mornin gt,
hey, Chris Thompson(sp?) now head of WGC was CEO GFI getting a pile of gold into a WGC vault & having it audited on schedule & selling shares of gold on Wall Street - major exchanges can only help PoG. Remember for 2 years I asked WGC to bring just such a product to market so Joe/Jane 6 Pack with a IRA / Roth IRA can quickly & at set cost move $ into gold bullion.
As for that which is happening to PoG right now? Something funny happened again yesterday & day before. We saw like moves around nymex contract close dates 2 years ago.
Yes, overnight, since close, PoG slipped through 322 thrice but don't see it as staying there today. In fact INO is currently quoting at 322X322.90
If our new thread poster is saying xau will take a massive hit today(only), he maybe right ABX will take Major Hit. As for longer term - 3-9 months, quite the opposite is true because a lower hedge position is VERY BULLISH PoG & LOWER ABX production is even more Bullish!
Did you pick up what ABX did? CNBC is reporting ABX will continue to trim hedge book. This is also funny as gold price has increased Bob Johnson was nice enough to inform us that most other mining firms had increases in Reserves, Production, & Higher Grades & Recovery Rates BUT for ABX the Inverse is true. Why?
You agree something smells funny herein - or is it just odd rotten mining luck?
Dow Jones Business News
Barrick Revises 2002 Outlook
Thursday September 26, 6:32 am ET
TORONTO -(Dow Jones)- Barrick Gold Corp. lowered its guidance for the rest of the year following a disappointing third quarter in which the company experienced lower production and higher costs.
In a press release Thursday, Barrick cut its third-quarter outlook by half, to between 5 cents and 6 cents a share from a Thomson First Call mean earnings estimate of 12 cents a share, as certain operations experienced lower-than-anticipated grades and recovery rates. Barrick also said fixing its mine sequencing and process issues is taking longer than expected.
The fourth-quarter outlook stands at 10 cents to 11 cents a share; the First Call consensus estimate is 13 cents a share.
For all of 2002, Barrick expects to earn 33 cents to 35 cents a share excluding non-hedge-related adjustments, down from a prior estimate at the lower end of a 42-cents to 47-cents-a-share range. A survey of 22 analysts produced a mean earnings estimate of 44 cents a share.
Last week, Barrick set forth a long-ranging growth plan that calls for a $2 billion mine development program and earnings that will double by 2006. The company reiterated some of the specifics of that plan in Thursday's release.
biz.yahoo.com |
