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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 665.67

-0.9%

4:00 PM EST

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To: Crimson Ghost who wrote (39356)	2/7/2000 8:41:00 AM
From: SBerglowe	Read Replies (1) of 99985

Many of the Bulls I speak with do dismiss it. It appears to be business as usual. I just received this note: "A class action lawsuit has been filed against the Board of Directors and officers of Ashanti Goldfields Co. in Ghana, Africa for shareholders that purchased the stock between July and October of 1999. The suit was filed due to excessive hedging policies. This means all gold company managements are on notice that they are next. We have asked shareholders for 14 years to file suits against management and now finally someone has. They are about to be held accountable. We know of no reason a mining company should be hedged out over two years. Banks may demand hedging to protect loans, otherwise if a company is going to hedge over 2 years production they should register as a hedge fund. As a result of the Ashanti action we?d expect Goldman Sachs to be enjoined in the suit. As LeMetropole says, ?This is big news for the big picture. With 10,000 tons of gold loans outstanding, what are the shorts going to do if a bond market run up like today?s occurs in the gold market again.? What do they do if gold runs up $100.00 an ounce?"

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