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Gold/Mining/Energy : Barrick Gold (ABX)
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To: Enigma who wrote (985)2/19/1999 12:35:00 PM
From: bill  Read Replies (2) of 3558
 
A question: wha do Barrick and PDG know that we don't? They both
have been buying everything they can get their hands on. They are
not paying distressed prices but large premiums over market prices.
Am I wrong in assuming that for ABX to pay a premium such as
they paid with Sutton that their forward projections must include
a major increase in the price of gold? Any number of gold producers
have failed (the mine at Bissett, for example; Royal Oak is on the
knife edge). If the current price is assumed to hold for the
next 12 to 24 months do the ABX, PDG acquisitions make any sense?
If they don't, then on what basis is ABX calculating the forward
price of gold that will make these purchases profit producers?
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