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Gold/Mining/Energy : Gold Price Monitor

GDXJ 141.17

+3.6%

Feb 11 4:00 PM EST

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To: John Mansfield who wrote (23274)	11/22/1998 6:23:00 AM
From: John Hunt	Read Replies (1) of 116980

Y2K Fears Bringing Glitter Back To Gold nypostonline.com << By "unhedgeable," our trader means that it would not be practical to lay off the risk on other gold market participants. When market makers on the floor of the exchange sell calls, they don't plan to go into their private vault and take out 100 ounce gold bars and hand them over to you if the price moves in your favor. They buy some call options or futures on their own from other dealers or exchanges who can get the gold from mines or central banks who have the physical gold to sell. But the Dec 1999 calls are such a big, odd position that it would be difficult to lay off the risk. Our trader has heard the talk that this position has been built up by individuals who are betting on Y2K problems. But he's skeptical. "Maybe 10 percent of the volume on this exchange represents retail, on average. This is a professional market, not a retail market. This just doesn't make sense." >> BTW, I think they mixed up the expiry date for the Dec options in the article.

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