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Gold/Mining/Energy : Gold Price Monitor

GDXJ 98.59

-2.8%

Nov 13 4:00 PM EST

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To: Terry Rose who wrote (9017)	3/29/1998 5:21:00 PM
From: Crimson Ghost	Read Replies (1) of 116759

Terry: I got my $350 target from Frank Venneroso. I listened to his conference call early last week. He expects to see this level before year-end despite further sales by the Dutch and Portugese CBs in the weeks ahead. His rationale: CB sales will soon start to ease. Gold will account for a significant part of EMU reserves -- at least 15%. EMU will be dominated by France, Germany, and Italy -- all pro-gold. Rocking the boat will be out of favor for quite some time. Bullion dealers as a group much less negative now. And hedge funds are scaling back short positions. Producer hedging -- which surged in 4Q97 -- also is expected to ease considerably until and unless POG rallies strongly. Not much to be gained by selling forward below $300. Last but not least massive Asian liquidation is winding down.

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