Richard Melson

December 2005

Gold

www.gfms.co.uk

Central Bank Gold Reserves: Strategies and Prospects

Dear Sir / Madam,

We are pleased to inform you that a recent speech on "Central Bank Gold Reserves: Strategies and Prospects" given by Philip Klapwijk, Executive Chairman, GFMS, can be viewed by clicking on the link below.

Central Bank Gold Reserves: Strategies and Prospects (slides)

Forthcoming GFMS publications on the gold market:

- Gold Survey 2005 - Update 2

(to be published on 19th January 2006)

For further information, please contact GFMS:

by email: info@gfms.co.uk

by telephone: +44 (0)20 7478 1750

Regards

Laurette Perrard

Sales & Marketing Manager

Independent - Informed - International

The GFMS Group:

Precious Metals:

www.gfms.co.uk

Base Metals & Steel:

www.gfms-metalsconsulting.com

Mining & Exploration:

www.gfmsmining.com

Immediate Market Analysis:

www.gfmsanalytics.com

GFMS Limited

Hedges House

153 - 155 Regent Street

London W1B 4JE

United Kingdom

tel: +44 (0)20 7478 1777

fax: +44 (0)20 7478 1779

email: info@gfms.co.uk

GFMS - Central Bank Gold Reserves: Strategies and Prospects

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Thursday, December 15, 2005

Perrard Laurette Laurette.Perrard@gfms.co.uk

December 20, 2005