Barrick Gold (ABX) Message Board

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Gold/Mining/Energy : Barrick Gold (ABX)

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To: The Barracuda™ who wrote (3003)	5/22/2002 5:38:30 AM
From: nickel61	Read Replies (1) of 3558

He has a point. I have met many of the gold mining management and they are not known as the sharpest knives in the drawer. Barrick to it's credit has some of the best management in the mining business but we are talking dancing with thieves here when you are playing cards with the derivative traders. I would assume if Ashanti didn't even have anyone in it's entire operation who knew how much they were underwater when the derivatives imploded there may be a few surprises in the fine print of those gold delivery contracts that even Barrick is not fully aprised of their significance. The nature of the beast, a complex legal document that is not market traded, custom designed by the lawyers of the issuer and containing prices derived at by computer modeling, with no right of offset and no clearing facility is a pretty dangerous game to be playing against Goldman Sachs, JP Morgan/Chase and Citicorp, these guys would screw their own mothers for an eigth.

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