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Gold/Mining/Energy : Gold Price Monitor
GDXJ 96.06-1.4%Nov 17 4:00 PM EST
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To: d:oug who wrote (48631)2/9/2000 9:16:00 AM
From: Ken Benes  Read Replies (4) of 116762
 
The central banks retail outlet has been shut down by barrick shareholders who recognize that the hedging program inaugaurated by barrick was one of the principal depressing factors on the pog. The forward sales program conducted by barrick and used by many other producers increased supply by leasing gold from the central banks. It took quite awhile for this to sink in too barricks shareholders, but the last several months has driven this point home thru endless articles. While hedging is a necessity for any commodity based business, the ones used in the gold market are unique, they increased supply beyond what the producers could actually produce, and it was this increase supply coming from the central banks that crushed the pog these past years. Barrick management acting autonomously, with little regard for the true owners of the company saddled up to the the bullion bankers, the central bankers, and the politicians and pursued policies that were contrary to the interests of investors in the gold market and the owners of the company. Reality struck this week and the management was in danger of being thrown out on the street. Threaten to take away the shovel from a miner and you will get action. Rather than dig in their own backyards, pay for their own dinners, and drive their own cars, barricks management acquiesced. The markets like it already.

Ken
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