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Gold/Mining/Energy : Hecla Mining(HL) -- Ignore unavailable to you. Want to Upgrade?

To: Bobby Yellin who wrote (100)	10/26/1997 8:04:00 AM
From: Roebear	Read Replies (1) \| Respond to of 629

Bobby, Cost of gold production in Austrailia averages US$302 though I have heard higher, gold around $300 cuts into a lot of US/Canada mines and wipes most South African who are highest cost I believe. This will cut into silver supply as will lower copper prices as many copper mines also have silver. Here is a post from Kitco that touches on some of the things I have been talking of and you have also mentioned: (Reprinted with permission:-)) Date: Sat Oct 25 1997 19:11 Speed (@math or psychology, let's play poker) ID#286199: WW: The Swiss announcement was 100% psych out for the market. RJ and others have mentioned real sales taking place by European banks. We will discover soon that Germany or France actually sold several hundred tons over that past couple of months and those sales plus the "timed" announcement plus considerable short selling by speculators, kicked the legs out from under poor old guh...guh.. you know what I mean. 1400 tons is 1/2 of annual production from mines. I believe the figger to be irrelevant. They may never sell. The damage has already been done and I can't imagine the Swiss selling for $150/oz can you? I will say that one can only play an ace once and the cbs are raising the ante pretty steeply here. What's next? Au from seawater? I mean, what card can they play next time a paper melt down starts? And we're far from out of the woods on this latest Asian debacle. Return to Kitco Homepage guh=gold which "Speed"can no longer bear to mention(haha). Some dyed in the wool goldbugs at Kitco are calling gold to $270 or below. I suspect if the markets tank again Monday/Tuesday there may be more pressure on gold. I believe the emergency bailout team is winding the spring for the next Bull in gold with their interventions in the gold markets but I am no longer sure I can see the near term bottom for gold. This week should give some more clues or even tell the tale, I will be watching with great interest. Quite possibly a lot of buyers who have also lost sight of this elusive gold bottom may be holding off of purchases creating a void under the price. OUCH! Could be painful short term for gold but imagine the effect if stock market got a taste of this kind of price action. Best of luck and batten down the hatches! Roebear