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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: patron_anejo_por_favor who wrote (269311)12/2/2003 5:42:59 PM
From: Fun-da-Mental#1  Read Replies (3) of 436258
 
Patron, since you mention you're holding KGC I'm curious about your take on the company right now. I used to be a big fan of this stock, but every time a new earnings report comes out it's a disappointment. Every time the gold price goes up, their costs go up too, so they stay around the break-even point. This looks suspicious, as if they were hiding the true extent of their losses before, or as if somebody's siphoning off the profits now, or both. (Please nobody quote me out of context here. I'm not saying that is the case or that I have any evidence for it, just that those earnings reports make me wonder.)

It's not just Kinross I'm worried about. The gold sector is a great place to be, except that mining companies do not have a great reputation for honesty. Many sceptics here have questioned the big hedgers, but let's not forget the biggest scandals have been with small companies that promise the moon. As the gold price rises we may see another Bre-X.

-Fun-da-Mental
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