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Gold/Mining/Energy : Barrick Gold (ABX)
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To: Quickdraw who wrote (1370)10/11/1999 11:01:00 AM
From: The Barracuda™  Read Replies (2) of 3558
 
From Ted Butler

Butler's comments on ABX's claims

ted butler (Goldteck@10:10 - Barrick) ID#370209:
Copyright ¸ 1999 ted butler/Kitco Inc. All rights reserved
Thanks for the National Post article. The key sentence is the following

First and foremost, Barrick has no naked options in its forward sales book.

************************************************************************************

This is a bald-face lie. Barrick and others have tried to change the definition of basic words. 'Naked" means there is no current off-setting position ( emphasis on current ) . Call your broker and try and sell ( if you're on heroin ) some calls on gold, and tell him it is a covered trade cause you got gold someplace, that you may be able to bring in someday. Tell him a hundred times it is not naked - see what he says.

Barrick just doesn't get it. They are short 16.5 million ounces ( 13.3 million forwards and 3.2 million very naked calls ) which is now close to 5 years production. They are still denying they have a problem. Fine. If they had taken my advice and covered their position when I was ragging on them to ( an over 4 month window of opportunity and below 260 ) they'd have saved a billion dollars. Instead, their three man hedging crew didn't. Who are those guys - Moe, Larry and Curley?
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