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

To: Alex who wrote (32804)	4/29/1999 11:23:00 AM
From: Ken Benes	Read Replies (1) \| Respond to of 116753

Alex: I reread my post and it does appear that I made an inference to you complaining. Excuse my syntax, I was actually making reference to the gold companies and those investors who are becoming increasingly more frustated with each failed gold rally, blaming the cb's, Rubin, Greenspan, and anyone else with an association with the gold markets. While each of these persons/entities share the responsibility, the price of gold would not be this low without the complicity of the gold companies and their hedging programs. These programs are the foundation of the leasing business that has been expanded into the gold carry trade. The entire system would shudder if the companies organized themselves and made their presence felt as coequal partners in the gold market rather than victims. Within a year or two, many of the higher priced forward sales that have helped the gold companies balance sheets will begin to expire. The replacement contracts will be at a much lower price and you can bet the big producers will reassess their strategies when this occurs. Already some companies have repurchased their positions, when the Australian, South African, and US large producers join in the gold market will begin to tremble. Ken