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Gold/Mining/Energy : Gold Price Monitor

GDXJ 112.58

-1.5%

Dec 15 4:00 PM EST

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To: Stephen O who wrote (72392)	6/26/2001 11:13:54 AM
From: Ken Benes	Read Replies (3) of 116815

I think institutions with an interest in gold will continue to shun barrick. Without sounding like a broken record, they have demonstrated a total disregard for the industry in which they participate. It is barrick along with the bankers who developed the intricate derivatives strategies that provided artificial supply to the gold market. True, as low cost producers, this may have benefitted them to the detriment of the gold market. However, the dismal psychology around gold has devastated the gold equities, limiting the profits of all but the most adroit traders. Their alliance with the bankers has not changed raising the question about the veracity of any of their statements concerning their hedgebook. Ken

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