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Gold/Mining/Energy : Gold Price Monitor

GDXJ 96.04

-1.4%

Nov 17 4:00 PM EST

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To: Rarebird who wrote (46821)	1/7/2000 9:06:00 PM
From: Enigma	Read Replies (1) of 116762

I was once extolling the virtues of gold to a prominent mutual fund manager over lunch - it must have been in the late 70s - he was a great believer in diversification, both by industry and region - and he posed the question ' Yes but what happens if governments make it a treasonable offence to hold gold - people being hanged in the town squares - where would you be then?' Reducto ad absurdium - but the point was well made. This is always the risk with gold - and IMO is one of the main reasons that producers won't even think of attempting a cartel. You're always fighting the fiat. The conventional wisdom here is that 'they' don't want to see gold over $300 - and we'll have to see - but with commodities things don't stand still - hopefully we're seing a massive base forming here. I'm very spectical about the alleged short position of 10,000 tons - it may be so - but nobody knows. At least with stocks short positions are published. The other statistic which concerns me is the production/consumption shortfall - it appears to make sense - I'd like to think it is true - but I have more than a niggling doubt about it.

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