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Gold/Mining/Energy : Precious and Base Metal Investing
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To: Elizabeth Andrews who wrote (6322)12/24/2002 10:21:32 AM
From: newfoundland1  Read Replies (1) of 39344
 
Dear Elizabeth

I cannot remember what you have said in the past about the South Africans - (particularly GFI and HMY).

If you are thinking that the smart money should now be going to Barrick - essentially because of leverage and the market discounting too much for its opaque but potentially serious hedging in a rapidly rising market (cf discussion between Mureenbeeld and Saville amongst others) -
why not the South Africans whose leverage is good and whose country's politics look very well discounted already ? (The SA Government has been reasonably transparent about its intentions and there is a pretty undisguised racism behind the scariest scenarios painted of what these "black communists" are really up to).

One problem with the SA's is the appreciating rand but the volatility of the SA miners to date as not been so much due to currency movements but much more the general momemtum or otherwise behind gold shares generally though writ large. An appreciating currency also implies a measure of institutional confidence in the country's politics and resources, it therefore makes little sense to over discount the successful and well managed companies actually involved.

Would be grateful for your observations.

Wyatt
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