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Gold/Mining/Energy : Gold Price Monitor

GDXJ 106.70

-0.3%

Dec 5 4:00 PM EST

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To: pater tenebrarum who wrote (55874)	7/7/2000 10:50:09 AM
From: Enigma	Read Replies (2) of 116796

Edit- It may take something as extreme. You'd think that someone would have the scoop on central bankers and their take on gold - in my view the Washington Agreement was negative for gold - because it has institutionalised sales - and ensures that net 400 tons is gold is sold by these banks each year. It's a signal. If they wanted to be positive about gold they would have signed an accord which would have said that gold reserves would be frozen. The market read it as being positive at first - so did I - but the opposite is the case. The Swiss, British and Dutch sales are all within the Agreement - but every time they're mentioned it's a reminder of the basic intent of the parties. And miners, like Soros and other speculators, have to live with that reality - so given that should they hedge or not? Un-hedged they are as naked as the day they were born.

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