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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Tommaso who wrote (209934)12/17/2002 10:38:37 AM
From: Wyätt Gwyön  Read Replies (1) of 436258
 
the delta is how much the derivative position changes in value relative to a change in the underlying. in NEM's case, the delta for the Australian dollar/USD movement is larger than the delta for POG/USD movement. (NEM haters are typically unaware of this.) so if the AUD goes up, the overall negative value of the derivative position can go down (even to zero) even if the POG goes up.

NEM mgmt have much more of their own net worths on the line (tied up in their own co's stock) than any other miner mgmt. something like half a billion dollars worth. NEM advocates include Jim Grant, Fleckenstein, and John Doody. i tend to think they know more than the posters on SI.
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