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Gold/Mining/Energy : Gold Price Monitor

GDXJ 114.64

+1.2%

Dec 17 4:00 PM EST

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To: Alex who wrote (34117)	5/18/1999 10:10:00 PM
From: Zardoz	Read Replies (4) of 116815

Wow, I guess Ted Butler open letter is not working to well. For the first time in nearly 3 months, there is substantial selling in Asia tonight. kitco.com All kidding aside... Maybe Peter Munk was trying to paint a better then rosy pictur of GOLD, knowing full well that it's more then likely to continue it's downtrend. But you know what, Butler has also picked up on this: "Second, if you sincerely believe your gold price projection of $300 to $400 per ounce over the next year will come to fruition, Barrick's current short position of 11.5 million ounces will render as much as a $1.5 billion deterioration in value (based on today's $275 gold price). Considering that you reported record net profits for 1998 of $300 million (after tax), a loss of such magnitude would appear very serious." Two years ago Peter Munk went to see CB leaders. Don't you think he knows why they are selling? Don't you think ABX knows? Don't you think they will do all they can to profit from it?

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