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To: Terry Swift who wrote (42915)	10/13/1999 9:58:00 PM
From: lorne	Respond to of 116770

Asia: New Gold Savings Scheme Funds Pilgrimages To Mecca London, 13 October 1999 (RFE/RL) -- " The World Gold Council has launched an imaginative new scheme aimed at helping Muslims in rural areas to save gold coins to pay for pilgrimages to Mecca. The savings scheme was launched on a trial basis two months ago in Indonesia, the world's most populous Muslim country. Officials say it is already such a success that the London-based World Gold Council (WGC) may expand it into other Muslim countries, possibly including Central Asia." Full story >>>>> rferl.org

To: Terry Swift who wrote (42915)	10/13/1999 10:03:00 PM
From: Greg Ford	Read Replies (2) \| Respond to of 116770

Barrick, and other producers except maybe Cambior and Ashanti, can roll the spot deferred or elect to deliver gold in to the spot deferreds. What they fail to tell you is that when the roll the spot deferred ( past the intended delivery date of the hedge) they need to take the difference to earnings. For example, assume ABX had a hedge to 12/31/99 at a price of $350. Assume spot was $375 at that date. ABX could roll the out of the money spot deferred but they would have to take the $25 hit to earnings ($375 - $350). By rolling the spot deferred they increase their cashflow but they are betting the price will go lower so they can buy back the out of the money hedge. It is all smoke and mirrors. Did ABX mention that they have 3.2 million calls outstanding or that the mark to market of their hedge book is negative? Greg