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Gold/Mining/Energy : Gold Price Monitor

GDXJ 117.34

+3.7%

Jan 5 4:00 PM EST

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To: Bucky Katt who wrote (3044)	11/11/1997 9:12:00 PM
From: John Barendrecht	Read Replies (1) of 116842

<<Fundamentals mean nothing in the current gold cycle.>>Central banks lease gold to mining companies against future deliveries. Physical demand outstrips supply. How are they going to make that "future gold" that is still in the ground into real jewelry? I've heard of virtual pets but virtual rings? The Swiss can't sell an ounce of gold before 1999 at the earliest. Also wonder how many of those who withdrew cash from Hong Kong banks converted into gold. Easier and safer to store long term than bills. Wonder if Central bankers are worried about more bank runs and don't want people to buy gold but invest in "safe" US treasuries.

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