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Gold/Mining/Energy : Global Platinum & Gold (GPGI)
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To: Richard Mazzarella who wrote (4083)10/30/1997 2:56:00 PM
From: Vince Moretto  Read Replies (1) of 14226
 
Just recieved a postcard from Ed Fishbaine, thought I'd post it:

To Followers of Global Platinum & Gold 10/28/97

the collapse of the market along with the retrenchment in the price of gold has resulted in our receipt of many phone calls inquiring about the implications for Global.

First: Global is at best only secondarily a gold producer. The bulk of what it will soon be producing on a regular basis will be PGMs,(platinum, palladium, and rhodium, with possibly some smaller quantities of ruthenium and iridium).

Second: I the gold price continues to retreat increasing numbers of producing gold mines will close as their costs exceed the selling price of gold. Closings have been happening and can be expected to accelerate if gold falls futher. However, the major gold producers will then be looking for mines with low costs. Global will have costs of production far below the typical hard rock gold mines and could become an attractive target for a buyout.

Third: What do you imgine the effect on the market price of Global will be if the gold price results in gold mines dropping like flies, while Global blithely sails along, steadily increasing its revenue as its production expands?

In sum: a rising gold price would be moderately favorable for Global. Paradoxically, a falling gold price could be very favorable for Global.

What we are really interested in is the price of platinum. With South African supplies and Russioan supplies in doubt and with fuel cells on the horizon requiring great quantities of platinum we believe we will be seeing a rising price over the next few years. (contact us for details on fuel cell technology as regards platinum. (718)-268-3300.
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