8:32p ET Friday, June 21, 2002

Dear Friend of GATA and Gold:

Royal Bank of Canada is dissociating itself from the
pro-gold and pro-GATA report, disclosed yesterday,
issued by the bank's investment house, RBC Global
Investment Management Inc.

Thom Calandra of CBSMarketWatch, whose column
about the report was sent to you by GATA today, has
updated the column with this paragraph based on an
interview with Royal Bank:

"A spokesman for Royal Bank of Canada said the report
was an internal one, not meant for public consumption.
'It was a discussion paper prepared for review by the
Investment Strategy Committee and does not represent
the view of RBC,' Graeme Harris, senior adviser for
corporate communications at Royal Bank of Canada, told
me."

You can find Calandra's updated column here:

http://cbs.marketwatch.com/news/story.asp?
siteid=mktw&dist=&column=Thom%20Calandra%27s%20StockWatch&

As for the report's being meant only for internal RBC
use, GATA received it from a source outside the bank
who asserted that the report had been distributed to
RBC's private clients.

Decide for yourself. One thing seems clear: In
international banking, a little knowledge of the gold
world is a dangerous thing.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.