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Gold/Mining/Energy : Gold Price Monitor

GDXJ 96.88

+0.9%

Nov 18 4:00 PM EST

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To: Jim Willie CB who wrote (90122)	9/27/2002 7:26:31 PM
From: goldsheet	Read Replies (3) of 116762

> in summer 2002 growing demand as investors take interest You might also wish to look at the price elasticity of demand, especially in the Indian markets. As gold prices have increased they have redcued their demand by 40%. Being the number #1 gold consumer in the world their reduction greatly exceeds the increase by investors mentioned above. timesofindia.indiatimes.com Fortunately, covering of hedges by miners have made them a net consumer instead of their historic role as supplier, putting them on the deamnd side instead of the supply side. Personally, I think covering hedges (maybe 650+mt for the year) has contributed more to getting/keeping the gold price up than individual investors. (maybe 200-250mt for the year?)

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