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Gold/Mining/Energy : GMD RESOURCE
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To: Richnorth who wrote (442)11/24/1997 1:35:00 PM
From: Rick Seavey  Read Replies (3) of 1030
 
Just a couple of observations and a word of thanks for all of the informative links concerning various "experts" opinions as to the future of gold. Please keep them coming if you encounter any more.

Isn't it strange that we have so many divergent predictions for the gold trend in the coming years? The experts can't even agree as to the current annual production of gold in the world nor to the annual consumption. One prestigious gold analyst in Nantuckett, Mass. says the annual consumption is 3400 tons while production is only 2400 tons leaving a deficit of 1000 tons per year. He also says the gap is growing annually. Other estimates are 2700 tons consumption and 2100 tons production.

Have central banks been net buyers or sellers of gold over the last year? Do they sell mostly to each other or on the open market? The answer seems to be that it depends on which article you read.

What is really depressing the price of gold? Again there seems to be no consensus on the subject. These and a dozen or more other questions seem to have no answers, at least none based on fact.

For those at GMD and for those that have been participants in the various private placements, there must be a bitter irony in all this. Against high odds they have apparently succeeded in finding a signifigant gold deposit only to find it approaching worthlessness (temporarily, I hope) due to factors beyond their control. And I thought my luck was bad!

What is your interpretation of the Company's announcement concerning adding more drill results to the reserve estimate calculations? Is it possible that the estimate was falling short of a number that GMD wanted to report so they are recalculating using additional results from a larger area?
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