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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: goldsheet who wrote (48544)	2/8/2000 4:34:00 PM
From: Ken Benes	Read Replies (3) of 116764

Bob: Barrick reduces hedged position by 6.8 million ounces, purchases calls to participate in upward moves of gold, increases production over the next few years to 5 million ounces. Sounds wonderful, market slams barrick for 5/8 down to 17.25. As a speculation an 80% return is not impressive over the period you spoke about. Many tech stocks when viewed as a speculation will return that in weeks or months. Barrick is about increasing supply, regardless of market conditions. Despite yesterdays public relations hype, that is all it was, investors know that barrick is not working for its shareholders. Consequently, I will repeat, gold investors should continue to boycott ownership of barrick shares and speculate thru other gold issues that will have equal or better returns than barrick. Barrick has and will continue to work against the price of gold. Ken

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