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Gold/Mining/Energy : Gold Price Monitor

GDXJ 97.99

+0.3%

4:00 PM EST

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To: goldsnow who wrote (32619)	4/27/1999 1:00:00 PM
From: bill	Read Replies (1) of 116753

I apologize in advance for naive questions and ask for your patience in replying. I understand that if there are large short positions and the price of gold goes up that it will briefly force the shorts to cover and will cause a quick run up in price. I assume that your response "Hutch had to cover" refers to that situation. However, the price when I checked Kitco was not yet at the previous highs. Are there other forces at work driving the prices of major companies? Given the number of shares in major corporations, I would have thought that gold price would have preceded share price and pulled it behind. That would then be a signal to the shorts to cover their positions. Simply by looking at the 24 hour graph, I would have thought the shorts were safe as it did not look like the POG would rise to the former highs before the New York market closed. (I do wish I'd paid more attention in those economic classes. Stuff that looked totally irrelevant--memorize those charts, etc.-- years later comes back to haunt one. If my Ec. prof could see me now, he'd be smiling to himself and if not saying it, thinking, "I told you so.")

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