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Gold/Mining/Energy : Gold Price Monitor

GDXJ 94.04

+0.6%

Nov 21 4:00 PM EST

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To: Bobby Yellin who wrote (38130)	8/1/1999 1:35:00 PM
From: Ken Benes	Read Replies (1) of 116764

This is a small change and it is being capitalized on by GATA in its attempt to foil the sale of IMF gold. Much more needs to be done. The gold market will not change until the producers learn to act like modern corporations. Placer Dome and a few others are beginning to recognize that production has to be cut. What they should be doing as the others should be doing, cutting production to the point that the burden is placed on the cb's to make up the difference in a market where demand is increasing. Normally, market forces would take care of the imbalance with a gold price high enough to meet supply. Because of the efforts of the cb's and the speculators to keep gold prices lower, this imbalance is not occurring. In fact the producers have been retailing the cb's gold further underming the markets function in setting prices. I have said many times, miners are great explorers and can do remarkable things in very adverse conditions, however, running corporations is not one of their forte's. They are like military men, they love to be given a direction and charge without thinking. Ken

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