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Gold/Mining/Energy : Gold Price Monitor

GDXJ 117.61

+3.0%

Dec 19 4:00 PM EST

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To: Cascade Berry who wrote (3909)	12/6/1997 11:16:00 PM
From: Jim Ilchyshn	Read Replies (1) of 116815

Cascade, I wouldn't bet my last dollar on oil prices collapsing much further. The new higher OPEC quota may seem bearish for the price of oil but in reality the output from the OPEC nations was already close to the new quota. Even with a slowdown in world growth with the currency turmoil, oil is a necessay building block in increasing the standard of living. I don't know the current figures but a year or two ago the average annual consumption of oil by the Chinese was one barrel of oil per capita. Compare this to 20 barrels/per capita in the U.S. and it doesn't take a genius to figure out what a small increase in Chinese consumption does to worldwide demand. It was only at the beginning of the year that Martin Armstrong was forecasting $30/barrel oil for the average price. I agree with the darned good values in junior golds at the moment. Good Luck, - Jim.

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