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Gold/Mining/Energy : Gold Price Monitor

GDXJ 109.23

+3.7%

Nov 28 4:00 PM EST

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To: Rarebird who wrote (50756)	3/27/2000 1:32:00 PM
From: LLCF	Read Replies (1) of 116786

I like this one from John Hathaway: "Gold equities are exceptionally cheap at the moment. According to the respected research team at Scotia Bank, they currently trade at a discount of 18% to net present value, an unprecedented low valuation, even before the September 1999 rally. Because of the lengthy gold bear market, exacerbated by hedging and short selling, shares of gold mining companies, not surprisingly, have ranked among the worst performers over the last twenty years. The global market capitalization of the industry is less than $50 billion. The market cap of one high tech company, Qualcomm, has gained and then lost this amount in the last six weeks. Industry earnings are all but non-existent apart from hedge book profits. Financial staying power for many companies would be in doubt if the gold price remains depressed. Concerned senior executives are considering how they can engineer a reversal of fortune from a near evisceration of shareholder value." DAK

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