Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: hunchback who wrote (36665)	7/6/1999 2:21:00 PM
From: Alex	Respond to of 116756

From Kitco Board Farfel Date: Tue Jul 06 1999 12:33 farfel (@GOLD Producers Sitting on their Hands....) ID#341226: Copyright © 1999 farfel/Kitco Inc. All rights reserved This paragraph is worth a repost...IMHO... If it resonates with you, then mail it to your favorite gold producer ( hedged or UN-hedged! ) . 2 ) Hedged gold producers currently WANT the price of gold to fall. PERIOD. Major hedged gold producers such as Barrick, Anglogold, and Normandy have it in their power right this moment to take notable counteractive measures against the POG drop. Although increased, improved agitprop by the World Gold Council is one tool, it is actually the most ineffective tool at their disposal. If these major gold producers truly wanted the POG to rise, they could have announced a very public, closing of their hedge books to occur this very same day as the BOE gold sale. Such a move would have created enormous sparks in the gold market. First, it would have been a completely left field event. Nobody would have expected it to occur this day of all days. It would have sent shocks through the gold market and sent the shorts running. But such bold, dramatic moves are not effected by Barrick, Anglo, Normandy et al for one simple reason....they want the POG to fail so that all the unhedged miners go bankrupt and they can sweep in and buy them all for pennies on the dollar ( if that ) . Witness Normandy's recent steal of TVX Gold, as an example. Today's BOE results once and for all prove conclusively the degree of collusion occurring between Western Central banks and major hedged gold producers. If you think not, then fire off a letter to Barrick, Anglo, or Normandy and ask them why they are gleefully sitting upon their hands while the Central Banks happily destroy the non-hedged gold producers of the world. No doubt they will not respond or else they simply will supply their usual hefty dosage of standard bafflegab. It is a case of short-term pain for long-term gain on the part of these major hedged producers. Yes, it's true gold investors are throwing the baby out with the bath water...and all gold producer stock prices are suffering. But where profits are concerned, a dropping gold price is benefitting the hedged producers and they need not fear insolvency. So, next time, Mr. Peter Skunk tells you how unhappy he is with the dropping gold price, try not to puke into your soup! IT IS UTTER BULLSHT! Thanks F kitcomm.com