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To: Zardoz who wrote (38251)	8/3/1999 4:06:00 PM
From: Enigma	Read Replies (2) \| Respond to of 116753

<<But most producers that hedge, are hedging against production that is still in the ground. And will be delivered after being produced>> This is of course what I said - and is hedging pure and simple - so I think it is you, sir, who have jumped into some esoteric sphere. You have introduced the subject of calls - and this is of course another layer on the cake - a layer which Barrick pioneered and many are copying. This gives Barrick the potential to participate above $285/oz in the example I made up. And there are sophisticated layers on layers no doubt. But I was trying to employ the KISS principle in my example - was talking about hedging and nothing else - just like the Kansas farmer. Just trying to secure a fixed price. The risk the farmer faces is that the crop will not be deliverable - drought, blight, etc. Hence crop insurance.

To: Zardoz who wrote (38251)	8/3/1999 4:13:00 PM
From: long-gone	Read Replies (1) \| Respond to of 116753

Looks as though cyber value can not co exist with real value as represented by gold. Perhaps the internutz went up on the back of gold? Nice XAU close.

To: Zardoz who wrote (38251)	3/9/2001 7:55:44 AM
From: long-gone	Respond to of 116753

Thursday March 8, 5:25 pm Eastern Time Chile peso ends at record low closing level vs dollar SANTIAGO, March 8 (Reuters) - Chile's peso ended trading Thursday at its lowest closing level ever after banks and companies stepped up demand for dollars to cover positions in a volatile session. The local currency closed at 589.70/590.00 pesos per dollar, 0.46 percent weaker than Wednesday's finish of 587.00/587.30. Traders said heavy corporate demand for dollars early in Thursday's session dried up some banks' dollar supplies, forcing them to cover positions and pressuring the peso. ``At the opening, the dollar weakened significantly, which encouraged some companies to buy dollars to cover imports,'' one trader said. ``These purchases left several banks with minimal dollar positions and forced them to go out and buy (dollars) in last-minute operations after they saw there was no real supply from companies,'' he added. Meanwhile, the local stock market closed flat, with a drop by electricity generator Gener pulling down a market otherwise cheered by Wednesday's raft of government measures designed to jump-start stagnant Chilean consumer demand, traders said. The IPSA (^IPSA - news) index ticked down just 0.01 percent to 102.44 points, mostly due to Gener shares, which lost 5.47 percent to close at 130 pesos per share. Analysts cheered a government plan announced on Wednesday to provide debt relief to small businesses, the nation's main source of employment. Half of the sector's $2 billion debt will be eligible to be restructured via flexible credits from the state-owned bank. The plan, combined with last Friday's surprise 50 basis point cut in lending rates by the central bank, is seen as creating more jobs and boosting consumer spending, two factors that have lagged behind the broader economic recovery from a 1998-99 recession. The ADRIAN (^ADRIAN - news) index, which reflects the local share prices of all Chilean companies with American Depositary Receipts (ADRs), ended up 1.82 percent at 988.44 points. The broader IGPA (^IGPA - news) gauge also rose, up 0.49 percent to 5026.31 points. Overall, 41 shares advanced, 15 declined and 30 traded unchanged. Turnover was about average at $13.9 million on the Santiago Stock Exchange. biz.yahoo.com