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Gold/Mining/Energy : Gold Price Monitor

GDXJ 114.87

+3.6%

Dec 11 4:00 PM EST

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To: d:oug who wrote (56144)	7/13/2000 1:27:44 PM
From: pater tenebrarum	Read Replies (2) of 116811

a post from kitco by ted butler...i highlighted the statement that imo brings the whole point of the hedging nonsense home from a shareholders PoV: Date: Thu Jul 13 2000 13:08 ted butler (@Dizzy talk) ID#317184: Copyright © 2000 ted butler/Kitco Inc. All rights reserved AngloGold ( AU ) has a total gold short position of around 15 million ounces, or around two full years production. You can slice it and dice it any which way you want, but at the end of the day, it comes down to this - AU management has decided at these prices to commit the shareholder to lost profit opportunity on two years production on any price above current prices. Otherwise, they would cover their all shorts at these prices ( and book a profit ) and allow the shareholder full exposure. If I were a shareholder of AU, I would be pissed at management's arrogance. As a shareholder, if I was worried that the price of gold was going to decline severely, I would not be a shareholder. I would not need, or want, some miner turned hedge fund wannabe to decide where gold should be sold. Just find the resources and mine them, and leave pricing decisions to the real owners.

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