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Gold/Mining/Energy : Gold Price Monitor

GDXJ 89.99

+2.8%

4:00 PM EST

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To: Greg Ford who wrote (38270)	8/3/1999 11:36:00 PM
From: Follies	Read Replies (1) of 116752

The numbers represents the in the money portion of each hedge. For example, if Barrick has a mark to market of $750 million and total hedge ounces of 12.5 million then the in the money portion is 700 million/12.5 million = $60 per ounce. What do you mean by money portion? Whats the other portion? Credit? Where did the 12.5 million come from? They didn't sell 12.5 million ounces at $60/oz did they? 12.5 must be their production, if they hedged that much they would have locked in $3billion or they hedged way below msrket. In your example, how many ounces do they have to deliver and how much have they received?

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