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Gold/Mining/Energy : Gold Price Monitor

GDXJ 108.90

+4.2%

Dec 9 4:00 PM EST

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To: d:oug who wrote (39762)	8/30/1999 3:15:00 AM
From: Zardoz	Read Replies (2) of 116805

It's a derivative, but may not be a ticking time bomb. Any equity that you gain leverage from, whether it be a margin or loan, is a derivative transaction. Some derivative can be positive lock in before the transactions actually begin. So know doubt the term of the loan would occur after the lender hedges into a position. The loan is also non-recourse, so you have no personal liability for your loan, and your maximum downside is capped at 10% for your entire loan term. Uhhhm I wouldn't count on that statement being "forthright". Hutch PS: with out disclosure of the hedging programme, the liability can not be judged.

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