1. CFB Gold Report
April 2 0 1 0
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2. The Gold Report
April 2010
In 2009, 582 companies trading in Canadian equity markets completed 1642 Europe North America
deals for a total of over $CDN23 billion. By comparison, the total proceeds $ 228392255.68 $ 8117649067.39
raised in 2008 for the whole mining and materials sector was $14.5B, or roughly Asia
$ 929386892.27
62% of the gold sector total for 2009. Of that $14.5B raised in 2008, nearly $8B
was for gold, or less than 35% of the 2009 total. Of the $23B of gross proceeds Africa
raised in 2009, nearly $11B was raised for exploration and development, over $ 2138726263.96
$7.5B was raised for rolling over debt, over $3.2B was raised for acquisitions Unspecified
and over $1.3B was raised for working capital. $ 37500.00
Gold started the year at roughly $US850 per ounce and ended the year closing
Australia
slightly above $1100, representing an increase of nearly 30%. Due to this $ 5373923949.71
impressive rise and the enormous percentage rise in equity prices after hitting South America
$ 6275197445.94
multi-year lows in March, gold companies went headlong into equity and bond
markets, raising over $CDN23B for the year in Canada. Barrick Gold Corp
(ABX.TO) alone raised over $6.5B. Most of this capital was used to buy their Working Capital
way out of their gold hedge book so as to take better advantage of the huge $ 1307156319.32 Exploration/
Development
advance in the price of gold. Newmont Mining Corp of Canada Ltd (NMC.TO) Aquisition $ 10970042692.83
$ 3241551082.22
raised almost $4B for acquisitions and mine development in Australia. In total,
39 offerings of over $100m gross proceeds closed in 2009.
Gold is essentially the oldest currency still in use. While jewellery and
adornments have always been a major use of gold and with many technical and
electronic uses that have come about in the last 100 years or so, the primary
function of gold is still as a currency. Some call it ‘insurance’ against the value
of paper currency, others consider it an investment class all itself, but it is
undeniable that its importance in the global economy is as relevant today as it
Debt Refinancing Total
was 4000 years ago. $ 23063313374.94
$ 7544563280.57
Until the last century, paper currencies linked their values as a direct derivative
of gold value. As certain currencies, namely the British pound, rose to global
582 different companies
dominance due to the dimensions of their empire, the idea of ‘floating’ closed 1642 nancings in 2009.
currencies came to the fore. The idea was that a single currency would serve in
the place of gold and other currencies could trade again that currency. This idea Average gross proceeds (by company) $39m
gained traction and was slowly being implemented when the Great War broke Average gross proceeds (per closing) $14m
out in 1914. The British Empire, in an effort to pay its debt after the war,
Largest Closing
unplugged the value of the pound from the price of gold. Once enacted, the
Barrick Gold Corp ABX.TO $4.3b
pound began to lose the confidence of the world and many reverted back to a
‘gold standard’. Others turned to a different currency to serve as their gold
standard: the American dollar.
GOLD - London Fix - Jan 01, 2009 to Dec 28, 2009
In the aftermath of World War II, the American dollar rose to prominence. 1300
1250
America was the only country of the victors to not be completely ravaged by the 1200
war and therefore its industry, production capabilities, and economy remained 1150
1100
strong. Due to this, America was capable of lending Europe the money to 1050
rebuild and American dollars began flooding the world. For 25 years afterwards, 1000
950
America strengthened its position as the reserve currency of the world. 900
850
However, the cost of war led America to come off the gold standard itself. After 800
that decision, gold prices (priced in $US) rose – in only 8 years – over 2500%, 750
01 Jan 09
01 Feb 09
04 Mar 09
04 Apr 09
05 May 09
05 Jun 09
06 Jul 09
06 Aug 09
06 Sept 09
07 Oct 09
07 Nov 09
08 Dec 09
28 Dec 09
from roughly $USD35 per ounce in 1972 to well over $800 in 1980. This price

3. The Gold Report
April 2010
shock was eventually quelled only by an enormous surge in interest financial institutions and products tied to housing began to fail
rates in America from roughly 5% to well over 20%. Unlike when the dramatically – gold insurance looked more and more like a smart bet.
£GB decided to disconnect, in this case there was no other well-based By the end of 2007, gold had climbed above US$700 again from
currency in the world to replace the $US. roughly $250 only 2 years earlier.
