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Gold/Mining/Energy : Gold Price Monitor

GDXJ 112.58

-1.5%

Dec 15 4:00 PM EST

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To: Alex who wrote (34129)	5/18/1999 11:14:00 PM
From: PaulM	Read Replies (3) of 116815

Weak Bond Market and Implications for Derivative Markets prudentbear.com P.S. FWIW, I think this is bottom. Gold HAD to fall in part because one end of the gold carry--the U.S. bond end--is beginning to unravel. The alternative, which is coming, would have been to unwind those positions. But there's a point where it becomes impossible to keep gold at a given level, for the same reason it's impossible to keep shoe laces at a given level. Despite self serving analysis to the contrary, for the most part gold producers CANNOT make money on under $300 gold. Not unless Australia and Canada and the like see another currency crisis. The end of this game really is playing itself out. All that's left is to watch.

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