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Gold/Mining/Energy : Gold Price Monitor

GDXJ 117.61

+3.0%

4:00 PM EST

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To: MUDMAN who wrote (3717)	12/1/1997 11:05:00 PM
From: Greg Ford	Read Replies (1) of 116815

MUDMAN, I think the Swiss news was already factored in to the market. The Swiss had already announced the reduction in the backing of their currency with gold when they made their previous announcements relating to gold. Your comment about a Soros type may prove to be correct. What is happening in the market is that producers who are underhedged are starting to panic. As these producers use more leverage (ie sell calls on gold) we will see an opportunity for someone to earn a significant profit by squeezing the shorts. In order for this to occur we will need to see the price drop a bit further, volatilities decrease and lease rates increase. Will this happen? I wish I had a crystal ball? Are we at the point of maximum pessimisim? I hope so. Greg

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