After the huge surge of prices in the 70s, gold fell back to earth and The events of 2008 need no recap. It is worth noting that in the worst
remained between US$200-300 until the early 21st century. The moments of panic, gold actually fell in $US price, but the final push of
dynamics had seemingly changed and despite American wars and gold above $1200 in 2009 tells of its value. The events since 2005
devaluations of the $US during this span, gold in $US stayed low. Most (and mainly since 2008) have shaken up the international currency
of this can be attributed to a steadily growing economy in America – market and have brought to the forefront the notion of optimizing a
the need for ‘insurance’ against the dollar seemed weaker since the new reserve currency. This time around, unlike the 70s, there are
economy continued to grow so robustly (even when recessions hit, certainly heir-apparents in the European Union and China, though
they were weaker than their 60s and 70s counterparts). neither truly has the underlying strength like the $US had when
Fast-forward to 2005: interest rates have been sliced from over 20% usurping the £GB. Namely, the economy of the EU is not quite as
down to 3% and war rages for America in two countries. The need for strong as America’s, and China’s economy depends
insurance started to make sense again and gold began to climb. By disproportionately on America’s at the moment. Is reverting back to a
2007, the Fed rate was down to 1%, wars continued and some gold standard an overlooked option?
Gold Remains Very Strong.
Dont let Fiat Bank Thieves Con you Out of it.
By Jay Taylor
Ever wonder why folks like John Nadler and massive wealth con scation, lobbying efforts in Washington, and the
Jeffrey Christian are perpetual bears on gold evolution from freedom to slavery that are so evident in America
and why they have been so, so wrong year today. And with each bailout coming down the pike, it will be one
after year in their forecasts for gold? more nail in the cof n of our Constitution and the liberty the Founding
Fathers had in mind for us.
The reason is simple. John and Jeffrey and the
elitist people they work with and get paid by I’m not saying the ruling elite demean gold consciously. They are
on Wall Street hate gold as a monetary asset simply regurgitating the same pap they spewed out in their little blue
because, in addition to raining on their at test booklets required of them, to get an “A” in their Economcis 101
currency enabled wealth con scation parade, courses and beyond. They are spewing the same lies as are required
gold provides freedom and opportunity for the masses. A gold-backed of them to continue succeeding in our increasingly statist society, in
currency evens the playing eld for common folks, whereas a at which more and more laws and less and less freedom are surpassed
currency, which is controlled by the ruling elite who own and operate only by more and more wealth con scation through the creation of
the U.S. Treasury and the Federal Reserve Bank, provides cover for money out of thin air by the ruling elite on Wall Street and in Washing-
ton.
GOLD - Monthly Average Price – London PM Fix John and Jeffrey personify the “Almost hysterical antagonism toward
the gold standard that unites statists of all persuasions” that Alan
$1250
$1150
Greenspan wrote about in his 1966 essay titled, “Gold and Econmic
$1050 Freedom.” The two most common statist de nitions of two most
$950
common statist philosophies are communism and fascism. It’s hard
$850
$750 to say which of these two systems will ultimately prevail in America,
$650
but at this point in time, given the bailout of large corporate interests
$550
$450 Mo. Avg. by both Republicans and Democrats, you have to say fascism
$350 20 - Mo. de ntely has the upper hand thus far. My friends John and Jeffrey
$250 40 - Mo.
would never admit it and indeed they might not even be conscious of
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
it, but they love statism. They have no doubt convinced themselves
that people like your editor and other common folks among the

4. The Gold Report
April 2010
masses of Americans are too ignorant to be left with the kinds of Make no mistake. Gold is EXTREMELY IMPORTANT to the ruling elite which
freedoms our Constitution guaranteed. And so they have appointed is why the propaganda with the likes of John Nadler and Je rey Christian
themselves as benevolent leaders who are simply doing us a favor by (who once reported to Bob Rubin at Goldman Sachs) must be perpetu-
taking away our wealth and our freedom. ated. Gold has to be kept out of the hearts and minds of the masses, and
that is why I have never doubted that the Gold Anti Trust Action people are
So when you hear the likes of John Nadler and Jeffrey Christian exactly correct in their assertions that the gold markets have been
always, always, always presenting a bearish view on gold, realize manipulated by those whose interest it is to sell at currency products.
