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

To: Ken Benes who wrote (45491)	12/2/1999 9:43:00 AM
From: Enigma	Respond to of 116762

Another fallacy - IMO Barrick designed its hedging programme - and it's programme - obviously an earlier version - was in place when it brought Goldstrike into production - and had you been a shareholder then and subsequently you would have prospered mightily. And, as I said on the Barrick Thread - where this belongs BTW - Barrick will grow - and, yes, its shareholders will prosper through exploration, mine development and acquisitions.

To: Ken Benes who wrote (45491)	12/2/1999 7:12:00 PM
From: lorne	Respond to of 116762

Gold appears bug-resistant as Y2K comes Alden Bentley NEW YORK 2 DECEMBER BLINK and you might have missed the brief Y2K gold rush, which fizzled out weeks before any mayhem might arise from programming glitches in the world's computers, analysts said. Almost none of gold's advance from near 20-year lows in September and October was attributed to safe-haven hoarding of coins and bars before January 1, analysts said. And there has been no speculation that gold would automatically benefit if out-of-date computers wreaked midnight havoc by misreading the last two digits in the year 2000 as 1900, they added. “Some of the buying was Y2K-related but I don't think it was a significant amount to substantially impact prices, said David Rinehimer, director of commodities research at Salomon Smith Barney. “If anything it faded as we got close to the end of the year.” The ambivalent attitude toward gold in private and central bank portfolios is a millennial reminder that the metal has lost its age-old status as an investment that protects personal wealth and insures national currencies in uncertain times. Far from serving as shelter against an analogue apocalypse, gold spent much of 1999 shunned by investors who feared disposal plans by the Bank of England, the International Monetary Fund and the Swiss National Bank meant that the metal was no longer seen as an important part of monetary reserves. Sentiment strengthened in September after Britain's second bi-monthly auction of reserve bullion met surprisingly robust demand, kicking off the rally that hit a two-year high at $338 an ounce two weeks later, after European central banks pledged to curtail their market activities for five years. But on Monday the third sale of gold under Britain's programme to reduce its stockpile by 415 tonnes to 300 tonnes was a disappointment. Investors did not jump at the opportunity to buy metal before year-end at a big discount from the highs. “One thing (the auction) shows is gold is clearly not attracting any sort of Y2K interest,” said William O'Neill, director of futures research at Merrill Lynch. According to CPM, sales of the US Eagle gold coin are on track to set record sales volumes in 1999, though no more than one-fifth of these were attributable to investor Y2K buying. Golden Eagle sales reached 1.71 million ounces in the first three quarters, compared to 1.84 million in 1998. FideliTrade Inc, a Delaware firm, said Eagles were priced at a big premium over Canadian and Australian gold coins because even some sophisticated investors thought US dollar-denominated coins would be handier in any disruption of the economy on January 1. — Reuters economictimes.com