Below are my notes from Coxe's conference call. I think you goldies will be quite pleased with his take on gold.

Susan’s Notes from 5/7/10 Coxe Conference Call:

· Decided to have an emergency call this week even though not originally scheduled

· Euro experiment is crumbling. Will be bloody & messy as there’s no legal precedent for this deal nor is there any stated specified way to get out of it. This was due to German demands at the time as it was reluctant to give up its mark. “the Euro is doomed”

· There’s a full blown banking crisis in Europe. Banks there had moved out of dollars into Euros and the fear of what they are now holding is increasing.

· The rise in the dollar is hitting commodities other than gold hard.

· Chaos is extending to other currencies such as Swiss franc. Swiss bank is taking on vast quantities of Euro’s in a bid to hold down the franc which is soaring as people try to get out of Euros

· US cannot long forego its own crisis. Eventually US gov. will have to face massive cuts in soc security, pensions and health insurance. Obama is hoping to put this off as it will be ugly.

· Fact that gold has rallied when commodities are suffering while the dollar is rallying tells you something. “Need to definitely maintain a high weighting in gold. This just has to be done.” Got to allow for high volatility. Gold is doing its function which is a store of value.

· Dollar strength is simply due to Euro weakness and not due to any fundamentals.

· Gold will have to work its way back into the banking system – but at what price is not known.

· The Gulf crisis is “extremely good news for oil sands stocks.” This is one sector that will win as the risk of mining oil sands is so much less than that assoc with drilling in Gulf.

· Fundamentals remain extremely strong for the loonie which should still go through par. Don does not recommend any scaling back in Canadian stocks or bonds. Canada is merely a spectator here with what’s happening.