Ya gotta love GoldCorpse's attitude, they really are a GoldBug's company. Hell, they even prefer to keep gold on the balance sheet instead of (Canucki)ClownBux, check this out:
GOLD IS MONEY - GOLDCORP IS GOLD
A Solid Gold Balance Sheet with More Gold than Luxembourg or Hong Kong.
Goldcorp believes strongly that Gold is Money, and continues to strengthen its balance sheet to reflect this belief. Goldcorp now holds a total of 143,595 ounces of gold (4.47 tonnes or 4.90 tons) which exceeds the total gold reserves of more than 25% of the countries which own gold. For example, this amount is greater than the gold reserves of each of Luxembourg and Hong Kong.
During the second quarter the gold holdings were increased in two ways. First, the Company continued to hold back a portion of its gold production as inventory increasing its gold bullion inventory by 6,697 ounces to 63,425 ounces. Since the beginning of 2002, the Company has increased its bullion holdings by a total of 28,364 ounces or approximately 10% of total production. This bullion is carried on the balance sheet at cost, in accordance with Canadian GAAP. Second, the Company purchased 80,170 ounces of gold bullion during the second quarter of 2002 at an average price of $323 per ounce. Fluctuations in the mark to market value of this portion of the gold bullion holdings are accounted for as unrealized gains or losses and reported quarterly in accordance with Canadian GAAP.
Plus there cost of production is the lowest among major NA producers. A good company to hold, especially if the POG breaks out of it's funk...ERRR, RANGE!
Disclosure: Long Goldcorp shares |
