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To: goldsheet who wrote (43404)	10/20/1999 1:02:00 PM
From: Jim McMannis	Read Replies (1) \| Respond to of 116915

RE:"Correct. I did an analysis recently that showed there wasn't too much difference from 1994 to the August 1998 low at $275. From the August 1998 low to the August 1999 low ($255), the hedged miners did better than the unhedged. This explains why XAU bottomed at 56.44 in 1999 versus 48.89 in 1998. Since August 1999, the unhedged have done better than hedged"... That is a very interesting thesis. Thanks for pointing that out... Jim