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Gold/Mining/Energy : Cross Lake Minerals CRN

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To: Zardoz who wrote (1519)	2/2/1998 8:39:00 AM
From: the Chief	Read Replies (2) of 3650

Well done on the short Hutch. John- Oil hmmmm, IMHO the market is suffering a knee jerk reaction to the "WAR". Everything I have looked at is a glut with or without IRAQ. Remember Iraq sells to Jordan "direct" to the friendly King Hussein. Therefore the only "shortage" is the King's draw on the market. The analysts that I follow suggest that it is an anomaly "in time" and the final impact of the WAR on oil will be negligible. However short term phycological effect is a blip-up. Gold, I agree I don't believe it to be sustainable. Especially if we start to see some recovery in curriencies in Asia. If so the "people" that bought gold as a hedge against their own currency will start to bail as their currency strengthens. Otherwise they'll lose money aginst the price of Gold. I think there will be a downturn in Gold to the $290-$291 within 3 weeks. I don't think it will drop lower than that even though it probably should because of "imminent WAR". If imminent War is off, then it could fall lower. Fly in the ointment - If Munk is successful in getting more CB's in stating that they donot intend on selling any more gold (last week he got France to say it, this is his "third" large bank to commit ). Then gold may start to strengthen. Hutch have you considered what WAR will do to Gold ?? In the past War's were very good for Gold, were they not ?? Ed, Charters "blurb" on CRN relationship with other projects was extremely interesting an informative, thanks. Lets do some quick math here. (Charters data) 40 holes in three months with 2 drills. 1 drill = 20 holes, each hole is 350 meters, 20x350meters = 7000 meters total drill distance. 3 months = 90 days, 7000/90days = 77 meters per day. data used from your "charters Link" Message 3141282 This supports Matts submission to the thread of about 60 meters a day. It also blows a hole in my theory. The important thing here is that at 77 meters a day they could have had two "visuals" (rumour supplied by Geoff) All this results in: MATT was RIGHT, the CHIEF was full of DUNG (again). Well done Matt!!! Morning everybody the Chief

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