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Strategies & Market Trends : Natural Resource Stocks

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To: Jim Willie CB who wrote (4328)	12/4/2003 3:49:32 PM
From: abuelita	Read Replies (2) of 108616

Alas, poor Barrick. Hedges can't survive gold's rise Barrick Gold chairman Peter Munk in 2000 on hedging: "It's not only rock solid, it's an absolutely primitive undertaking of the simplest, most understandable format." Mr. Munk last month: "The commitment to hedging is gone." more at ... theglobeandmail.com The irony is that Barrick, the industry pariah because of its hedging strategy, is now the industry's best friend. When Barrick hinted it would halt forward sales and wind down its hedge book, gold prices took off. When the biggest short seller of them all called it quits, gold bugs knew their optimism was warranted. Poor Barrick. It might take it years to close and bury the hedge book, and that will put a drag on its shares.

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