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Gold/Mining/Energy : Barrick Gold (ABX)
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To: russet who wrote (3320)1/20/2003 10:11:22 AM
From: Ken Benes  Read Replies (1) of 3558
 
That is absolute nonsense. What you are saying, barrick enters into agreements with a conglomerate of bullion bankers, who in turn do business with the central bankers and abx has absolutely no recourse to the funds they receive for a promise to deliver gold tomorrow. The banker fails and barrick has a huge gain from the funds they receive and does not have to pay back the gold. If this is the case you can add bankers and bullion dealers to the crowd mesmerized by the barrick magic. I will tell you point blank, barrick's liability does not disappear and there is no barrick magic. I cannot believe the effort to cast barrick as the Rodney Dangerfield of the equities market. They do not have the respect of the markets for a reason.

Ken
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