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Gold/Mining/Energy : Gold Price Monitor

GDXJ 121.17

-7.0%

Feb 5 4:00 PM EST

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To: goldsheet who wrote (82123)	2/15/2002 2:21:33 PM
From: russwinter	Read Replies (1) of 116972

<costs are not decreased, technology is not improved, resources are not delineated, resources do not become reserves, new resources are not found, etc.. > True in theory, but one small problem with it's execution: it requires capital (AND a good return on investment), and plenty of it. <Goldcorp and Agnico Eagle are perfect examples of firms that have found plenty of gold in current gold mines.> A handful of fine operators that have the skills and resources to find and develop gold will not make up for the rest of the wreckage and severe evisceration of capital in this industry. Do you ever look at balance sheets and corporate capital structures? <Veladero went from 3.9-to-8.4> Those new reserves are going to require a substantial long term investment to exploit. 300 won't cut it. ABX is in increasingly poor shape in their heartland: Nevada.

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