MKS Finance SA - Geneva Monday, 31-July-2006 Gold continued to have a rangebound behavior into the beginning of this newweek. It started under solid footing as Access opened considerably higherthan the New York close. Right after the Tocom open, gold was paid to thehighs of the day at $639.25 bid.

MKS Finance SA - Geneva Friday, 28-July-2006 The gold market remained nervous and volatile today. In the early morningaccess trade was very quiet and thin for gold, until ten minutes before themarket opened where Access and CBOT where both swept $3 higher anticipatingJapanese buying.

MKS Finance SA - Geneva Thursday, 27-July-2006After a bullish NY close Wednesday gold continued its way on theupside. On access the metal traded to the high of $626 due to the weakeningUS dollar following the Fed’s Beige Book report that described the retailsales as “disappointing”, housing markets as cooling and said that the highenergy costs are putting continuing upward pressure on the prices.

MKS Finance SA - Geneva Wednesday, 26-July-2006 Gold quietly traded in a tight range in Asia. The absence of anymajor moves in the other markets, such as the US dollar and crude limitedthe yellow metal’s fluctuations to $619.70 on the upside and just below the$615 level on the downside.

MKS Finance SA - Geneva Tuesday, 25-July-2006 Gold opened higher in Asia as it was bid on access. Some decent sizebuying continued on Tocom to eventually push the spot above the $620 level.In Europe the yellow metal first extended the overnight high to $624.20,but then lost some of its shine and fixed at $618.75 on the first Londonfix. Spot trading was very quiet in the morning, a typical summer timesession.

MKS Finance SA - Geneva Monday, 24-July-2006 Gold opened nearly four dollars lower on Tocom compared to the Friday’s closing price. The metal was paid up quite aggressively to the high of $620.70 from where it dropped due to the strengthening US dollar and eventually broke the $615 support.

MKS Finance SA - Geneva Friday, 21-July-2006 Gold came under pressure on the access and CBOT trading after the USmarket closed Thursday due to the lack of a follow through buying eventhough the minutes from the Federal Reserve’s policy meeting cooled downthe expectations for the US rate hike next month.

MKS Finance SA - Geneva Thursday, 20-July-2006 Gold was fairly quiet in Asia today. At first the metal traded up to$644.75 level but then drifted lower and with Hong Kong traders stoppingout some early longs broke below the 640 dollar mark. In Europe spotrevisited the Far East lows around $637 per ounce and then recoveredslightly to trade sideways awaiting for the second round of the BenBernanke’s testimony later in the day.

El Tren ya partió de la Estaciónpara oroyfinanzas por cortesía del Enrico Orlandini DOW THEORY ANALYSIS SAC Lima, julio 2006. El estudio sobre el oro es fascinante no existe nada igual ni comparable. La mayoría de las inversiones se incrementan impulsadas por la codicia y caen influenciadas por el temor, sin embargo con el oro no sucede así. El oro asciende motivado por la codicia pero se puede incrementar o descender influenciado por el temor. Algunos podrían decir que lo mismo sucede con el petróleo. El petróleo puede incrementarse influenciado por el temor que alguien pueda hacer explotar un oleoducto, sin embargo no aumentara el precio por efecto que Corea del Norte lance un misil mañana por la mañana.

MKS Finance SA - Geneva Wednesday, 19-July-2006 Gold traded slightly higher on access compared to the Tuesday’sclosing price. The metal was bid up to $633 levels, which marked theovernight high.