Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Jose Kranz who wrote (4054)	12/9/1997 8:53:00 PM
From: Terry Swift	Respond to of 116815

One forecast is very simple... the gold producers would go out of business and stockholder lawsuits would be flying like confetti... which is why they won't shut down unless economics force them to.

To: Jose Kranz who wrote (4054)	12/9/1997 8:54:00 PM
From: philv	Respond to of 116815

Jose: Gold production/year is a small % of gold held. I have seen estimates of world supply @3.8 billion ounces, and production only amounting to about 1.5% of that total. Also, C.B.s have reportedely enough gold to meet demand for 11 to 18 years. But a lot of people don't believe there is enough physical gold in the vaults to redeem all the forward selling and paper certificates. Most gold sales are paper sales rather than physical bullion. Central banks have reportedly $320 billion or about 30,000 tonnes. Too bad there isn't a way to actually verify these figures! Cheers: Phil

To: Jose Kranz who wrote (4054)	12/9/1997 8:56:00 PM
From: goldsnow	Read Replies (1) \| Respond to of 116815

<<Why don't all the major gold producers in the world shut down all their mines i.e.>> Jose, what would happen to miners? But that is exactly what is going on, unprofitable mines are getting shut-down.. Separatly, we are having technical bounce as predicted by many off new lows, currently close to $2 up, combined with Nikkei profit-taking (1% down

To: Jose Kranz who wrote (4054)	12/9/1997 9:40:00 PM
From: Mark Bartlett	Respond to of 116815

Jose, <,I have been following this thread for a while and I have a question. All the CB'S around the world are selling their GOLD.Why don't all the major gold producers in the world shut down all their mines i.e. no more gold being brought up.Can anybody venture to forecast what would happen in that scenario.>> Actually, more CB's are buying gold than selling. Second, if you close down some of the mines in South Africa, they will never be opened again - they are deep and they would be flooded with water. MB