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Gold/Mining/Energy : HAWKEYE GOLD INTERNATIONAL INC.

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To: long-gone who wrote (5)	4/14/2001 11:22:37 AM
From: long-gone	Read Replies (1) of 24

C CALENDAR SPREAD A speculative or investment strategy in which the buyer takes exposure to differing months eg long a September put and short a December call. CALL OPTION Option giving the purchaser the right but not the obligation to buy gold at a predetermined (strike) price. CANCELLABLE FORWARD OPTION see Break forward option. CASH AND CARRY An investment strategy through which the speculator buys spot for immediate payment and delivery while simultaneously sells a futures contract. The cost of holding the spot gold is offset by the contango associated with the forward transaction. CASH-OR-NOTHING CALLS (PUTS) The simplest, path-independent binary options which have a zero payoff if the price of the underlying finishes below (above) the strike price. They pay off a constant sum if the price of the underlying is above (below) the strike price. CARBON LEACH A metallurgical process to recover gold involving cyanide and then carbon. CARLIN TREND A geological phenomenon in Nevada bearing particularly rich gold-bearing ore bodies. CBOT The Chicago Board of Trade. CARAT The purity of gold measured in parts per 1,000. Karat in the United States. See Appendix for table of caratages. CCA Comex Clearing Association. CENTRAL BANKS See Official Sector CFTC Commodity Futures Trading Commission, the futures and options regulatory body in the United States. CIF Standard quotation including the ‘cost, insurance and freight’. CHARTIST Technical analyst and forecaster of the gold market based on historical price trends. See technical analysis. CHOOSER OPTIONS An option bought and paid for but immediately after an agreed time the buyer can elect whether the option is to be a standard European put or call with an equal strike price and equal remaining time to expiry. Similar to a straddle although cheaper since the holder must choose, before expiration, whether the option is a put or a call. CHOP Distinguishing stamp on a bar for identification purposes and proof of gold content. CHUK CHAM 990 fine gold jewellery most popular in China and Hong Kong and recognisable by its distinctive yellow colour. CLEARING HOUSE The separate body through which all futures contracts traded on an Exchange are cleared and guaranteed. Usually administered by either Banks or by Exchange members themselves. CME Chicago Mercantile Exchange. COLLARS Options which have the same payoff as the standard call expect that the upside is not unlimited but is subject to a maximum. The option buyer forgoes any payoff above this maximum. COMEX The Commodity Exchange in New York established in 1933 and launched its gold futures contract on 31 December 1974. COMMEMORATIVE COINS Gold coins minted to honour a particular historical occasion. These coins in general are not legal tender although there have been exceptions. The coins usually sell at a premium over the gold content. COMPLEX CHOOSERS Options where either the put/call strike prices or the put/call time to expiry or both are not equal. COMPOUND OPTIONS A major family of exotic options. They are options on options. The underlying asset is an option rather than a tangible commodity or security. Valuation of the option is complicated by the fact that two times to expiry must be accounted for: the time to expiration of the compound and the time to expiration of the underlying option. CONTANGO A market situation where the spot price is lower than the forward quotation; the differential representing the carrying (financing) costs and prevailing interest rates. Opposite of backwardation. CONCENTRATE The intermediate stage of mining and processing by which time unwanted minerals have been removed thus increasing the gold content in preparation for refining. CONSIGNMENT STOCK Stock of bars or semi-fabricated gold products placed with a Bank by a client to stand as guarantee of payment. CONTRACT A standard and legally binding agreement traded on the Exchanges allowing for the buying and selling of gold futures and options. CONTRACT MONTH The pre-agreed month during which an Exchange contract becomes deliverable in the case of futures or exercisable in the case of an option. COST CURVE Graphical representation of the costs of producing a metal for an entire primary industry. Usually cumulative output expressed in percent plotted against unit operating costs. COST OF CARRYING Cumulative cost incurred during metal trading which includes storing and holding metal, warehousing, interest charges and insurance. COUPON Annual interest rate associated with capital market bond issues. CRUSHING First stage of mineral processing after mining during which the ore is reduced to smaller pieces. CUSTOM SMETLING AND REFINING An agreement whereby material is treated and a pre-agreed amount of precious metal is returned to the customer. CUT-OFF GRADE The lowest payable grade of gold-bearing ore below which it is unprofitable to mine. CYLINDER OPTION See range forward options

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