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Gold/Mining/Energy : Mongolia Gold Resources -- Ignore unavailable to you. Want to Upgrade?

To: d:oug who wrote (3234)	3/3/1999 7:47:00 AM
From: Dave R. Webb	Read Replies (1) \| Respond to of 4066

It's interesting to put the following two bits of news together (mostly cut and pasted from S.J. Kapplan's site goldminingoutlook.com). "Total worldwide gold demand in the fourth quarter of 1998 was 807 tonnes, a new all-time record for any calendar quarter, according to the World Gold Council. By comparison, total gold demand was 765 tonnes in the fourth quarter of 1997." And "In 1998, due to the low gold price, total South African gold output was 473.7 tonnes, the lowest annual output since 1955. Total output in 1997 was 492.5 tonnes, and in 1996 was 494.0 tonnes. In 1970, total output exceeded 1,000 tonnes." As well, reports that the total open interest on the COMEX for gold is 19,235,500 ounces and COMEX warehouse stocks only total 731,046. Occasionally increasing open interest and decreasing warehouse stocks can lead to a short squeeze. Interesting to note that speculators on the COMEX have a substantial declared short position. Of course, there is abundant gold elsewhere to meet any deficiency on one exchange….. Dave