Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Barrick Gold (ABX) -- Ignore unavailable to you. Want to Upgrade?

To: Zardoz who wrote (1670)	12/28/1999 7:14:00 AM
From: Zardoz	Read Replies (1) \| Respond to of 3558

Barrick Gold Corp - NP says Arthur Hailey speaks against Barrick Barrick Gold Corp ABX Shares issued 395,469,393 1999-12-23 close $26.55 Friday Dec 24 1999 The National Post reports in its Friday, Dec. 24, edition that writer Arthur Hailey is alleging Barrick Gold is part of a conspiracy to keep gold prices depressed. The National Post's Keith Damsell writes that Mr. Hailey claims that Barrick's aggressive hedging program has aided the yellow metal's decline. The 79-year-old writer recently dumped his 4,600 Barrick shares. He says there has been a great deal of misuse of gold that is holding the price down. Barrick contends its plan is trouble free. About 12.5 million ounces of gold, about three years of production, have been sold forward at $385. Barrick can defer forward contracts for up to 15 years. Barrick contends that hedging does not effect the gold market at all. In an October letter-writing campaign, Mr. Hailey and dozens of members of the Gold Anti-Trust Action committee urged Barrick and other gold majors to end their forward-selling programs. GATA alleges a worldwide conspiracy is controlling the price and supply of gold and gold-linked securities. Barrick's hedging program is the envy of the industry, says the Post.