they are simply talking their at currency book. They are not being
entirely dishonest, because consciously they believe what they are But I would be a bit more hesitant to use the word “conspiracy,” if that word
saying. But they either don’t want to understand or simply have not is to mean a conscious e ort to trash gold. I think Je rey and John no
done enough independent thinking to question the answers they doubt actually believe at money is better. Indeed for them and the side of
wrote in their little blue test booklets in Keynesian Economics 101. society they sit on, it is better. Moreover, they are simply regurgitating
And it just so happens that those are the same answers they need to what they learned in the university. But for the masses of people who
keep regurgitating on CNBC and Bloomberg in order to keep in good produce real wealth—the miners, manufacturers, farmers, and
standing with the ruling elite that employ them. inventors—rather than for those who con scate it, which is mainly what
Wall Street and Washington does, gold is an absolute curse. And the
Alan Greenspan stated in that same 1966 article regarding gold, “In biggest future curse for you and me is to believe (a) the propaganda that
the absence of the gold standard, there is no way to protect savings we are all better o with a at currency system than with an honest
from confiscation through inflation. There is no safe store of value. If commodity backed system, and (b) the notion from the likes of Christian
there were, the government would have to make its holdings illegal, and Nadler that gold is not in a raging bull market.
as was done in the case of gold. If everyone decided, for example, to
convert all their bank deposits to silver or copper or any other good, The chart at the start of this article tells the story. Despite massive e orts
and thereafter decline to accept checks as payment for goods, bank to tank the price of gold, as made abundantly clear at www.GATA.org, gold
depsoits would lose their purchasing power and government-created is in the bull market of a lifetime. Indeed the remedies proposed by the
bank credit would be worthless as a claim on goods. The financial Keynesian-communist-fascist policymakers of our day are worse than the
policy of the welfare state requires that there be no way for the disease. The only way things could ever be made whole again would be for
owners of wealth to protect themselves. the policymakers to step aside and let the markets return to equilibrium.
Massive mal investment and unserviceable debt would be written o the
“This is the shabby secret of the welfare statists’ tirades against gold. books and the springtime in Ian Gordon’s Kondratie season could begin
Deficit spending is simply a scheme for the ‘hidden’ confiscation of again.
wealth. Gold stands in the way of this insidious process. It stands as
a protector of property rights. If one grasps this, one has no difficulty That will happen in any event and it will eventually break down, because
in understanding the statists’ antagonism toward the gold standard.” with each bailout and intervention against the workings of the markets,
insolvency becomes an ever greater problem. Eventually the system will
Now in case you think Alan Greenspan must have changed his views seize up and it will be destroyed. It will either implode into a severe
since 1966, given his support of the very evils he spoke of as Federal de ationary depression or explode into a hyperin ation. What the gold
Reserve Chairman, think again. In a letter I received from Ron Paul chart is telling us is that policymakers can no longer control its price. To be
dated March 2, 2001, Ron wrote the following: sure, policy is still very antagonistic against gold, as Alan Greenspan noted.
But market forces are slowly but surely overcoming those e orts. The
“Last week when Alan Greenspan was before the Banking Committee
I asked him to autograph the original Objectivist newsletter published
in 1966, which contained his article, Gold and Economic Freedom. In
signing it I asked him if he wanted to add any disclaimers, since it is a
great article and supports our position. He said that he had recently
reread the entire article and ‘would not change a word.’ His views
expressed in this article of course are in direct opposition to the
policies he follows at the Fed.”
In a subsequent phone conversation with Congressman Paul, I asked
him if he could send me a copy of the autographed article he spoke
of. Dr. Paul kindly honored my request. Pictured to the right is the rst
paragraph of that article, along with Alan Greenspan’s autograph.
Underlines were made by Congressman Paul.

5. The Gold Report
April 2010
sideways to upward movement in the price of gold looks very Gold/ Rogers
constructive on the average monthly price of gold shown on the prior 0.50
page. Indeed, while most people think of gold as going nowhere, we
0.40
noted that its average so far this month is hitting another new
monthly high. 0.30
0.20
What’s even more important from the point of view of gold mining
0.10
companies is that the real price of gold surged dramatically higher
after the collapse of the markets in September 2008 and has not only 0.00
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7/4/05
10/9/05
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4/24/06
7/31/06
11/3/06
2/9/07
5/18/07
8/24/07
11/30/07
3/7/08
6/13/08
9/19/08
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7/10/09
10/16/09
1/22/10
remained high but has been in an uptrend, as displayed in terms of
the Rogers Raw Materials Fund.
Just prior to the decline of the markets in 2008, one ounce of gold would have purchased just 15% of a unit of the Rogers Raw Materials Fund.
At the peak of the credit seize-up, it would have purchased 45%, or nearly a threefold increase in purchasing power. After falling back to 30%,
it has since risen to 35%. My belief is that we are in for another major decline in equity prices, and when that occurs, we will see another spike
higher in the “real” price of gold to even higher levels. That is the reason I am saying I think gold shares offer the buying opportunity of a lifetime.
Sponsored By:
Entree Gold.
