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To: Zardoz who wrote (7270)	8/20/1999 11:00:00 AM
From: goldsheet	Respond to of 81137

> How do you feel the XAU has been effected by the recent share buy > backs of ABX and others, which are heavily weighted within the > index? As example, ABX bought back around 10% I have been checking the composition of the XAU for years at the Philadephia Stock Exchange - phlx.com Almost all of the share revisions have been up, except for FCX which has been buying back shares for years. Barrick's annual report (page 48) shows; 1995: 357 million 1996: 373 million 1998: 377 million - 390 fully diluted. The XAU Index site is using 389.964 as the number of ABX shares, so I don't see any buyback ??? > So considering the weighting, this would amount to a tighter higher > XAU value for the same POG. So would not the XAU/AU ratio need be > adjusted lower? The ratio isn't perfect. I have noticed a slight shift in the average from about 3.65 to the current 3.75, which indicates gold stocks are worth about 3% more relative to the price of gold bullion than they used to be.