Gawd, Alex, that post wld be funny if it weren't so saaaaad!:
1) In one breath it said that CB selling, gold leasing and producer hedging dropped POG to $253.70.
But the gold rally didn't last...same o' same o'.
Pardon me, but as I recall 4th grade math...the POG rally to a trading range of $278-292ish is a bigger number than a $253.70 So what part of basic POG RALLY math doesn't Mr. Smith, perennial gold bear not understand?
2) In the next breath, ole Elephant, ABX's President, states that they'll be participate in POG rally's at $319 now instead of having to wait til $360 before any gold rally has any profitable impact.
Now THAT'S a REEEEEEAL thigh-slapper:
Nothing like admitting to your shareholders in living color that ----the gold rally from $253.70 to $330 and change in September ----that you missed out on it as the world's #3 gold producer. And furthermore, that you INTENDED to miss out on ANY POG rally all the way up to $360 T/oz...
that is.... until you "saw the error of your ways" and decided to tinker with your AVERAGE 3 naked call writes to each long put, and become POG participants at $41 lower than you originally intended! Aren't arrogant a&&/h President's just what the class action lawyers count on?
THAT utterance/admission was RICH...for the class action shareholder suits lurking just under the surface, with the Ashanti (and Cambior?) salvo being the tip of the iceberg!
Ayup...last I looked: litigation costs reeeeeal drop quickly to the profitable bottom line of every big gold producer!!!
Yeah, RIGHT, Barrick...rah rah rah Barrick...
BUT, let's put the icing on the cake, shall we?
3 But, Now ABX shareholders, lookie what we mgmt types DID do for you shareholders!!!! We made so much money forcing the POG down that we went shopping for a cheap property out of all the best NEW explorations out there...a little African Jewel named...what? Bull's Own Hulu! Now THERE's the real reason for forcing gold down: we wanted to go shopping!!!
Ahhhhhh....the truth emerges...AT LAST!
Nope, ABX don't want to pay up for good portfolio additions...not when you're making so much money forcing gold down and increasing product to the market that you can squeeze every protential producer's balls...just miss $40 of a gold rally and announce it, and reduce your next mis-calculation by $41 per oz so that you become profitable at $319...AND buy up cheap explo props while yer at it.
Yeah, Barrick...with management who can't shoot straight, either in either direction, UP or Down in a Gold market,
you're the reeeeeeeal leader in the XAU...and your stock is doing stellar things in RoR department.
Gawsh, Mommy...can I wannabe President of ABX when I grow up, canna? canna? canna?
Thanks Alex, I needed something with my coffee this AM...
and that was LESS fattening than a glazed eclair<ggg>
Back to lurking!!!
O/49r |
