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Gold/Mining/Energy : Barrick Gold (ABX)

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To: Ken Benes who wrote (2166)	10/19/2000 9:53:07 AM
From: Zardoz	Read Replies (2) of 3558

Thank you very much barrick and the other producers who have helped smother demand with unlimited supply. The world accordingly to Ken? A narrow minded visionary of the 1980's. The gold producers have always traded at a premium because of the \potential leverage it had as a store of wealth in times of turmoil is this the type of axiom you wish to believe in? The premium actually occurs due to reserve assets in the ground. Which as we know are made from both proven and speculated assets. And even then not all producers trade at premiums. In fact without productions margins between reserves and spot {or deferred forwards} some producers are just broke. In deed how long can negative returns exist on some producers? With the high price of oil weighing on the production margins you can speculate that lower multiples on equity are plausible... Yet the finite break-even analysis suggests that a lower index weighting of the XAU and TSE GI are nearing their end. With that said... the POG might not appreciate until the US DXY cracks. And that is only likely to stop appreciating in the eye of recession. A hard landing is coming... do you know where your gold stocks are? Only the narrow few will climb in the coming months-years. Hutch

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