BROADCAST TRANSCRIPT

        Date      May 23, 2006
        Time      06:00 AM - 07:00 AM
        Station   WBBR-AM
        Location  New York City
        Program   Morning Drive



        LANE BAJARDI, co-host:

        Taking a look at gold this morning, it's moving higher,
        turning around after earlier extending a five-day decline
        on speculation of five-year rally on the metal was ending.
        Gold reached its 26-year high on May 12th.  It has gained
        27 percent this year, checking in at $660.50 an ounce on
        the COMEX this morning, up $4.45 or seven-tenths percent.

        GoldMoney.com Chairman James Turk sees gold going higher
        from here.  He joins us live on the Bloomberg business
        hotline to talk about it.

        Good morning, James.  Thanks for joining us.

        Mr. JAMES TURK (Chairman, GoldMoney.com):  Good morning,
        Lane.

        BAJARDI:  Good to talk to you once again.  Where do you see
        gold going here?

        Mr. TURK:  I'm still looking for $850 this year as a
        target on the upside.  I think that's a reasonable level.
        $850 being the all-time record high that we had back in
        January 1980.

        BAJARDI:  And when we take a look at that, though, adjusted
        for inflation, that'd be well over $2,000 by today's
        dollars.

        Mr. TURK:  Yeah, exactly right.  It's $2,200, which is part
        of my point that gold is still relatively good value.  If
        you look at commodities, everything is at or near record
        highs except gold and silver.

        BAJARDI:  We have seen a bit of a pullback here, though.
        What do you make of that, as you look at the market here?

        Mr. TURK:  Well, my guess is that it's just a correction in
        an ongoing bull market and probably a buying opportunity.
        We had good support in the 640s yesterday, and we bounced
        back out of there very sharply.  The same thing with
        silver, around $12.  It's too early to say that the
        correction is over, but you know, I favor long-term
        accumulation.  Whenever you get dips, buy it, or every
        month-in, month-out, just continue to accumulate both gold
        and silver, because they're still a good value.

        BAJARDI:  Are there people speculating in here, though, as
        we've seen in other commodities markets over the last
        couple of years here?

        Mr. TURK:  Not really, you know, COMEX open interest is
        still way below the levels of when gold was $150 lower last
        year.  So we haven't, you know, oddly seen the speculative
        interest yet in the precious metals.  I think that's going
        to come later, later in the year.

        BAJARDI:  So what's driving the price right now?

        Mr. TURK:  Well, it's basically people exiting the dollar.
        I've just come back from two trips, one in the Middle East
        and one in Asia, and, you know, I was surprised how strong
        the negative sentiment is against the US dollar.  You know,
        people are looking for opportunities to exit the dollar
        into something safer.  Commodities are benefiting as the
        general rule, and I think gold and silver have moved up, in
        part, because people are exiting the dollar.

        BAJARDI:  Let's talk about silver, as well, because we've
        discussed this in the past, and people may not be noticing
        the move on silver, as they focus on gold and other
        commodities here.  What's happening in that market?

        Mr. TURK:  Yeah, only recently when we went over $10, did
        people start looking at silver.  It's been off of
        everyone's radar screen, but on a relative basis, silver is
        even better value than gold.  Normally in bull markets the
        ratio falls, and in other words, it takes fewer ounces of
        silver to buy an ounce of gold.  I think that trend is
        going to continue.

        BAJARDI:  And the correlation traditionally between the
        gold and the silver price has been and where does it stand
        now?

        Mr. TURK:  Well, right now, they're trading at about 54.
        In other words, it takes 54 ounces of silver to buy an
        ounce of gold.  Earlier in the year, it was up around 60,
        when, you know, silver was an exceptionally good bargain.
        It's probably going to head down into the 40s.  We touched
        43, you know, when gold and silver peaked a couple weeks
        ago, and we're probably going to head back down to that
        level.

        BAJARDI:  Where do you see gold headed over the next, say,
        five years?  What kind of a price beat do you see here?

        Mr. TURK:  We're going into four digits, there's no doubt
        about it.  And it's a same repeat as what we saw in the
        1970s.  It's basically problems with the dollar, growing
        inflationary issues, you know, and concern about people
        around the world wanting to hold dollars instead of--

        BAJARDI:  But you don't see the kind of inflation,
        double-digit inflation that we saw back in '70s, '80s
        time frame?

        Mr. TURK:  Well, remember, back in the 19--early '70s, we
        started with 3 or 4 percent inflation.  It took five, six
        years before we got up to double digit.  I won't rule out
        double-digit inflation again in five or six year's time.

        BAJARDI:  James Turk, thanks for your insight this morning.
        We'll talk to you again.  GoldMoney.com Chairman James
        Turk.

                  # # #