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Gold/Mining/Energy : Gold Price Monitor

GDXJ 105.33

+5.2%

Nov 26 4:00 PM EST

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To: Ken Benes who wrote (49425)	2/21/2000 5:37:00 PM
From: Crimson Ghost	Read Replies (1) of 116773

Ken: Agree re: the need to limit gold production and hedging. However this requires more industry cooperation and consolidation to be truly effective. We cannot expect many companies (especially financially weak ones) to reduce hedging unless they are assured many others are doing the same. The extreme fragmentation of the gold industry and the weak financial position of many players makes them vulnerable to lenders demanding they hedge heavily to qualify for financing. A major restructuring of the international gold industry leading to fewer but financially stronger miners would have tremendous positive implications for both POG and gold share prices.

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