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Gold/Mining/Energy : Gold Price Monitor
GDXJ 126.67+0.4%Jan 14 4:00 PM EST
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To: d:oug who wrote (96621)12/6/2003 9:51:00 AM
From: Enigma  Read Replies (1) of 116856
 
If you have a paranoid mind set you will believe anything. There is a great deal of focus on Barrick and on its financial statements and on its auditors. You may not choose to believe it and you won't because you and your fellow conspiracy theorists have closed minds - but don't you think the auditors of Barrick with all of the spotlight on them wouldn't insist on making provision for losses? And if Barrick refused they would have to qualify the audit report or resign as auditors. Ah yes!, you will say - look at Enron and Arthur Anderson - but it's precisely because of this that the Barrick's auditors are under scrutiny too and you can bet that they have a team who absolutely understand Barrick's hedge book and all the implications of it. Fund managers look at this too - they have to - outside directors seek independent advice. And the market has to be savvy to it. So I weigh all that against what Murphy, The Prof. from Newfoundland, Ted Butler, you(!) etc., have to say and I go with the market. As they say the market hates uncertainty and reflects it and IMO Barrick's shares have been priced at a discount because of all the flack and IMO the shares will now outperform - but in spite of all the mud that's been thrown at it Barrick is still here and flourishing. As Russett has pointed out Barrick shows superior fundamental numbers to most if not all of its competitors
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