14 June 2006

Gold owners dismiss price distress

www.miningmx.com | gold_silver Gold owners dismiss price distress: "We tend to worry about the day-to-day price, but the evidence shows that the US has increased money supply about 54% to $10 trillion in the last five years,' Watchorn said.
However, Watchorn sounded a note of caution. 'If the gold price drops below $550/oz, the bull trend would be reversed. That's my personal view,' he said.
Mark Wellesley-Wood, CEO of DRDGOLD, one of South Africa's marginal producers, said that Tuesday's severe correction did not reverse the general up-trend in the gold market.
'I looked at some charts earlier today and on December 21 saw that the gold price was $490/oz. That means I'm still $100/oz ahead of where I was six months ago,' Wellesley-Wood said."

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