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Gold/Mining/Energy : Gold Price Monitor

GDXJ 121.93

+0.8%

Jan 9 4:00 PM EST

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To: goldsheet who wrote (39411)	8/22/1999 2:39:00 PM
From: Claude Cormier	Read Replies (2) of 116846

<<Gold scrap can be thought of as the largest mine in the world, with reserves of close to 1 billion ounces in jewelry/coin/bullion held by individuals (not central banks), an ore grade of 14-24 carat which is no primary mine can match, and it can deliver 20+ million ounces to the market each year. >> You never said so true Bob... and that is why the deliveries from this source reached 35M ounces last year. ormetal.com The 20+ miilions ounces you refer to is backed by solid statistics in the 1994-1997 period..but these years saw gold prices of $380-$400 on average. We should bet that with the new gold prices of $260, supplies from this source will shrink to the 10 millions ounces per year average we had when gold last bottomed near $285 in 1984-85 and at $325 in 1991-1993. This will cut more than 25M ounces or 820 tons per year from the supply side. IMO, this means higher prices in the years ahead.

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