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Gold/Mining/Energy : Barrick Gold (ABX)

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To: russet who wrote (3086)	5/30/2002 6:32:36 AM
From: nickel61	Read Replies (1) of 3558

GOLD MINES EXPOSED (as gold bull market enters overdrive) By James E. Sinclair & Harry D. Schultz --WHY gold will go parabolic --HOW good gold news will be fatally bad news for many (most?) mines--as the price rises. --"Hedges" is wrong word. They aren't hedges! A pity. Jim Sinclair brings this to us too: Dear Bill: I might add that this article submitted to you is the singular most important revelation in the history of gold, period. It summates all the previous articles that Harry and I have written on gold. Never in the history of markets has there been such a huge short position existed in such a small trading item. Gold's physical market is small and illiquid during period of high price activity. The potential is enormous. We have been doing everything possible to bring the attention of the management of the gold producers to this fact while there still was time for them to save themselves. That time is passing quickly. There is every possibility that the Central Banks will fail to blunt this move and on a second attempt $354 will fall. If that happened, a second close above $354, then gold will make an all time new high above $887.50. We wonder how the gold producers can stand still in the face of a shift from a 22 year bear market in gold to a bull market with such huge short position in their final produce called hedges. There are only three possibilities: 1/ They are frozen by fear or stupidity into inaction. 2/ They cannot cover because of the nature of the differential dates on their hedge instruments. That means there is no similar items with which to cover. 3/ At the basis of the gold derivative market there exists an Enron type fraud. Either of these possibilities means the Central Banks will fail to prevent a close above $354. Be prepared the Calvary will arrive at $354, succeed at first and fail on the second attempt. Respectfully, Jim

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