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Gold/Mining/Energy : Gold Price Monitor

GDXJ 106.75

-0.5%

Dec 3 4:00 PM EST

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To: Zardoz who wrote (24992)	12/28/1998 12:29:00 PM
From: Daytek77	Read Replies (1) of 116791

I didn't think you would like the World Gold Council data. How about Gold Fields Mineral Services?. Their data correlates very closely to WGC. The chart which you can link to below indicates a tenfold increase in forward sales from '96 to '97 and a twofold increase in "implied dis-investment" which is primarily in the form of short-selling by U.S. funds. It does not show demand declining at all as you suggest in fact jewelry demand doubled from '88 to '97 at 2464 tonnes in '97. Mine production will rise only 1% to 2001 according to the Gold institute which to me indicates you will need greater short-selling and/or greater hedging. However producers have started to close out hedges recently and are not indicating in their comments that they will be re-established to the same extent. If the European supply in the form of lending and sales has peaked then there will be much higher prices. It will however take longer to achieve the prices that goldbulls want because sentiment will require even more time to repair. The next major move over the next 12-18 months will most likely be higher prices if I am correct in my assessment. Here is the information: goldfields.co.za

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