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Gold/Mining/Energy : Gold Price Monitor

GDXJ 101.44

+3.5%

Nov 12 4:00 PM EST

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To: russwinter who wrote (70489)	5/27/2001 3:00:00 PM
From: goldsheet	Read Replies (1) of 116756

<< So the production-demand gap is closer to 1600 tonnes for WGC. Even taking the Goldfield numbers we still have at least 1000 tonnes (conservatively) to account for AFTER the 400 tonnes or so direct CB selling>> Everyone always forgets the largest source that fills the gap, scrap, which runs an average of 650mt+ per year. I'll go with 4100mt and think the numbers (rounded and averaged) look something like: Mine (2550) + Scrap (650) + CB Sales (425) + Forwards (250) + DisInvestment (100) + All Other (125) = Total (4100) Secondary Supply (aka Scrap Gold Mining) is like a mining company with: - 1 billion ounces in proven reserves - An ore grade of 14-24 karat - Annual production of 20+ million ounces per year ... but always get overlooked.

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