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Gold/Mining/Energy : Gold Price Monitor
GDXJ 97.99+0.3%4:00 PM EST
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To: Horgad who wrote (63194)2/1/2001 11:59:59 PM
From: goldsheet  Read Replies (3) of 116753
 
Higher cost mines are being shut down, but all of them have had relatively low production. Some large low cost mines, found and developed before exploration expenses were cut, are easily replacing production. Bullish reports always focus on the closures, but completely ignore the expansions and openings. One needs to look at the everything to get the whole picture. THis is why I compile the detailed data

There is about 700 milllion ounces of gold reserves available, so production can continue at high levels for quite a while. Eventually, the situtation will turn bullish for gold, but with mine production near records levels and the possibility of a recession looming (reduced demand), I personally still can not make the bull case.

P.S. I am not making a bear case either, I did that back in 96/97/98 and have been predicting sideways since with trading opportunities only - no buy and hold.
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