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Gold/Mining/Energy : Gold Price Monitor

GDXJ 87.56

-4.9%

4:00 PM EST

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To: Greg Ford who wrote (38445)	8/6/1999 7:44:00 AM
From: long-gone	Read Replies (1) of 116752

<<It is only in the recent several weeks that lease rates have risen. I believe that they have risen due to increases in producer hedging and possibly increases in short positions by hedge funds and speculators on Comex. In addition the recent increase in lease rates may reflect central banks withdrawing gold from the market prior to year end, that is Y2K fears.>> There is yet another possible answer which has been forwarded by Jack Thompson CEO of Homestake. He believes the increase in lease rates is because much of the gold which was avail. for lease from Central Banks has been sold and as such is no longer avail to the lease market. Reduced supply and near flat demand = higher prices.

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