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Gold/Mining/Energy : Gold Price Monitor
GDXJ 99.85+6.2%Nov 24 4:00 PM EST
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To: John Hunt who wrote (33744)5/12/1999 6:06:00 PM
From: Ken Benes  Read Replies (1) of 116764
 
John:

Barricks hedged position is almost equivalent to the total sale of gold announced by the BOE. This represents forward sales by only one company. When taking into account the actions of other companies plus the South Africans, the Australians, and others, the sum total of their hedges represent more than all of the central banks sales to date going back ten years. So who is responsible for the fall in the price of gold. Barrick is the architect and when advised by some very powerful brokers and central bankers, you have the deplorable state of the gold market. These guys set the stage, the hedge funds jumped onto the wagon and sold gold short in what was a sure bet with the complicity of the gold producers ready to sell future production and their reserves in the ground and the central banks ready to empty the vaults to keep the price from rising.
The 31000 tonnes of gold held by the central banks is a hollow number. England probably sold only 416 tonnes because that is all that is left. Chits from gold producers and hedge funds, for the remaining gold, probably sit on the shelves. CEO Munk addressing the travails of the gold market is tantamount to Milosevic praying for the victims of the war.
Look for the gold market to change when Barrick begins to cover their positions. They will know because the feed back from the central bankers will be impeccable.

Ken
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