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Gold/Mining/Energy : NORTHGATE EXPL (NGX.TO)

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To: E. Charters who wrote (57)	6/23/2002 1:38:31 PM
From: tyc:>	Read Replies (1) of 158

>>The only lettuce Sprott has to eat his words with are 50's 100's and 1000's. Yes I can believe that Eric Sprott is a rich man. I suppose many gold bugs are these days. But we were talking about hedging. Have you read this ? Message 17638423 >>Their margin requirements are guaranteed? What the heck does that mean. The prospectus didn't say ! However I imagine that Brascan Financial has said to the Bullion Bank, "Don't bother asking NGX to put up cash to cover the fluctuating price of the gold you borrowed. We, Brascan Financial, stand behind them. And just as Barrick's hedges are not subject to margin calls because of its strong financial position, the same might be expected to apply to us. If you need cash, we will supply it". That's my guess.... What's yours ? >>In order to offset the rise in the price of gold, they buy call options in gold WRONG AGAIN ! NGX has not bought any calls on gold. Why should it do so ? They mine the stuff at a cash cost of about $175 per ounce. To buy calls is to speculate that the price is going up.

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