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Gold/Mining/Energy : Gold Price Monitor

GDXJ 94.04

+0.6%

4:00 PM EST

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To: S. maltophilia who wrote (59362)	10/4/2000 3:55:15 PM
From: Ken Benes	Read Replies (2) of 116764

I also do not see an improvement in the industry. The producers have mortgaged themselves to the bankers and the cb's who have gratuitously made available to them unlimited amounts of gold at preposterously low lease rates. Arguments can be advanced that the cb's have done this as part of an overall agenda to maintain gold within a specific trading range relative to free floating currencies. Whatever the merits of that argument the results have been disasterous. The markets are holding them hostage to credit ratings predicated on maintaining a hedgebook that is not for their best interests. When these generous lease terms and low rate loans began to appear, the producers were enjoying good times. Little did they realize that their greed and lack of sophistication would result in the evisceration of their industry. Ken

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