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Gold/Mining/Energy : Gold Price Monitor
GDXJ 97.99+0.3%Nov 11 4:00 PM EST
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To: Ronald P. Margraf Sr. who wrote (5930)1/15/1998 11:08:00 AM
From: Bob Tate  Read Replies (1) of 116753
 
+Ronald P. Margraf Sr.
In regards your January 14 post.
Everything cost today less in US dollars : commodities, world currencies and finished goods.
There is substantial inflow of foreign capital in to USA equity markets that must be purchased in US dollars. There was a picture in Toronto Star of Indonesian Prime minister's relative exchanging $50,000 US in to local currency. But most of it other way around.
Canadian government unloaded their gold 10 years ago over 5 years period.

Gold.
In regards to gold I increasingly believe there is a lot to blame mining companies who
hedged - sold most of their future gold production forward. In the meantime they flooded market with gold. This sold gold is not physical gold. We all hear about physical gold
shortages due to high demand. Most of physical gold today does not come from mines but from banks. Since shortage of physical gold is always being reported that lends the notion
there is very little coming from mines and Central Banks are not willing sellers either.
There is a shortage. There are confirmed reports mining companies
default on their delivery obligations and in turn must buy on spot market to compensate.
Somebody suggested Miners should stop being traders and go back in to mining business.
South Africa for the fact sold forward most of their production. Our North American
major mining companies done the same. Barick is one of them. These boys cutting
the same branch they are sitting on.

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