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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Ken Benes who wrote (36056)	6/28/1999 10:55:00 AM
From: Claude Cormier	Read Replies (1) \| Respond to of 116752

<< The producers retail much of the gold the central banks want to sell.>> Hedging by the producers is theorically a zero sum game as the gold that is contracted forward sales and eventually delivered to the Bullion banks is by the same fact removed from the market. Of course, there is a unmeasurable effect on short turn prices due to the timing of the gold sales by the Bullion Banks. I would blame the prolonged decline on a combination of factors with more emphasis on CB's direct sales of gold to the market and "gold carry" trades by various market players.