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Consider the following issue of American gold certificates from $1991$:

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This announcement is neither an offer to sell nor a solicitation of on offer to buy any of these Certificates.

This offer is made only by the Offering Memorandum.

NEW ISSUE

$$100,000,000$

July $7,1987$

AMERICAN

GOLD

CERTIFICATE

Due July $1,1991$

$$ Americon Gold Certificate represent phystcal allocated gold builton insured and held in sofekeeping at Bank of DeLaware.

Coptes of the offering raorondus ary br ooathed Fn ary state shoe only rath of he understgred os ae$)$ Lagally offer

these certificates in such State.

J$.$W$.$ KORTH CAPITAL MARKETS, INCORPORATED

COHEN & COMPANY

THE CHICAGO CORPORATION

FIRST ALBANY CORPORATION

INTERSTATE SECURITIES CORPORATION

MCDONALD & COMPANY SECURATES, RONEY & COMPANY

VINING$-$SPARKS SECURITIES, INCORPORATED

BANKER, MATTS & CO$,$ BIRR, WILSON SECURITIES, INCORPORATED INDEPENDENCE SECURITIES,

STEPHENS INCORPORATED

EMMETT A$.$ LARKIN COMPANY,

SEIDLER ANDEC SECURITTES

INCORPORATED

DOMINICK & DOMINICK INCORPORATED

GRIFFIN, KUDIK, STEPHENS & THOMPSON,

INCORPORATED

JANNEY MONTGOMERY SCOTT INCORPORATED

PACIFIC SECURITIES, INCORPORATED

UMIC, INCORPORATED

WETCAP SECURITIES, INCORPORATED BARCLAY INVESTMENTS, INCORPORATED

D$.$ A$.$ DAVIDSON & COMPANY INCORPORATED

JESUP & LAMONT SECURITIES COMPANY,

INCORPORATED

SCOTT & STRINGFELLOW, INCORPORATED

UNDERNOOD, NEUHAUS & COMPANY INCORPORATED

$1.$ Is this issue a primary or secondary market transaction?

$2.$ Are the certificates derivative or non$-$derivative asset?

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