Entrée Gold Inc. is a Canadian exploration company focused on the exploration and development of gold
and copper prospects. The Company flagship property, Lookout Hill, is located in Mongolia and
For further information please contact: completely surrounds the Oyu Tolgoi project of Ivanhoe Mines. It hosts the Hugo North Extension Cu-Au
deposit and the Heruga Cu-Au-Mo deposit. A portion of the project area surrounding Oyu Tolgoi is
Monica M. Hamm subject to a joint venture with Ivanhoe Mines, through its subsidiary Oyu Tolgoi LLC. The Company
Manager, Investor Relations continues to explore its 100%-owned landholdings in Mongolia.
Phone: 604.687.4777
Fax: 604.687.4770
In North America, Entree is exploring for porphyry-related copper systems in Arizona and New Mexico.
Email: mhamm@entreegold.com
In 2009, the Company optioned two contiguous properties, Blackjack and Roulette, in the Yerington
porphyry copper district of Nevada through option agreements with HoneyBadger Exploration Ltd. and
Entrée Gold Inc.
Bronco Creek Exploration Inc.
Suite 1201-1166 Alberni Street
Vancouver, BC V6E 3Z3
Website: www.entreegold.com Entrée currently is in an agreement with PacMag Metals Ltd. to implement Australian Schemes of
Arrangement to acquire all of the issued shares and options of PacMag. PacMag holds the rights to land
contiguous with the Blackjack and Roulette properties and hosts the Ann Mason deposit.
Rio Tinto and Ivanhoe Mines are major shareholders of Entrée, holding approximately 15% and 14% of
issued and outstanding shares, respectively. With a treasury of approximately C$40 million, Entree is
well funded for future activities.

6. Sponsored By:
Explor Explor Resources Inc.
Resources Inc.
Explor Resources Inc. is a Canadian-based natural resources company with mineral holdings in Ontario,
Quebec, Saskatchewan and New Brunswick. Explor is currently focused on exploration in the Abitibi
For further information please contact: Greenstone Belt. The Belt is found in both provinces of Ontario and Quebec with approximately 33% in
Ontario and 67% in Quebec. The Belt has produced in excess of 180,000,000 ounces of gold and
Christian Dupont, President 450,000,000 tonnes of cu-zn ore over the last 100 years. The Company is headquartered in Quebec and
Corporate Development was incorporated in Alberta in 1986.
Phone: 800.388.8668 / 819.797.4630
Fax: 819-797-6050 Explor Resources has as its flagship property The Timmins Porcupine West (TPW) Project which has as
a Target Model “The Hollinger-McIntyre-Coniaurum System.” The Hollinger-McIntyre-Coniaurum (HMC)
Investor Relations: Michael D’Amico System has produced a total of over 30 million oz of gold and is spatially associated with the Pearl Lake
Bay Street Connect Inc. Porphyry. The TPW Project is spatially associated with the Bristol Porphyry which is one of the largest
Phone: 647.500.6023 porphyries in the Timmins Camp. The HMC Model has been confirmed with the recent completed drill
results. Numerous parallel eneschellon veins have been encountered in the recent completed diamond
drilling. In some cases up to 10 gold bearing veins were intersected in the porphyry.
Nuukfjord Gold Ltd.
Nuukfjord Gold Ltd is a TSX listed gold exploration company ("NUU"). With $9 million raised by IPO,
For further information please contact: Nuukfjord is conducting intense exploration on its highly prospective 1200 sq km Nuuk Gold Project
located on the ice-free ocean accessible coast of southwest Greenland.
David Matousek
Corporate Development The project's claims cover the majority of the Nuukfjord Gold Province which host a 150 km long
Phone: 604.681.5672 mineralized tract with numerous underexplored gold enriched zones, hosted within Archean greenstone
Toll Free: 1-888-681-5672 belt. This belt, analogous to the prolific greenstone gold mining camps of central Canada, is the focus of
Email: David@nuukfjord.com the program.
520 – 470 Granville Street Nuukfjord's initial $3.5+ million work program will commence in mid June, with most of the funds going
Vancouver, BC towards expansion and definition drilling of the advanced stage Storø Gold Deposit, where +12,000m
Canada V6C 1V5 has been drilled to date and 20+ new holes are planned this year. Concurrently, Nuukfjord will also
conduct aggressive regional scale exploration on its neighbouring priority areas, Isua, Qussuk, Igasoq
and most importantly Storø North, with the chief objective to generate new drill targets for 2011.
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www.canadianfinancing.com
For more information about the Canadian Financing Bulletin contact us at 1-800-504-3588 or cfb@blendermedia.com