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Strategies & Market Trends : Currencies and the Global Capital Markets

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To: Paul Berliner who wrote (1288)	2/18/1999 9:23:00 AM
From: Henry Volquardsen	Read Replies (2) of 3536

good article. that is one to point out to gold bulls. One of the bullish arguements for the gold price has been that at @ $280 an ounce the margins have gotten so tight that production would have to be shut down and reduce supply. The problem with that is that in terms of the most of the major gold producers gold has actually been pretty strong. Russia, Canada and Australia are among the largest gold producers in the world. All three have witnessed strong depreciation in their local currency. With all their costs in local currency and gold denominated in the strong US dollar, their margins are very healthy and there is no reason to reduce supply.

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