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Gold/Mining/Energy : Gold Price Monitor

GDXJ 106.75

-0.5%

Dec 3 4:00 PM EST

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To: long-gone who wrote (69311)	5/17/2001 12:02:13 PM
From: russwinter	Read Replies (1) of 116792

I tend to go with Kaplan on this, as I have felt that the influences of the shorting, carry and hedging game have been the dominant force that drove POG into the 250's. Gold has become a major instrument of banking and finance schemes as much as anything else. The good news is that the fundamentals (finance costs)have shifted in favor of buyers, not just borrowers. That's why the forward futures (returns to hedgers and cost to buyers)and lease rates (cost to borrowers), as does implied volatility (IP, now coming off very low levels 12-15)becomes crucial. I also agree strongly with Kaplan that the dollar against the "gold currencies" like the Aussie is of importance. As long as it continues to look like this, we are fine: kitco.com The perception issue is a tough nut to crack. People like us tend to be "qualitative thinkers", but the masters of the universe who are driving prices are quants and black box types and just crunch impersonal numbers to make decisions. Right now, that's the driver. But hope springs eternal that the momo players (bandwagon effect) may jump into the fray. So far, I'm not sure.

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