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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: d:oug who wrote (47307)	1/20/2000 4:58:00 AM
From: goldsheet	Read Replies (1) of 116764

>The new Randfontein Board, having concluded a >detailed investigation of all of the gold hedging >positions of Randfontein, have found them to be >completely inappropriate for the company. This is a real non-news story. Randfontein was part of the JCI group, who hedges, and was acquired by Harmony, a firm that doesn't hedge. It is no surprise that Harmony has started to unwind Randfontein hedge positions. It reminds me of Newmont Gold, who did not hedge, acquiring Sante Fe Pacific and unwinding all of their hedges. Of course, in that case the 5+ million ounce hedge would have generated over $250M in profits when gold went down another $50 after the merger. Newmont should have left that one alone.

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