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

To: long-gone who wrote (40319)	9/15/1999 10:11:00 AM
From: Ken Benes	Read Replies (1) \| Respond to of 117026

Richard, please read the note referencing the 18% increase in hedging by producers year over year from 1998 to present. This 18% increase more than makes up for the decrease in mined gold and as the article states is largely responsible for the decline in the price of gold from 290 to the low 250's. I understand the frustration experienced by followers of gold. On the surface all indicators point to a rising gold price. Yet gold has declined this year. While the bankers have created the derivatives that bring additional supply to the market, the scheme would fail miserably without the complicity of the producers. Your beloved hm may have limited liability in this scenario, but their efforts have been eclipsed by pdg, nem,abx, ashanti, and most of the australian and south african producers. Ken