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Gold/Mining/Energy : Gold Price Monitor

GDXJ 101.44

+3.5%

Nov 12 4:00 PM EST

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To: lorne who wrote (43788)	10/25/1999 11:01:00 AM
From: The Barracuda™	Read Replies (3) of 116756

Ted Butler comment: Date: Mon Oct 25 1999 10:45 ted butler (permabear & ALBERICH) ID#370209: Copyright ¸ 1999 ted butler/Kitco Inc. All rights reserved If that ain't the question of the day, I don't know what is. Trying to decifer who's short what isn't easy. Most ( 95%+ ) of the gold producers are short, a lot, up the wazoo. Maybe you could exclude some of the juniors ( the explorers ) . No one knows how this will play out. Even announcements of covering must be suspect - specific details are usually lacking. Remember, before Ashanti went under, they announced they had covered. Even lite hedgers, like Newmont, could have problems. They're short 2.35 million oz in calls at around 375 ( put on at the low and it's cost them $60 million so far ) . If gold rockets to 600, their assets and reserves and daily earnings will rise - but they should have a margin call for $500 million on the calls. If someone tells you that isn't a problem under any circumstances, they're lying. And this is not a heavy hedger - this only represents 7 months current production.

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