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Gold/Mining/Energy : Gold Price Monitor

GDXJ 101.44

+3.5%

Nov 12 4:00 PM EST

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To: lorne who wrote (57872)	9/5/2000 2:08:44 PM
From: goldsheet	Read Replies (1) of 116756

Gold miners still hedging bets news.ft.com In the first half of last year, as the gold price was tumbling, some gold enthusiasts spoke of an international conspiracy to depress prices. But as Ms Cross states: "No evidence was found of any collusive behaviour on the part of market participants to manipulate the price." Most derivatives trading (60 per cent) was by the miners themselves. With a few notorious exceptions, hedging has been so beneficial to miners' profits that it has allowed them to defer the full consequences of falling prices. Ms Cross suggests this has "more than likely delayed mine closures, probably delayed mergers and the restructuring of the industry and . . . encouraged expansion of the reserve base".

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