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Gold/Mining/Energy : Gold Price Monitor

GDXJ 120.00

+2.0%

Dec 22 4:00 PM EST

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To: Lucretius who wrote (11867)	5/18/1998 4:12:00 PM
From: Bob Tate	Read Replies (1) of 116822

Mining Journal reports: Culprits behind gold's fall The blame for last year's collapse in the gold price has been placed firmly on the tripod of producer hedging, short-selling by investment funds and central bank sales. According to Gold 1998, the authoritative annual review of the gold market released this week by Gold Fields Mineral Services (GFMS), the supply from these three sources almost doubled in 1997, to 1,179 t. The additional gold contributed to record total supply of 4,254 t, but more importantly resulted in a 21% leap in supply compared with 1996, the biggest increase in both absolute and relative terms for at least a decade. Mine supply rose by a modest 4.5% to 2,464 t.

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