paves the way towards currency reform with
Russia et al.
CHINA: FX RESERVES AND GOLD AS A % OF RESERVES
3,000 5.0%
4.5%
2,500
4.0%
3.5%
2,000
3.0%
1,500 2.5%
2.0%
1,000
1.5%
1.0%
500
0.5%
0 0.0%
Oct-96
Oct-97
Oct-98
Oct-99
Oct-00
Oct-01
Oct-02
Oct-03
Oct-04
Oct-05
Oct-06
Oct-07
Oct-08
Oct-09
Gold as a %
FX Reserves, $ mns
The Mining Journal Investor Seminars All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed.
Date: 07/09/10 The presentation is for information purposes only and is not a solicitation to invest.
Unauthorized reproduction or distribution is strictly prohibited.

23. BRICS ADVOCATE CURRENCY REFORM
January 2009 Russian leader Mr Putin said the leading powers should ensure an “irreversible”
move toward a system of multiple reserve currencies, questioning the “reliability” of the US dollar
as a safe store of value. “The pride of Wall Street investment banks doesn’t exist anymore,”
March 2009 PBoC Governor Zhou calls for new reserve currency “that is disconnected
from individual nations and is able to remain stable in the long run, thus removing the inherent
deficiencies caused by using credit-based national currencies.”
The Mining Journal Investor Seminars All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed.
Date: 07/09/10 The presentation is for information purposes only and is not a solicitation to invest.
Unauthorized reproduction or distribution is strictly prohibited.

24. GOLDEN DEMOGRAPHICS: EMERGING
MARKET OWNERSHIP IS LOW
It’s not just emerging central banks that are underinvested. On a per capita basis,
China and India own much less than many other countries, as well as below the world average.
This is noteworthy for two gold loving countries.
GOLD DEMAND (GRAMS PER CAPITA)
5
4.5
China still hugely underowns gold.
4 It owns much less on a per capita
3.5
basis than several other countries,
and also owns less than the
3 world average.
2.5
2
1.5
1
0.5
0
Vietnam
US
UK
Hong Kong
Japan
Turkey
South Korea
Egypt
Indonesia
Italy
Thailand
Russia
World
Taiwan
Saudi Arabia
Germany
China
France
India
Source: UN, WGC
The Mining Journal Investor Seminars All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed.
Date: 07/09/10 The presentation is for information purposes only and is not a solicitation to invest.
Unauthorized reproduction or distribution is strictly prohibited.

25. GOLD INVESTMENT
IS INFINITESIMAL
Imagine the impact of a shift out of bond markets into Gold…
TRILLION $
200.0
150
100
60.2
50
0.8 5.0
INVESTMENT
MARKET VALUE
GLOBAL MONEY
SUPPLY (M3)
FINANCIAL
ASSETS
GOLD
OF ALL GOLD
The Mining Journal Investor Seminars All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed.
Date: 07/09/10 The presentation is for information purposes only and is not a solicitation to invest.
Unauthorized reproduction or distribution is strictly prohibited.

26. GOLD INVESTMENT
HISTORICALLY MINUTE
In 1932 the allocation of gold relative to global financial investments was 20%. Today it stands
at 0.8%. To rise to 2% would require 85,000 tonnes, approximately 34 years mine supply
at existing rates.
GOLD + GOLD MINING EQUITIES AS A % OF GLOBAL ASSETS
35%
30%
25%
20%
15%
10%
5%
0%
1921 1932 1948 1981 2009
Source: Erste Bank
The Mining Journal Investor Seminars All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed.
Date: 07/09/10 The presentation is for information purposes only and is not a solicitation to invest.
Unauthorized reproduction or distribution is strictly prohibited.

27. GOLD UNDEROWNED AND FALLING
SUPPLY, RESERVE GRADE
So much demand but not so much supply. There have been less than 5 gold discoveries over
10mm troy oz. this past decade. Barrick needs to replace 9mm troy oz. of production a year.
GOLD MINE SUPPLY HEADING DOWN GLOBAL MINE COSTS AND RESERVE GRADE g/t
750 1.8
Tonnes
12% 1.7
2500 650
1.6
9%
Reserve Grade g/t
550
1.5
Costs US$/oz
6% 450 1.4
2000
1.3
3% 350
1.2
0% 1500 250
1.1
-3% 150 1
1992
1993
1994
1995
1996
1997
1998
1999
2005
2006
2007
2008
2009
2000
2001
2002
2003
2004
-6% 1000
1987 1990 1993 1996 1999 2002 2005 2008 2011E Cash cost
Total costs
Mine Supply Mine Supply Reserve grade
Source: World Gold Council, UBS
The Mining Journal Investor Seminars All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed.
Date: 07/09/10 The presentation is for information purposes only and is not a solicitation to invest.
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28. THE FINAL BATTLE?
“In order to improve your game, you must study the endgame
before everything else, for whereas the endings can be
studied and mastered by themselves, the middle game and
the opening must be studied in relation to the endgame”
Jose Raul Capablanca
The Mining Journal Investor Seminars All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed.
Date: 07/09/10 The presentation is for information purposes only and is not a solicitation to invest.
Unauthorized reproduction or distribution is strictly prohibited.

