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Gold/Mining/Energy : Triton Mining

TTM 25.14

+1.0%

Jan 23 4:00 PM EST

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To: Peter Boudreau who wrote (12)	7/9/1997 4:23:00 AM
From: Wafa SHIHABI	of 22

Well if the central bankers arround the world have already come to the conclusion that gold is not needed as a reserve for their respective currencies, they will make available to the market 10+ times the annual production of all mines combined. Obviously, this can take the gold price down to zero. However, this is not a realistic proposition. Things just don't happen that way. For the past year I have been trying to get some reliable analysis showing the expected number of mine closures (Read, reduced supplies) that will result from a sustained gold price of under 320 dollars. I have not been able to find such an analysis as noone took 320 as seriously as I. A significant number of the majors have either high cost production or limited reserves. At these prices the drive for M&A activity with lo cost juniors will be very strong. That is the positive side for what it is worth. As for TTM, well this company is being punished by its silence. I still like it, as far as gold juniors go.

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