Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : Goldman Sachs Group Inc. NYSE:GS -- Ignore unavailable to you. Want to Upgrade?

To: long-gone who wrote (174)	10/11/1999 2:50:00 PM
From: The Barracuda™	Respond to of 411

GS is on the hook for $103MM with gold a $325. If gold falls, the damage to GS drops, if gold rises the damage increases Ashanti has sold 10MM oz short so each dollar change is $10MM plus or minus to Ashanti which is passed through to its creditors of which GS is the largest. From Yahoo ASHANTI'S HEDGE WOES LINGERING The fall in value of the hedge book was based on a spot gold price of $299.55, the company said in its September quarterly. Emperor's woes follow the problems suffered by Ghanaian producer Ashanti Goldfields Co (quote from Yahoo! UK & Ireland: ASHGq.L) and the mid-sized Canadian miner Cambior Inc (Toronto:CBJ.TO - news), both of whose hedge positions have been hit by the rising gold price. The Wall Street Journal's interactive edition (www.wsj.com) said on Thursday that the Wall Street banks with the largest credit exposure to Ashanti were the Goldman Sachs Group (NYSE:GS - news), $105 million; Societe Generale , $82 million; Credit Suisse First Boston, $62 million; UBS , $61 million; American International Group (NYSE:AIG - news), $32 million; and Chase Manhattan (NYSE:CMB - news), $25 million.