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Gold/Mining/Energy : Gold and Silver Mining Stocks
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To: goldsheet who wrote (328)6/14/2000 6:35:00 PM
From: russwinter  Read Replies (1) of 4051
 
Perhaps what we've been talking about regards Aussies?
Wonder if they are closing out the long puts?

Market Report 6/14/00): Gold rebounded strongly this
morning led by physical buying and short covering in Asia.
Reuters reports that a "significant" mining company,
possibly Australian, might be closing out its hedge
positions. Similar market action in Asia yesterday drove
the gold price almost $7 higher before the rally was
stopped in New York. One source reported Goldman Sachs as
the rally stopper. There has been no verification at this
time that a major buy-back is in progress or that Goldman
Sachs is trying to cap the price, but with gold up another
$1.70 in the early going and the obvious attempt to check
the rally in New York yesterday, we would have to say that
something worth noting is in the works. As suggested here
yesterday, the merger between two strong anti-hedging
mining concerns -- Gold Fields and Franco Nevada -- into
one powerful entity could be having an direct effect on
other mining companies. If corporate managers have one
major concern, it is the value of the stock in the company
they represent. If the profile of the attractive mining
company to mutual fund managers becomes one that is
unhedged, then there could be a mad scramble to see who
unwinds their hedgebook first. It seems that someone may
have gotten the message early on. Later today, the CPI
numbers will be released.
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