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

To: d:oug who wrote (46251)	12/24/1999 11:33:00 PM
From: d:oug	Read Replies (1) \| Respond to of 116791

Gold critic Arthur Hailey takes aim at Barrick. [aka, Dec 24 lump of coal] nationalpost.com Accuses miner of suppressing the gold price Keith Damsell Financial Post Calgary Herald In a storyline worthy of one of his own novels, writer Arthur Hailey is alleging Barrick Gold Corp. is part of a conspiracy to keep gold prices depressed. Mr. Hailey, author of a long list of best-sellers including Hotel and Airport, claims the Toronto gold giant's aggressive hedging program has aided the precious metal's decline. "I was and am critical of Barrick," said the 79-year-old writer in an interview from his home in the Bahamas. He recently dumped his 4,600 shares in the company. "Without a doubt there's been a great deal of misuse of gold that's holding the price down," he said. 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 contends it can defer forward contracts for up to 15 years. "From our point of view, [hedging] doesn't effect the gold market at all," said Vince Borg, a Barrick spokesman. Also that gold bugs "tend to believe there's a conspiracy under every piece of ore moved." 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, a Dallas-based lobby group, alleges a worldwide conspiracy has controlled the price and supply of gold and gold-linked securities. Barrick's hedging program is the envy of the industry. Its "premium gold sales program" has generated more than $1-billion (all figures in U.S. dollars) in additional revenue over the past 11 years. To protect themselves against declines in gold prices, Barrick and other producers borrow gold from central banks at low interest rates, then use the money to acquire better performing bonds. In theory, the "contango," the spread between bond yields and the leasing price of gold, provides a risk-free growth strategy. The problem is some producers were caught off guard when gold unexpectedly surged to $339 an ounce in October. The jump has left Ghana's Ashanti Goldfields Co. Ltd. and Cambior Inc. of Montreal struggling to cover millions in creditor's claims. Gold has since slumped to the $285 level. Nevertheless, many hedgers and short-sellers remain "in a bind," said Mr. Hailey. "The price going up has made life very difficult," he said. The assurances have failed to convince Mr. Hailey, whose 1997 urban thriller Detective sold millions. So will he be turning his writing talents to the murky gold trade? "The answer is no. I'm sure there's a story there, but I won't be the one to write it." ---------------------------------------------------------------------- For new readers, the above mention of Gold Anti-Trust Action committee, knowed as GATA, is as follows. Bill Murphy, Chairman, Gold Anti Trust Action (GATA) gata.org Also, GATA related articles can be obtained at the pay for view site. Bill Murphy, Le Patron, Le Metropole Cafe lemetropolecafe.com

To: d:oug who wrote (46251)	12/24/1999 11:35:00 PM
From: d:oug	Respond to of 116791

Subj: GATA - Year 2000 will be the year of ACTION (focus, the legal front). Date: 12/24/99 4:07:11 PM EST From: LePatron@LeMetropoleCafe.com Le Metropole Cafe members, gold bugs, gata nuts, winners, bad abx,... GATA: The "Enveloping Horn" is moving on ALL fronts. Positive feedback is coming in on both flanks, and meetings will be held next week concerning the legal front (of the diamond). The year 2000 will be the year of ACTION. The year 1999 was the year of HEAT, but now let the HEAT become H(oliday) EATs, and if 12/31/1999 11:59 P.M. does not result in around, o 49 errors or so or less, then 1/1/2000 will be the Year of GATA. Let the ACTION HEAT up, after the H(oliday) EATs, and let the characters of the word ACTION seperate and move about, like a GATabout, ACTION - ACT I ON, I ACT ON, ON I ACT to free Gold from it's present unnatural cage, into one less restricted, and allowed to touch its wild roots, like Keiko of the Free Willy film, this real-life quest for freedom, gold will reclaim it's rightful place at the top, just like an orca, knowned as a killer whale, is at the top of its food chain, so will gold be at the top of that which is used to be claimed as money. A Merry Christmas and Happy Holiday season to all. Bill Murphy Chairman, Gold Anti Trust Action (GATA) gata.org Le Patron, Le Metropole Cafe lemetropolecafe.com