Gold

<body topmargin=0 leftmargin=0 marginheight=0 marginwidth=0> <table cellpadding=0 cellspacing=0 border=0><tr> <td valign="top" colspan=2 height=82 BGCOLOR="#006600" TEXT="#F7F7FF" bgproperties="fixed" background="00505521dwnpjk.jpg"> <div> <FONT SIZE="5" COLOR="#FFFFFF" FACE="Arial" ><B>InvestmentTools.com <style type="text/css">  </style></B></FONT><FONT SIZE="2" COLOR="#FFFFFF" FACE="Arial" ><B> </B></FONT><B>| </B><A HREF="http://www.investmenttools.com/" TARGET="_top" TITLE="http://www.investmenttools.com/"><U>home</U></A>          <B> </B><A HREF="index.htm" TARGET="_top" TITLE="Silver"><U><B><IMG SRC="00a0a0b0.jpg" border=0 width="10" height="11" ALIGN="BOTTOM" HSPACE="0" VSPACE="0"></B></U></A></div> <div> <A HREF="http://www.investmenttools.com/the_home_of_investmenttools__the_com_tock_letter_and_tradingtools.htm" TARGET="_top" TITLE="http://www.investmenttools.com/the_home_"><U><B>About</B></U></A><B>   </B><A HREF="http://www.investmenttools.com/equities/" TARGET="_top" TITLE="http://www.investmenttools.com/equities/"><U><B>Equities</B></U></A><B>   </B><A HREF="http://www.investmenttools.com/futures/" TARGET="_top" TITLE="http://www.investmenttools.com/futures/"><U><B>Commodity/Futures</B></U></A><B>    </B><A HREF="http://www.investmenttools.com/thestate/" TARGET="_top" TITLE="http://www.investmenttools.com/thestate/"><U><B>The State</B></U></A><B>   </B><A HREF="http://www.investmenttools.com/bonds/" TARGET="_top" TITLE="http://www.investmenttools.com/bonds/"><U><B>Notes/Bonds</B></U></A><B>   </B><A HREF="http://www.investmenttools.com/editorials.htm" TARGET="_top" TITLE="http://www.investmenttools.com/editorial"><U><B>Editorials</B></U></A><B>    </B><A HREF="http://www.investmenttools.com/sic_itur_ad_astra.htm" TARGET="_top" TITLE="http://www.investmenttools.com/sic_itur_"><U><B>Volition</B></U></A><B>   </B><A HREF="http://www.investmenttools.com/com_tock_letter.htm" TARGET="_top" TITLE="http://www.investmenttools.com/com_tock_"><U><B>Com$tock Letter</B></U></A><B>    </B><A HREF="http://www.investmenttools.com/welcome_to_the_links__page.htm" TARGET="_top" TITLE="http://www.investmenttools.com/welcome_t"><U><B>Links</B></U></A><B>    </B><A HREF="http://www.investmenttools.com/thefed/" TARGET="_top" TITLE="http://www.investmenttools.com/thefed/"><U><B>The Fed & Short Sales </B></U></A><B>   </B><A HREF="http://www.investmenttools.com/finacial_planning.htm" TARGET="_top" TITLE="http://www.investmenttools.com/finacial_"><U><B>Miscellaneous</B></U></A><B>  </B></div> <div> </div> </td> </tr><tr> <td valign="top" width=210 BGCOLOR="#FF9900" TEXT="#080000" background="006d2053.jpg"> <div> <TABLE BORDER="4" CELLPADDING="4" CELLSPACING="4" WIDTH="168" BORDERCOLORLIGHT="#C0C0C0" BORDERCOLORDARK="#808080" FRAME="BOX" RULES="ALL" HSPACE="0" VSPACE="0" BGCOLOR=#FFFFFF > <tR> <tD VALIGN=TOP HEIGHT= 124 WIDTH="142"><div> <B>Gold, gold, what an excellent product. All wealth derives from gold, and it's gold that mobilizes all human action. </B><FONT SIZE="2" COLOR="#000080" FACE="Arial" ><B>Christopher Columbus</B></FONT></div> </tD> </tR> </TABLE></div> <div>  <A HREF="http://www.investmenttools.com/ccount/click.php?id=2 " TARGET="_blank" TITLE="R.Band"> <U><B><IMG SRC="http://investmenttools.com/images/ads/band3.gif" border=0 height="60" width="120" ALIGN="" HSPACE="15" VSPACE="0"></B></U></A>  </div> <div>  <A HREF="http://www.investmenttools.com/ccount/click.php?id=4 " TARGET="_blank" TITLE="Fortune River"> <U><B><IMG SRC="../../images/ads/fr/fr2.gif" border=0 ALIGN="BOTTOM" HSPACE="0" VSPACE="0"></B></U></A>  </div> <div> <B> <A HREF="http://www.investmenttools.com/ccount/click.php?id=3 " TARGET="_blank" TITLE="Silver"> <U><B><IMG SRC="../../images/ads/ssani_120x60images2.gif" border=0 ALIGN="BOTTOM" HSPACE="0" VSPACE="0"></B></U></A>  </B></div> <div> <B> <object classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" 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HEIGHT= 49 WIDTH="84"><div> <A HREF="#gold_from_1975" TITLE="Gold"><U><B>Gold from 1975</B></U></A></div> </tD> <tD VALIGN=TOP WIDTH="-1"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="49" ALIGN="bottom" WIDTH="-1" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="83"><div> <A HREF="#gold___silver_comparison___ratio" TITLE="Gold"><U><B>Gold & Silver Comparison & Ratio</B></U></A></div> </tD> <tD VALIGN=TOP WIDTH="-1"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="49" ALIGN="bottom" WIDTH="-1" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="88"><div> <A HREF="#dow_gold" TITLE="Gold"><U><B>Dow / Gold Ratio</B></U></A></div> </tD> <tD VALIGN=TOP WIDTH="-1"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="49" ALIGN="bottom" WIDTH="-1" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="87"><div> <A HREF="#gold_price_adjustedby_cp" TITLE="Gold"><U><B>Gold Price Adjustedby CPI</B></U></A></div> </tD> <tD VALIGN=TOP WIDTH="-1"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="49" ALIGN="bottom" WIDTH="-1" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="74"><div> <A HREF="#gold_point___figure" TITLE="Gold"><U><B>Gold Point & Figure</B></U></A></div> </tD> <tD VALIGN=TOP WIDTH="1"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="49" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="79"><div> <A HREF="#gld" TITLE="Gold"><U><B>Gold ETF</B></U></A></div> <div> <A HREF="#gld" TITLE="Gold"><U><B>(GLD)</B></U></A></div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 49 WIDTH="84"><div> <A HREF="http://www.investmenttools.com/futures/bdi_baltic_dry_index.htm" TARGET="_top" TITLE="http://www.investmenttools.com/futures/b"><U><B>Baltic Dry Index & Gold</B></U></A></div> </tD> <tD VALIGN=TOP WIDTH="-1"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="49" ALIGN="bottom" WIDTH="-1" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="83"><div> <A HREF="#gold_point___figure_from_1977" TITLE="Gold"><U><B>Gold Point & Figure from 1977</B></U></A></div> </tD> <tD VALIGN=TOP WIDTH="-1"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="49" ALIGN="bottom" WIDTH="-1" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="88"><div> <A