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Gold/Mining/Energy : Gold Price Monitor

GDXJ 98.59

-2.8%

Nov 13 4:00 PM EST

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To: goldsnow who wrote (50157)	3/7/2000 8:58:00 PM
From: Hawkmoon	Read Replies (2) of 116759

Goldsnow, you're betting on OPEC finding a happy medium on oil prices. Iran is being rather intransigent at the moment, having just been through an election that brought the moderates into power for the first time since the revolution. They have to play hard-ball with the west so they are not seen a "lackies" to the American Satan. That's why I advocate releasing enough oil to ease the speculative fear of massive prices hikes in gas, or refusal of OPEC nations to come to an agreement. It's far easier for the US to stop pumping oil from the SPR than it is for oil-producing nations to find a price/production equilibrium. The US can help them arrive at that price. OPEC certainly doesn't want the US competing with them in the oil markets. The very threat of an SPR release would cool off the speculative fervor in oil to a substantial degree. Also, I believe Germany also has a SPR, although I believe it only holds 90 days worth of oil for their needs (ommitting the rest of Europe). I'm willing to settle for $23-25/barrel, but I guess that all depends on how it impacts the other economies in Asia and Europe. Regards, Ron

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