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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: John Hunt who wrote (32528)	4/26/1999 9:39:00 AM
From: Ken Benes	Read Replies (1) of 116768

John: To be quite honest, I have had major wins in the gold market and I probably overstayed my holdings a bit in 97. However, since then, I have largely stayed out of the market and watch with fascination the fixation some have for the specter of gold making them very rich. As we speak gold has retreated two bucks under the pressure of another 10 million ounces(300+ tonnes) hitting the market from the IMF. As I indicated in a previous note, there is a minimum of another 8000 tonnes available to squash any rally. It would take a major market moving event to overcome this imbalance in the gold market. Ken

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