Newmont Mining(NEM) & Newmont Gold(NGC) Message Board

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Gold/Mining/Energy : Newmont Mining(NEM) & Newmont Gold(NGC)

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To: ahhaha who wrote (361)	9/27/1999 7:45:00 PM
From: ahhaha	Read Replies (4) of 587

Follow up: From Reuters, 9/27/99. In July, Newmont said it had sold forward 483,000 ounces of gold at $300 an ounce in order to reduce term financing. The contract allowed Newmont to reap the benefit of a high gold price up to $380, the company said at the time. They did or they didn't; only their accountant doesn't know for sure. In any event if this is typical for the industry gold must rise to at least $380. The reason is that the market knows that there is demand above so it is a free ride until the necessary demand is satisfied. I believe it is representative because smart hedgers all do the same thing and by the autocorrelation bring the roof down on their heads just like LTCM. I hope the more astute of you can appreciate the insidious nature of clever and how profitable it can be.

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