Thom Calandra's report is bullish on IVAN/IVHMF.PK (gas and gold), ITRA (software), CRESY (Argentina commodities), talks about the Canada to China connection and says that the Tien Shan minerals belt may become next Klondike.

As per Calandra: "China's rising need for raw materials such as iron ore, alumina, copper, platinum, zinc and gold is leading some economists and miners to fear commodity prices will surge in coming years because of a lack of supply and because of poor or expensive shipping routes via sea to China. ... China's trade with Canada in this year's first eight months was $5.2 billion, up 6.7 percent from the same span a year ago. Jiabao said confidently that the two nations intend to double that amount by 2010. ... A growing number of Canadian mining companies ... are staking claims to mineralized tracts of China, Inner Mongolia and Mongolia in what appears to be a successful search for copper and gold. If some of their assays prove to be as successful as the enormous copper and gold discovery staked out by Canada's Ivanhoe Mines in Mongolia's Gobi Desert, several Canadian miners will have the instant advantage of being connected to China by rail and highway."

IVAN $3.83 on 10/24/2003

ITRA $2.29 on 10/24/2003

CRESY $12.89 on 10/24/2003