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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: Ken Benes who wrote (38244)	8/3/1999 2:47:00 PM
From: Enigma	Read Replies (2) of 116764

<<Unfortunately, when the gold is sold forward it becomes immediately available on the spot market with bullion supplied by the cb, thereby driving prices either lower or stopping a rally>> Ken if you're going to hold a view on hedging you have to understand the basics!! The above statement is absolutely wrong - the cb supplies the bullion to the producer as collateral for a forward sale contract - not, repeat not, for sale into the spot market. The producer sells into the spot market as he produces the gold - see my posting to Hutch. d

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