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Gold/Mining/Energy : Barrick Gold (ABX)

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To: Dave Lyall who wrote ()	12/10/1999 8:00:00 PM
From: nickel61	Read Replies (1) of 3558

I thought my message would be pretty clear by now. The hedged producers for what ever reason have helped destroy the price of gold for the last 4 years. To the point where even the good projects of the juniors can't get financing(right DD?)well ABX being short 500tonnes ,PDG short 155 tonnes,Normandy,Anglo etc. Are going to have to cover and cover soon. Their lawyers have already made it clear to them that they damn straight better disclose their full exposure. Thus the various leaks of the true exposure like the ones I mentioned earlier of ABX on it's various roadshow stops.Institutional investors aren't stupid they now very well that these managements aren't really competent to be speculating in the futures market. The likes of Julian Robertson and George Soros regularly get their head handed to them in this arena. And you got a bunch of ham handed mining ececutives who are taking multi billion dollar speculative bets with a rigged market and expecting the shareholders to set by and let them continue to play. BS my friend these guys have only not blown up yet because the paper market has so far been able to contain the damage within a few rather minor companies(Ashanti and Cambior). There is somewhere between 5,000 tonnes and 10,000 tonnes of physical gold that has been "borrowed" from the Central Banks and sold into the spot market to drive down the price over the last 4 years. Games over and now they have to cover but oh!by the way there isn't enough gold in the world to cover that amount. Gee, we made a mistake. If you think I' wrong why not ask them if they could cover and where they would get the gold from. For anyone who has been keeping track Jordon has already supplied all its gold 25 tonnes,Kuwait gave half its total 79 tonnes and sundry others who were suseptible to various arm twisting. The first leg up is over and we have a long way to go before the shorts get to buy back their "hedges" at whatever the market will bear. Unlike the Cambior or Ashanti shareholders I think the ABX shareholders should know at least as much as the institutional portfolio managers. Don't you?

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