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

To: long-gone who wrote (37801)	7/26/1999 10:59:00 AM
From: Zardoz	Read Replies (1) \| Respond to of 116762

I can't figure why you are looking at it only one way. Yes, NEM said they were going to start hedging, did they say anything concerning direction? They did when they mentioned they are buying puts, and not writing them. Or writing calls, buying calls... etc. Hutch. Blame the POG on Lucretius Taurus for going long on Thursday last week. Edit: That is what I read on a post on SI... I may be wrong in quoting it, cause I'd be surprised if they would mention it.

To: long-gone who wrote (37801)	7/26/1999 11:09:00 AM
From: Ken Benes	Read Replies (1) \| Respond to of 116762

Regardless of whether they are using options or buying/selling forward, what they should be doing along with the other producers, is cutting production and shifting the heat to the bankers to produce the increased deficit from the vaults of the cb's. We are not talking about cartels, we are talking the fundamentals of a commodity based business. If you cannot produce at a profit, remove production until you get an adequate return for your finite resource. It has happened with oil, copper, etc., and it should happen with gold. As I have previously written, during the auction of the BOE gold, the only bids that were received were from parties interested in driving the price of gold lower. Consequently, the bids received for the most part were below the market price. Not one producer stepped to the plate and in fact with the resultant price decline, stalwart NEM surrender and has no joined the cartel of bankers, producers, and speculators. Today, the dollar is declining along with the price of gold. The producers should be selling gumballs instead of ingots. Ken