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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 (34244)	5/20/1999 9:03:00 AM
From: Ken Benes	Read Replies (2) of 116764

Richard: As we speak gold is up 1.60, probably on the news of the record trade deficit, which continues to deteriorate. With a deficit of over 220 billion dollars and growing, you would expect a decline in the dollar , a rise in bond yields, and a rising gold price. This has not happened and probably will not happen in the near future. Should the price of gold continue its rise, the bankers will take care of that in short order. Could you imagine if the producers were ready for the cb spin with spin of their own. We will buy what you have to offer and use the gold to close out our derivative positions. Instead of falling, the price of gold would march toward the 300.00 level. Unfortunately, a call from the cb's to the producers would pull the rug out of that strategy. The producers are agents of the banks, they do not represent their owners. Ken

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