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

To: Ken Benes who wrote (34248)	5/20/1999 9:13:00 AM
From: Enigma	Read Replies (1) \| Respond to of 116764

"The producers are agents of the banks, they do not represent their owners" Clearly untrue - although it sounds good.

To: Ken Benes who wrote (34248)	5/20/1999 9:49:00 AM
From: long-gone	Read Replies (2) \| Respond to of 116764

<<As we speak gold is up 1.60, probably on the news of the record trade deficit>> Don't think so, it was up hard far before news broke, suspect it was more due to rumored(coming?) devaluation of Argentine Peso. <<Could you imagine if the producers were ready for the cb spin with spin of their own. We will buy what you have to offer and use the gold to close out our derivative positions. >> It would be very hard for most producers to come up with credit or cash to pull this off. <<The producers are agents of the banks, they do not represent their owners.>> That is a very broad statement and like all broad sweeping statements, it is not true in every case. We informed Goldfields has no such position the same for Kinross(from this point forward) NEM carries no forward position - best I know, never has. Most silver producers produce gold also(as a by-product), but as they can not (and do not)borrow gold forward due to lack of forseeable gold production. HM is involved in a plan where-by they are buying other companies and as they do it, they are rolling out ot their forward positions. One should never paint an entire industry with the same (dirty)brush. I've spoken to 5 mining company CEO's in the last 3 weeks, most are busy trying to produce gold below whatever the price happens to be, not trying to fight the wave. Were you even aware some mining companies maintain a (from mining) gold inventory position by which they conduct and secure their forward sales?