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Gold/Mining/Energy : Gold Price Monitor

GDXJ 109.23

+3.7%

Nov 28 4:00 PM EST

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To: Ken Benes who wrote (45329)	11/26/1999 2:45:00 PM
From: Terry Swift	Read Replies (1) of 116782

Ken: I agree. That would then put the producers and bullion banks in the same relationship as now exists between Ashanti and its bullion banks. Ashanti doesn't have the resources to cover their shorts via open market buying so the bullion banks have to wait for Ashanti to dig it out of the ground to repay the loans. That will take several years and carries a fair amount of market risk. Who knows what will transpire over the next 5 years. Bullion dealers don't like that kind of risk. Of course, the POG back at $255 would solve their problems. Thus, the motivation by some producers and the bullion banks to manipulate this market lower. Terry

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