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

To: goldsheet who wrote (7647)	9/4/1999 11:03:00 PM
From: Crimson Ghost	Read Replies (1) \| Respond to of 81234

Bob: I have to side with Searle on the question of consolidation and production cuts. If good for oil, copper, and aluminum, it will be good for gold also. The gold mining industry probably is the worst managed in the world from the standpoint of maximizing shareholder value. As far as the mines cash flow goes, I as a stockholder am primarily interested in the stock price. And what the mines (collectively) are doing -- producing to the max and hedging at 20 year low prices instead of sharply cutting production -- has gravely damaged their stock prices. And are not private companies supposed to be run for the benefit of the stockholders -- not management, workers, or bullion banks.

To: goldsheet who wrote (7647)	9/5/1999 7:10:00 AM
From: sea_urchin	Read Replies (3) \| Respond to of 81234

Bob : I have also argued that way. That dog eats dog and the smaller or less efficient producers have to be gobbled up, moth-balled or go to the wall. If is is true, however, then AngloGold has no right to blame BOE for dropping the POG and messing up the economies of some African countries when its own actions are equally to blame. "Maybe someday there will be 10 firms that control most of the world's gold production and will be able to set prices" Isn't that the case already? Anglogold, Barrick and GoldFields must surely control 75% of world output. A cartel in all but name?!