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Gold/Mining/Energy : Gold Price Monitor
GDXJ 117.61+3.0%Dec 19 4:00 PM EST
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To: Ken Benes who wrote (54664)6/19/2000 6:27:00 PM
From: lorne  Read Replies (2) of 116816
 
Ken. Some interesting reading.
Is There A Future For The Gold Industry?
Ghanaian Chronicle
June 19, 2000

" "The only reason some industry peers can keep their heads above water is that wood floats! We see ourselves as price takers and touchwood, let the commodity take care of itself. A typical mining corporate strategy has been to strive to be the lowest coast producer with the idea that our competition will go bankrupt before we do. Another strategy has been when the metal price decreases to actually increase production or high grade are bodies in order to lower unit costs. Any national industry would do the opposite."

" The aluminium industry has figured it out and collectively cut production through a multi-government approved accord. So has the pulp and paper and more recently the oil industries. "

" The gold industry, rather than developing new markets for gold actually sells its own product short. In fact, I think it is very ironic that it took the leadership of the European central banks to initiate the first limits on gold sales and lending. The gold industry has been very slow to follow suit by reducing its own hedging and production."

" Examples of companies that have become leaders in their particular niches are Potash Corporation in fertilisers, Cameco in uranium and DeBeers in diamonds. All of these companies reduce supply in periods of oversupply "
Full story >>>
africanews.org
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