29. GOLD ‘SHORTS’ UNDER PRESSURE
A series of actions have perhaps uncovered the distressed nature of the short perpetrators
in the precious metals market.
Mysterious BIS Gold Swaps July 2010
• 380 tonnes of gold is swapped between BIS and unnamed commercial bank
• FT and WSJ post conflicting commentary from BIS themselves on counterparties involved
CFTC Hearings March 2010
• Precious Metals trader blows whistle on manipulation of Comex market
• Comex commercial bank short positions have been reducing as investigation mounts
IMF Quietly Selling Gold
• 15 tonnes a month for first half of 2010
The Mining Journal Investor Seminars All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed.
Date: 07/09/10 The presentation is for information purposes only and is not a solicitation to invest.
Unauthorized reproduction or distribution is strictly prohibited.

30. FAILURE OF THE SECOND LONDON
GOLD POOL 2000 TO ?
Physical Gold dumped into the PM Fix to contain its price in a covert version of the 1960’s
London Gold Pool. Selling at PM fix and purchasing at the AM fix for last nine yrs returns
US$1,400 per troy ounce.
CUMULATIVE INTRADAY CHANGE AND CUMULATIVE
OVERNIGHT CHANGE IN GOLD 2001-2010
1600 100 Overnight
Intraday
1400 0
Cum. Overnight Change $/oz
1200
Cum. Intraday Change $/oz
-100
1000
-200
800
-300
600
-400
400
-500
200
0 -600
1/1/2001 9/28/2003 6/24/2006 3/20/2009 12/15/2011
Source: Adrian Douglas, www.marketforceanalysis.com
The Mining Journal Investor Seminars All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed.
Date: 07/09/10 The presentation is for information purposes only and is not a solicitation to invest.
Unauthorized reproduction or distribution is strictly prohibited.

31. GOLD – WHERE ARE WE NOW?
Gold went up considerably more in the 70s compared to the last decade.
GOLD REBASED FOR COMPARISON – 1970-1980 AND 1999 TO PRESENT GOLD IN NOMINAL $S FROM 1970-1980
AND FROM 1999 TO PRESENT
1900
16X
1700
14X
1500
12X
1300
10X 1971 Nixon closes 1100
‘Gold Window’ Are we here?
8X 900
700
6X
500
4X
300
2X 100
-100
6 12 18 24 30 36 42 48 54 60 66 72 78 84 90 96 102 108 114 120
JAN 72
JULY 72
JULY 73
JAN 79
JULY 79
JAN 71
JULY 71
JAN 73
JAN 74
JULY 74
JAN 75
JULY 75
JAN 77
JULY 77
JAN 80
JULY 80
JAN 81
JULY 81
JULY 70
JAN 76
JAN 78
JULY 78
JULY 76
Months from Jan 1970, Jan 1999 resp.
1970-1980
1999-Present
1970-1980 1999-PRESENT
The Mining Journal Investor Seminars All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed.
Date: 07/09/10 The presentation is for information purposes only and is not a solicitation to invest.
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32. HINDE CAPITAL
The Mining Journal Investor Seminars All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed.
Date: 07/09/10 The presentation is for information purposes only and is not a solicitation to invest.
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33. HINDE GOLD FUND:
A UNIQUE INVESTMENT
• A long bias gold bullion fund with close adherence to USD spot gold price
• A managed gold investment in three share classes EUR, GBP or USD
• A potential return in excess of the spot gold price
• A cheap method of owning physical allocated gold
• A secure method of owning physical allocated gold
• An investment in growing gold ounces vis a vis up to 25 % small cap mining holding
• A liquid investment, no subscription or redemption fees, and same month dealing
The Mining Journal Investor Seminars All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed.
Date: 07/09/10 The presentation is for information purposes only and is not a solicitation to invest.
Unauthorized reproduction or distribution is strictly prohibited.