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Gold/Mining/Energy : Gold Price Monitor

GDXJ 94.04

+0.6%

Nov 21 4:00 PM EST

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To: Mark Bartlett who wrote (44469)	11/2/1999 8:22:00 AM
From: Enigma	Read Replies (1) of 116764

"I think forward selling is one of the most insidiously destructive and stupid things that gold producers became involved in" Forward selling takes the price uncertainty out of the equation - and allows large companies to concentrate on cost control and production increases - it also makes project financing much simpler. Barrick has managed to get costs down to the lowest for any major - why should they suddenly stop hedging? A proper hedging programme takes account of time, not price. In addition the hedging programme has earned them multo aditional bucks - and aren't they in business to maximise profits? If you were a senior officer or director of a large miner I doubt if you would even suggest that the company cease it's hedging operations - provided that you were satisfied that the company was not exposed to undue risk. There are obviously hedging programmes and hedging programmes - as an officer or director you have a duty to exercise the proper diligence.

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