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To: Claude Cormier who wrote (21101)	11/21/2004 6:47:10 PM
From: goldsheet	Read Replies (1) \| Respond to of 312419

Competition is good. So far it appears NYSE:GLD has knocked the premium of AMEX:CEF down to 2.34% etfconnect.com It was as high as 15% and started the month of November near 11%. So even if you do not buy GLD, it has made CEF cheaper to buy, and maybe will even reduce expenses at GoldMoney. Barclays iShares should have a gold ETF on the AMEX next, which is good. Turk is indeed an honest guy, but with a vested interest which may not make him 100% unbiased on the topic.

To: Claude Cormier who wrote (21101)	11/21/2004 6:53:48 PM
From: Square_Dealings	Respond to of 312419

Yes I fully understand and I do think its important. We are all on the same side here. But any fund has to have disclaimers, he is capitalizing on that imo. His claiming to be just an analyst is BS though. The Aussie fund has been working for some time now and I dont know of any big scandals associated with that. As far as I can tell GLD is modeled after that. I just wish he could work out the details of this without scaring people out of GLD. Its bad timing. Gold market is fcuked up enough without this kind of infighting surfacing at a critical time. Hell I dont even trust Wells Fargo for that matter I dont think the funds in money markets are backed by anything at all. Its a matter of alternatives and I will take GLD, for now, with all of the unknowns any day over cash. And if I could get my kids accounts in GoldMoney with a click of a button I would do that in a flash. But its not as easy as GLD, and for now I am going to have to trust that GLD is not as screwed as the rest of the US financial system. M

To: Claude Cormier who wrote (21101)	11/21/2004 7:13:17 PM
From: Taikun	Read Replies (1) \| Respond to of 312419

Claude, I agree. I read the prospectus and saw a number of red flags. I respect James Turk based on what I have read about him. James Turk confirmed my suspicions about this ETF. A bulletproof ETF would have insured gold held directly by the fund in auditable secure premises. There should be zero need for shorting, or the use of any options. GLD is uninsured gold held by third parties and their counterparties at sites where the manager, Streettracks has no right of inspection. The ETF will use other instruments such as options, further adding to the risk. This raises the question, is the 1.8m ounces of gold they hold physical or paper? streettracksgoldshares.com Until a third party has verified the physical gold and ensured it is unencumbered, I will have my doubts. I wil not touch this instrument and none of the investors I know are interested in it either. This paper gold ETF is not a substitute for physical gold. It is a risky asset with all the downside of other paper assets in a financial crisis. Reading the prospectus, one finds our that the financial authorities have been hard at work to create this false impression of a secure asset. Perhaps, in a financial crisis, the failure of this instrument will drive investors away from gold, and that could be their intention. David