HREF="#gold_price_in_euro_currency" TITLE="Gold"><U><B>Gold Price in Euro Currency</B></U></A></div> </tD> <tD VALIGN=TOP WIDTH="-1"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="49" ALIGN="bottom" WIDTH="-1" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP><NOBR><div> <A HREF="#gold_aug_04" TITLE="Gold"><U><B>Gold Futures</B></U></A></div> </NOBR></tD> <tD VALIGN=TOP WIDTH="-1"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="49" ALIGN="bottom" WIDTH="-1" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="74"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="49" ALIGN="bottom" WIDTH="74" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="1"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="49" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP><NOBR><div> <A HREF="metals_news.htm" TARGET="_top" TITLE="Metals News"><U><B>Metals News</B></U></A></div> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 49 ><NOBR><div> <A HREF="#gold_recent" TITLE="Gold"><U><B>Gold Recent</B></U></A></div> </NOBR></tD> <tD VALIGN=TOP WIDTH="-1"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="49" ALIGN="bottom" WIDTH="-1" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="83"><div> <A HREF="http://www.investmenttools.com/equities/xau_gold___silver_index.htm" TARGET="_top" TITLE="http://www.investmenttools.com/equities/"><U><B>XAU & Gold/XAU Ratio</B></U></A></div> </tD> <tD VALIGN=TOP WIDTH="-1"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="49" ALIGN="bottom" WIDTH="-1" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="88"><div> <A HREF="http://www.investmenttools.com/equities/hui_gold_bugs_index.htm" TARGET="_top" TITLE="http://www.investmenttools.com/equities/"><U><B>HUI Gold Bugs</B></U></A></div> </tD> <tD VALIGN=TOP WIDTH="-1"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="49" ALIGN="bottom" WIDTH="-1" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="87"><div> <A HREF="#gold_crude" TITLE="Gold"><U><B>Gold / Oil Ratio</B></U></A></div> </tD> <tD VALIGN=TOP WIDTH="-1"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="49" ALIGN="bottom" WIDTH="-1" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="74"><div> <A HREF="http://www.investmenttools.com/median_and_average_sales_prices_of_houses_sold_in_the_us.htm" TARGET="_top" TITLE="http://www.investmenttools.com/median_an"><U><B>Gold / Real Estate </B></U></A></div> <div> <A HREF="http://www.investmenttools.com/median_and_average_sales_prices_of_houses_sold_in_the_us.htm" TARGET="_top" TITLE="http://www.investmenttools.com/median_an"><U><B>Ratio</B></U></A></div> </tD> <tD VALIGN=TOP WIDTH="1"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="49" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP BGCOLOR=#DDDDDD WIDTH="79"><div> <A HREF="http://www.investmenttools.com/futures/" TARGET="_top" TITLE="http://www.investmenttools.com/futures/"><U><B><IMG BORDER="0" SRC="Symb075c00b700c899330000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">More Futures</B></U></A></div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 33 WIDTH="84"><div> <A HREF="#worldgoldprod" TITLE="Gold"><U><B>World Gold Production</B></U></A></div> </tD> <tD VALIGN=TOP WIDTH="-1"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="33" ALIGN="bottom" WIDTH="-1" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="83"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="33" ALIGN="bottom" WIDTH="83" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="-1"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="33" ALIGN="bottom" WIDTH="-1" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="88"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="33" ALIGN="bottom" WIDTH="88" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="-1"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="33" ALIGN="bottom" WIDTH="-1" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="87"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="33" ALIGN="bottom" WIDTH="87" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="-1"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="33" ALIGN="bottom" WIDTH="-1" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="74"><div> <A HREF="#notes___links" TITLE="Gold"><U><B>Notes & Links</B></U></A></div> </tD> <tD VALIGN=TOP WIDTH="1"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="33" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="79"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="33" ALIGN="bottom" WIDTH="79" HSPACE="0" VSPACE="0"></tD> </tR> </TABLE></B></div> <div> <B> <script language="JavaScript" type="text/javascript">  </script> <script language="JavaScript" src="http://ypn-js.overture.com/partner/js/ypn.js"> </script>  </B></div> <div> <B> <TABLE BORDER="0" CELLPADDING="2" CELLSPACING="1" WIDTH="646" BORDERCOLORLIGHT="#C0C0C0" BORDERCOLORDARK="#808080" FRAME="VOID" RULES="NONE" HSPACE="0" VSPACE="0" > <tR> <tD VALIGN=TOP HEIGHT= 43 WIDTH="620"><div> <FONT SIZE="4" COLOR="#000000" FACE="Courier New" ><B>Gold</B></FONT><B> from 1975 with 200 day exponential average in </B><FONT SIZE="3" COLOR="#FF0000" FACE="Courier New" ><B>red.</B></FONT><B> 200 day Rate of change (ROC)</B><FONT SIZE="3" COLOR="#006600" FACE="Courier New" ><B>green</B></FONT><B>.</B></div> </tD> <tD VALIGN=TOP><NOBR><div> <B> <A NAME="gold_from_1975"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A></B></div> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 181 WIDTH="620"> <IMG SRC="../../images/wfut/metals/gc.gif" border=0 ALIGN="BOTTOM" HSPACE="0" VSPACE="0"> </tD> <tD VALIGN=TOP WIDTH="15"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="181" ALIGN="bottom" WIDTH="15" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 43 WIDTH="620"><div> <FONT SIZE="4" COLOR="#000000" FACE="Courier New" ><B>Gold</B></FONT><B> recent with 200 day exponential average in </B><FONT SIZE="3" COLOR="#FF0000" FACE="Courier New" ><B>red.</B></FONT><B> 200 day Rate of change (ROC)</B><FONT SIZE="3" COLOR="#006600" FACE="Courier New" ><B>green</B></FONT><B>.