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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED

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To: stockman_scott who wrote (51889)	5/22/2002 9:34:32 AM
From: Jim Willie CB	Read Replies (2) of 65232

trashing of SoAfRand will ultimately backfire in the last 2-3 years, the Rand has lost 75% value this enabled local gold production costs to plummet in $terms JPMorgan and Deutschebank are facing legal action now in Johannesburg production was vastly increased as a result but in a matter of a few quarters, gold production will slow down JUST WHEN THE GOLD DUST HITS THE FAN everthing the Gold Cartel has done will backfire NYCity gold price action lately shows lost control gold touched 319 overnight, which is only the beginning here is a tidbit on the magnitude of miner hedging that must be totally unwound AngloGold in Q1 unwound a bunch of forward hedges they essentially bought back futures and options on shorts the amount of gold involved from just Q1 equalled the entire amount of gold purchased by Japan in 2001 AngloGold is SouthAfrica's largest gold producer the hedge issue is corrosive hydrochloric acid on their books they know it I expect Barrick to implode / jim

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