Strictly: Drilling II Message Board

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Strategies & Market Trends : Strictly: Drilling II

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To: Art Bechhoefer who wrote (23517)	12/15/2002 4:45:43 PM
From: Roebear	Read Replies (2) of 36161

Art, CB sales and forward sales have been making up for production short falls for years (yes I know forward sales are a conundrum to supply, but whatever). Sorry, but most of the gold mines have been ramping production already just to survice on gold prices near their costs. Wouldn't be surprised if many were high grading to keep their costs in line. Many of the ones with high costs are closed and don't exist anymore. Remember Pegasus? Remember Sunshine (silver, well it's still there on the pink sheets)? Heck, I wish I had not cleaned up an old portfolio, but there were quite a few that went under. In any case, even at 400 bucks an ounce these mines can't be brought back into service in under a year. So where is all this new supply coming from?? Now that the price is going up the CB's aren't selling (limit by Washington Agreement) and mines are closing their hedges. Furthermore, the price of gold is not tied to supply as closely as most commodities. It is however tied to DEMAND and PERCEPTION. Best, Roebear

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