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Gold and Gold Shares - Targets

Bob Hoye
Institutional Advisors
January 16, 2004

Technical Observations of RossClark@shaw.ca

The opinions in this report are solely those of the author. The information herein was obtained from various sources; however we do not guarantee its accuracy or completeness. This research report is prepared for general circulation and is circulated for general information only. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in this report and should
understand that statements regarding future prospects may not be realized. Investors should note that income from such securities, if any, may fluctuate and that each security's price or value may rise or fall. Accordingly, investors may receive back less than originally invested. Past performance is not
necessarily a guide to future performance.

Neither the information nor any opinion expressed constitutes an offer to buy or sell any securities or options or futures contracts. Foreign currency rates of exchange may adversely affect the value, price or income of any security or related investment mentioned in this report. In addition, investors in securities such as ADRs, whose values are influenced by the currency of the underlying security, effectively assume currency risk.

An upside reversal in the US Dollar Trade Weighted Index from a deeply oversold position should put pressure on the precious metals.

On this basis the following targets could provide buying levels.

HUI $205.00
XAU $92.00

The Rand price of gold is now on the move and therefore South African shares should be attractive buys on this pullback.

HMY Harmony $14.25 to $15.25
DROOY Durban $3.30
GBG.TO Great Basin $2.60

Silver should pullback to $5.50 within a few weeks.

CDE Coeur d'Alene $3.75 to $4.40
HL Hecla $6.80
PAAS Pan American Silver $15.00

The best support for gold continues to appear in the mid $370's.

AGI.V Alamos $2.50
AMM.TO Almaden $2.00
ARQ.V Anooraq $2.20
BGO.TO Bema $3.20
CBJ.TO Cambior $2.90
DNI.V Dumont $0.40
DSM.TO Desert Sun $1.05
EDV.TO Endevor $3.50
ELD.TO Eldorado $3.25
FCO.TO Formation $0.50
G.TO Goldcorp $17.00
GLG.TO Glamis $18.00
GSC.TO Golden Star $6.25
GSL.TO Greystar $2.10
IMG.TO Iamgold $7.20
IMRV IMA $1.70
IVN.TO Ivanhoe $7.00
K.TO Kinross $8.90
KRY.TO Crystallex $2.75
MMR.TO Miramar $2.90
MMM.TO Minco $1.35
NDM Northern Dynasty $5.60
NGX.TO Northgate $2.25
NEM Newmont $42.00
ORV.TO Orvana $0.95
PDG.TO Placer $19.50
PDL.TO NA Palladium $9.50
QGX.TO QGX $3.60
QRL.TO Queenstake $0.60
RGLD Royal Gold $15.00
SWG.TO Southwestern $34.00
SMX.TO Samex $0.90
TKO.V Taseko $1.40
WRM.TO Wheaton $2.60

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Bob Hoye
Institutional Advisors
Website: www.institutionaladvisors.com

321gold Inc