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

To: Alex who wrote (49611)	2/25/2000 9:33:00 AM
From: Ken Benes	Read Replies (1) \| Respond to of 116767

Bravo! With gold slipping under 300.00, let more producers announce covering hedges. Selling forward is old news, the market needs something to support prices until demand returns. Closing hedges, foregoing new production, and closing down high cost mines, will strengthen the producers in the longer run to wit: the oil producers, the aluminum producers and the copper producers. They all have exhibited discipline with their production. In terms of the gold producers, pdg has posponed development of the La Christina property in Venezuela, and the Cerro Casale in Chile. The other producers, they can't dig their holes fast enough, price of the commodity, do not disturb me when I am digging with pesty questions. They had better understand soon, otherwise, as an investment vehicle their stocks will be relegated to permanent mediocrity. Correction, permanent dismal performance. Ken

To: Alex who wrote (49611)	2/25/2000 9:52:00 AM
From: Ken Benes	Read Replies (1) \| Respond to of 116767

Gold off 5.5. The scenario is unfolding as planned. Demand dries up over 300.00. The speculators enter the market forcing the price under 300. The news stream starts, Ashanti deal, new production, reports that the producers will be forced to hedge because gold will not see 300.00 anytime soon. The remedy, simple, reduce supply, and penalize the hole digging crowd, the most prominent barrick. ABX down to 16.43. Drive it below 16, pull the rug out of the gang that gave sophistry new meaning. Barrick does not need 1.6 million ounces of new production, nor does any other gold company need additional production, particularly when considering the source of funds needed to build the mines. The bankers, the same group supporting the speculators, the guys with a huge short position. It is music to their ears, new production = forward selling, increasing supply before the mine operates, after the mine begins producing, using the inground reserve to collateralize new gold loans. Life is good, so good in fact, hold it a minute, we got to call the producers, I can't hear the sound of shovels chipping away. Ken