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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 10:22:49 PM
From: goldsheet	Read Replies (1) of 116790

> I think that the current decline in gold could be traced to a good 10 to 20 years of increased production This is basically the same thing I have been saying for the last 5 years, frequently on the GPM thread, so I'm glad to see you participating here. I don't feel as lonely <g> I try keep to the simple supply-demand stuff and do not go for all the alternative conspiracy theory explainations > Indonesian (cheap to extract) has come to market (I think they went to close to 5 MM onces a year from just few hundred thousands in no time), Went from under 100,000 in 1988 to 5moz in 1999. > few other areas (including our own huge heap leaching operations in the west) have come up I'm a big believer in technology overcoming many problems in the mining industry. Australia and the United States both went from about 2moz in 1985 to over 10moz by 1998. I have these increases pretty well covered in my comments and graphs at: goldsheetlinks.com > until inefficient gold capacity is forced out of the market, by closing marginal production, a meaningful price recovery in gold should not be expected. Agreed. I recently commented this may not happen for at least another year. It's human nature to not admit when you are wrong, so marginal mines may well keep operating much longer than logic would suggest.

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