</B></div> </tD> <tD VALIGN=TOP><NOBR><div> <B> <A NAME="gold_recent"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A></B></div> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 181 WIDTH="620"> <IMG SRC="../../images/wfut/metals/gold_recent.gif" border=0 ALIGN="BOTTOM" HSPACE="0" VSPACE="0"> </tD> <tD VALIGN=TOP WIDTH="15"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="181" ALIGN="bottom" WIDTH="15" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 21 ><NOBR><div> <B>Gold price adjusted by CPI (Log chart, $1.95 is $195)</B></div> </NOBR></tD> <tD VALIGN=TOP><NOBR><div> <B> <A NAME="gold_price_adjustedby_cp"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A></B></div> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 61 WIDTH="620"> <IMG SRC="../../images/wfut/metals/gold_cpi.gif" border=0 ALIGN="BOTTOM" HSPACE="0" VSPACE="0"> </tD> <tD VALIGN=TOP WIDTH="15"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="61" ALIGN="bottom" WIDTH="15" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 22 WIDTH="620"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="22" ALIGN="bottom" WIDTH="620" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="15"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="22" ALIGN="bottom" WIDTH="15" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 22 WIDTH="620"><div> <B> <object classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,0,0" width="468" height="60"> <param name="movie" value="silverstandardani-468x60clipwlink-ID3.swf" /> <param name="quality" value="high" /> <param name="menu" value="true" /> <EMBED src="silverstandardani-468x60clipwlink-ID3.swf" quality="high" bgcolor="#FFFFFF" WIDTH="468" HEIGHT="60" NAME="yourmovie" ALIGN="" TYPE="application/x-shockwave-flash" PLUGINSPAGE="http://www.macromedia.com/go/getflashplayer"> </embed> </object> <script type="text/javascript" src="ieupdate.js"></script>  </B></div> </tD> <tD VALIGN=TOP WIDTH="15"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="22" ALIGN="bottom" WIDTH="15" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 22 WIDTH="620"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="22" ALIGN="bottom" WIDTH="620" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="15"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="22" ALIGN="bottom" WIDTH="15" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 43 WIDTH="620"><div> <FONT SIZE="4" COLOR="#000000" FACE="Courier New" ><B>Gold Exchange Traded Fund </B></FONT><B>(Symbol GLD)Exponential Averages </B><FONT SIZE="3" COLOR="#FF9900" FACE="Courier New" ><B>200 days, </B></FONT><FONT SIZE="3" COLOR="#006600" FACE="Courier New" ><B>20 days, </B></FONT><FONT SIZE="3" COLOR="#FF0000" FACE="Courier New" ><B>5 days</B></FONT><B>.</B><FONT SIZE="3" COLOR="#FF9900" FACE="Courier New" ><B> </B></FONT><B>20 Day Donchian Channel</B><FONT SIZE="3" COLOR="#FF9900" FACE="Courier New" ><B> </B></FONT><FONT SIZE="3" COLOR="#0033CC" FACE="Courier New" ><B>blue.</B><B> </B></FONT></div> </tD> <tD VALIGN=TOP><NOBR><div> <B> <A NAME="gld"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A></B></div> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 163 WIDTH="620"> <IMG SRC="../../images/de/reg/gld.gif" border=0 ALIGN="BOTTOM" HSPACE="0" VSPACE="0"> </tD> <tD VALIGN=TOP WIDTH="15"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="163" ALIGN="bottom" WIDTH="15" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 21 ><NOBR><div> <B>Gold & Silver comparison and ratio in (</B><FONT SIZE="3" COLOR="#CC0000" FACE="Courier New" ><B>red</B></FONT><B>)</B></div> </NOBR></tD> <tD VALIGN=TOP><NOBR><div> <B> <A NAME="gold___silver_comparison___ratio"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A></B></div> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 163 WIDTH="620"> <IMG SRC="../../images/wfut/metals/gold_silver_comp.gif" border=0 ALIGN="BOTTOM" HSPACE="0" VSPACE="0"> </tD> <tD VALIGN=TOP WIDTH="15"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="163" ALIGN="bottom" WIDTH="15" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 29 WIDTH="620"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="29" ALIGN="bottom" WIDTH="620" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="15"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="29" ALIGN="bottom" WIDTH="15" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 29 WIDTH="620"><div> <B> <A HREF="http://www.investmenttools.com/ccount/click.php?id=4 " TARGET="_blank" TITLE="Fortune River"> <U><B><IMG SRC="../../images/ads/fr/fr6.gif" border=0 ALIGN="BOTTOM" HSPACE="0" VSPACE="0"></B></U></A>  </B></div> </tD> <tD VALIGN=TOP WIDTH="15"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="29" ALIGN="bottom" WIDTH="15" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 29 WIDTH="620"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="29" ALIGN="bottom" WIDTH="620" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="15"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="29" ALIGN="bottom" WIDTH="15" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 29 WIDTH="620"><div> <B>Gold / Crude Oil Ratio</B></div> </tD> <tD VALIGN=TOP><NOBR><div> <B> <A NAME="gold_crude"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A></B></div> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 163 WIDTH="620"> <IMG SRC="../../images/wfut/metals/gold_div_crude.gif" border=0 ALIGN="BOTTOM" HSPACE="0" VSPACE="0"> </tD> <tD VALIGN=TOP WIDTH="15"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="163" ALIGN="bottom" WIDTH="15" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 43 WIDTH="620"><div> <B>Dow / Gold Ratio</B><FONT SIZE="3" COLOR="#000000" FACE="Courier New" ><B> (DJIA divided by Gold $ per oz price) 400 day xaverage </B></FONT><FONT SIZE="3" COLOR="#FFCC00" FACE="Courier New" ><B>yellow.