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

To: long-gone who wrote (39626)	8/26/1999 8:55:00 AM
From: Rarebird	Respond to of 116801

TOCOM PRECIOUS METALS REVIEW: AUG GOLD EXPIRES NEAR CONTRACT LOW Tokyo--Aug 26--The Tokyo Commodity Exchange Aug gold contract expired today below its lowest previous close at 902 yen per gram--only slightly above Wednesday's intraday contract low of 899 yen. Individual speculators took a total 3.1 tonnes of delivery against the contract rather than liquidating their positions with losses, dealers said. Other contract months in TOCOM gold dipped today following the decline in spot prices, they said.

To: long-gone who wrote (39626)	8/26/1999 10:43:00 AM
From: Zardoz	Read Replies (3) \| Respond to of 116801

The deputy chief of Japan's top financial watchdog said on Tuesday that his agency was preparing to bring criminal charges against the Credit Suisse Group Not a very wise thing for the Government of Japan to do. Hutch

To: long-gone who wrote (39626)	8/26/1999 12:50:00 PM
From: russet	Read Replies (2) \| Respond to of 116801

To all and no one in particular, I didn't say markets aren't manipulated. Many try. Some succeed for a time. Diamonds, oil, copper, gold, aluminum, $US dollar, every countries dollar, etc, etc,...all these and most markets are manipulated. I said, who gives a damn! One thing that blows me away, is people try to make ABX an evil corporation out to screw their shareholders. If that is the case they are screwing themselves too, as management are shareholders too. If there is a criminal here, it is the people who control the Central Banks that allow leasing of our gold for below market lease rates. Those people should be thrown in jail. I asked Rarebird who set these lease rates and he said it was more or less a cartel controlled by the US central bank and the Bank of England. So now you know who to throw in jail. Back to ABX, only 20% of their reserves are hedged. 80% is not, and can be sold at the spot price. All of Barricks hedged gold was sold at prices above their cost of production. Pierina produces gold at $35 per oz. They sold the hedge at prices above $250. Did they make money? Who cares if the cantango fails to make money. They still locked in a damn good profit. If gold prices spike up, Barrick is going to sell 80% of their gold at enormous profit and cover the hedge still making enormous profit. Munk was born in dark age times when neighbor fought neighbor, and killed each other for the gold in their teeth. I have a hard time believing those lessons aren't burned in his brain. The ABX hedge program is very conservative, relying on interest to make profit. It is not leveraged at all. They have not sold what they don't have. If gold prices don't spike up, Barrick will continue their hedge program and make 5% or so, on their money by playing the interest rate curve. If that curve flattens out, they don't have to play the leasing game. They can continue to play the lowest cost producer game. $35 per oz. That's what every investor in gold companies should be focusing on. Not the manipulation of the gold market. Good management made Barrick the lowest cost producer, and make them better and better each year. Some people here are hoping for some big crisis that will put the POG back up to lofty levels. Wouldn't that be nice. Let's all go back to the dark ages, with war, stupidity, ignorance, killing and rape, tyrants leading nations to the slaughter. Do you really want to go back to that? Why don't you go to south central Africa for a taste of it? Maybe you will come back to the Western, industrialized, educated, technologically advanced world and enjoy the rest of your life living in comparative opulent decadence. So gold is manipulated. Who cares? What commodity isn't? Place your bets. S**t your pants! (gggggg) :-)))))