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Gold/Mining/Energy : Gold Price Monitor

GDXJ 110.89

+1.8%

Dec 10 4:00 PM EST

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To: goldsheet who wrote (72401)	6/26/2001 12:51:16 PM
From: Ken Benes	Read Replies (2) of 116805

Bob: I have a question. What does a 10 million ounce producer do for the price of gold and what will effects be on the share price of the gold stocks. Throw into the equation, barrick as the big producer, and I think that the chances of gold surpassing 300.00 ounce becomes less of a reality. Ten million ounces controls an awful lot of production and with the leverage that kind of production has relative to its reserve base, it is not a question if they will continue hedging, but at what price. I suspect the spot price that forward sales resume will not be above 300.00, ie: there is the enormous pressure of pushing gold down as it approaches that magic mark. Great for the bankers, great for the cb's, terrible for shareholders. Ken

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