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Gold/Mining/Energy : Gold Price Monitor

GDXJ 106.75

-0.5%

4:00 PM EST

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To: Alex who wrote (33961)	5/17/1999 6:35:00 PM
From: Ken Benes	Read Replies (3) of 116791

Alex: It is a very difficult task for GATA to prove a conspiracy. In the article you found, the response has already taken shape. The attempt to control the price of gold is the next conspiracy theory . The response is already set in motion, Gata represents a bunch of archane gold bugs who cannot understand modern financial theory that is responsible for gold losing its lustre. Gata does not have the resources to prevail nor a sympathetic audience who will be outraged by the Gata exposures. Gata should be focusing on the hedging programs by the producers, they are the marketing agents for the central banks to unload their gold into the markets. Why don't the oil producers sell the oil in the ground forward. Quite simply, they have no one to borrow it from to sell today what they will get out of the ground tomorrow. The producers have the central banks. This additional supply is the hammer that has slammed the price of gold. The producers are not on the goldbugs side. Ken

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