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

To: Mark Bartlett who wrote (44469)	11/2/1999 8:22:00 AM
From: Enigma	Read Replies (1) \| Respond to of 116763

"I think forward selling is one of the most insidiously destructive and stupid things that gold producers became involved in" Forward selling takes the price uncertainty out of the equation - and allows large companies to concentrate on cost control and production increases - it also makes project financing much simpler. Barrick has managed to get costs down to the lowest for any major - why should they suddenly stop hedging? A proper hedging programme takes account of time, not price. In addition the hedging programme has earned them multo aditional bucks - and aren't they in business to maximise profits? If you were a senior officer or director of a large miner I doubt if you would even suggest that the company cease it's hedging operations - provided that you were satisfied that the company was not exposed to undue risk. There are obviously hedging programmes and hedging programmes - as an officer or director you have a duty to exercise the proper diligence.

To: Mark Bartlett who wrote (44469)	11/2/1999 10:17:00 AM
From: Alex	Read Replies (1) \| Respond to of 116763

How's this for transparency? I'm sure it's just a typo <g>.................. Link to the Bank of England website: bankofengland.co.uk Link to the Treasury website hm-treasury.gov.uk (following flash for quarterly report only) * * * Chancellor of the Exchequer Gordon Brown has implemented a new system of declaring every quarter whether the Bank has carried out FX intervention. Today"s was the (third) report in the series. ((The Treasury"s report downplayed the significance of any changes in the Bank of England"s foreign currency and gold deposits, saying they had been affected "principally" by placements witht eh Bank by overseas central banks and other Bank customers.)) The Bank"s foreign exchange and gold holdings fell by US $xxx million during the quarter to end xxxxxx, and stood at $x.xx billion at the end of xxxxxxxx. End Bridge News Send comments to Internet address: news@bridge.com For other Bridge News stories on the UK: