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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: Enigma who wrote (51409)	4/13/2000 8:28:00 PM
From: goldsheet	Read Replies (3) of 116762

> The problem is that nobody - nobody here at least - has the least clue on the fundamentals Fundamentally, there is just too much available supply. It's not the forward sales or central banks, it continues to be primary mine production (as I have been saying for 4 years) After spending billions on new properties and equipment in the mid 90s, the majors continue to produce at historically high production levels. They have also learned to reduce costs and be profitable in the current environment. Higher prices made them invest to increase production, but lower prices does not mean lower production. Folks continue to have a hard time accepting that reality. The mining industry is capital intensive, and it is all about cash flow. Just received the 1999 Barrick annual report, and they reinvested 620 million into capital expenditures out of 702 million in cash flow. You know what that means, even more primary mine production.

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