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Gold/Mining/Energy : Gold Price Monitor

GDXJ 94.04

+0.6%

Nov 21 4:00 PM EST

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To: long-gone who wrote (33313)	5/7/1999 12:17:00 PM
From: Ken Benes	Read Replies (1) of 116764

Richard: The sale by Britain has been so predictable. If you recall, several weeks ago I wrote about the 8000 tonnes of overhang in the market. A lot of the liquidity that has been created these past years has come from the sale of leased gold. This is an integral part of the global financial system and you had better believe that all of the central banks will use every ounce of that overhang to prevent gold from rising. Apparently, gold challenging 290.00 created a bit of discomfort and bang out come the news. The scripts are already in print for the next rise in the gold price. It is time to face of the reality that gold has little chance of moving above 300.00 along as that 8000 tonnes is out there. Compounding the situation, you have Mr. Munk complaining about the activities of the cb's and the demontization of gold. This man has more to do with the demontization of gold than any one person. He was the one who took advantage and expanded the gold hedging program for his companies bottom line. He has got his bottom line, but he has little else than a commodity that he is selling. Thank you very much. Ken

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