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Gold/Mining/Energy : Gold Price Monitor
GDXJ 90.35+0.4%Nov 6 4:00 PM EST
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To: long-gone who wrote (32819)4/29/1999 1:18:00 PM
From: Ken Benes  Read Replies (2) of 116753
 
Richard:

I liked your note. But, I have some observations: first, the Central Banks under the tutelage of Secretary of Treasury Rubin began this manipulation over two years ago. The banks agenda are multifaceted including operating during a threatening global currency crisis and attempting to protect the global financial structure. Second,the possible conflicting involvement of banks and brokerages that had access to a very easy source of capital with little risk(the gold carry trade). I feel the gold companies themselves have a degree of involvement, what else would explain their passive response to the debasement of their revenues.
Much of the money realized in the gold carry trade has been the source of the funds needed to inflate the valuations of the securities market. We could argue endlessly what the ultimate consequences to this excessiveness is going to be, but history suggests there will be a day of reckoning. As shareholders of the gold companies, the investor has the right and obligation to speak up for the things that effect his welfare. The companies have the duty to take the necessary steps to insure that they\ receive a proper price for their goods. I believe they have been remiss and in the world of business you fight fire with fire. The Ghandi approach to investing does not work. It is time the companies work for the shareholders and the principal of gold as a store of value. Their complicity in the debasement of gold in its traditional role has been sickening.

Ken
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