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To: fedhead who wrote (269308)12/2/2003 4:12:03 PM
From: patron_anejo_por_favor  Read Replies (1) of 436258
 
Hi Anindo...AU and RANGY have significant operations outside of South Africa, therefore the strengthening Rand affects them much less than HMY/AU/DROOY, which are "purer" South African plays. How long the Rand continues to outperform is anyone's guess, it's been absolutely incredible over the last 2 years (essentially doubling against the dollar over that span):

stockcharts.com[h,a]waclyyay[pb50!b200][vc60][iUb14!La12,26,9]&pref=G

It would seem that the South African central bank ought to be considering rate cuts (but that argument could have been put forth a year ago, and not much has happened). With precious metals miners, it's important to be diversified across nations and currencies. While I hold AU, HMY and GFI, I also have positions in BGO, KGC and NEM as well as some precious metals funds to reduce the risks associated with South Africa. Nonetheless, over the longer term I think they are VERY attractive (in part because the Rand is unlikely to keep rising forever).

Regards

Patron
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