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Gold/Mining/Energy : Gold Price Monitor

GDXJ 98.59

-2.8%

Nov 13 4:00 PM EST

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To: Eashoa' M'sheekha who wrote (47388)	1/24/2000 9:30:00 PM
From: Alex	Read Replies (1) of 116760

1/24/00 - Rawlings praised AGC for hedging Accra (Ghanaian Chronicle, January 24, 2000) - President JJ Rawlings showered praises on Ashanti Goldfields exactly two years ago in his second sessional address to the Parliament on Thursday January 1998 for their hedging strategies. He was speaking about the falling gold prices when he referred to comments he had made at the opening of the National Economic Forum. He noted that the "falling world price of gold was a threat to the well being of our national economy". At the time gold prices, by his personal accounting, had "slumped to its lowest level for almost 20 years". The President cited the mass retrenchment in other countries that had followed the fall in gold prices, and gave full marks to Ashanti Goldfields for developing mechanisms against such crippling effects. "Fortunately, we have not got to such a point, thanks to the competitive nature of most of our firms on the world gold market and The Ashanti Goldfield's Corporation's hedging mechanism". He warned however that "the crippling effect of the collapse of gold price on export earnings, employment generation and economic growth should not be underestimated." That was two years ago. Copyright 2000 Ghanaian Chronicle. Distributed via Africa News Online.

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