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Gold/Mining/Energy : Gold Price Monitor
GDXJ 97.99+0.3%Nov 11 4:00 PM EST
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To: Robert Dirks who wrote (43769)10/25/1999 9:19:00 AM
From: Ken Benes  Read Replies (2) of 116753
 
Making gold available for leasing represents one side of a possible gold derivative. The othe side should come from a producer looking to sell forward. It will be interesting who steps forward to borrow the gold from Kuwait and then sell it on the open market, guaranteeing the gold against future production. A more fortuitous outcome, a consortium of producers step forward and offer to buy the gold outright to either sell at a future date or cover other short positions. I doubt the producers will step forward to purchase the gold, it is looking as if the producers themselves do not want the price of gold to rise. A week ago, GATA suggested some block buster news about an agreement to limit production coming out of the Denver meeting. Never happened. The only block buster news was the Kuwait decision to transfer gold, which definitely helped the retracement in price.
Well it looks as if we are back to the ho hum days. I have a question. If you can loose money when gold goes down, but you cannot make money when gold goes up, what is the sense in owning the gold producers. If you believe gold is going to rise, it appears that bullion in some shape/form is the alternative. It is time to throw the shares back at the producers with the message, if you do not represent the shareholder and they don't, then sell my shares to management who believe they own the companies for their own benefit.

Ken
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