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Gold/Mining/Energy : Gold Price Monitor

GDXJ 107.29

-0.9%

Dec 2 4:00 PM EST

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To: d:oug who wrote (82044)	2/14/2002 7:28:13 AM
From: d:oug	Read Replies (2) of 116791

(or) [from prior post'ed article, the TruTh] We've been saying for long enough to be tiresome that the commodity fundamentals and the market technicals in gold are generally strong. As to fundamentals, annual physical demand is nearly twice annual mine output, despite uneven income growth in traditional markets, like developing Asia, and a near absence of investment demand elsewhere. That deficit for years now has been filled -- overfilled, in fact -- primarily with gold sold outright by central banks and, we believe, with gold sold short by miners who have borrowed it from central banks through bullion bankers like J.P. Morgan Chase and Goldman Sachs. Producers and bullion bankers are now short an estimated five years' production. That is 1.5 times the U.S. gold stock and more than a third of all official holdings worldwide.

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