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

To: Bear Down who wrote (7318)	12/15/1997 5:54:00 PM
From: Henry Volquardsen	Respond to of 20681

Michael, if Naxos proves out 3 oz per ton on the whole deposit its reserves would dwarve Bre-X. Also I know there was a lot of talk that Bre-X had as much as 200 million ounces but when the baloon burst the "official" estimate was 70 million ounces. That being said I agree there are many other factors affecting the POG. When the Bre-X reserves vanished the market didn't blink because they were trying to deal with the ongoing sales of gold by numerous central banks. CB sales in the here and now trumped less future production. The heavy selling by CBs is why the price has fallen despite increasing user demand. I have been stating for sometime that I believe we will see the continuing demonitzation of gold.

To: Bear Down who wrote (7318)	12/15/1997 9:55:00 PM
From: ShoppinTheNet	Read Replies (2) \| Respond to of 20681

Hey Mikie I like ya! Or is it Mikie likes it oh well in your post you state "There are obviously alot of other factors that determine the POG other than simply supply and demand." I respectfully disagree. Somewhat. It is simple supply and demand that dictates the price of Gold. We just do not know all of the factors that effect the supply and demand curve. I think that is realy what you were realy trying to say. Bre-x was thought to have 200 oz but the mine was not up to production yet and would not have been (if it was for real) for several years. With this being the case, I would not have expected Bre-x to effect the price of gold one way or the other. Now if there were long term futures contracts out there available to speculate on, Say 15 year contracts, well then I bet you would have seen some movment on that contract with the fall of Bre-x.