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Gold/Mining/Energy : Gold Price Monitor
GDXJ 128.07+0.7%Jan 16 4:00 PM EST
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To: baystock who wrote (38877)8/12/1999 1:37:00 PM
From: Claude Cormier  Read Replies (1) of 116877
 
Ram Rao,

BTW, aren't you concern with those SA balance sheets. What if gold goes down for a few years before we finally have this grand bull.

DROOY:

Net current assets: $168,000
Long term Liabilities: $35.6 millions
Cash costs: US$270
Hedged at US$290 or so till June 2001.

HARMONY is in better shape. But I think they have no hedges so...big problems if gold go south below their cash costs of US$240.

Both need higher gold prices and would have big problems would gold head south for a few years. Not so with the juniors. They can be patient with no debt, no reserves being depleted...etc.

In a gold bull, HGMCY has to be a favorite producer... but the question is: "Is gold heading higher for real".

Of course, if gold is heading lower, we are better off with cash in the bank. But this is not the question.

Claude.
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