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Gold/Mining/Energy : HAWKEYE GOLD INTERNATIONAL INC.

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To: long-gone who wrote (1)	4/14/2001 11:20:41 AM
From: long-gone	Read Replies (1) of 24

OT just parking A ACCELERATED SUPPLY Gold reaching the market through lending, leasing and the derivative market before it is physically produced. Most commonly used in association with producer forward sales. Probably not an officially recognised term but one widely used in the gold market to describe the effect of producer hedging on the short term market. ACCEPTABLE Bars that are considered as good delivery are acceptable. ACID TEST A standard test to establish the fineness or caratage of gold based on the metal’s chemical reaction to the addition of acid. ADVANCE PREMIUM FORWARD forward contract offering a constant contango throughout contract life; similar to flat rate forward. See Appendix 8 for details. ALLOCATED GOLD Specific bars held on behalf of the owner usually by a Bank. Allocated bars may not be lent into the market as past of the holding Bank’s general pool of metal or used in any way without the knowledge and consent of the owner. Contrast unallocated. ALLOY Mixture of gold with either another precious metal (usually silver or palladium), a base metal (copper or nickel) or a combination of both. The presence of other metals renders gold harder and more durable and thus better able to withstand machining particularly during the manufacture of jewellery. See carat. ALLUVIAL GOLD Gold found in its native form specifically in association with the fluvial activity and river systems. AMERICAN STYLE (Options) An option that can be exercised at any stage during its life, in other words at or before expiration date. See also European and Asian options. ANOMALY Geological term describing changes in underlying bedrock structure which may indicate the presence of an orebody. APPROVED REFINER A listed refiner whose bars are accepted as good delivery by the spot market or by the Exchanges. See good delivery. ASIAN OPTIONS An option where the outcome is reliant not only on whether or not the option is in-the-money at expiry but also depends on the average price of the underlying throughout the option life. Asian options are used mainly by market participants who are obliged to have frequent exposure to the underlying asset over time. The options are then useful in capping the overall cost of the physical exposure. ASSAY (ASSAYER) The test (or tester) of the purity of gold. Often officially appointed and recognised to assay coins and jewellery. ASSET-OR-NOTHING CALLS (PUTS) are path-independent options which have a zero payoff if the price of the underlying at expiry is below (above) the strike price. They are in the money, however, if the price of the underlying at expiration is above (below) the strike price. They are similar to cash-or-nothing options except that, at payoff, the amount is not predetermined but is equal to the underlying asset value at expiration. AT-THE-MONEY OPTION An option with a strike price equal that of the current price. AVERAGING A trading term based on average prices over a predetermined period ie selling or buying on the average morning or afternoon fix in London. AVERAGE STRIKE OPTIONS Asian options where the payoff depends on an average strike price rather than an average underlying asset price.

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