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Gold/Mining/Energy : Gold Price Monitor

GDXJ 108.28

-0.9%

Dec 1 4:00 PM EST

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To: lorne who wrote (36866)	7/9/1999 6:05:00 PM
From: John Hunt	Read Replies (2) of 116791

Kaplan's Corner Tonight On The XAU Question: Why has the XAU significantly outperformed other gold indices since March 1999? Answer: Most gold indices contain only shares of gold mining companies (as they arguably should). However, the XAU contains a 12.2% weighting of Freeport McMoran Copper and Gold (FCX), which has a share price that correlates much more closely with copper, their main product. Since copper prices have surged in recent weeks, FCX has seen a doubling of its stock price, which has therefore had a substantial impact on the XAU. Like oil, copper has often served as a leading indicator for gold, which probably explains why the XAU is an excellent, albeit imperfect, prognosticator for future gold prices. Once gold begins to outperform copper, the XAU will return to a period of underperformance. goldminingoutlook.com

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