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Gold/Mining/Energy : Gold Price Monitor

GDXJ 98.59

-2.8%

Nov 13 4:00 PM EST

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To: Greg Ford who wrote (9521)	4/7/1998 10:20:00 PM
From: Enigma	Read Replies (1) of 116759

You may very well be right - I don't know how they formulate their strategy - except they have been on record in the past as saying that they participate to the extent of 60% in any upside move beyond the hedged price. I think they have followed the same strategy for years, possibly with minor variations. As a producer they are a hedger not a speculator, so this must be their guiding rationale. So far as I know they have never given details of their strategy (on the options side). I always felt that this whole hedging business was their great strength.

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