Bravo! With gold slipping under 300.00, let more producers announce covering hedges. Selling forward is old news, the market needs something to support prices until demand returns. Closing hedges, foregoing new production, and closing down high cost mines, will strengthen the producers in the longer run to wit: the oil producers, the aluminum producers and the copper producers. They all have exhibited discipline with their production. In terms of the gold producers, pdg has posponed development of the La Christina property in Venezuela, and the Cerro Casale in Chile. The other producers, they can't dig their holes fast enough, price of the commodity, do not disturb me when I am digging with pesty questions. They had better understand soon, otherwise, as an investment vehicle their stocks will be relegated to permanent mediocrity. Correction, permanent dismal performance.
Ken |
