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Gold/Mining/Energy : Gold Price Monitor
GDXJ 96.88+0.9%Nov 18 4:00 PM EST
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To: Ahda who wrote (16501)8/25/1998 5:57:00 PM
From: Enigma  Read Replies (1) of 116762
 
Notice the high volume and good price action on Kinross today. the point we have been discussing i.e. companies paying their expenses in devalued currencies eg Australia, Canada, S. America (?) but selling their gold for US$ is obviously not lost on some investors, and analyists (a slow and rather lazy breed) - in fact I'd venture to say that this may be the biggest thing that we on this thread have been missing, and it is right before us. Kinross owns some marginal mines - their cash cost of production is in Canadian dollars - but they are getting, $440+ Canadian for their gold. So long as they can control their costs the currency situation has huge leverage for them. Barrick has a large portion of its production in the US so the currency leverage is non existant there - however their existing and new S. American mines may provide a different picture. Don't know enough about S. American currencies and how they have fared recently.

So we have a bull market in gold in some countries and a bear or flat market in others - this spells investment opportunity. Normandy which is a huge Aussie producer must be much helped by the currency situation as are the SA mines (as already pointed out on this thread)

Some Canadian gas producers are going to gain when the new pipeline to the US is opened before year end because it is my information (should be verified) that they will get the US price for the gas

E
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