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Gold/Mining/Energy : Gold Price Monitor

GDXJ 94.04

+0.6%

Nov 21 4:00 PM EST

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To: long-gone who wrote (48602)	2/8/2000 8:25:00 PM
From: Gord Bolton	Read Replies (2) of 116764

Things are getting interesting! There seems to be a lot of consensus amongst the gold miners that forwards sales tend to dampen off the spot price which reduces the price of forward sales contracts. However, the miners are most distrustful of each other. If one unwinds their hedge and another one picks it up... well you figure it out. So the South Africans have said watch us unwind our positions, now you do the same. Placer Dome said, "We like what we see, but we are a little sceptical. We will pledge that we will cease to sell forward and see what happens." Barrick says "Show me $320 on the spot and we go long." Many are not seeing the full picture yet. Watch for $325 on the spot and then see where it goes!

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