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Gold/Mining/Energy : Naxos Resources (NAXOF) -- Ignore unavailable to you. Want to Upgrade?

To: Doug Meetmer who wrote (5579)	11/14/1997 6:03:00 PM
From: Henry Volquardsen	Read Replies (1) \| Respond to of 20681

Doug, I am professionally involved with gold lending. The "experts" on CNBC are full of it. As I said there are plenty of gold lenders. Lending gold has a neutral impact on the price. Just as lending someone dollars does not drive down the exchange rate of the dollar. It only has an impact if the person you lend it to sells it. In the gold market that would be hedgers. The hedgers have had no problem finding gold to borrow. There will be no new hedgers brought into the market just because someone else decided to lend. The additional lender will just effect the lease price. If the market reacted negatively to this news it is because they are ignorant and the there is a negative emotional climate. The so called experts are a bunch of futures geeks who wouldn't know the gold lending business if it bit them on the ass.