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Gold/Mining/Energy : Gold Price Monitor

GDXJ 113.22

-0.5%

Jan 2 4:00 PM EST

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To: Richard Mazzarella who wrote (35165)	6/11/1999 12:17:00 PM
From: Ken Benes	Read Replies (1) of 116837

Bingo: The producers have become the retailers for the cb's. There is not a daily commentary about the price movements of gold that does not contain a reference to the forward sales of the producers. When the cb's want to lower the price of gold two things happen, first, the news release concerning the nature of the sale, secondly, the producers will attempt to front run the market and forward sell the cb sale. The forward sale is funded by leased gold from the bankers who have accomplished an exponential fall in the price of gold. To infer that the producers are not complicite in the sceme is being unrealistic. Ken

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