</B></FONT></div> </tD> <tD VALIGN=TOP><NOBR><div> <B> <A NAME="dow_gold"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A></B></div> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 163 WIDTH="620"> <IMG SRC="../../images/wfut/metals/dow_gold.gif" border=0 ALIGN="BOTTOM" HSPACE="0" VSPACE="0"> </tD> <tD VALIGN=TOP WIDTH="15"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="163" ALIGN="bottom" WIDTH="15" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 23 WIDTH="620"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="23" ALIGN="bottom" WIDTH="620" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="15"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="23" ALIGN="bottom" WIDTH="15" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 23 WIDTH="620"><div> <B> <object classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.ca b#version=6,0,29,0" width="468" height="60"> <param name="movie" value="http://investmenttools.com/images/Ads/ep/eagleplains_468x60_banner.sw f"> <param name="quality" value="high"> <embed src="http://investmenttools.com/images/Ads/ep/eagleplains_468x60_banner.swf" quality="high" bgcolor="#FFFFFF" width="468" height="60" name="eagle_plains_468x60banner" align="" pluginspage="http://www.macromedia.com/go/getflashplayer" type="application/x-shockwave-flash" width="468" height="60"></embed> </object>  </B></div> </tD> <tD VALIGN=TOP WIDTH="15"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="23" ALIGN="bottom" WIDTH="15" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 23 WIDTH="620"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="23" ALIGN="bottom" WIDTH="620" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="15"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="23" ALIGN="bottom" WIDTH="15" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 78 WIDTH="620"><div> <B>Gold Futures - The</B><FONT SIZE="3" COLOR="#3300FF" FACE="Courier New" ><B> Blue</B></FONT><B> line is a Donchian channel, </B><FONT SIZE="3" COLOR="#FF0000" FACE="Courier New" ><B>red</B></FONT><B> line is a 5 day exponential average, </B><FONT SIZE="3" COLOR="#006600" FACE="Courier New" ><B>green</B></FONT><B> line is a 20 day exponential average. Vertical green bars MACD (Moving average convergence divergence) 5 and 20.</B></div> </tD> <tD VALIGN=TOP><NOBR><div> <B> <A NAME="gold_aug_04"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A></B></div> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 163 WIDTH="620"> <IMG SRC="../../images/df/metals/gc.gif" border=0 ALIGN="BOTTOM" HSPACE="0" VSPACE="0"> </tD> <tD VALIGN=TOP WIDTH="15"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="163" ALIGN="bottom" WIDTH="15" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 43 WIDTH="620"><div> <B>Gold Point & Figure </B><FONT SIZE="3" COLOR="#000000" FACE="Courier New" ><B>(Box Value = $1, reversal = 3 boxes).The data plotted is spot gold (H&H) NY close.</B></FONT></div> </tD> <tD VALIGN=TOP><NOBR><div> <B> <A NAME="gold_point___figure"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A></B></div> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 163 WIDTH="620"> <IMG SRC="../../images/df/p&f/gold.gif" border=0 ALIGN="BOTTOM" HSPACE="0" VSPACE="0"> </tD> <tD VALIGN=TOP WIDTH="15"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="163" ALIGN="bottom" WIDTH="15" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 36 ><NOBR><div> <B>Gold Point & Figure </B><FONT SIZE="3" COLOR="#000000" FACE="Courier New" ><B>from 1976 Box= 10 Reversal = 5</B></FONT></div> </NOBR></tD> <tD VALIGN=TOP><NOBR><div> <B> <A NAME="gold_point___figure_from_1977"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A></B></div> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 163 WIDTH="620"> <IMG SRC="../../images/wfut/metals/gold_pf.gif" border=0 ALIGN="BOTTOM" HSPACE="0" VSPACE="0"> </tD> <tD VALIGN=TOP WIDTH="15"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="163" ALIGN="bottom" WIDTH="15" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 40 WIDTH="620"><div> <B>Gold Price in Euro Currency and 200 day day exponential average (</B><FONT SIZE="3" COLOR="#FF0033" FACE="Courier New" ><B>red</B></FONT><B>)</B></div> </tD> <tD VALIGN=TOP><NOBR><div> <B> <A NAME="gold_price_in_euro_currency"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A></B></div> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 45 WIDTH="620"> <IMG SRC="../../images/wfut/metals/gold_euro.gif" border=0 ALIGN="BOTTOM" HSPACE="0" VSPACE="0"> </tD> <tD VALIGN=TOP WIDTH="15"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="45" ALIGN="bottom" WIDTH="15" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 24 WIDTH="620"><div> <B>World Gold Production</B></div> </tD> <tD VALIGN=TOP><NOBR><div> <B> <A NAME="worldgoldprod"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A></B></div> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 33 WIDTH="620"> <IMG SRC="../../images/ss/worldgoldprod.gif" border=0 ALIGN="BOTTOM" HSPACE="0" VSPACE="0"> </tD> <tD VALIGN=TOP WIDTH="15"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="33" ALIGN="bottom" WIDTH="15" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 27 WIDTH="620"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="27" ALIGN="bottom" WIDTH="620" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP><NOBR><div> <B> <A NAME="notes___links"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A></B></div> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 27 WIDTH="620"><div> <B><U><IMG BORDER="0" SRC="Wing0a7300a801180099ff00.png" HEIGHT="19" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">Gold Notes & Links:</U></B></div> </tD> <tD VALIGN=TOP WIDTH="15"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="27" ALIGN="bottom" WIDTH="15" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 3548 WIDTH="620"><bR> <div> <A HREF="http://www.dani2989.com/gold/productiondorcyclesgb26072004.htm" TARGET="_blank" TITLE="http://www.dani2989.com/gold/productiond"><U><B><IMG BORDER="0" SRC="Symb075c00b700c8ff330000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">Gold production cycles from 1840</B></U></A></div> <div> <A HREF="http://www.independent.org/publications/article.asp?id=165" TARGET="_blank" TITLE="http://www.independent.org/publications/"><U><B><IMG BORDER="0" SRC="Symb075c00b700c8ff330000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">Gold