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Gold/Mining/Energy : T.ITE: iTech Capital (TSE)

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To: marcos who wrote (1118)	10/14/1999 6:15:00 PM
From: keith massey	Read Replies (2) of 5053

I have been asked a couple of times where the selling is all coming from in the past 4-5 months. I have done some digging and may have part of the answer. Up until the last 10 months JDX has always been considered a gold company. There are numerous mutual funds that only buy and hold gold companies. When a company held by one of those mutual funds changes out of the gold sector (e.g. JDX) the mutual fund will dump their holdings of that company no matter how much potential the new company might have. These funds have promised investors that the fund will only contain gold companies so they are forced to dump their shares. I mentioned a while back that the Midas Gold fund used to hold shares of JDX but I wasn't sure how many shares or if they were still holding. A good friend of mine brought this site to my attention a few days ago. 10kwizard.com This site lists filings for U.S companies and mutual funds and has a key word search. When I checked the records I found that the Scudder mutual funds, which is a gold only mutual fund, has sold their entire 275,000 share holding in JDX during the past 10 months. Far more interesting...on June 30, 1999 the Midas fund quarterly report showed that they were still holding 400,000 shares of JDX and hadn't sold any shares in the past year. Now remember when Oldum started selling and I couldn't figure out where they got their shares from since they hadn't done a buy and sell in the past year. Guess what....Oldum started selling in July after the report was released. Over the next 3 months Oldum dumped like crazy without one single buy. July - sold 50000 August - sold 298000 Sept. - sold 50000 This adds up to a grand total of 398,000 shares. As soon as they hit this mark the selling stopped cold and we haven't seen a single sale from Oldum since Sept. 15. I will bet you that the next Midas fund report that comes out shows that they now hold zero JDX shares. So we have had 675,000 shares dumped from 2 U.S gold only mutual funds. So the question arises....how about the Canadian and European gold only mutual funds that may have held JDX. I don't have any easy way to check what mutual funds other than ones in the U.S might have been holding JDX. It is possible that other gold only mutual funds have been cleaning out their inventory of JDX shares in the past 6 months and this could explain some of the dumping from Yorkton and GP we have seen. Just a guess, but after seeing that the Midas fund and Scudder fund cleaned out their holdings it stands to reason that other funds might have been doing the same thing. The good news is that these companies should soon blow out their positions (if they haven't already) and then the buyers will be back in control and we can get down to business. Best Regards KEITH

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