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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies.
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To: Walter who wrote (8470)3/27/1997 12:03:00 PM
From: Richnorth   of 28369
 
To: Walter
From: Richnorth

I am inclined to agree with you that Bre-X is still not to be written off completely and that its gold potential could be downsized. To be sure, there will be consequences. We will have to wait and see.
However, the extent to which the gold stock market is spooked certainly makes it appear that being "busanged" is synonymous with being bankrupted. At least, for now, this seems to be the current thinking of many an investor/market-watcher.

The history of Bre-X, from its very beginning, has been a turbulent one. From the vantage point of hindsight, it is easy to wonder why Bre-X operatives had not been as circumspect as prudence would have dictated, when being involved with such a gold bonanza. Certainly, irrational exuberance and/or misplaced confidence have contributed to the apparent fiasco. Mr Walsh at one point said that Bre-X had made the greatest gold find of this century and also made the greatest "screw-up" (in connection with being accused of carrying out operations whilst bypassing Indonesian laws on the sly.) Yes indeed, there was another screw-up (or apparent screw-up) i.e., the possible overstatement of Busang's gold potential.

Despite the present negative atmosphere, I am still optimistic over the long haul. I feel certain that when the dust has settled after the storm, not in days but perhaps in months ahead, gold will be shining again.

Richnorth
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