ONLY GOLD IS AS GOOD AS GOLD

GOLD TRADING BUY 7/07/97

Excellent Risk/Reward to buying Gold. See all previous gold buy recommendations. One especially attractive play is FCX - FREEPORT-MCMORAN CPR & GOLD B or FCX-A FCX-A - FREEPORT-MCMORAN C&G .05 PFD with 6.3% yield and gold sweetener. One final comment: Shame on you Australia Central Bankers!

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WHY NOT BUY GOLD? 5/20/97

"WHY NOT BUY GOLD [June 343.40] OR GOLD INSTRUMENTS TODAY?"

We continue to recommend some buying of Gold and Gold stocks in the 340-360 range for market disaster insurance. While there will be steady central bank selling to keep gold under $400, we believe the XAU will outperform INDEXING for the next six months. This is also a good dollar hedge or short. Longer term consider BASE metals as well e.g. Copper and PD (Phelps Dodge), aluminum and AA (Alcoa) etc."

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XAU vs SPX

XAU CLOSE 101.94 - SPX CLOSE 841.66

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SSC ALTERNATIVE GOLD? 6/05/97

Buying a "Penny" stock like SSC-Sunshine Mining, is one way to play this forecast. Should GOLD rise significantly so would SILVER. This stock selling at 13/16 today , could go up 50-100%. We consider Penny stocks to be like non-expiring options, you don't pay for time premium, and you don't need a futures or option account. However, they tend to MUCH more volatile than Big Board stocks and we recommend as always, you check with your independent financial advisor to decide if this is an appropriate investment for you.