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Gold/Mining/Energy : Pangea Goldfields T.PGD
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To: russwinter who wrote (1165)7/12/2000 7:08:52 PM
From: terryswift   of 1178
 
Russ:

You are right on. This industry is in sad shape and it only has itself to blame. The majors have been led down the primrose path by the bullion banks. Their brain-dead practice of forward sales of their only product is what has killed the industry. Name one other industry that not only sells its only product below cost, but borrows that product from others to sell more of it which clearly drives the price even farther below the cost of production. As a group, the CEOs of the gold mining industry have to be the dumbest business people on the face of the earth. IMO, we won't see a sustained move up in the POG until the majors come to their senses and stop all forward sales.

The Ashanti fiasco was the most ludicrous business situation I have ever seen in my life and it could only happen in the gold mining industry. The price of their only product jumps by 32% in a few weeks and they are driven to the brink of bankruptcy as a result. Is this crazy or what?
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