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Gold/Mining/Energy : Gold Price Monitor

GDXJ 106.70

-0.3%

Dec 5 4:00 PM EST

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To: IngotWeTrust who wrote (13588)	6/29/1998 9:48:00 AM
From: William JH	Read Replies (2) of 116796

Ole 49er - Back on June 20 I asked your opinion of Homestake buying back a 1mm oz forward sale Plutonic had made prior to their takeover by HM. Someone else posted that it meant nothing because HM does not sell forward. Your answer that <with all the new fangled trading it was hard to tell, but that you would take any encouragement>, seems to be right on. According to their annual report, they have a gold hedging policy for the use of forward sales contracts to hedge up to 30% of each of the following ten year's expected annual gold production. They also sell puts and calls. During 1997 they delivered 535,000 ounces of their Australian gold production into Australian dollar denominated forward gold contracts. From what I read, they seem very active in the futures markets. This information is on pages 29 & 30 of the 1997 annual report. Therefore, I would think that their buying back of 1mm ozs is positive. Regards, WJH

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