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To: Zardoz who wrote (38287)	8/4/1999 7:26:00 AM
From: Enigma	Read Replies (2) \| Respond to of 116979

Hutch - you can be a twisted (dare I say nasty? Now Morgy stand back!))little fellow when things don't go your way - I gave you a simple example of a traditional hedge - get it? Of course to keep it simple I assumed that the timing of the hedge position and the spot selling was co-incidental - in practice it would not be - there are a lot of possible variations - of course there is more than one way out. I never worked for Barrick - where do you get these ideas?

To: Zardoz who wrote (38287)	8/4/1999 8:21:00 AM
From: Follies	Read Replies (1) \| Respond to of 116979

Hutch said: BECAUSE he assumed that you can't, or will not buy back your position. DoubleD said: Producer Buys (i.e. closes) Sept.2001 contract for a loss of $345 - $285 = $60/0z X 100,000 0z = $6,000,000 loss So DoubleD's example shows the buy back that Hutch says he doesn't show. Hutch, I am not getting your explanations, what is the difference between future, forward and commodity swap? I thought the diference between between futures and forward was language, British vs American for the most part except technical differences like you see in european vs american options contracts.