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Gold/Mining/Energy : Gold Price Monitor
GDXJ 142.13+5.5%4:00 PM EST
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To: Ken Benes who wrote (42388)10/7/1999 5:49:00 PM
From: Jim McMannis  Read Replies (1) of 116900
 
Ken,
RE:"As Jim McMannis has
stated, gold equities will do better in a good market and will go down with a selloff in the
marketplace. Investors have ignored this and used the producers as a proxy for the metal
in a flight to quality scenario. While the metal may persevere, the image of the mining
companies has been shattered. They never worked for the shareholder and with their lack
of managerial skills allowed themselves to be exploited by the bullion banks providing the
collateral for the speculators, hedgefunds, and central banks.
The gold investor has missed the glory of the bull market in equities and at the moment of
their triumph and the greatest short covering rally of all time has not made any meaningful
money. While the investor falls short, the top execs of the producers issue themselves
some options or reprice existing options and walk away with a bundle. The investor not
only has been deprived of his pot of gold but is left with diluted shares."

----

How ironic that is. Finally gold rallies and the gold mines/stocks get left at the gate because they have already sold their soul to the devil. So the place to be is in the bullion or derivatives there of unless one can find gold stocks that haven't sold forward.
I see one silver lining in this. I've often wondered who was left to drive up the price of gold when the money went into the gold stocks. Maybe the money finally finds it's way to the bullion driving it up while the gold mines sort themselves out.

Jim
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