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Gold/Mining/Energy : Gold Price Monitor

GDXJ 126.27

+3.5%

Jan 12 4:00 PM EST

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To: Ken Benes who wrote (49410)	2/22/2000 9:44:00 AM
From: lorne	Read Replies (3) of 116852

Hello Ken. In your post to me you said. " Should the producers cave and make new supplies of gold available for forward sales, the one certainty, the price of gold will be smooth down. The beneficiaries, the leveraged producers, bullion bankers, and the central bankers with an agenda to talk down the specter of inflation. The losers, the owners of gold mining shares. " When you started posting here some months back I had difficulty believing that producers could be ( in part ) responsible for the low gold prices as a result of their hedging and forward sales. After being undecided for some months I now believe you have been proven to be correct. Thanks What I have trouble understanding is why a producer would engage in a practice that will contribute to their own demise. In the case of the smaller producers it seems they would do this to survive. But in the case of larger producers such as ABX it makes less sense to turn over ownership of the company from the shareholders to bullion banks. It appears to me that the biggest stake holder in keeping the POG down is the US$ and I can understand why the USA would want to keep the POG low. A high POG = a weak US$ = a loss of control over countries who hold US$ as reserve asset. I can't help but wonder why a former US president and a former Canadian Prime minister are directors of a company like ABX. I have been told on this thread before that they are only directors with no special influence. I'm surprised that Australia is not represented at ABX. I say this because it appears to me that these three countries are the biggest sellers of gold or anti gold countries. Anyhow I ask myself why would producers do this. 1) break smaller producers and buy them? 2) they can sell more gold at 250 than at 350 maybe more profit ? 3) or they are helping out bigger friends? What a great mystery. Lorne Almost forgot 4) stupidity.

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