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Gold/Mining/Energy : Gold Price Monitor
GDXJ 99.85+6.2%Nov 24 4:00 PM EST
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To: teevee who wrote (34367)5/22/1999 7:58:00 PM
From: baystock  Read Replies (3) of 116764
 
Not all of Wall Street is bearish on Gold:
<<Our view has been that it is increased central bank gold lending, rather than outright gold sales, that have kept the gold price mired below $300 per ounce. There is increasing evidence that total central bank gold loans outstanding may exceed 10,000 mt - more than twice the amount recently estimated by Gold Fields Minerals Services Ltd. in its latest gold update. (This equates to almost one-third of all central bank gold holdings.) While not much comfort in the near term to those of us who have maintained a positive outlook toward the metal, such levels of lending raise the likelihood that when the price of gold eventually climbs out of the cellar, the ensuing rally may be much more dramatic than our published price estimates suggest. The high-risk derivatives-based hedging strategies in place by many gold producers only add to the upside potential. To date, the recent rotation of investor interest into cyclical names has buoyed the gold shares but not the gold price. Typically, gold prices change direction ahead of other metals, but that obviously has not been the case in the current rotation. >>
talk.techstocks.com./~wsapi/investor/reply-9681463
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