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Gold/Mining/Energy : Gold Price Monitor

GDXJ 97.99

+0.3%

Nov 11 4:00 PM EST

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To: Alan Whirlwind who wrote (71135)	6/5/2001 5:16:17 PM
From: Ken Benes	Read Replies (4) of 116753

I can assure you that is the price I received. When the bxm discovery was first made, it sounded impress. It captured the imagination of a lot of people. Those who followed the story closely and were not blinded by the propect of open ended riches saw the story beginning to unravel and liquidated their positions. The less fortunate held and were wiped out in a day when the fraud was exposed. The bxm fiasco occurred just prior to the fall in the pog. It was about this time that some people including myself began to look at the people behind the gold companies. It did not take long to recognize a management style emphasizing half truths and production with little thought as to the supply and demand fundamentals of the industry. Barrick being the innovator of gold hedging, enjoyed an exclusive environment for a long time. Then the other producers jumped on the bandwagon and hedged every ounce that the bankers would offer them. New production and leased gold smothered the gold market. Between the producers, the cb's, and the bankers, the gold market is in disarray. Still, gold fever continues to captures the hearts and minds of a great many people as evident by the overall tone of this board. Each and every day is viewed as the day that some fiasco will ignite the cataclysm that will restore gold to its pre imminent position as the ultimate store of wealth with its price soaring. The day, weeks, and years unfold and gold lanquishes. The supply overhang is still substantial and ready to extinquish any rally. The board needs a balanced view. Gold fever can be more virulent than a viral epidemic. There is little else to say. Ken

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