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Gold/Mining/Energy : Gold Price Monitor

GDXJ 94.04

+0.6%

Nov 21 4:00 PM EST

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To: Rocket Red who wrote (69753)	5/20/2001 9:23:59 PM
From: Al Collard	Read Replies (1) of 116764

Mining companies last year did not take any new hedging positions, the first time they held off in at least 10 years, according to Gold Fields Mineral Services, a London-based precious metals research firm. Low hedging means the supply of available bullion falls, which can help send prices higher. "It is the speculators who sold gold short" that are buying now to cut their losses, said Heinz Thoma, a money manager at Global Strategic Management in Maryland. Away from the futures market, there are at least 5000 tonnes of gold borrowed and sold short, Mr Thoma said.

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