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To: Ken Benes who wrote (44845)	11/11/1999 9:29:00 AM
From: Enigma	Read Replies (2) \| Respond to of 116766

You've mentioned that Barrick is @ the same price as it was in 1992(?). Of course in the meantime it has been higher, and lower - however there are other things to consider - assuming you are a would be investor. eg - what are the comparative eps and cash flow per share figures then and now, and flowing from that - what are the multiples, trailing and estimated? Is the balance sheet stronger or weaker, what is the absolute cash flow figure - how many hundreds of millions? I don't know the answers, and don't have the time to do the digging, and am not an investor in Barrick at the moment - however this sort of research is necessary to cut through all the perceptions and misconceptions that are out there.

To: Ken Benes who wrote (44845)	11/11/1999 1:20:00 PM
From: Richnorth	Respond to of 116766

David Tice has served commentary at The Hemingway Table (at Lemetropole.com) entitled, "The Irrepressible Bubble." "And while NASDAQ and the Technology sector are in the midst of an historic speculative meltup, we see this as only adding to an already unsound and unstable financial system. We live in truly extraordinary times and things are certain to only get more interesting over the next two months. Clearly, the Fed is poised to fuel financial system liquidity going into Y2K. The big problem, however, is that the manic stock market and overheated bubble economy need exactly the opposite medicine. With this in mind, never has it been as evident that this is one big accident in the making." Charles Peabody has followed his "Sell Chase Manhatten Bank Corp." analysis with some additional commentary at The Hemingway Table entitled, "Consumer Banking Growth Slowing." "Several weeks ago, I formally adopted a SELL recommendation on the credit card industry. My fundamental position was that, despite aggressive pricing tactics (e.g., billing practices, late fees, overdraft charges, etc.), the increasing competitive dynamics of the industry, in concert with the current higher interest rate environment, would put pressure on companies' ability to grow revenues. While short-term that slowing in revenue growth was being offset by tight expense management and improving credit quality, it was my projection that credit quality would take a turn for the worse next year (most likely in the first half)." Last night after the close and for the second time in past few months, Banc One notified analysts its earnings would be reduced because of declining credit card profits. Charles Peabody has focused on this issue for some time and is on the money once again. Charles also informed me yesterday that The Office of the Controller of the Currency brought in 20 senior banking executives from various banking institutions to warn them about lax credit policies. This has been a theme of both Peabody and Tice for some time. While the NASDAQ goes ballistic, the index of banking stocks is rolling over once again after a sharp, but brief, short-covering rally. Both Charles and I agree that it is only a matter of time before the gold world faces (in a much more serious way) the gold loan issue. Simply put, will the lenders of gold be able to retrieve their gold when they ask for it? Will there be mounting defaults in a crunch? The recent gold move up was just a shot across the bow. The shortage of physical gold compared to the outstanding paper contracts grows by the day. It is only a matter of time now before there are more fireworks to the upside. * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * "This is number one, The 'fun' has just begun! When it is number two, The gold-hedgers get screwed! When it is number three, - - - - - - - - - - - - -"