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Gold/Mining/Energy : Gold Price Monitor

GDXJ 98.59

-2.8%

Nov 13 4:00 PM EST

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To: Hawkmoon who wrote (29848)	3/12/1999 5:01:00 PM
From: Ironyman	Read Replies (1) of 116759

Ron,,,This current glut of light crude is due to technology. For the most part the horizontal wells which produce 1200 barrels a day are the culprits. The older methods would have only yielded 100 barrels in the same spot. Given the short life span due to the considerable costs of maintaining these newer wells , this glut may take a few years to cycle before things change. ......There is plenty of oil, just that for the most part it is heavy gravity crude which requires quite an effort to extract and deal with. Technology has not as of yet entered into this part of the oil market. .......Gold on the other hand has reached its bottom due to the rapid implementation of technology which had already occurred several years ago and is the accepted way of doing things. There is no overproduction of gold. There is a shortage of gold This shortage is being compounded by both inflation and deflation, because there is no new source.....The banks are dry and the mines have sold forward....? Regards, Eric Parde R

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