Richard:
The following is a bit of commentary from Bob Bishop's Gold Mining Stock Report, "The May 7 public announcemnt of the BOE's intentions served to cut almost $30,00 off the per ounce price of the 25 tonnes sold yesterday, but it was the lackluster bidding that caused the gold market to fall to a new 20 year low in the wake of the sale, Rather than see a name of note, a mining company covering a hedge, or aggressive bidding for amounts of gold not commonly offered-all scenarios I wishfully offered as possibilities-instead, we saw only commercial banks in the auction, all bidding below market prices. Rather than seeing an auction that could have established a more positive tone to the gold market going forward, instead, we saw an auction that many are now describing as a dangerous precedent for future auctions."
Richard, no ra ra's for GATA, no explosive news releases, and no allegations of a gold conspiracy is going to help this market. The producers are the ones who hold the answer, and right now they are as impotent as they have ever been. A good dose of Viagara could not get these guys up to the task necessary to rescue their market.
Ken |
