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To: Joan Osland Graffius who wrote (209676)	12/15/2002 6:11:17 PM
From: Tommaso	Read Replies (1) \| Respond to of 436258

Joan, it makes the really rabid gold bulls furious when I point this out, but heap-leaching gold production using modern behemoth-size power machinery to move and crush the rock can increase gold production quite rapidly. If a lot of people jump into gold because of distrust of currencies, I could see it spiking up above $500 for while, but if it did I think we would all be well advised to sell most of our gold holdings. Gold never goes away once it is mined and refined (or very little does) and $500 gold could buy an awful lot of equipment. That said, I have about 10% of our family's net worth tied to gold in one way or another--through options on NEM, stocks of TVX, GG, etc, a little bullion, and the gold portion of Tice's funds. I hope to see the value of these holdings double. But I will start getting out if that should happen. And into more energy stocks--including a big stake in our old friend USU (which I am out of temporarily only because I think other things are better near term).