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To: Staff who wrote (478)12/2/1997 8:59:00 AM
From: Sid Turtlman  Read Replies (2) | Respond to of 686
 
Staff: "Under $300 denero's for gold its just a matter of time before mines just plain shut down. I cound not care boo about demand. No supply and constant demand and it will rise no amtter who sells what.."

The problem with this argument is that central banks hold an amount of gold equal to something like 15 or 20 years production from all the mines in the world. So every mine could shut and gold could still go down if the central banks want to keep selling. I think it would be a stupid move on their parts that they would later regret, but they do have it within their power to knock gold down considerably from here if dumping begets more dumping.



To: Staff who wrote (478)12/3/1997 12:09:00 AM
From: mozek  Read Replies (1) | Respond to of 686
 
No harm taken. My reasoning for thinking about gold dumping is that numerous countries are doing it. Also, there doesn't seem to be a huge demand for gold commercially, so maybe the current production is oversupply. I was conjecturing anyhow. I'm not sure what South Korea's gold reserves are. Any idea?

Thanks,
Mike

P.S. If you had tech stocks, you're looking pretty good today :-)


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