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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: d:oug who wrote (44402)	11/1/1999 6:17:00 AM
From: d:oug	Respond to of 116906

GOLD asks for your help. Take action. Do something. No step is too small. The James Joyce Table Midas du Metropole ... influential Dick Pomboy of Greenwich, Connecticut pointed out that the stocks of many gold producers have gone nowhere after the $50 rally in the price of gold because the generalist fund managers have the money today and they don't know if they should invest in gold companies right now after what happened to Ashanti and Cambior. These generalists don't want to know about this hedge strategy, that hedge strategy, knock up puts, knock down calls, structured deals and so on and so on. They want to invest in prudent, sound gold companies and realize good returns for investors because the gold price goes up. The generalist money managers are scared away right now and all gold producers are being affected. ... money managers to AngloGold was: stand up for your own product; announce to the world you are accelerating the covering of your forward sales down here at these low price levels. Stand up and be counted, like Chris Thompson, Chairman of South Africa's second largest gold producer, Gold Fields Ltd. If you don't, then be prepared to face the wrath of gold shareholder investors around the world. That is GATA's message, too, and has been part of our "right flank" plan from the gitgo. Get that same message to the CEO's of the very hedged gold companies. Prudently, cover forward sales now, while you have the chance. Get the message to money managers that the companies like Barrick Gold should be shunned until they act responsibly, support the gold market and start covering their forward sale positions. If institutional gold money managers know that they are going to under perform their peers, they will start dumping big hedgers. That will create a self-fullfilling happening and force managements to pull the trigger. All of us can make that happen. Call up the institutional gold money managers. Sell the shares of big hedgers like Barrick Gold. Call up Barrick CEO, Randall Oliphant at 416-307-7427 and tell him you are fed up with Barrick Gold's anti-gold stance. Cambior just covered 1.3 million ounces of gold as part of a restructuring of their hedge book. Some Australian producers are beginning to cover. Barrick is short over 13 million ounces of gold with another 3 to 4 million oz. of written call exposure. Don't they believe enough in their own market to cover at least 25% to 35% of that amount down at these ridiculously low price levels? Why invest in Barrick if they do not even believe in their own product after all that has happened recently? I can see NO REASON to own Barrick Gold. An investment trip to nowhere. They are like a football team playing for a tie. What a waste of time and money! What is worse, Barrick is supposed to be an industry leader, like AngloGold. By not covering hedges here and making a statement to that effect to the general investment world, they are hurting the entire industry. That is a fact. Many in the industry cannot survive at these extraordinarily low gold price levels. That is a fact too. GATA has pledged to do what we can about this state of affairs to 20,000 out of work Australian gold miners, almost bankrupt junior and gold exploration companies and to gold company shareholders that have lost 60% to 90-% of their investments as a result of the manipulation of the gold market. It will take $350 to $385 gold to start the healing process. Responsible covering action by the large and intermediate hedgers will speed up that process. So will pressure from all of us. Keep the "HEAT" on them to do the right thing. GATA asks for your help. Take action. Do something. No step is too small. One more note on this relaxing Sunday afternoon in the U.S. On Friday night, I met with a distinguished Dallas attorney and his wife for dinner. He used to work for the Justice Department. He had not read much about GATA, but independently felt that the bullion dealers and possibly our own "officialdom" had been manipulating the gold market. He offered to help us in any way possible. Expect GATA's legal machine (the point of our attacking diamond) to step into the gold market fray in the very near future. I best not say much more here right now. But let me say this: Washington will be hearing from us soon. All the best, Bill Murphy, Chairman, Gold Anti Trust Action (GATA) gata.org Le Patron, Le Metropole Cafe lemetropolecafe.com