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Gold/Mining/Energy : Barrick Gold (ABX) -- Ignore unavailable to you. Want to Upgrade?

To: C Hudson who wrote (1274)	6/29/1999 10:25:00 AM
From: Enigma	Read Replies (1) \| Respond to of 3558

To each his own - after all we're all over 21 - at least I guess that's the case - depends if you want an investment grade stock or not - there are plenty of these however and some don't hedge. d

To: C Hudson who wrote (1274)	7/1/1999 12:23:00 PM
From: Claude Cormier	Respond to of 3558

<<It looks like word is getting out about how this companies hedging program has decimated the gold industry >> CHudson, Can you explain ? After all they sold only 350 tons over a period of 2-3 years. Although it may temporaily have a small effect on the downside, it will have a positive effect long term as future production must go back to cover the forward sales. This selling is nothing compared to 1) early 1998 dumping of gold by the Asians and more specifically the special sale program by the Koreans 2) Last summer announcement by the Bank of Australia 3) Last month announcement by BOE. 4) the IMF threat to sell 300 tons 5) the Swiss threat to sell 1500 tons. Take only scrap gold supplies to the market, they jumped from 625 tons in 1997 to 1025 tons in 1998 because of the Asian Crisis. The fact is Barrick is extremely well managed and their hedging program is just fine. They follow the rules of the market