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

To: sea_urchin who wrote (7655)	9/5/1999 8:44:00 AM
From: Crimson Ghost	Read Replies (3) \| Respond to of 82042

Searle: I doubt if those 3 firms control even 10% of global gold output. I they controlled 75%, POG probably would be $400+ today. Most gold miners are too financially weak to cut output in an attempt to force prices up. And those that are strong enough to to do so, do not have enough market share to be effective. The induistry desperately needs to restructure so that the miners collectively have some market power. Only via this route will they be able to meet the CBs and bullion banks on more equal terms.

To: sea_urchin who wrote (7655)	9/5/1999 10:38:00 AM
From: goldsheet	Read Replies (2) \| Respond to of 82042

> Isn't that the case already? Anglogold, Barrick and GoldFields must > surely control 75% of world output Not true. The top 5 mining companies produce only 25% of the world's production, which I guess we said was about 82 million ounces. AU (6.9) + NEM (4.0) + GOLD (4.0) + ABX (3.7) + PDG (3.2) = 21.8Moz I added up the production of over 60 firms in my spreadsheet and only came up with 58 million ounces, only 70% There are just too many gold miners producing too much gold !

To: sea_urchin who wrote (7655)	9/5/1999 11:13:00 AM
From: long-gone	Read Replies (3) \| Respond to of 82042

<<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. >> Searle, AngloGold has far lower hedged positions(as a % of total reserves) than do some other producers. When I looked as deeply as I could, the producers you mentioned had around 45-55% of total supplymore than enough to do what you speak of), though gold fields has reduced output. What you should look at is total number of oz sold by ABX, is it not more than total amount they produced? Can the same be said about Anglo or goldfields? richard