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Gold/Mining/Energy : Gold Price Monitor

GDXJ 93.63

-1.4%

Oct 31 4:00 PM EDT

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To: David R. Schaller who wrote (36045)	6/28/1999 9:54:00 AM
From: Enigma	Read Replies (1) of 116741

<<Selling the leased gold on the open market>> - don't think so - this gold is sold in the forward market - but the gold has to be borrowed first - just like you'd do if you make a short sale on a stock. You can't sell forward without borrowing. The gold they sell on the open market is their production, and when they do so they buy back their forward sale contracts. Funny how many people seem to be trying to make Barrick into a bogey man - on the premise I guess that nothing fails like success!! As for John's contention that there are grounds for class action suits - I guess that ambitious pro bono lawyers could try anything - but they have a snowball's chance in hell of succeeding - the Barrick hedging program has been revealed to shareholders and the public for years and the company is well protected from frivolous law suits. You say that Barrick's profits are realised from 2 areas - hedging and leasing - try mining gold at a profit - and prudent financial management - resulting in it having the strongest balance sheet in the industry And time and time again we see the myth perpetrated on this thread that ABX does not participate on the upside. It does!! Regards, d

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