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Gold/Mining/Energy : Gold Price Monitor

GDXJ 93.98

+0.6%

Nov 21 4:00 PM EST

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To: Bill Murphy who wrote (36930)	7/10/1999 4:49:00 PM
From: Crimson Ghost	Read Replies (2) of 116764

Bill: Want to encourage you to keep up the good fight. An unnamed analyst (probably Andy Smith) was quoted as saying it would be the worst day in gold's history if the IMF cannot sell. Why? because the gold might then be given back to the donor countries who would sell it all. Sounds like the shorts are getting nervous. Real nervous. Of course anything could happen in this most heavily manipulated market. But the oil consensus was just as bearish a few months ago as the gold consensus is today. I do not agree with you that the equilibrium gold price would be anywhere near $475 in a free market (not with the CRB still well south of 200). But I do think it would be considerably north of $300 and possibly as high as $350. Perhaps GATA could taske the offensive on leasing as well as gold sales. Why should the CBs lease gold to speculators at absurdly low interest rates when this serves to further devalue their holdings? The idea of charging these speculators reasonable interest rates (say 5%) would garner a lot of support in the court of public opinion. And it would probably do more to help the gold price than the cancellation of IMF sales.

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