Seabridge Gold

Investor: CASE FOR GOLD

PLEASE NOTE THAT THIS INFORMATION EXPRESSES THE VIEWS AND OPINIONS OF SEABRIDGE GOLD MANAGEMENT AND IS NOT INTENDED AS INVESTMENT ADVICE. SEABRIDGE GOLD IS NOT LICENSED AS AN INVESTMENT ADVISOR.


THE GOLD MARKET
Thursday, 13th August 2009

If you watch financial television, you know that a new consensus has developed…the recession is over and the world is about to return to normal. The stock market, corporate bonds and many commodities have soared in price. The banking system has stabilized and the threat of systemic collapse has receded into the far distance. Welcome to the scariest depression we never had. Fear has left us and greed is back.

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THE GOLD MARKET

Monday, 4th May 2009

Financial markets during the last six months have been as volatile and difficult to read as any in history. The massive credit bubble which we had described in our Shareholder Reports for the last five years finally burst and the response by governments and central banks has been much as we predicted, only more so.

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THE GOLD MARKET

Friday, 14th November 2008

As we have argued for many years, the world economy has been in the grip of an historic credit bubble. This bubble is now collapsing faster than we could have imagined, thanks in large part to the erratic policies of the U.S. Treasury and Federal Reserve who saved a number of institutions from bankruptcies before inexplicably losing their nerve on Lehman Bros., much to the detriment of confidence in the world financial system. Deleveraging of the private sector is now proceeding at a rapid pace in parallel with an unprecedented acceleration in the growth of public sector leverage.

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The Gold Market
Wednesday, 13th August 2008

The drop in gold prices and gold equities over the past month has been precipitous. From its recent high above US$960, the gold price has fallen by about 15% at the time of this report.

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The Gold Market
Wednesday, 16th April 2008

Over the past several months, events have unfolded much as we had predicted. The impact of years of lax and excessive lending in the U.S. residential real estate market finally started to come to light in the form of accelerating delinquencies and foreclosures.

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The Gold Market
Friday, 9th November 2007

Re-reading the gold market report from our June 30, 2007 report, even we are surprised by the prescience of our comments.

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The Gold Market
Tuesday, 7th August 2007

The past several weeks, we have been treated to some of the most extraordinary developments we have seen in financial markets in many years. Gold has not yet expressed its response but, in our opinion, the stage has now been set for reinstatement of gold as a preferred investment in the months ahead.

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The Gold Market
Wednesday, 2nd May 2007

As we write this, the mood is somewhat sour in the gold market. Gold has failed to reach the highs of last May, never mind the 1980 record high. Recently, other investment classes which are normally countercyclical to gold such as equities and industrial metals have performed better than gold although the gold price remains in an up-trend against the U.S. dollar. In general, gold shares have underperformed gold itself for more than the last three years, with notable exceptions such as Seabridge.

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The Gold Market
Friday, 10th November 2006

Gold continued its downward trend in the third quarter, reaching a low of US$560 per ounce in early October. A great many self-appointed experts declared that the bull market in commodities had ended and applied this assessment to gold as well although there is very little evidence to support the notion that gold is a commodity like any other. Despair mounted, marking the bottom of a needed correction from the May high near $730. The gold price has since recovered strongly.

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The Gold Market
Wednesday, 9th August 2006

Volatility was the outstanding feature of the gold market in the second quarter of this year. After barely nudging through $500 at year-end, gold sprinted into the $730 area in May on perceptions that global liquidity would continue to expand rapidly. These perceptions quickly did an about face, led by the Bank of Japan’s move to withdraw substantial liquidity from its banking system. Gold fell precipitously, hitting a low of $541 in overnight markets before bouncing off its 200-day moving average, just as it has done in every other major correction since 2001. Recovery has been uncharacteristically swift with gold trading around the $650 mark as this is written.

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