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Gold/Mining/Energy : Gold Price Monitor
GDXJ 105.33+5.2%Nov 26 4:00 PM EST
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To: Richnorth who wrote (26289)1/16/1999 3:41:00 PM
From: Ken Benes  Read Replies (2) of 116768
 
You can be certain that if there is a short position of 700 tons that has to be covered in February, the central banks will find a way to come to the rescue. With the currency situation in South America, the worlds central bankers, and the IMF will not let gold rise. That 700 tonnes will either be rolled out or replaced with a combination of loans from other central banks. Whatever the total short position(8-12 thousands tons), there is a remaining 20 thousand tons that can be drawn from. If this short position had to be covered at the same time of substantial investment demand, than there might be a problem. Investment demand while increasing due to Y2K problems is not in and of itself putting a strain on the supply situation.
Morgan's short position will be dealt with without disrupting the market. To make investments decisions based on a possible default in their positions is setting the investor up for another disappointment in the gold market.

Ken
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