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Gold/Mining/Energy : Gold Price Monitor

GDXJ 87.56

-4.9%

Nov 4 4:00 PM EST

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To: Follies who wrote (38280)	8/4/1999 10:04:00 AM
From: Greg Ford	Read Replies (3) of 116752

The in the money portion of the hedge represents the excess of the hedge price per ounce over the spot price. For example, if ABX has a hedge of $300 and the spot price is $260, the in the money portion is $40. The other portion of the the hedge is the represented by the spot price. 12.5 million comes from their disclosure. They have sold forward 12.5 million ounces at various spot prices. The $60 represent the excess over the spot price. ABX will have to deliver 12.5 million ounces of gold against its hedges over the next several years. Greg

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