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Gold/Mining/Energy : Barrick Gold (ABX)
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To: russet who wrote (2087)9/22/2000 9:24:20 AM
From: nickel61  Read Replies (1) of 3558
 
Perhaps you should take a look at what is down with the creation of paper gold or virtual gold as it is sold in the form of derivatives as "created" supply into the gold spot market to drive the price down. This is a combination of created or derived financial products that can be underwritten by various financial intermediaries and used to "supply" paper gold to the spot market in order to drive the price down. The individuals that have borrowed hundreds of tons of real gold at 1% annual interest rates from various central banks in the form of "leasing" using tremendous leverage can then reap 100%-300% annual returns on their leveraged equity by driving the spot price of gold down. That is what we are talking about my friend the annual production of Barrick is simply the means that these forces have to give credibility to their market gyrations. Much like the Strategic Oil Reserve gives credibility to the Al Gore's of the world when they say they are going to affect the spot price of oil by entering into various swap contracts with the majors. This is a perfect time for the average public to finally be able to understand what has been affecting the spot gold market for years since our politicians are now publicly trying to do something similar in the oil market.
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