BLANCHARD PRECIOUS METALS FUND INC
NSAR-B, 1995-07-06
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SIGNATURE   YOLONDA S. REYNOLDS                          
TITLE       ASST. TREASURER     
 

 
 
June 20, 1995 
 
To the Board of Directors of 
Blanchard Precious Metals Fund, Inc. 
 
 
In planning and performing our audit of the financial statements of 
Blanchard Precious Metals Fund, Inc. (the "Fund") for the year ended 
April 30, 1995, we considered its internal control structure, including 
procedures for safeguarding securities, in order to determine our auditing 
procedures for the purposes of expressing our opinion on the financial 
statements and to comply with the requirements of Form N-SAR, and 
not to provide assurance on the internal control structure. 
 
The management of the Fund is responsible for establishing and 
maintaining an internal control structure.  In fulfilling this responsibility, 
estimates and judgments by management are required to assess the
 expected benefits and related costs of internal control structure 
policies and procedures.  Two of the objectives of an internal control
 structure are to provide management with reasonable, but not absolute,
 assurance that assets are appropriately safeguarded against loss from
 unauthorized use or disposition and that transactions are executed in 
accordance with management's authorization and recorded properly to 
permit preparation of financial statements in conformity with generally 
accepted accounting principles. 
 
Because of inherent limitations in any internal control structure, errors
 or irregularities may occur and may not be detected.  Also, projection of 
any evaluation of the structure to future periods is subject to the risk 
that it may become inadequate because of changes in conditions or that the 
effectiveness of the design and operation may deteriorate. 
 
Our consideration of the internal control structure would not necessarily 
disclose all matters in the internal control structure that might be material
 weaknesses under standards established by the American Institute of 
Certified Public Accountants.  A material weakness is a condition in which 
the design or operation of the specific internal control structure elements 
does not reduce to a relatively low level the risk that errors or 
irregularities in amounts that would be material in relation to the 
financial statements being audited may occur and not be detected
 within a timely period by employees in the normal course of performing
 their assigned functions.  However, we noted no matters involving the
 internal control structure, including procedures for safeguarding 
securities, that we consider to be material weaknesses as defined 
above as of April 30, 1995. 
 
This report is intended solely for the information and use of management
 and the Securities and Exchange Commission. 
 
 
 
 
PRICE WATERHOUSE LLP 











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