Policy in the 1930s </B></U></A></div> <div> <A HREF="http://www.cbot.com/cbot/pub/page/0,3181,1033,00.html" TARGET="_blank" TITLE="http://www.cbot.com/cbot/pub/page/0,3181"><U><B><IMG BORDER="0" SRC="Symb075c00b700c8ff330000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">CBOT  Comments</B></U></A></div> <bR> <div> <B>                        </B></div> <div> <B>________________________________________</B></div> <bR> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">6/19/08 <FONT SIZE="2" COLOR="#0033FF" FACE="Courier New" ><A HREF="http://www.bloomberg.com/apps/news?pid=20601012&sid=aF1439PVhAgk&refer=commodities" TARGET="_blank" TITLE="http://www.bloomberg.com/apps/news?pid=2"><U>Gold May Rise to $5,000 on Inflation,</U></A></FONT> Schroder Says </div> <div> Demand for gold will also rise as central banks become net buyers for the first time in 20 years, driven by developing countries, he added. Last year, world production of gold sank to the lowest since 1937 as reserves are depleted and few new sources of gold have been found.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">4/11/08 Statistics South Africa says South Africa’s gold production fell 28% YoY</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">4/9/08 Gold Fields Mineral said that 2008 gold production will remain stable, suggesting to some, that this will result in a tightening of supply.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">12/3/07 Gold demand in China, including the mainland, Hong Kong and Taiwan, rose 24 percent in the third quarter to 88.1 tons, the World Gold Council said.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">11/9/07 Europe's central banks sold 50 tons of gold in October.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">9/20/07 Credit Suisse, raised its 12-month forecast for gold, silver and other precious metals because of supply shortfalls and a decline in the value of the dollar.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">8/26/07 Dubai gold sales rose 33% in July despite high prices.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">4/4/07 GFMS Ltd. said world gold mine production was down 3% in 06, the lowest level in ten years.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">2/15/07 The World Gold Council estimates 2006 world gold mine production at 2,467 tons down 2% . They estimate 2006 demand at 3,362 million tons, down 10%. </div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">10/5/06 Conflicting opinions arose on Thursday whether the European Central Bank had sold its full 500-t yearly quota of gold under the five-year Central Bank Gold Agreement. </div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">8/16/06 The World Gold Council said that world demand for gold totaled 802 tons in the second quarter of 2006, down 16% YoY. World mine production totaled 625 tons in the second quarter, up 2.3% YoY.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">5/24/06 The World Gold Council said that 2005 world gold demand totaled 836 tons, down 16% YoY. Mine production totaled 607 tons, up 5% YoY.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">5/15/06 Dow-Jones News Wire reports that S&P and the Toronto Stock Exchange are preparing to roll out the first real-time global gold index. The Toronto Stock Exchange is home to about 60% of the world's public mining companies. The new index is expected to be up and running by the end of the year.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">4/17/06 Goldfields Minerals Survey said that world gold mine production increased 2% in 2005 and they are expecting a 4% increase in 2006.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">3/6/06 Gold production in South Africa totaled 296.3 tons in 2005, down 13% YoY and the lowest production since 1923.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">1/25/06 Regulators in India will allow mutual funds to launch gold ETF’s.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">1/10/06 <FONT SIZE="2" COLOR="#0033FF" FACE="Courier New" ><A HREF="http://www.truthout.org/docs_2006/B010506B.shtml" TARGET="_blank" TITLE="http://www.truthout.org/docs_2006/B01050"><U>Drier, Tainted Nevada May Be Legacy of Gold Rush </U></A></FONT></div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">12/08/05 In the most recent quarter South Africa's gold production was down 3.4%.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">11/27/05 <FONT SIZE="2" COLOR="#0033FF" FACE="Courier New" ><A HREF="http://news.ninemsn.com.au/article.aspx?id=64044" TARGET="_blank" TITLE="http://news.ninemsn.com.au/article.aspx?"><U>Newmont considers a bid for Placer Dome</U></A></FONT></div> <div> "In India, the largest gold market in the world, demand year over year to June was up 47 per cent, China was up 14 per cent," Mr Lassonde said.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">11/27/05 <FONT SIZE="2" COLOR="#0033FF" FACE="Courier New" ><A HREF="http://thescotsman.scotsman.com/business.cfm?id=2313142005" TARGET="_blank" TITLE="http://thescotsman.scotsman.com/business"><U>Brown's gold sale losses pile up as bullion price surges</U></A></FONT></div> <div> In due course, Brown sold off 300 tonnes at just $275 an ounce - close to a 20-year low. Roughly a third of the proceeds were then invested in euros - which then proceeded to plummet.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">11/17/05 The World Gold Council reported that gold demand was up 16% through the first three quarters of 2005.</div> <div> <FONT SIZE="2" COLOR="#000000" FACE="Courier New" ><IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">11/16/05 </FONT><A HREF="http://www.miningweekly.co.za/?show=77525" TARGET="_blank" TITLE="http://www.miningweekly.co.za/?show=7752"><U>Has gold lost its war chest status</U></A>?</div> <div> Trends indicate that international central bank's store of gold could fall further in future as yields received from the yellow metal decline, but is there another argument for investing in gold?