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To: d:oug who wrote (44495)	11/2/1999 11:02:00 PM
From: d:oug	Respond to of 116759

Where do Good Derivatives Live ? [unBarrick] Subj: Michael Hampton: Golden Rules - For Hedging Mining Companies Date: 11/2/99 8:25:31 PM EST From: LePatron@LeMetropoleCafe.com To: dougak Le Metropole members, Michael Hampton has served commentary at the Toulouse-Lautrec Table entitled, "Golden Rules - For Hedging Mining Companies." Michael Hampton was a pioneer in developing commodity derivatives when he was at Chase Manhattan Bank. He has written several chapters and articles for books and magazines on the subject of derivatives. Currently, he advises investment funds, mining companies, and a specialised shipping derivatives fund on their use of derivatives. "Investors can be forgiven for complete bemusement over gold hedging by producing companies. Michael Hampton explains what?s going on and the pros and cons." This article will be published by David Williamson and Associates, a mining finance and investor relations group based in London as it is coming out first in their magazine this week. Midas du Metropole has served commentary at the James Joyce Table. Le Metropole Cafe All the best, Bill Murphy Le Patron www.LeMetropoleCafe.com

To: d:oug who wrote (44495)	11/3/1999 5:10:00 AM
From: d:oug	Read Replies (1) \| Respond to of 116759

... it looks about as corrupt as can be ... not how you unload a position... Midas du Metropole, November 2, 1999 , A Midas Rambling As predicted, many producers want to buy back some of their forward sales. Cambior bought back 1.3 million ounces, Aurora in Australia restructured its hedge book to better accommodate higher gold prices and Echo Bay bought back cut its forward sale gold position by a third, among others. Cafe sources have told me that they know of two large producers that also want to cover some forward coverage, but are waiting for volatility's to drop..... Ashanti came to a standstill agreement with some of its creditors. The agreement exempts Ashanti from having to make margin calls for the next three years. Market participants continue to discuss whether this new arrangement is bullish or bearish..... ... from the Yahoo Message Board. The Ashanti crisis reviewed. by: Captainfreddy1 11/2/1999 4:28 am EST Msg: 23061 of 23072 ... that in the secretive world of gold trading, and Central Banking, those of us who look from outside in do not see very much, and must work off estimates of the very astute Frank Veneroso and whatever data is available to us which is not very much. In a market of such little transparancy, it is hard to get a handle on it, but when you add it all up as to what we can see, and look how gold tanked, it looks about as corrupt as can be. If someone wants to sell a large position, he does not start in the thin market in Asia, and sell in the first minute enough to tank the gold price l0.00, when the amount he sold could have very easily been handled later in London in incremental sales. Such one minute avalanche of sales, my friends, is how you manipulate markets and not how you unload a position..... Right on, Captainfreddy .... Gold demand is very firm, physical supply is still tight, the gold market has been orchestrated down, the "manipulators" are fighting a losing battle, many gold producers want to cover shorts, the pressure remains on them from the investing public not to be overly hedged on the next price run up, the prices of gold..... Bill Murphy, Chairman, Gold Anti Trust Action (GATA) gata.org Le Patron, Le Metropole Cafe lemetropolecafe.com