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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: The Ox who wrote (75345)10/2/2000 4:37:00 PM
From: BigBull  Read Replies (5) of 95453
 
Michael sorry you feel some are hyping gold. I expect most want to discuss oil related topics on this board so this will be my last post on the subject. Unfortunately, this venue (SI Strictly Drilling) has been one of the only ones I know of where the subject has been discussed somewhat rationally. I hope you can empathize at least to a small degree with my plight. At any rate I do not wish wear out my welcome here so this will be my last post on the subject here.

nationalpost.com

On the supply side, the analysts forecast there will be a 24% supply deficit this year, or a shortfall of 1,000 tonnes, with mine output far short of demand. The mine output is further reduced by mine closures since the "industry [is] economically unsustainable at US$275 per ounce. Mine supply is set to fall as a grinding three-year bear market takes its toll on producers."

Gold production fell last year in each of the five top producing nations (South Africa, the United States, Australia, Canada and China) and the analysts believe this "trend will accelerate if gold were to stay in the US$250 to US$280 per ounce range." The so-called "disaster-level" prices of the past three years also have led to a 70% collapse in exploration spending.
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