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Gold/Mining/Energy : Gold Price Monitor

GDXJ 92.99

+2.9%

4:00 PM EST

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To: Rarebird who wrote (48035)	2/4/2000 11:42:00 PM
From: russwinter	Read Replies (2) of 116753

If you look at how the XAU is weighted, ABX makes up a fair amount of it. There are also other hedgers in that index. The answer to your performance question is that moment when the hedgers change their stripes. Gold stock investors want a call on gold, not companies who are clever hedgemeisters. Until ABX makes their anti-hedging announcement they will continue to be rerated lower by the market. You are looking at the wrong index until then. Look at the moves (20-30%) in some of the better Canadian juniors (AZS, PGD, GSL, NSU, R, MNP, FGX) today. No hedging to worry about there and tremendous leverage to POG. I expect that to continue. We are just scratching the surface.

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