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Gold/Mining/Energy : Gold Price Monitor

GDXJ 108.29

-0.9%

4:00 PM EST

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To: Ken Benes who wrote (40651)	9/23/1999 10:15:00 PM
From: Bob Dobbs	Read Replies (3) of 116790

Snippet from this morning's London Reuters of interest to gold owners: The world's largest gold producer, AngloGold Ltd , said on Thursday forward gold sales by producers and hedge funds, partly to blame for the depressed price, should decline in future. Reduced forward sales and hedging and flat or declining new mining production over the next three to five years should contribute to gold's climb back above 20-year lows, Chief Executive Bobby Godsell told Reuters. Godsell said he expected forward selling to decrease because of higher gold lease rates. The rise in rates from historical levels of one percent to 3.5 or four percent recently had changed the dynamics of forward selling, Godsell said.''If the interest rate contango diminishes, there is less value to be found in futures. I would expect less gold to be sold forward,'' he said. The narrowing interest rate differential was also putting pressure on hedge funds holding large short positions, he said. Bob

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