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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: Tom Frederick who wrote (12107)	4/21/1998 4:42:00 PM
From: Jan A. Van Hummel	Read Replies (1) of 20681

"Gold is really cheap" This weeks Forbes has a nice article about gold being at historically very cheap levels (page 50 and onward). Gold prices were up a bit today, abt 3 bucks. Some of the gold stocks made a strong move upward. At least the ones I own (BMG and HM). Don't know whether this an outflow from the Forbes article or some recommendations in the market. My read on all this is that rising gold prices are not necessarily good news for Naxos at this stage of the game. There is no lack of gold. Higher prices will bring more govt held gold to the market and it will make the marginal operators more profitable affecting the development of new mines. The low gold prices were putting the hurt on many mines, several of which were closed. It is in such a depressed state of the market that Naxos had the best chance because of its high level of gold and its low cost to recover, relative to other mines. This in the short term. In the long term of course, the higher the gold price the greater the value of Naxos. Critical is to get the field delineated because then the games can begin. This may be the reason the stock is treading water, but change it will. JMHO Jan

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