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Gold/Mining/Energy : Gold Price Monitor

GDXJ 97.44

-1.2%

Nov 14 4:00 PM EST

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To: long-gone who wrote (54257)	6/14/2000 12:29:00 AM
From: Hawkmoon	Read Replies (3) of 116762

Richard, A couple of companies stating they are reducing their hedging strategies is a different thing from actually accomplishing it. Again, the Australians are hedged to the tune of 1,500 tonnes of the yellow metal and that is not something that can be unhedged over night or even over the course of one year without significant disruptions that none of the hedged players desire. Unwinding these hedge positions will take time, and there is no guarantee that a slowing of the US economy won't lead gold to even lower prices as inflationary fears lessen. In the meantime, you'll have to continue to worry about Central Bank selling. You guys seem to think it will happen overnight and create a huge spike in the POG and that is just where you're plumb wrong. Any sustained spike in gold will be met with CB selling and leasing programs. AG said so himself last July (although not in so many words). Regards, Ron

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