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Gold/Mining/Energy : Gold Price Monitor

GDXJ 97.80

+0.9%

Nov 19 4:00 PM EST

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To: Bob Dobbs who wrote (51868)	4/23/2000 5:44:00 PM
From: Crimson Ghost	Read Replies (1) of 116764

BOB: The best manifestation of CB activities aimed at suppressing POG is the very low lease rates prevailing now. Remember Greenspan's statement not too long ago -- CENTRAL BANKS STAND READY TO LEASE GOLD IN INCREASING QUANTITIES SHOULD THE PRICE RISE. Remember the CBs are lending gold to shorters at around 1% on average. The only conceivable motive for this is to suppress POG and help their friends at the bullion banks. That is the bottom line. The other big negative for gold is the strong dollar. As long as capital continues to flow into the US at its current astronomical rate, a major gold rally is out of the question. But with the greenback making a blowoff top similar to the NASDAQ recently, a sharp drop in thebuck is likely before long. That should trigger a decent gold rally. But unless demand rises enough to offset the inevitable attempt by the CBs and their allies to cap the rally at low levels, I doubt if POG will be able to move much above $300.

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