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Gold/Mining/Energy : Mongolia Gold Resources

MGR 21.02

+0.4%

Dec 9 3:59 PM EST

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To: Dave R. Webb who wrote (2932)	12/14/1998 6:54:00 AM
From: Phil Jones	of 4066

Dave: The current low gold price can't hold much longer. No central banks seem to be selling their holdings, and the annual difference is 1000 tons between production and demand. More and more gold mines are producing at/below cost. For instance, I read somewhere that some of the oldest deepest S. African mines are being government-subsidized to stay open. The gold price in real terms at present is at a level that is below US$100 in 1971 dollars. Everything bodes well for increases in the gold price in the coming months. (Of course, wasn't I thinking this at the same time last year?)

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