</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">11/15/05 <FONT SIZE="2" COLOR="#0033FF" FACE="Courier New" ><A HREF="http://www.engineeringnews.co.za/?show=77427" TARGET="_blank" TITLE="http://www.engineeringnews.co.za/?show=7"><U>South African Reserve bank</U></A></FONT> may up gold reserves - Mboweni The central bank is very comfortable holding these gold reserves because of the metal's war-chest qualities, because gold is no-one's liability and because it allows prudent diversification in the bank's total reserves," Mboweni said in the text of the speech.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">11/15/05 <FONT SIZE="2" COLOR="#0033FF" FACE="Courier New" ><A HREF="http://www.miningweekly.co.za/min/news/today/?show=77501" TARGET="_blank" TITLE="http://www.miningweekly.co.za/min/news/t"><U>French gold sales</U></A></FONT> allows FX reserves diversification Strauss-Kahn declined to say in what currencies the BOF would invest the proceeds of its plans to sell up to 600 t of gold reserves over a five year period - a strategy which it said last year it had agreed with the French finance ministry.</div> <div> She told the conference that the BOF's gold reserves amounted to 3 024 t, comprising 55% of its total gold and foreign exchange reserves or 3,7% of gross domestic product.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">11/15/05 The London Bullion Market Association expects gold to reach $550 per ounce by the middle of 2006. They anticipate the driving force to be a weaker US economy and strong demand from India. Because of jewelry demand gold usage was up 10% in the first six month of 05.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">11/14/05 South African gold output was likely to fall to an 80-year low of 300 tons in 2005 down from 346 tons in 2004, which was the lowest level since 1931, Andisa Securities gold analyst Dr Dave Davis said on Monday.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">11/08/05 The <FONT SIZE="2" COLOR="#0033FF" FACE="Courier New" ><A HREF="http://www.imf.org/external/np/exr/facts/gold.htm" TARGET="_blank" TITLE="http://www.imf.org/external/np/exr/facts"><U>IMF holds</U></A></FONT> 103.4 million ounces (3,217 metric tons) of gold at designated depositories. The IMF's total gold holdings are valued on its balance sheet at <U>SDR</U> 5.9 billion (about $9 billion) on the basis of historical cost. As of August 31, 2005, the IMF's holdings amounted to $45 billion (at then current market prices). </div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">10/13/05 Statistics South Africa said that YoY gold mine production was down 3.9% in June to August.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">09/16/05 U.S. Benchmark gold futures closed at a 17-year high on Friday because of a robust "<FONT SIZE="2" COLOR="#000000" FACE="Courier New" ><B><U>International</U></B></FONT>" demand for bullion.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">09/16/05 Argentina's central bank may increase gold reserves as a hedge against inflation and protection against a financial crisis, Juan Ignacio Basco, bank head of market operations, said yesterday in London</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">09/09/05 YoY South Africa's gold mining production was down 12% in July. </div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">08/23/05 South African gold production in the second quarter of 2005 fell by 2.4 percent versus the first quarter and by a significant 18 percent on a year-on-year basis when compared to the second quarter of 2004, the Chamber of Mines said on Tuesday.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">06/02/05 The World Gold Council said that world gold demand totaled 977 tons in the first quarter of 2005, up 26% YoY.  YoY,  Jewelry demand was up 19%. </div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">04/25/05 <FONT SIZE="2" COLOR="#0033FF" FACE="Courier New" ><A HREF="http://allafrica.com/stories/200504251134.html" TARGET="_blank" TITLE="http://allafrica.com/stories/20050425113"><U>In a dramatic turn of events</U></A></FONT>, the International Monetary Fund (IMF), has joined debt campaigners across the globe by stating clearly that it is in fact possible to sell its vast undervalued (and idle) gold reserves to finance further debt relief for some of the world's poorest countries. The viability of this proposal, after years of opposition, has been formally recognised by the staff of the IMF in a new paper. The IMF paper, prepared by the Fund's Department of Finance at the request of the major creditor nations last year, was discussed by the IMF Board on 30 April.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">04/18/05 June gold was helped by comments from U.S. Treasury Secretary Snow saying he does not favor the IMF plan of selling gold to provide debt relief to less developed countries. </div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">04/12/2005 Gold output falls to 73-year low <FONT SIZE="2" COLOR="#0033FF" FACE="Courier New" ><A HREF="http://business.iafrica.com/news/431845.htm" TARGET="_blank" TITLE="http://business.iafrica.com/news/431845."><U>www.Iafrica.com</U></A></FONT> reported today that South Africa's 2004 gold production was the lowest since 1931. </div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">04/11/05 The CEO of AngloGold is predicting a range of $400 to $500 per ounce for gold in the "foreseeable future." </div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">03/06/05 <FONT SIZE="2" COLOR="#0033FF" FACE="Courier New" ><A HREF="http://afr.com/articles/2005/03/07/1110044294060.html" TARGET="_blank" TITLE="http://afr.com/articles/2005/03/07/11100"><U>Australia's gold output falls to 9-year low </U></A></FONT></div> <div> Australia's gold output sank to a nine-year low in 2004 following exceptionally wet weather in Western Australia early in the year and a large number of plant closures. Gold production for the year was down to 261 tonnes, 6.5 per cent less than 2003, Melbourne consulting group Surbiton Associates said.