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

To: goldsnow who wrote (37675)	7/23/1999 7:41:00 PM
From: Bobby Yellin	Read Replies (2) \| Respond to of 116764

'''The sentiment attached to IMF sales is enormous. And the reason why it's become so high profile is because of the campaigns to stop the sales,'' le Roux said.' weird... law of jungle..wonder if the Swiss have settled with holocaust victims ..wonder if apartheid ending has anything to do with this? just a bit paranoid I still don't think the jungle behaves like this.. the animals in the jungle don't underestimate their victims or use stupid rhetoric

To: goldsnow who wrote (37675)	7/25/1999 7:36:00 PM
From: Greg Ford	Respond to of 116764

Hester Le Roux doesn't get it. The producers are short gold as a risk management tool. At the end of the day the producers are long gold and would prefer nothing but higher prices. In fact people invest in gold companies because of the upside and potential for gold to move higher not for the hedge books. Barrick has a hedge book valued close to $1 billion, but the market cap is closer to $7 billion. See what I mean. Barrick is valued at $7 billion because of its properties and ability to extract gold cheaply. The recent increase in gold producers hedge books is due to the uncertainty and sentiment shift regarding sales. It is a chicken or egg story, which came first producer sales or negative sentiment created by central banks. Hopefully Hester's comments are not indicative of the quality of GFMS information. Greg