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Gold/Mining/Energy : Gold Price Monitor

GDXJ 118.97

-0.9%

Dec 24 4:00 PM EST

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To: Rarebird who wrote (54465)	6/16/2000 9:35:00 AM
From: Ken Benes	Read Replies (1) of 116823

A very respected fund manager that I know refers to the producers managers as pawns. The street knows that the equilibrium price of gold should be in the mid 300.00 and the producers overproduction along with artificially increasing supply thru hedging is preventing the actualization of that price. Why is the price of gasoline nearing 2.00. The main reason, crude has increased in price from 10 to 30 dollars a barrel as a result of a 10 % reduction in production by the mid east producers. If the management of barrick and the other producers controlled the arab oil fields, oil would be below 10 bucks as they turned the desert landscape into swiss cheese with drill rigs. They would probably finance the increased production with some sort of innovative derivative allowing them to lease oil from the strategic reserve. Everyone would be happy, gas would be below a buck, the politicians could relax, greenspan would not have to worry about inflation, and the strategic reserve would not have been drained one ounce of oil, on paper. Ken

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