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">02/27/05 <FONT SIZE="2" COLOR="#0033FF" FACE="Courier New" ><A HREF="http://economictimes.indiatimes.com/articleshow/1034762.cms" TARGET="_blank" TITLE="http://economictimes.indiatimes.com/arti"><U>Most G-7 members favour IMF gold sales </U></A></FONT> But an outright sale from the IMF, the world’s third largest gold holder, is not the only option under consideration, according to the article. </div> <div> Options could include a sale to an interested central bank or a revaluation of IMF gold reserves to current market prices, which would generate a paper profit that could be used to offset losses from debt write-off, it said</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">02/25/04 <FONT SIZE="2" COLOR="#0033FF" FACE="Courier New" ><A HREF="http://www.reuters.co.za/locales/c_newsArticle.jsp?type=businessNews&localeKey=en_ZA&storyID=7736568" TARGET="_blank" TITLE="http://www.reuters.co.za/locales/c_newsA"><U>Newmont profit up, but sees lower gold sales</U></A></FONT> "We remain optimistic about gold prices, given the current macro-economic and market fundamentals," said Chairman and Chief Executive Officer Wayne Murdy.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">02/24/05  The 2004 supply and demand figures from the World Gold Council show 2004 world mine production down 4.4% to 2,478 tons while total demand increased 8.2% to 3,484 tons. Central bank sales were (helpfully) reduced by 19% in 2004. </div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">02/17/05 Barrick Gold, produced 5 million ounces in 2004, earning $248 million on the year (nearly $50 per ounce). Barricks production in 2003 totalled roughly 5.5 million ounces.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">02/04/05 <FONT SIZE="2" COLOR="#0033FF" FACE="Courier New" ><A HREF="http://www.nzherald.co.nz/index.cfm?c_id=3&ObjectID=10009584" TARGET="_blank" TITLE="http://www.nzherald.co.nz/index.cfm?c_id"><U>The new gold rush</U></A></FONT>.. More than 100 years later, events on the far side of the world are again reverberating in the Coromandel township. This time, US President George W. Bush can take the bow. </div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">02/03/05 There is talk that the International Monetary Fund may sell part of their gold reserves to raise money for poor nations. </div> <div> <FONT SIZE="2" COLOR="#000000" FACE="Courier New" ><IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">01/28/05 The </FONT><A HREF="http://www.marketwatch.com/news/yhoo/story.asp?guid=%7BC63B650F-4857-4B2C-90E3-0CF13306C901%7D&siteid=myyahoo&dist=myyahoo" TARGET="_blank" TITLE="http://www.marketwatch.com/news/yhoo/sto"><U>iShares COMEX Gold Trust</U></A> <FONT SIZE="2" COLOR="#000000" FACE="Courier New" >began trading  on the American Stock Exchange under the symbol IAU</FONT></div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">01/27/05 China produced 212.35 tons of gold in 2004, setting a new annual record, according to the China Gold Association. China produced only 90 tons of gold in 1994. </div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">01/04/05 <FONT SIZE="2" COLOR="#0033FF" FACE="Courier New" ><A HREF="http://www.bday.net/detail.asp?id=60594" TARGET="_blank" TITLE="http://www.bday.net/detail.asp?id=60594"><U>Gold demand in China</U></A></FONT><A HREF="http://www.bday.net/detail.asp?id=60594" TARGET="_blank" TITLE="http://www.bday.net/detail.asp?id=60594"><U>,</U></A> one of the world’s largest consumers, was expected to have risen to around 314 tonnes in 2004, up 15 percent from 2003 as the country liberalises its bullion market. </div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">12/20/04 <FONT SIZE="2" COLOR="#0033FF" FACE="Courier New" ><A HREF="http://economictimes.indiatimes.com/articleshow/965678.cms" TARGET="_blank" TITLE="http://economictimes.indiatimes.com/arti"><U>The Bundesbank said on Monday</U></A></FONT> that it will sell only a fraction of the gold it is entitled to dispose of in the first year of an international agreement.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">12/15/04 Comex gold warehouse stocks were unchanged Tuesday at 5,577,090 ounces. </div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">12/15/04 The Dow Jones Newswires said that South Africa will produce just 345 tons of gold this year, the lowest amount since 1947.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">12/01/04 Global figures, which were compiled for the World Gold Council by GFMS Ltd, a London based company specialising in gold market research, reveal that consumer demand for gold in July-September 2004 <B>was six per cent higher </B>than July-September 2003 in tonnage terms. </div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">11/20/04 The StreetTRACKS Gold Trust (GLD) began its first day of trading on a high note as $550 million were put into the fund on the NYSE on Thursday</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">11/14/04 <FONT SIZE="2" COLOR="#0033FF" FACE="Courier New" ><A HREF="http://www.marketwatch.com/news/yhoo/story.asp?guid=%7BACEE9FD8-AF5B-409A-BA09-571813B96D0E%7D&siteid=myyahoo&dist=myyahoo" TARGET="_blank" TITLE="http://www.marketwatch.com/news/yhoo/sto"><U>Gold rush - ETF expected to launch with metal hitting highs</U></A></FONT> </div> <div> <FONT SIZE="2" COLOR="#000000" FACE="Courier New" ><IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">10/26/04 </FONT><A HREF="http://yahoo.reuters.com/financeQuoteCompanyNewsArticle.jhtml?duid=mtfh74752_2004-10-26_17-23-45_n26275318_newsml" TARGET="_blank" TITLE="http://yahoo.reuters.com/financeQuoteCom"><U>Regulatory approval</U></A> <FONT SIZE="2" COLOR="#000000" FACE="Courier New" >for a much-anticipated gold-backed security that is expected to soon launch on the New York Stock Exchange.