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Gold/Mining/Energy : Gold Price Monitor
GDXJ 109.28+3.8%Nov 28 4:00 PM EST
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To: Zeev Hed who wrote (63973)2/18/2001 4:54:50 PM
From: Crimson Ghost  Read Replies (1) of 116790
 
Zeev:

You are right about the need to close many more higher-cost mines.

But cheap CB gold leases have been a major factor in keeping such mines open. Profits from the hedge book have encouraged miners to keep mines going long after they should have been closed.

Any what you slice it these cheap CB bullion loans have been a key factor in decimating the gold market.

BTW, even though few mines have closed, gold industry exploration outlays have plunged in recent years. So we should soon see gold production drop off significantly if prices remain depressed.
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