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Gold/Mining/Energy : Gold Price Monitor

GDXJ 92.99

+2.9%

Nov 7 4:00 PM EST

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To: d:oug who wrote (38367)	8/6/1999 1:56:00 AM
From: Greg Ford	Read Replies (1) of 116753

Doug I still stand by what I wrote in May. I indicated that producer hedging would increase; it has witness the increase in the various majors hedge books. I indicated that Newmont and others would be under pressure to hedge; they have - Newmont executed a 500K ounce hedge. As far as IMF, it appears that Congress will not allow the sales to proceed at present. The question is whether Congress is pro gold or anti IMF. If it is the latter then the sale could still proceed. As far as lease rates, well they have increased. I believe that increase is due to producer and speculative short positions and concerns by cb's about Y2K. Regarding sentiment, we also need to see production cuts for gold to have a better fundamental story. Gold is having difficult getting over 260 even in the face of rallies in copper and silver. I think lower before higher. Greg

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