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Gold/Mining/Energy : Gold Price Monitor

GDXJ 105.34

+5.2%

Nov 26 4:00 PM EST

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To: long-gone who wrote (34321)	5/22/1999 1:19:00 AM
From: PaulM	Read Replies (2) of 116768

Richard, don't follow gold stocks much anymore. Took a look at some juniors I followed a while back and, WOW--what a massacre. I can see why Murphy and the rest are so upset. Seeing this, it really is absolutely amazing that the BOE and IMF would announce a sale in the context of a sustained under $300 gold price. Even if every CB in the world gave up on gold, honestly, and with no angle (which I don't believe of course), what's the point of harming an industry? What other industry would conceivably be treated that way? The CB's could have lined up, in orderly fashion, over time, and sold at $320 or $330 if that was their intent. The money gained from jumping out ahead of others represents chump change. It's clear that politically connected short sellers made an almost universal one way bet on gold. Thus, a turn of any kind became politically unacceptable. I don't think it's the WGC's fault. But those producers who are effectively short inadvertantly stepped in it.

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