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Gold/Mining/Energy : Gold and Silver Mining Stocks

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To: russwinter who wrote (312)	6/7/2000 7:29:00 PM
From: Zardoz	Read Replies (1) of 4051

The fact that these companies aren't actively buying back these positions (and I don't mean match transactions such as call buys) rather than just delivering production puzzles me. Maybe you are more puzzled at the ratio of the hedger producers that sell futures versus forwards. If you sold a Future, you NEVER attempt to buy it back, otherwise you've wasted the contract. ABX is a prime example of a hedger that sells forwards {Spot deferred contracts}. And at VERY favorable terms to ABX. American style Futures are easily closed out. European style futures are risky for investors. Forwards are very favorable to producers. hutch

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