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

To: d:oug who wrote (40179)	9/10/1999 9:21:00 AM
From: richard badauskas	Read Replies (1) \| Respond to of 116960

Interesting aside, About two years ago my Australian broker helped Cresvale set up its Australian operation, two weeks ago he resigned from that company. He says that a lot of the internet talk about Cresvale and Princeton is "off the mark". Interesting comments that Armstrong is a mega bear on gold, no-one really knows what the true short position is. Do you really believe everything you see on the net? Obviously there are a large number of shorts. More obvious is the fact that some proposed sellers (i.e. IMF) are changing their minds about selling yellow metal and some stability has come into the price. I am still mystified about talk of massive short positions, you would think that some major players would enter the arena and challenge the shorts. I was involved with a now aborted ADR program that preceded PEI entry into Charters Towers Gold Mines (they own 51%). CTGM was placed into liquidation about two years ago by its bankers. CTGM sued the bankers and won a major settlement of around A$20M. Seems the bankers acted in a very illegal way and were prepared to burn the loan to avoid a costly court battle and possibly a very much larger court imposed penalty. This set the project back about eighteen months BUT CTGM was one of the very few juniors to report a very decent profit (extraordinary gain)and allow it to re-list. At this stage they had no money left (and very little debt after a major build-up of infrastructure at the mine). PEI bought 51% of the company and advanced them a A$5M loan to get back on track. So its obvious that at the end of last year PEI were very bullish on the long term prospects for gold. I assume from all of this that Murphy and his crowd have a particular view to push and push they do!! Some of the stuff they publish is quite interesting.