Gold Stocks that are Unhedged Message Board

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Gold/Mining/Energy : Gold Stocks that are Unhedged

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To: Diana Choi who wrote ()	10/15/1999 7:23:00 PM
From: Teddy	of 10

You might want to put HM on the list of "unhedged." Not that i care, since i believe that gold sucks and will suck forever, but here is a snip from Barrons a couple of weeks ago: ...As for Homestake Mining another traditional opponent of hedging, it, too, had been selling some gold forward during its long decline. But that wasn't the company's only correct market call. Instead of selling more at this summer's nadir, when prices were so low as to make them unprofitable for 60% of the industry, Homestake actually lifted the hedges on 245,000 of its 405,000-ounce position maturing between 2001 and 2003. "We called this one just right," says Homestake vice president Igor Levental. "We knew we were closer to the bottom than to the top." He says there are no plans to do any more hedging now that gold has topped $300. "We are believers in gold," he says. "We're very optimistic." ... Best wishes to anyone that buys gold stocks.

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