BY-LAWS OF THE

The Gold Standard Investment Club

April 8, 1997

I. DEFINITIONS

A. "Club" means The Gold Standard Investment Club, formed as a General Partnership on April 8, 1997 and more fully described in the Partnership Agreement.

B. "Partner" or "member of the Club" shall mean a General Partner of The Gold Standard Investment Club.

II. OFFICERS

A. The Club's officers shall consist of President, Vice-President, Secretary, Treasurer, Co-Treasurer and Tax Treasurer.

B. Duties of the Officers will include, but not be limited to, the following:

1. The President will appoint committees, oversee all Club activities, and preside over all Club meetings. The President will have the power to create and conduct an agenda for all meetings, and may enforce or waive formalities of such an agenda. The President will have the power to recommend disciplinary action to any Partner who, in the opinion of a member of the Club, is considered to have acted contrary to the provisions of these By Laws or has displayed negligence in the performance of duties or expectations.

2. The Vice-President will assume the duties of the President when absent or unable to serve the office. The Vice-President will be responsible for the activities, progress, and reports of all committees that are formed.

3. The Secretary will keep a record of Club business and issue a report of all meetings. The Secretary will be responsible for all correspondence pertaining to the Club, including the distribution of reports from meetings, officers and committees. Upon notification by the President or the Co-Treasurer; the Secretary will issue a notice to any Partner regarding any fines or disciplinary action, and include the reason and decision for the action.

4. The Treasurer will keep record of all Club financial activities; calculate and distribute valuation statements each month, and any other statistical reports required. The Treasurer will maintain records accounting for the Club financial operation; assets; individual account value.

5. The Co-Treasurer will serve as agent for the Partnership to place buy and sell orders; and will distribute and collect funds. The Co-Treasurer will be responsible for all cash and broker transactions; the collection of dues and fines; notifying the Secretary of Partners in default of dues or subject to fines; providing data to the Treasurer.

6. The Tax Treasurer will fulfill the duties of Treasurer in his/her absence or inability to serve. The Tax Treasurer shall prepare an annual statement of liquidating value and prepare proper tax forms.

C. Officers will be elected by the total Partnership at the first meeting of the Club and to one-year terms at duly called Annual meetings thereafter. Officers may succeed themselves in office upon re-election but not after two consecutive years.

D. Annually, during the month of October, the current President shall call for nominations from the Club for all officer positions. The Club shall then elect the above officers following the voting procedures described below. The officers shall assume their duties January 1 of the following year but the previous officers will fulfill the duty at the annual meeting.

E. Any officer position that becomes vacant during the year shall be filled as soon as possible following the same nomination and voting procedure described above.

F. A different person shall hold each office.

G. Each officer is encouraged to appoint an assistant.

III. PARTNERS

A. All Club Partners shall participate in ongoing activities of the Club by:

1. Preparing and posting analyses or other assignments to further the investment endeavors of the Club;

2. Regularly contributing constructive comments about Club operations and investment opportunities;

3. Making regular payments to the Club;

4. Keeping a current mailing address on file with the Secretary at all times;

5. Reviewing monthly and year-end Club reports, including all financial and tax-information reports, and;

6. Vote in at least 50% of all Club elections during any four month period.

IV. PROCEDURES

A. Regular meetings will be held the second Tuesday of each month at seven o'clock p.m., or periodically as voted by the Club, at a time and location agreed upon.

B. February is designated for the Annual meeting. At the Annual meeting all Partners will be issued the Annual Report. The Secretary will give notice to the Partnership as to the time, date, and location of the Annual Meeting.

C. Special meetings may be called by the President or any two officers of the Club upon verbal or written notice to the members of the Club.

V. FINANCIAL STATEMENTS

A. A monthly valuation statement shall list all assets, at cost and market values, and liabilities of the Club as of the last business day of the month. It shall also compute the Value of the Partnership, as defined in Paragraph VII of the Partnership Agreement.

B. The Treasurer shall also prepare a summary statement of capital accounts maintained in the name of each Partner, as provided in Paragraph VIII of the Partnership Agreement.

C. The annual Club accounting shall show the distribution of dividends, interest, short and long-term capital gains, and expenses.

VI. VOTING

A. The right to vote is limited to active Partners.

B. Approved methods of voting are VERBAL, SIMPLE MAJORITY, TWO-THIRD MAJORITY, POINT SYSTEM BALLOT, WRITTEN BALLOT and WEIGHTED BALLOT. However, in the absence of a formal motion to conduct a given vote in another manner, all votes shall be carried by a simple majority of the active Partners.

