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Gold/Mining/Energy : Precious and Base Metal Investing

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To: newfoundland1 who wrote (6339)	12/24/2002 1:45:26 PM
From: Elizabeth Andrews	of 39344

I am avoiding anything in Africa. I'm sure you are aware of the black empowerment movement underway that is centrally driven. It boils down to a socialist idea that mandates the use and purpose of resources, in this case equity ownership in a wide range of businesses, including gold mines. I believe governments should have control over and allocate some essential resources, primarily things that protect private property. The style of this movement dictates resource use within private businesses and this has never worked in the past. Anyhow what is the goal? Create jobs? Eliminate black poverty? Transfer wealth? I'm not clear on what is being attempted? For the allocation of capital to be effective in creating wealth and jobs the user of the resource has to be able and is usually able to specifically identify its cost of producing something. Governments usually can't do that and don't feel accountable. This is the same, and it's likely to be a mess and result in the withdrawal of risk capital by the private sector from SA, which will make things worse. Time will tell.

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