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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: long-gone who wrote (73022)	7/7/2001 2:33:48 PM
From: baystock	Read Replies (1) of 116753

What the gold bugs refer to as the Cabal are just businessmen defending their short positions, which they have every right to do. Of course what galls them the most is that there were substantial profits made by these short positions, and at their expense. As has been previously pointed out, ABX is showing the way out for those who are short with its acquistion of HM: <<The problem faced by those who are short a large amount of physical gold is that there is no way for them to cover their position without causing a huge rise in the gold price, that is, they have left themselves with no way of exiting the position without taking a massive loss. The choice they continually face is whether to take a massive loss now or to limit the damage in the immediate-term by adding to their short position during every rally (thus creating an even bigger problem for the future). Until now they have chosen the easy short-term fix and have generally been successful due, in large part, to the strengthening Dollar.>> gold-eagle.com

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