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Gold/Mining/Energy : Gold Price Monitor

GDXJ 98.59

-2.8%

Nov 13 4:00 PM EST

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To: d:oug who wrote (42647)	10/10/1999 11:22:00 PM
From: Bill Jackson	Read Replies (1) of 116759

Doug, Well both Cambior and Ashanti went bares assed short on gold. They had no realistic expectation that they would ever produce the gold they had sold forward. They gambled and lost. They may have gambled terminally and go broke or get so cheap they get bought. better for Barrick to wait for the chapter 11 sale and then buy the resource. Barrick did not go base assed, they sold within their capability to produce(they might have to ramp up production, but that is doable). So you(as a member of the public) cannot sue Barrick, Cambior or Ashanti. Shareholders of Ashanti or Cambior may have a case against management in their minds....in reality they do not as they have re-elected these directors for several bare assed terms, thus they SH have "ratified and confirmed" the actions of the directors and have no case. Hell they thought they were gods as long as the forward sales filled the bank accounts, and they did, until now. Bill

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