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Gold/Mining/Energy : ARP - V Argentina Gold -- Ignore unavailable to you. Want to Upgrade?

To: Syncrude who wrote (2863)	2/19/1999 7:54:00 PM
From: Enigma	Respond to of 3282

Obviously a dialogue of the deaf? dd

To: Syncrude who wrote (2863)	2/21/1999 11:11:00 PM
From: Claude Cormier	Read Replies (2) \| Respond to of 3282

Annual production is not enough to supply the annual jewellery demand. As the world population continue to grow and gets ritcher, there is more and more gold that will be needed from this source alone. And this is inventory that is locked in and rarely come back to the market as a secondary source of supply. Given current gold prices, scrap gold is probably in the 200-300 tons per year as a secondary supply or some 10% of total jewellery demand. In that sense, this annual production...which is growing..doesn't change the equation that much. As well, you have to remember that existing deposits are getting depleted fast...and production will not increase forever..there are very predictable cycles. As an exemple, production was 755 tons per year in 1950 and reached 1285 tons per year in 1966. From there it started a prolonged decline and felt to the 950 t/y level were it stayed during the 70's. production started climbing again in the early 80's and it could be peaking again in the years ahead. Total gold inventories are about US$1.2 trillions. This is small when compared to the $40-45 trillions of US equivalent currencies available on this planet... expecially when most of the gold inventory is locked and not available at current prices.