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Politics : Dutch Central Bank Sale Announcement Imminent? -- Ignore unavailable to you. Want to Upgrade?

To: sea_urchin who wrote (7402)	8/25/1999 2:53:00 PM
From: Claude Cormier	Read Replies (3) \| Respond to of 82268

Searle, The XAU/POG is certanily a good measure of the relative value of shares versus gold. But it doesn't tell the whole story. It doesn't tell that Barrick is fully hedged and still has growing cash flows. It doesn't tell either that Freeport which is more base metals than anything else is a large component and has less to do with gold. IOW, the XAU is changing overtime. That is probably why it bottomed at 48 in Aug98 and is now 35% higher. SO the levels of the ratios must be adjusted. <<But, of course, the speculation with many/most is that they may not survive the winter.>> True, a lot of juniors are struggling with survival but some are in much better shape than a lot of seniors. They have no debt, cash, good properties, JV' partners, a very undervalued price..and so on. The best gems are found in the junior mining sector.