Hi, Bob. This is what kills me about the type of P/R "spin" about gold production Press Releases, represented by this opening salvo from a TODAY P/R posted earlier on this thread.
CANBERRA, May 27 (Dow Jones) - Gold production in Australia in the 2002 first quarter fell to 65.7 metric tons, the lowest quarterly output since the 1995 third quarter, industry analyst Surbiton Associates Pty. Ltd. said Sunday.
Okay...here's the math:
65.7 metric tons per qtr x 4 qtrs=262.8 extrapolate annual metric tons production.
Help me out here, Bob/anyone:
Wasn't it 220ish metric tons of gold Australia govt surplus dumped back a few years ago because they front ran the BoE auction announcement basically. And the Aust gov't basically announced one of the reasons they did so, was because they basically mined 160-180 metric tons every year, so there basically wasn't any reason to "store it" on a gov't level.
If my memory is correct, what slays me about the P/R spin put out above is this:
It is designed to make a statement about a REDUCTION in production. Oh, gee, let's all get together and moan on the count of three...1....2....3: ????? (What? Thundering silence from the gold analysts????)
Truthfully, such spun press releases as quoted above fail to take into account any facts in hand from analysts who have a memory longer than a whore's hangnail, or access to historical production databases by country.
Such "reduction" pronouncements are never based on historical production truths from an accumulation of the "growing years."
Yuck. |