C. The above notwithstanding, the general method of voting the BUY or SELL of two or more stock proposals is by the point system ballot followed by a voice vote of approval. Based on the number of proposals, each Partner assigns the highest number to the most preferred stock and then gives each remaining stock one less point, with the least preferred stock receiving one point. If a Partner is unable to attend a given meeting he/she will have two days to submit a vote for the stock proposals presented to the Co-Treasurer.

D. The above notwithstanding, any active Partner may request that any given vote be retallied on a weighted basis so that the value of a respective Partner's vote is in direct proportion to the value of his/her capital account measured against the aggregate value of all capital accounts comprising the asset base of the Partnership, as established in the most recent valuation statement duly prepared and presented by the Treasurer. Approval of such a request may not be unreasonably withheld, however, said request must be made during the meeting at which the vote in question has taken place.

VII. GUESTS AND NEW PARTNERS

A. Partners are permitted to invite guests to attend regularly scheduled meetings.

B. Guests are encouraged to actively participate in the Club discussions and activities for two (2) months before consideration is given to adding the guest to the Club.

C. The number of Partners shall be limited to fifteen (15).

D. The Club as outlined in Section VI above will vote the acceptance of new Partners on.

VIII. DIVIDENDS

A. The Club shall participate in dividend reinvestment plans unless the Club votes not to participate for a particular stock.

IX. BANK(S) AND BROKER(S)

A. The Club may maintain checking account(s) at the bank(s) that the Club deems necessary or desirable, or may operate only with the brokers' account or money market fund linked to the brokerage account.

B. The Club may engage one or more broker(s) as it deems necessary or desirable.

C. The Club shall request the bank or broker to send statements directly to both the Treasurer and Secretary.

D. The Club shall instruct the broker(s) that all requests for funds shall be made in writing and be signed by two (2) officers of the Club. However, only one (1) signature shall be required for trading purposes.

X. PAYMENTS

A. Monthly payments of fifty ($50), seventy-five ($75), or hundred ($100) dollars per Partner are due and payable at each regularly scheduled meeting (the first Tuesday of each month). However, in accordance with the Paragraph VI of the Partnership Agreement, no capital contribution shall cause an individual Partner's capital account to exceed twenty percent (20%) of the aggregate value of the capital accounts of all Partners.

B. Any Partner may request from the President a temporary hardship waiver of the minimum monthly payment. Such request shall not be unreasonably denied.

C. If available and desired, Partners may arrange for automatic monthly withdrawal from the Partner's personal checking or other account to be deposited into the Club's account. Any expense for this shall be borne by the individual Partner.

D. There shall be no prepayment of monthly payments.

E. Non-payment for one (1) consecutive month shall cause the Partner to be designated inactive. The Co-Treasurer shall notify the Secretary of any inactive Partners and the Secretary shall inquire by regular mail or email as to the reason for the non-participation of any inactive Partner.

F. Non-payment for two (2) consecutive months shall be deemed written notice of withdrawal in accordance with Paragraph XVII C of the Partnership Agreement unless the Club grants a waiver.

G. The Club shall assess a fine against Partners for late payments of monthly dues. This fee shall be $10.00 per occurrence.

XI. EXPENSE REIMBURSEMENT

A. From time to time, the Club may request a Partner to purchase goods or services for the benefit of the Club. Upon request of the Partner, the cost of such expenditure shall be reimbursed by the Club.

B. The President may authorize expenditures of less than $100. The total of such presidential expenditures shall not exceed $100 in any calendar year.

C. Expenditures of $100 or more shall be authorized only by a Club vote.

XII. JOINTLY OWNED CAPITAL ACCOUNTS

A. There shall be no jointly owned capital accounts.

XIII. REMOVAL

A. Failure by a member of the Club to fulfill the duties as previously defined for two (2) consecutive months shall be deemed cause for consideration for removal in accordance with Paragraph XVII C of the Partnership Agreement. A two-thirds majority vote of the remaining members of the Club shall be necessary for removal of a Partner. Such removal shall be deemed written notice of withdrawal in accordance with Paragraph XVII C of the Partnership Agreement.

XIV. NATIONAL ASSOCIATION OF INVESTORS CLUB (NAIC)

A. The club is a member of the NAIC and will continue to maintain its membership. Each partner will also be a member of the NAIC as being a partner of the club.

XV. AMENDMENT OF THESE BY-LAWS

A. These by-laws may be amended by a two-thirds Club vote.

B. These by-laws shall be construed in accordance with the Partnership Agreement and, in any conflict, the Partnership Agreement shall rule.