Stockman Scott's Political Debate Porch Message Board

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Politics : Stockman Scott's Political Debate Porch

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To: Teresa Lo who wrote (344)	6/11/2002 9:52:30 AM
From: Jim Willie CB	Read Replies (2) of 89467

Teresa, you assume Barrick will survive its hedgebook check out details on their disastrous hedgebook gold-eagle.com it has lost $400M in a single quarter, with more to come they have lied to shareholders all along they claim the forward sales are rollable indefinitely but apparently they got a margin call all cash has been pulled from cash mgmt bond fund internally their claims of "taking advantage of spot price" is pure deceptive spin that many have accepted as positive analysts in ABX concall in midMay went hard on Barrick mgmt if gold approaches #400, Barrick will probably blow up Barrick is hard to describe as a gold miner they are more like an owner of mines, who have sold forward to such an extent that their entire survival was committed to a perpetually declining gold price they have approx 4 years of forward production sold for each $10 upmove in POG, their books drop $125M unless they conduct a conman secondary issuance to triple their equity float, use the entire money to purchase back forward futures contracts and naked put contracts, they might not survive much past early next year / jim

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