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Gold/Mining/Energy : Gold Price Monitor

GDXJ 113.22

-0.5%

4:00 PM EST

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To: Jim McMannis who wrote (42245)	10/6/1999 11:07:00 AM
From: Ken Benes	Read Replies (2) of 116837

Jim: I have been watching the unfolding saga this past week very closely. While it is still early and nearly impossible to discern the true facts, one thing is beginning to emerge. The producers having contributed greatly to the decline in the gold price may be one of the impediments to a significant and lasting rise in the POG. The action of the XAU is showing a great deal of caution and since it is impossible to determine the implications of the seniors hedge books, what is becoming clear, the ceo's of these companies are little more than figure heads with the bankers running their business. How the cards fall will be interesting. In another note, I believe the middle of October will prove interesting. If the trade figures continue to deteriorate, there will be another assault on the dollar and interest rates despite the best efforts of Allan and the other cb's to maintain stability in those markets. We should be testing the resourcefullness of man and machines in the near future as they juggle currencies, interest rates, cooked numbers, and now the gold market. Ken

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