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Gold/Mining/Energy : Gold Price Monitor

GDXJ 101.44

+3.5%

Nov 12 4:00 PM EST

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To: John Hunt who wrote (32585)	4/27/1999 7:54:00 AM
From: Enigma	Read Replies (1) of 116756

SS - I'm not sure you're right about the gold market- or whether the forward sale actually depresses the market - it's the covering sale later, which is sold into the spot market, which is an actual market transaction. One has to bear in mind that the gold market is actually a very thin market - compared to currencies and stocks. Much of the action is driven by sentiment - and sentiment has been against it for a long time. I'm anticipating that if IMF sales go through - and the Swiss sales too - they will be by auction - the fact of the sales is already discounted - and the auctions will actually be positive for a variety of reasons - one of which will be to provide physical gold to pay back the gold loans. d

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