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Gold/Mining/Energy : Gold Price Monitor

GDXJ 105.33

+5.2%

Nov 26 4:00 PM EST

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To: Bill Murphy who wrote (35666)	6/22/1999 8:47:00 AM
From: Ken Benes	Read Replies (3) of 116772

Bill: If some producers are considering replacing non economic gold with cb gold, there is no better time to begin the process than now. The BOE is about to begin a scheduled selling of 415 tonnes of gold over the next year. Let the producers by it all now at the first auction and in public and at the current price. You want to see a reaction, well you will get one fast. First the BOE will do a double step trying to figure out a way to circumvent selling to the producers and continuing on with the scheduled sale in order to keep the press going. It will fail miserably. Secondly, the Swiss will go catonic. They are not happy selling any gold and are probably doing it reluctantly. Thirdly, the US formed policy of selling IMF gold will run smack into a tidal wave of growing opposition when the gold market loses some stability as a result of the producers actions. This third factor will be compounded if the producers target the IMF gold for purchase. It is there was ever a time for the producers to become proactive, the time is now. Ken

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