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Gold/Mining/Energy : Gold Price Monitor

GDXJ 121.02

+0.7%

Jan 8 4:00 PM EST

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To: Winzer who wrote (39531)	8/24/1999 10:51:00 AM
From: Ken Benes	Read Replies (2) of 116844

Do we need GATA? They certainly do not hurt and they have been instrumental in making public some of the excesses in the gold carry trade which is facilitated by the cb's, the producers, and the hedge funds. Their limitations are evident by the sheer side of the opposition and the resources available to them. The inability of the producers to operate in this environment with a cogent policy to support higher gold prices does not help either. Todays action in gold is further illustrating the lack of any conviction for higher gold prices resulting in a market that is supported by high demand with a great deal of gold coming to market to support that demand. Unfortunately for the gold investor this environment is not good for any kind of meaningful price increases for the short to medium term. Ken

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