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Gold/Mining/Energy : Barrick Gold (ABX)

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To: Zardoz who wrote (1978)	2/4/2000 8:39:00 AM
From: nickel61	Read Replies (1) of 3558

CLASS ACTION LAWSUIT FILED AGAINST ASHANTIOFFICERS AND BOARD OF DIRECTORS" "A class action lawsuit was filed today by a New York law firm against the Board of Directors and officers of Ashanti Goldfields Co. in Ghana, Africa. It is for shareholders that purchased Ashanti stock between July and October of last year. The details will be all over the presstomorrow." "This is a big event for the gold market. In essence, the suit was filed because of their excessive hedging policies. That now puts all Board of Directors of gold producers that they are on notice that they will be held accountable if the hedging policies of their firms are overly aggressive and subject the shareholder to penalties as a result of a rising gold price.""YEAH!" "If the supposed smartest minds in the gold world - the investment bankers led by Goldman Sachs were advisors to Ashanti - and they blew it - how can any Board of Director of any gold company be comfortable with any kind of excessive hedging structure for a company that they oversee? Almost no one thought the $84 price rise in late September was possible. That fast a price rise was not even put in the computer models that were presented to the Ashanti officers for option volatilitiesby its Goldman Sachs advisors." "Yes, indeedee. This is big news for the big picture. With 10,000 tonnes of gold loans outstanding, what are the shorts going to do if a bond market run up like today occurs in the gold market again. Another yen type move! Another $84 gold type blitzkrieg move! What if that move is $284 in gold next time? Yen could be found. Money can be printed. Gold? Is the United States willing to donate the 8,000 tonnes we supposedly have in Fort Knox (or under Fed/Treasury auspices) to bailout the collusion bullion dealer crowd? How will Greenspan and Summers explain that to the Congress and the American public? How will the dollar fare in that type of scenario? Yikes!" "Hello Barrick Gold. I have a question. When is your next hedging seminar planned for yourBoard of Directors?" <A HREF="http://www.LeMetropoleCafe.com/scripts/products.cfm">Le Metropole Cafe</A>All the best,Bill MurphyLe Patronwww.LeMetropoleCafe.com

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