</FONT></div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">10/18/04 Retail gold sales in the Gulf for the Second Quarter of 2004 rose by 22% from $ 1.03 billion to $ 1.253 billion vis-a-vis the same corresponding period in 2003, according to regional office of the World Gold Council </div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">10/17/04 Riding on recovery in the economy, India's gold imports are poised to grow by 10 per cent to the region - 880 tonnes versus 800 YoY. </div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">10/06/04 <FONT SIZE="2" COLOR="#0033FF" FACE="Courier New" ><A HREF="http://news.bbc.co.uk/2/hi/europe/3721584.stm" TARGET="_blank" TITLE="http://news.bbc.co.uk/2/hi/europe/372158"><U>Austria has unveiled what it says is the world's largest gold coin - a 31kg (68 pound) disc worth about 330,000 euros ($500,000). </U></A></FONT></div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">09/23/04 <FONT SIZE="2" COLOR="#0033FF" FACE="Courier New" ><A HREF="http://worldnetdaily.com/news/printer-friendly.asp?ARTICLE_ID=40579" TARGET="_blank" TITLE="http://worldnetdaily.com/news/printer-fr"><U>China's tripling gold demand</U></A></FONT></div> <div> <FONT SIZE="2" COLOR="#000000" FACE="Courier New" ><IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">09/07/04</FONT> <A HREF="http://www.thestandard.com.hk/thestandard/news_detail_frame.cfm?articleid=50654&intcatid=2" TARGET="_blank" TITLE="http://www.thestandard.com.hk/thestandar"><U>China to open up gold trade</U></A><FONT SIZE="2" COLOR="#000000" FACE="Courier New" ><A HREF="http://www.thestandard.com.hk/thestandard/news_detail_frame.cfm?articleid=50654&intcatid=2" TARGET="_blank" TITLE="http://www.thestandard.com.hk/thestandar"><U> </U></A></FONT></div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">09/06/04 <FONT SIZE="2" COLOR="#0033FF" FACE="Courier New" ><A HREF="http://biz.yahoo.com/rc/040831/financial_goldtrust_1.html" TARGET="_blank" TITLE="http://biz.yahoo.com/rc/040831/financial"><U>Launch of streetTRACKS gold shares at NYSE awaited</U></A></FONT></div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">08/22/04 <FONT SIZE="2" COLOR="#0033FF" FACE="Courier New" ><A HREF="http://www.guardian.co.uk/print/0%2C3858%2C4997826-110373%2C00.html" TARGET="_blank" TITLE="http://www.guardian.co.uk/print/0%2C3858"><U>New oil highs spark gold rush</U></A></FONT></div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">08/20/04 The World Gold Council announced that total world gold demand increased 10% in the first half of 2004, due to  increased demand from Turkey, China, and India.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">06/01/04 Gold Fields Mineral Services, Ltd. said that world gold mine production was down 3.5% in the first quarter from a year ago. </div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">03/08/04 The European Central Bank and 14 European banks renewed their agreement to limit gold sales to  500 tons per year for the next five years, up from the previous agreement's 400 ton per year limit. </div> <div> <FONT SIZE="2" COLOR="#000000" FACE="Courier New" ><IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">02/24/04</FONT> <A HREF="http://www.thehindubusinessline.com/2004/02/25/stories/2004022500201200.htm" TARGET="_blank" TITLE="http://www.thehindubusinessline.com/2004"><U>Will Asian central banks buy gold? </U></A></div> <div> <FONT SIZE="2" COLOR="#000000" FACE="Courier New" ><IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">02/05/04 </FONT><A HREF="http://trinity.mips1.net/MGGold.nsf/Current/42256E2B005E0A2E85256E31000F1E22" TARGET="_blank" TITLE="http://trinity.mips1.net/MGGold.nsf/Curr"><U>Lassonde sees gold strong for years</U></A> </div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">01/28/04 As part of its annual export and import policy changes, India's federal government Wednesday ended restrictions on the import of gold and silver.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">01/28/04 Japanese Finance Minister Sadakazu Tanigaki said </div> <div>    his ministry will carefully consider whether to change the </div> <div>    composition of its $673.53 billion in foreign reserves, including the </div> <div>    weighting of gold in that total.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">01/28/04 The central bank of Norway said that they sold 16 tons of gold in January. </div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">01/21/04 Germany's Bundesbank has requested that it be allowed to sell up to 600 tons of gold in the upcoming five-year agreement for European Central Banks</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">12/03/03 <FONT SIZE="2" COLOR="#0033FF" FACE="Courier New" ><A HREF="http://www.cbc.ca/stories/2003/11/21/barrick211103" TARGET="_blank" TITLE="http://www.cbc.ca/stories/2003/11/21/bar"><U>Barrick</U></A></FONT>: Will Not Hedge Output Even If Gold Hits $500/Oz</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">10/14/03 <FONT SIZE="2" COLOR="#0033FF" FACE="Courier New" ><A HREF="http://www.economist.com/agenda/displaystory.cfm?story_id=2135349" TARGET="_blank" TITLE="http://www.economist.com/agenda/displays"><U>Economist.com is talking about $3400 Gold (or so)</U></A></FONT></div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">08/28/03 <FONT SIZE="2" COLOR="#0033FF" FACE="Courier New" ><A HREF="http://www.mips1.net/MGGold.nsf/Current/4225685F0043D1B248256D900035980D?OpenDocument" TARGET="_blank" TITLE="http://www.mips1.net/MGGold.nsf/Current/"><U>Aussie gold shares surge</U></A></FONT></div> <div> 08/04/03 The President of Newmont Mining Corp  expects the price of gold to reach $450 per ounce within one year due to continued weakness in the U.S. dollar and increasing demand from China. </div> <bR> <bR> <bR> </tD> <tD VALIGN=TOP WIDTH="15"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="3548" ALIGN="bottom" WIDTH="15" HSPACE="0" VSPACE="0"></tD> </tR> </TABLE></B></div> <div> <B> <script type="text/javascript" src="http://investmenttools.com/ieupdate.js"></script>  </B><FONT SIZE="3" COLOR="#000000" FACE="Courier New" ><B>     <script type="text/javascript" language="javascript" src="http://fry.webtistic.com/philip.php?id=71"></script> <noscript> <a href="http://www.webtistic.com/"> <img SRC="http://fry.webtistic.com/hit.php?a=71" border="0" alt="Webtistic - Traffic 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