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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 (48716)	2/9/2000 11:58:00 PM
From: PaulM	Read Replies (4) of 116764

ASHANTI ON THE BRINK AFTER COURT RULING biz.yahoo.com I think you've hit on one of the cruxes of the current rally. Remember all the trouble the Bank of England went through to negotiate that "standstill" agreement to make sure Ashanti wouldn't have to buy back all that gold? It will be more difficult to convince the bankers to wait if Ashanti has no hope of ever producing its way out this. And just imagine, Ashanti is just one of tens or hundreds of producers with a hedge book And the gold market can't even handle just one Ashanti! By the way, it seems to me the current players driving up the price of "gold" are doing so by playing the paper market place, rather than by purchasing physical. Everyone must know by now that short positions can never be liquidated via actual purchase or delivery of physical gold (witness Barrick). The purchase of gold calls is not a perfect insurance policy for the shorts, but at least this way when the paper market goes bust, a suspension of contractual obligations will be justified because it won't just be the shorts' fault. "Hey, we're owed gold too."

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