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Gold/Mining/Energy : Gold Price Monitor

GDXJ 92.99

+2.9%

Nov 7 4:00 PM EST

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To: Roebear who wrote (3770)	12/3/1997 9:07:00 AM
From: Greg Ford	Read Replies (1) of 116753

See following story re sale by Argentina of gold reserves. biz.yahoo.com It appears gold was sold earlier in the year via a combination of put options and forward sales. The sale encouraged further producer selling in Australia putting downward pressure on the price. I particularly like the line in the article "The central bank said it had not reported the gold sale earlier because of the sensitivity of the gold market to this kind of operation." Instead it waits till gold is at 12.5 year lows. I am sure that Rio Algom and Barrick will be pleased with the Government given their large investment at Alumbrera (Rio - copper /gold) and Pascua (Barrick - gold/silver on the border of Chile and Argentina). Greg

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