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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: David R. Schaller who wrote (36055)	6/28/1999 10:39:00 AM
From: Ken Benes	Read Replies (1) \| Respond to of 116741

David: You heard right. The producers retail much of the gold the central banks want to sell. This is the reason that gold has ostensibly been demontized and does not sell as a commodity on a supply and demand basis. Ken

To: David R. Schaller who wrote (36055)	6/28/1999 10:46:00 AM
From: Claude Cormier	Read Replies (1) \| Respond to of 116741

<< Did I misunderstand?>> I think you did. Check out Barrick statements. Do they show $4 billions in assests (T-bills purchased from the returns forward sales) and $4 billions of liabilities (gold leases). The answer is NO. OTOH, you will read: "The instuments used include spot deferred contracts, commodity options and currency swaps. The company does not hold or issue derivative financial instruments for trading purposes..." "Contracted prices for spot deferred sales are recognized in gold sales as the designated production is delivered to meet commitments "