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

To: long-gone who wrote (39486)	8/23/1999 5:04:00 PM
From: Ken Benes	Read Replies (1) \| Respond to of 116837

There will be some dislocation from y2k, but it is going to be more of a nuisance than a debacle. I have a neighbor who was part of the original ibm task force set up in 1996 created to deal with y2k. His honest opinion, in the beginning when they were grasping with the enormous size of the project, he thought it was next to impossible to meet the goal. Since then, he feels they have corrected a lot of the problems that would effect infrastructure, banking etc, and for those unexpected problems, they have a cadre of contingencies to quickly getting systems up and containing the problem. He has since left IBM and heads his own consulting business and plans to retire after the year 2000 at an age of 51. He has made a ton of money and worked horrendous hours on the y2k issue. Markets have a way of finding out what the professionals know, and I believe that if there was the specter of a significant problem, the markets would have begun discounting the effects of the problem with much lower stock prices. This has not happened. Some of the tentativeness we have seen since August 1, 1999 is disappearing. One of the y2k issues for the gold market, I have read that there is an enormous amount of december calls outstanding. If the y2k fizzles, those contracts will reverse to the short side and a lot of the gold purchased this year may find its way to the markets further depressing the price. I believe there is a fair chance that you will see sub 250 gold before you ever see 300 dollar gold again. Having said that, there is enormous potential in other commodities that do not have the emotional connection that gold has. It may be time to move on to other things, gold is in a very difficult situation. Ken .