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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA -- Ignore unavailable to you. Want to Upgrade?

To: Casaubon who wrote (6295)	1/26/2001 10:51:51 AM
From: David Lee Smith	Read Replies (2) \| Respond to of 19219

Are you sure mines are now producing at $50/oz???? I thought it was more like $300 per oz. Why have mines been closing if the production cost was only $50?? Gold sold off because of countries like China selling gold reserves and countries like the FSU sell gold for hard currency. The long-term arguement for gold has always been that it currently sells for less than production costs. If the marginal cost is really $50/oz, gold would be a strong sell. I own losts of gold coins and bullion. I've been wanting to sell above $300/oz, but if what you say is true, I should be selling now.