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To: Ralph W. who wrote (83644)	1/18/2000 5:08:00 PM
From: pater tenebrarum	Read Replies (2) \| Respond to of 86076

Ralph, i'd say it's a reflection of the thick bearish sentiment towards gold stocks, nothing else. as i have mentioned here before, even if total anarchy were to break out in S.A., the gold mining co's there are very much able to deal with that. they employ thousands of foreign workers, mostly from Mocambique and they have their own private armies... so i'd say the discount represents an opportunity. especially since gold is moving up very stealthily in a choppy fashion, and the gold stocks in general lag behind...all indications that no-one believes a move up in gold could be imminent. it's of course possible that this whole wave 2 consolidation off the initial rally takes a while longer still, but the BoE auctions will soon be out of the way and the bullion banks have had to source gold from such unlikely places as Kuwait to keep the market in check. imo gold will surprise us all this year...